Category: News

Applications for refinancing and home purchases both cooled off last week, according to the Mortgage Bankers Association. It was the second straight week that applications to refinance mortgages have slowed down. Refinances declined 10.8% from the previous week after months of increasing demand for refinancing as homeowners took advantage of near record all-time low mortgage… Continue reading Refinances Cool Off Second Straight Week

By Mike Colpitts A tough economy is leading owners of condominiums to increasingly walk away from condos, leaving ownership maintenance costs to those left behind. The trouble is forcing condo associations to foreclosure on more owners even before lenders do as a result of lost revenues. The efforts are an attempt to recoup maintenance costs… Continue reading Crisis Slams Condo Associations

Permanent mortgage modifications under the government’s Making Home Affordable Program increased 65%, and refinances rose 30% in the second quarter, according to a government report. The Fannie Mae and Freddie Mac backed programs now account for halting more than 1-million foreclosures. The data was released as part of the Federal Housing Finance Agency’s second quarter… Continue reading Modifications and Refinances Halt 1-Million Foreclosures

A new opinion poll just completed by Housing Predictor shows that a large majority of respondents feel that the U.S. housing market is on the verge of collapse. The online survey was completed Monday morning as more signs developed showing that the troubled economy is having difficulty making strides towards improvement. Some 60% surveyed said… Continue reading Housing Market on Verge of Collapse

By Mike Colpitts A coalition of more than 600 organizations is calling on the Obama administration to order mortgage lenders to reduce loan principal on mortgages at risk of foreclosure. “A civilized country cannot embrace an economic policy that ignores human suffering,” said John Taylor, National Community Reinvestment Coalition president and CEO. “We can’t just… Continue reading Coalition Urges Mortgage Reductions

By Mike Colpitts The housing market has been artificially manipulated for decades. When the Federal Reserve began setting the prime interest rate in 1947 the Fed intentionally or unintentionally started tinkering with housing prices. Since then there has been no “free market” in mortgage rates. Forget political differences and agendas. The prime rate is the… Continue reading Case to Force Housing Recovery

Following months at record low levels mortgage rates are rising. The 30-year fixed rate mortgage rose three-one-hundredths of a point to 4.35%, according to Freddie Mac. The rate marks a reversal in interest rates for the first time in 11 weeks, and should drive more buyers into the housing market to make purchases before rates… Continue reading Mortgage Rates Rise First Time in Months

Tapped out at the highest levels, buying a home is still out of reach for many Americans, despite softening home prices. The National Association of Realtors housing affordability index maintained a high of 161.8 in July. A level of 100 indicates that a family earning a median national income has enough to pay for a… Continue reading Despite Lower Home Prices Many Can’t Buy

For the first time in more than four months applications for new home mortgages rose as record low interest rates budged higher attracting buyers back to the marketplace, according to the Mortgage Bankers Association. However, refinancing applications showed a decline in activity for the first time in six weeks. The seasonally adjusted purchase index surged… Continue reading Home Purchase Applications Surge as Rates Move Higher

Fearful of upsetting voters over the troubled economy going into mid-term elections, the Obama administration is running low on options to heal the ailing U.S. housing market. The administrations $50-billion war chest to help fight foreclosures has lapsed into a slow motion nightmare as government policy makers run out of housing relief options. Getting people… Continue reading Housing Relief Options Running Low