By Cheryl Reams Even as mortgage rates drop home sales slow, according to data from top real estate industry research. The sale of homes tracked through the Mortgage Bankers Association weekly report showed a 27.1% drop in mortgage purchase applications over the past four weeks. The decrease was just 4% from last week, but indicates… Continue reading Home Sales Slow as Mortgage Rates Drop
Category: News
Financial Reform Act to Save Millions From Foreclosure
By Mike Colpitts Millions of homeowners facing the risk of foreclosure may be helped under a special provision included in Congress Financial Reform Act. The plan is modeled after a Pennsylvania program that has aided more than 43,000 homeowners at risk of losing their homes. Congressman Chaka Fattah (D-PA) sponsored the measure as a way… Continue reading Financial Reform Act to Save Millions From Foreclosure
Gulf Coast Homes to Fall 30% From BP Oil Leak
By Kevin Chiu Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor. The forecast is being issued after… Continue reading Gulf Coast Homes to Fall 30% From BP Oil Leak
Home Sales Higher On Tax Credit Incentive
By Cheryl Reams Home buyers motivated by expiring federal tax credits drove existing home sales 7.6% higher in April to a seasonally adjusted rate of 5.77 million units, topping analysts’ projections, according to the National Association of Realtors. The increase in sales of single family homes, condos and townhouses pushed the associations heavily watched annual… Continue reading Home Sales Higher On Tax Credit Incentive
New Fannie Mae and Freddie Mac Mortgage Reforms
By Mike Colpitts Reacting to public outcries over the foreclosure crisis, the Federal Housing Finance Agency has released a sweeping new series of major mortgage reforms to improve the quality of home financing for the nation’s two mortgage giants, Fannie Mae and Freddie Mac. FHFA regulates Fannie Mae, Freddie Mac and the twelve federal home… Continue reading New Fannie Mae and Freddie Mac Mortgage Reforms
Title Insurance Policies Show Housing Market Improving
The cost of insuring the title to real estate is declining as a result of falling home prices, according to the largest trade organization of title officers. But the American Land Title Association says a rise in title insurance policies show housing markets are improving. The industry trade group reported a 4.5% decrease in the… Continue reading Title Insurance Policies Show Housing Market Improving
New FHA Guidelines Eliminate Possibility of Success
By Gary A. Poliakoff, Ryan Poliakoff and Kevin Chiu Plagued by the real estate crisis that is likely to top that of the Great Depression, the Federal Housing Administration (FHA) has implemented a new set of lending standards in efforts to clear the glut of millions of vacant and unsold condominiums across the country. However,… Continue reading New FHA Guidelines Eliminate Possibility of Success
Obama Moving Closer to Force Banks to Modify Mortgages
By Kevin Chiu U.S. Treasury Secretary Tim Geithner is frustrated with bankers and mortgage servicing companies, and he might even be bordering on being angry with his former colleagues in the banking industry. Geithner’s clear stated frustrations are leading to growing speculation in Washington, D.C. that the Obama administration may be moving closer to forcing… Continue reading Obama Moving Closer to Force Banks to Modify Mortgages
Majority Intend to Buy Real Estate Soon
Almost 2 out of 3 respondents to the latest Housing Predictor opinion poll say they plan on buying a home or other real estate in the next two years, apparently feeling that the bottom of the housing market is falling into place. The large majority of respondents feel more confident about real estate values rising… Continue reading Majority Intend to Buy Real Estate Soon
Under Water Mortgage Borrowers Rescue on the Way
By Mike Colpitts In a new effort by the Obama administration millions of under-water home mortgage borrowers may be helped. The FHA program will provide refinancing on homes at least 10% under their worth, and could establish a new cornerstone in White House efforts to stem the growing foreclosure epidemic. The program demonstrates a major… Continue reading Under Water Mortgage Borrowers Rescue on the Way