Category: News

First Housing Markets Likely to Recover

By Mike Colpitts When it comes to housing markets that are the most likely to recover first, the key ingredient above any other is jobs. Unemployment has been the highest it has been for two years in decades and the political football surrounding employment is the most heated topic today. Despite higher profits for employers,… Continue reading First Housing Markets Likely to Recover

Homeownership Falls to Decades Low

By Kevin Chiu Homeownership has fallen to 66.9%, the lowest level on record in more than a decade, according to the U.S. Census Bureau as a result of rising foreclosures and mortgage holders walking away from loans they can no longer afford. The same annual study found that there were 1.9-million vacant homes listed for… Continue reading Homeownership Falls to Decades Low

Poll Shows Home Prices to Rise

Home prices are expected to rise in the next one to four years by a large majority of Americans, according to a new Housing Predictor survey. The opinion poll found that nearly two out of three respondents feel that housing prices will start to go up within one to four years. The online poll shows… Continue reading Poll Shows Home Prices to Rise

Many of 18.8 Million Vacant Homes May be Bulldozed

There were 18.8 million vacant U.S. homes at the end of the third quarter, according to the U.S. Census Bureau. But the only way to slash their ranks effectively may be to bulldoze millions of homes that make up blighted neighborhoods. Entire districts of homes, including more than 10,000 in one neighborhood in Detroit, Michigan… Continue reading Many of 18.8 Million Vacant Homes May be Bulldozed

Mortgage Applications Show Promise with Low Rates

Applications for new mortgages rose for the second consecutive week as applications for new home purchases and refinances moved higher on near record low rates, according to the Mortgage Bankers Association. Purchase applications grew by 3.9% for the week ending Oct. 22, while refinancing rose a more modest 3% over the previous week. The improvement… Continue reading Mortgage Applications Show Promise with Low Rates

Giant Mortgage Lenders to Get $363-Billion in Bailouts

By Mike Colpitts As much as $363-billion in mortgage-backed security purchases may be required to bailout troubled Freddie Mac and Fannie Mae, the government sponsored mortgage giants from growing debt due to the foreclosure crisis, according to a government report made public today. The projection was made by the Federal Housing Finance Agency, the government… Continue reading Giant Mortgage Lenders to Get $363-Billion in Bailouts

Mortgage Rates on Way Up

Mortgage rates rose slightly for the first time in five weeks, increasing to an average of 4.21% on a 30-year fixed rate mortgage, according to Freddie Mac. The rise represents a small .02 increase from last week for borrowers paying 0.8% in discount points. However, the increase was up from 4.19% last week, which was… Continue reading Mortgage Rates on Way Up

Cash is King in Real Estate

By Mike Colpitts Low home prices coupled with a tight economy have produced a rare set of events to trigger the highest number of cash home sales that many real estate agents remember in decades. In San Francisco, agents estimate that “around 15%” of all sales are paid in cash, while “more than 32%” are… Continue reading Cash is King in Real Estate

Foreclosure Moratorium Triggers Mortgage Application Drop

Demonstrating that the four mortgage lenders foreclosure moratoriums count, applications for home mortgages dropped 10.5% last week, according to the Mortgage Bankers Association. Applications for refinances dove 11.2%, while purchase money applications for new home mortgages were down 6.7%. The expiration of the federal home buyer tax credit coupled with the foreclosure freeze put in… Continue reading Foreclosure Moratorium Triggers Mortgage Application Drop