Category: New York

New York housing market

Federal Housing Agency Orders Halt to Home Resale Fees

By Mike Colpitts U.S. mortgage giants Freddie Mac and Fannie Mae will be halted from providing mortgages on homes that hold home resale fees under a new federal mandate. The decision, ordered by the Federal Housing Finance Agency, which oversees both government backed lenders, was ordered late Tuesday. It was contained in a proposal made… Continue reading Federal Housing Agency Orders Halt to Home Resale Fees

Hard Money Financing Booms as Investors Sue

By Kevin Chiu As a federal judge starts a trial over allegations that New York firms defrauded hard money loan investors of millions of dollars in assets, other hard money lenders are achieving record profits. San Diego, California based Source Capital Funding, Inc. announced it finished closing 42 loans in October and funded nearly $9-million… Continue reading Hard Money Financing Booms as Investors Sue

First Home Price Decline in Year

Core Logic, a heavily viewed monitor of U.S. home prices said its home price index dropped for the first time in 2010 in August, sending prices just 1.5% lower for the year. However, the index also showed positive appreciation in more than a handful of states. The Core Logic index has had an unusually low… Continue reading First Home Price Decline in Year

Jumbo Mortgage Limits Extended

By Mike Colpitts In a crucial policy decision for the housing market, Congress extended the limit on jumbo mortgages the nation’s mortgage titans can purchase to nearly $730,000. Lawmakers agreed to extend the limits through 2011. The measure was included as part of a temporary spending bill forwarded to President Barack Obama for his signature.… Continue reading Jumbo Mortgage Limits Extended

$23 Billion in Home Buyer Tax Credits

The credit to home buyers taking advantage of the federal government’s tax credit has reached $23.5 billion, according to the Internal Revenue Service. Some $16.2-billion was for the first time home buyers $8,000 credit and $6,500 grants to first and second time buyers. The tax credits produced a spike in home sales in the majority… Continue reading $23 Billion in Home Buyer Tax Credits

$100 Home Deal Not Dead

The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead

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