Category: Sales

Pushed by Treasuries, Mortgage Rates Jump

By Mike Colpitts Pushed by higher yields paid for U.S. Treasuries, mortgage rates jumped for the fourth straight week as mixed economic news sent investors scurrying to the bond market for more secure investments. The rate on the fixed 30-year mortgage rose four basis points to average 3.66% from 3.62% a week ago. The Freddie… Continue reading Pushed by Treasuries, Mortgage Rates Jump

Formal Foreclosures Fall 21 Straight Months

By Mike Colpitts Formal foreclosures fell for the 21st straight month in July as repossessions on U.S. residential properties ran into additional snags. Lenders completed 53,654 foreclosures during the month, a 1% fall from June and a 21% drop from a year ago, according to RealtyTrac. Bank owned REO activity also fell on an annualized… Continue reading Formal Foreclosures Fall 21 Straight Months

Top 10 Real Estate College Towns

Investors and parents shopping for rentals for college students might realize a sharp increase in rents when students go off to college this fall. Rents on homes and apartments rose an average of 4% in the U.S. in the last year, and higher rents are expected. Realtor.com released its second annual round-up of the top… Continue reading Top 10 Real Estate College Towns

Home Sale Inventory Slashed to 6 Months

By Mike Colpitts The dog days of summer usually bring a frenzy of home sales activity, but a reduced inventory of homes to sell in many regions of the U.S. is slowing sales, despite record low mortgage rates. The inventory has been slashed to just a 6.6 month supply, which would usually be a positive… Continue reading Home Sale Inventory Slashed to 6 Months

Home Sales & Prices Jump

By Mike Colpitts Sales of existing homes and national median prices jumped in July to reach a seasonally adjusted annual rate of 4.47 million housing units after declining in June, according to the National Association of Realtors. Record low mortgage rates, which bottomed out in July and lower housing prices coupled with pent up demand… Continue reading Home Sales & Prices Jump

Condo Closes at Record $24.6 Million

A combination of condo units at the St. Regis Bal Harbour condominium development in Miami Beach, Florida has sold to set a record $24.6-million sales prices. It’s the largest transaction to close at the luxury development, which opened just this last January and the second largest deal in Miami history. Considered as one-unit, the deal… Continue reading Condo Closes at Record $24.6 Million

Mexican Drug Money Fuels Cash Purchases

By Mike Colpitts Mexican drug cartels have slowly moved money out of banks and other hiding places and into U.S. real estate investments. Federal investigators are hunting for people investing billions of dollars of drug money in the U.S. real estate market, including huge sums of cash in Florida, Texas and California. Cash purchases fuel… Continue reading Mexican Drug Money Fuels Cash Purchases

Effort to Block Bulk Wholesale Home Sales Launched

By Mike Colpitts An effort to block the bulk wholesale home sales of foreclosed property held by Freddie Mac and Fannie Mae to investors at cheaply discounted prices is being launched by an unlikely member of Congress, a Californian Republican. Rep. Gary Miller, a 14-year GOP incumbent in a battle to retain his House seat… Continue reading Effort to Block Bulk Wholesale Home Sales Launched

Proposal to Speed up Home Sales Made

A proposal that would require banks to inform secondary lenders that a short sale is being attempted by homeowners has been made to speed up the process, which homeowners have been complaining about for years. The proposal, introduced in Congress by House Rep. Jerry McNerney (D-CA) would require second mortgage holders and lenders with lines… Continue reading Proposal to Speed up Home Sales Made