Category: Sales

Builders Warn Against Home Sales to Banks

By Mike Colpitts Financial giants like Goldman Sachs, Bank of America, JP Morgan Chase and private hedge funds should be prevented from purchasing the glut of foreclosed homes held by Freddie Mac, Fannie Mae and the FHA, the National Association of Homebuilders warns. Testifying before the Senate Subcommittee on Housing, Transportation and Community Development, NAHB… Continue reading Builders Warn Against Home Sales to Banks

Home Sales Slide to 50 Year Low

By Kevin Chiu Hammered by lagging consumer confidence and a tough mortgage lending environment, home sales slid to a 50 year low this summer as the U.S. economy faces the harshest unemployment picture since the Great Depression. Buyers bought fewer new homes from March through August, typically the hottest part of the year for home… Continue reading Home Sales Slide to 50 Year Low

Home Buyers Making Multiple Offers

By Kevin Chiu Home buyers are making multiple offers to purchase homes that are short sales in rising numbers as they grow impatient with the drawn out short sale process with banks, and mortgage servicing companies. The long waits and other obstacles have taken the excitement out of the home buying experience for first time… Continue reading Home Buyers Making Multiple Offers

Almost 1 in 3 Adults Live With Relatives

By Mike Colpitts A sinking economy and declining home prices are eliminating urgency for most homeowners and renters to buy homes, despite record low the mortgage rates, according to a new study. But doubling up or living with adult children, relatives or parents has increased more than since the days of the Great Depression. Nearly… Continue reading Almost 1 in 3 Adults Live With Relatives

Home Sales Soar 7.7% in August

By Mike Colpitts Home sales soared by lucky numbers in August, rising 7.7% to a seasonally adjusted annual rate of 5.03 million units, despite a tough economy, according to the National Association of Realtors. The jump in existing sales is a positive sign for the economy, which has been battling to recover from its downturn.… Continue reading Home Sales Soar 7.7% in August

Mortgage Applications Climb As Rates Tick Up

By Kevin Chiu Applications for home mortgages climbed last week as interest rates moved slightly higher on finalized contracts, according to the Mortgage Bankers Association. Refinances grew a modest 1.3%, while purchase money applications also rose a smaller 1.1% across the  U.S. The increase was driven by government loan applications, especially for FHA mortgages that… Continue reading Mortgage Applications Climb As Rates Tick Up

Heavy Volume Pushes Refinances

By Mike Colpitts Record all-time low mortgage rates are getting homeowners to refinance mortgages with the heaviest volume of applicants in more than two years taking refinances back into fashion. Refinancing surged for the first time in three weeks last week, 6.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association. The return… Continue reading Heavy Volume Pushes Refinances

Jobs Proposal Boosts Home Prices

By Mike Colpitts The Obama administration’s proposal of jobs and spending initiatives would supply much needed aid to the real estate industry, and give the housing market a shot in the arm towards recovery eventually boosting home prices, an analysis of the program has found. Consumers and businesses are concerned about the U.S. economy, which… Continue reading Jobs Proposal Boosts Home Prices

Brad Pitt Puts Malibu Mansion Up For Sale

Superstar Brad Pitt has listed his spacious California beach house for sale, and judging from its  location the two time Academy Award nominee shouldn’t have much of a problem selling the massive estate even in the current market, as many Hollywood stars make this part of the Southern California coastline their second home. The huge… Continue reading Brad Pitt Puts Malibu Mansion Up For Sale