By Mike Colpitts An insurance policy that protects homeowners against loss in their home’s value debuts in one of the hardest hit real estate states this week as a hedge against falling prices. The first home insurance policies are being written in Ohio for owner occupied homeowners as Home Value Insurance Company launches its program,… Continue reading Real Estate Insurance Debuts Against Falling Prices
Category: Sales
Mortgage Rates Hit New Record Lows
By Mike Colpitts Mortgage rates fell to new record lows as growing concerns over the U.S. unemployment rate and lower Treasury bond yields drove rates lower, according to Freddie Mac. Rates on all sorts of mortgages, including fixed and adjustables reached record levels. The benchmark 30-year fixed rate loan hit an average of 4.12%, down… Continue reading Mortgage Rates Hit New Record Lows
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Home Short Sales Surge
By Mike Colpitts Bank assisted short sales of homes surged in the second quarter of the year as buyers snapped up discount priced properties at some of the lowest mortgage rates in decades. The surge in home purchases from pre-foreclosures account for an eighth of all residential sales, but represent less than a quarter of… Continue reading Home Short Sales Surge
Mortgage Modifications Near 5 Million
Banks and mortgage servicers not associated with the government’s Making Home Affordable program have made more than 4 million mortgage modifications to home mortgage borrowers, according to the private agency organizing the efforts. There were about 56,000 modifications made in July through organizations associated with the group, the latest month available, Hope Now representatives say.… Continue reading Mortgage Modifications Near 5 Million
Low Appraisals Slow Home Sales
By Kevin Chiu Appraisers are taking heat for home sales not improving in many areas of the U.S. as new uniform guidelines for appraisals go into effect. The new federally mandated requirements ushered in through Dodd-Frank financial reform went into effect Thursday. Dodd-Frank reform in relationship to appraisals is intended to require lenders to be… Continue reading Low Appraisals Slow Home Sales
Mortgage Rates Sudden Jump
By Kevin Chiu Economic volatility and banking concerns over mortgage lending led to a sudden jump in mortgage rates as fixed rate loans moved especially higher for the week. The jump in rates may also be attributed to increasing Treasury bond yields, which bottomed out under just 2% last week. Adjustable rate mortgages also experienced… Continue reading Mortgage Rates Sudden Jump
Hurricane Irene May Hit $35 Billion in Damages
By Mike Colpitts The economic damages caused by Hurricane Irene as it barrels in on the Atlantic coastline forecast to make landfall in North Carolina could hit as high as $35 billion, according to insurance estimates made prior to the storm even making landfall. However, as scientific modelers race to come up with a dollar… Continue reading Hurricane Irene May Hit $35 Billion in Damages
Home Sales Fall to 15 Year Low
Home purchase mortgage applications fell to a 15-year low as applications for new loans tumbled this last week, despite the drop in mortgage rates to all time record lows, according to the Mortgage Bankers Association. The bankers’ combined mortgage index dropped 2.4% from the previous week. Refinancing surprisingly fell 1.7% on a seasonally adjusted basis.… Continue reading Home Sales Fall to 15 Year Low
Super-Star Robert De Niro Sells Home
By Mike Colpitts Academy award winning super-star Robert De Niro, who has played a financial mobster in the movies perhaps more than any other actor is putting his Manhattan home up for sale after nearly four decades. The New York native didn’t make the decision to place his townhouse on the market lightly. De Niro… Continue reading Super-Star Robert De Niro Sells Home