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
Category: Sales
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
Real Estate Insurance Debuts Against Falling Prices
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
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