Category: Sales

Hardest Hit Housing Cities Pain Grows

By Mike Colpitts The gambling capital of the U.S., Las Vegas posted the nation’s highest foreclosure rate among metropolitan areas with populations of more than 200,000 in July, but housing foreclosures are spiking in the majority of other top 20 hardest hit housing cities. The gap is shrinking between the gambling mecca and major cities… Continue reading Hardest Hit Housing Cities Pain Grows

Seven Major U.S. Banks Sued in Homeowners Fraud

By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud

Split Housing Market Bottom Forecast

By Kevin Chiu Divided by growing political unrest, a nation in economic turmoil and the reluctance of banks to lend to any but the best of mortgage worthy applicants in the current economy, the U.S. housing market is forecast to experience a split as some areas of the nation hit bottoms of the market and… Continue reading Split Housing Market Bottom Forecast

Mortgage Interest Rates Budge Higher

By Kevin Chiu Mortgage interest rates budged slightly higher for the fourth week in a row, inching up just one basis point on a 30-year fixed rate loan and by an identical amount on the seldom purchased 15-year fixed rate mortgage. Interest rates were little changed after an encouraging jobs report. The U.S. economy added… Continue reading Mortgage Interest Rates Budge Higher

Actor Nicolas Cage Sells Estate at $9.5 Million Loss

By Kevin Chiu Movie actor Nicolas Cage sold his Middletown, Rhode Island estate at a loss of $9.5-million as the Oscar winning star of more than a dozen major box office hits suffers massive losses in the real estate collapse. Cage purchased the 27-acre estate for $15.7-million at the height of the real estate bubble… Continue reading Actor Nicolas Cage Sells Estate at $9.5 Million Loss

Refinances Tumble Sharply

By Kevin Chiu Mortgage applications for home refinances dropped sharply as homeowners waited out another tumble in mortgage interest rates, according to the Mortgage Bankers Association. Refinances had a drop of 10.1% from the previous week as homeowners held back from applying at the steepest level in nearly a year. Applications on new mortgage financing… Continue reading Refinances Tumble Sharply

Real Estate Investors Picking Up Deals

By Kim Olson The real estate industry is in a slump especially when it comes to homeowners who are trying to sell their own homes, but beginning this year the investment sector of the housing market showed a major upturn with 19% of residential purchases being made by investors, according to the National Association of… Continue reading Real Estate Investors Picking Up Deals

Home Purchases Move Higher

By Kevin Chiu New home purchases moved higher for the week as indicated by an increase in mortgage applications, while refinances dropped, according to the Mortgage Bankers Association. The seasonally adjusted purchase index had a 6.7% rise to its highest level of the year as warmer spring time weather made it more comfortable for home… Continue reading Home Purchases Move Higher

Questions to Ask on Refinancing a Mortgage

If you are thinking about refinancing your existing mortgage, you may be wondering what refinancing questions to ask your mortgage lender. While there are a number of questions to ask when refinancing, there are a few points you will want to be perfectly clear on before committing to a refinance. Knowing what to ask when… Continue reading Questions to Ask on Refinancing a Mortgage