Category: Sales

Homes Sales Decline Amid Deeper Economic Worries

By Mike Colpitts Home sales declined sharply in July after the expiration of the home buyer tax credit, falling 27.2% to the lowest level in 15 years, according to the National Association of Realtors. The fall in existing sales was widely anticipated among real estate analysts, who expect deeper economic worries as a result of… Continue reading Homes Sales Decline Amid Deeper Economic Worries

Home Market Recovery in 7 States

It may seem like it’s been a gruelingly long time, but housing markets are recovering from their crash in seven states, adding another two states to the list in recovery. Nebraska and Pennsylvania join the line-up leading the U.S. out of the downturn. Despite a national slow down in home sales since the tax credit… Continue reading Home Market Recovery in 7 States

Mortgage Rates Drop to New Low Again

Mortgage rates dropped to another record low at 4.42% for the week, the ninth straight week the 30-year fixed rate mortgage has moved lower or stayed the same, according to Freddie Mac. The 5-year adjustable rate mortgage remained at the same rate it was a week ago. The 30-year mortgage moved down just .02% for… Continue reading Mortgage Rates Drop to New Low Again

Refinances Lead Mortgage Surge

A huge surge in the volume of refinancing applications, triggered by record low mortgage rates may indicate improving market conditions are developing. The combined Mortgage Bankers Association index increased 13% over the previous week. Refinancing rose a mammoth 17.1% for the week to reach its highest level since May of 2009 as all-time low mortgage… Continue reading Refinances Lead Mortgage Surge

Housing Resale Fees Next Wall Street Rip-Off

A coalition of real estate related companies have launched an effort to stop a 1% home resale fee added to some new home developments being offered by a Manhattan based financial firm by sending a letter to U.S. Treasury Secretary Tim Geithner. The effort was revealed during a news conference with reporters, which included the… Continue reading Housing Resale Fees Next Wall Street Rip-Off

Mortgages Applications Decline as Refinances Slow

Despite record low interest rates, mortgage applications declined for the first time in weeks last week, including an unexpected slow down in applications for home refinances, the Mortgage Bankers Association said. Applications declined 4.4% on a seasonally adjusted basis from a week ago, and a whopping 5.9% on refinancing alone. The decline marks a slowdown… Continue reading Mortgages Applications Decline as Refinances Slow

Home Builder Sales Boom with $99 Down

By Mike Colpitts While most home builders are struggling to survive or have already gone out of business, one company is flourishing as it sells homes for just $99 down, taking advantage of a government program that provides the financing. Homebuilder Highland Homes sales are booming as it helps home buyers move into new Central… Continue reading Home Builder Sales Boom with $99 Down

Exiled Countrywide CEO Awaits Fate

By Willie Pena Exiled Countrywide CEO Angelo Mozilo walked away from his giant company with a golden parachute of nearly $300 million, close to a $24 million pension and $21 million in deferred compensation. Everyone who has been affected by the mortgage crisis, including millions of foreclosure victims is wondering what the fate of Mozilo… Continue reading Exiled Countrywide CEO Awaits Fate

Crash in Housing Relief Program

The Michigan housing relief program is battling technological failures to help homeowners. The first day unemployed homeowners could apply for relief to pay their home mortgages, the telephone lines and computer systems were so over-loaded they crashed. Housing Finance Agencies in five states are getting $1.5-billion in relief from the Hardest Hit Fund program started… Continue reading Crash in Housing Relief Program