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
Category: Sales
Mortgage Rates Strike New Record Low
Mortgage rates hit a new record low for the week at 4.54%, according to Freddie Mac down from 4.56% last week as lenders try to attract more home buyers back to the market. The rate for a 30-year fixed rate mortgage was 5.25% a year ago. Rates have been tracked by Freddie Mac since 1971.… Continue reading Mortgage Rates Strike New Record Low
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
Home Sales Fall 5% in June
By Mike Colpitts Home sales fell in June for the second straight month on the heels of the federal home buyers’ tax credit expiration, signaling the housing market is still in a national downturn, according to the National Association of Realtors. The fall in sales gives further corroboration to a second dip in the housing… Continue reading Home Sales Fall 5% in June
Mortgage Applications Rise
Applications for home mortgages and refinances are soaring higher, showing an increase in activity in home sales and refinancing as a result of near record low loan rates, according to the Mortgage Bankers Association. Low rates coupled with lower home prices are producing the rise in applications. The volume of home re-sales, however, scheduled to… Continue reading Mortgage Applications Rise
Financial Reform Act Includes Mortgage Relief to Aid Millions
By Kevin Chiu Mortgage relief for unemployed homeowners at risk of foreclosure is included in the sweeping financial reform act expected to be signed by President Barack Obama. The aid is aimed at helping millions of homeowners who have been thrown out of work by the troubled economy. Members of Congress agreed to spend $1-billion… Continue reading Financial Reform Act Includes Mortgage Relief to Aid Millions