Category: Statistics

Banks Mortgage Settlement Hangs in Jeopardy

By Kevin Chiu A proposed settlement between big money mortgage giants and U.S. states hangs in jeopardy after Delaware rejected the settlement as an unfair deal for homeowners. State Attorney General Beau Biden broke with fellow AGs rejecting the settlement. The proposed settlement between the attorney generals would dedicate $17-billion from lenders to go towards… Continue reading Banks Mortgage Settlement Hangs in Jeopardy

Homeownership Falls Seventh Year

Troubled by a record foreclosure crisis and an economy hinging on an economic collapse, homeownership fell for the seventh straight year to the lowest level in more than a decade, according to the U.S. Census Bureau. The drop in the nation’s homeownership rate is evidence that government programs to increase the number of homeowners only… Continue reading Homeownership Falls Seventh Year

Mortgage Rates Jump on Fewer Applications

By Mike Colpitts Banks and mortgage companies raised mortgage rates on new borrowers this week as the demand for new home loans and refinancing sunk, according to Freddie Mac. The rate on the benchmark 30-year fixed rate mortgage saw a jump to 3.98%, a tenth of one-percent higher than last week. The rate was at… Continue reading Mortgage Rates Jump on Fewer Applications

Mortgages Get More Expensive

By Mike Colpitts Congressional budget tightening has resulted in the loss of the homeowners’ mortgage insurance federal tax write-off. The loss means that homeowners holding millions of mortgages will lose the ability to take hundreds of dollars a year off their income taxes. The write-off is a crucial loss for teetering homeowners struggling to pay… Continue reading Mortgages Get More Expensive

Home Sales Rebound Sharply

By Kevin Chiu Pushed by record low mortgage rates and home prices that have fallen drastically from their peak highs, home sales are experiencing sharp rebounds in the Northeast and Midwestern regions of the U.S., according to the National Association of Realtors. Existing home sales jumped 10.7% to an annualized pace of 620,000 units in… Continue reading Home Sales Rebound Sharply

Mortgage Rates Set New Record Low

By Kevin Chiu Troubled by high long term unemployment worries, financial markets set the stage for another drop in mortgage rates this week, sending rates to a new historic record low. The average 30-year fixed rate home mortgage dropped to 3.89%, down from 3.91% last week, according to Freddie Mac. Mortgage interest rates are at… Continue reading Mortgage Rates Set New Record Low

Mortgage Rates Tick Lower

By Kevin Chiu Mortgage rates, already at their lowest levels on record, ticked a single basis point lower on the fixed rate 30-year mortgage, according to Freddie Mac. The weekly survey showed that the heavily watched mortgage average edged slightly lower to 3.88% to a new all-time record low. However, the shorter 15-year fixed rate… Continue reading Mortgage Rates Tick Lower

Cash Buyers Pushing Home Prices Lower

By Mike Colpitts Cash buyers are putting undue downward pressure on home prices, and sending the values on homes much lower than would otherwise be developing, according to a survey by Campbell Inside Mortgage Finance. The firms Housing Pulse Tracking Survey is taken monthly. The December survey also showed that many of the purchasers are… Continue reading Cash Buyers Pushing Home Prices Lower

The Next Big Real Estate Boom Includes Oil

By Mike Colpitts The next big real estate boom might not be in such a pretty place – unless you consider shale formations of grey crumbling rock a thing of beauty. But an unlikely region of the remote northern U.S. holds a fortune for America’s future. It’s the biggest oil discovery since Prudhoe Bay, Alaska… Continue reading The Next Big Real Estate Boom Includes Oil