The spring home selling season is just getting started, but signs are growing that the season is already getting off to a faster start. Barclays Capital group upgraded four new homebuilder stocks, including hard hit KB Home and Pulte Group from hold to buy. Foot traffic at new homebuilder subdivisions is much higher than since… Continue reading Real Estate Recovery Springs to Life
Category: Statistics
Foreclosures Drop But on Pace to Hit Record
By Mike Colpitts Foreclosure filings dropped a slim 2% in February, but are still on pace to hit a new record volume for 2012, despite an increase in short sales by lenders on homes in default of their mortgages, according to RealtyTrac. February foreclosure activity in the 26 states with judicial foreclosures rose 2% from… Continue reading Foreclosures Drop But on Pace to Hit Record
Mortgage Rates Drop Lower
By Mike Colpitts Demonstrating that banks are attempting to keep in step with each other, mortgage rates dropped marginally lower on the 30-year fixed rate loan and hit a new all-time record low on the 15-year fixed rate mortgage this week, according to Freddie Mac. The rate on the 30-year averaged 3.88%, a drop from… Continue reading Mortgage Rates Drop Lower
Majority Surveyed Want to Buy Homes
A large majority of respondents to a new Housing Predictor survey said they want to buy their first home or purchase another home, indicating that pent-up demand is growing in the U.S. housing market, despite the decline in home values throughout the majority of the country. An over-whelming majority or 72% of those surveyed said… Continue reading Majority Surveyed Want to Buy Homes
Appraisal Headaches Plague Housing Market
By Kevin Chiu A handful of new appraisal services hitting the market to help lenders get a handle on foreclosures and mortgage refinancing are producing headaches for the housing market. But more affordable alternatives to full appraisals are springing up to replace broker price opinions. Street Links Lender Solutions has launched a Liquidation Value Report… Continue reading Appraisal Headaches Plague Housing Market
Cash Is King in Miami Real Estate
By Mike Colpitts In Miami-Dade County all cash home and condominium sales are controlling the real estate market, with almost two out of three sales or 65% being all cash, according to the Miami Association of Realtors. Cash is king in the “Magic City” and it has been for some time. Some 66% of all… Continue reading Cash Is King in Miami Real Estate
Investors Home Buying Binge Rages
By Mike Colpitts Investors accounted for almost 1 in 4 home purchases during the month of January, up to 23% of purchases, demonstrating that the home buying binge by investors is controlling a large portion of the U.S. housing market as bargain hungry investors attempt to cash in on deals. The figure was up 2%… Continue reading Investors Home Buying Binge Rages
Record Low Mortgage Rates Drive Refinances
By Mike Colpitts Refinances jumped 13% in the last week to trigger a major jump in mortgage refinancing as consumers took advantage of record low mortgage rates, according to the Mortgage Bankers Association. The drop in rates, however, seemed to do little to get more home purchasers off the fence to take out applications for… Continue reading Record Low Mortgage Rates Drive Refinances
Home Mortgage Demand Rises on Lower Rates
By Mike Colpitts Demand for home mortgage purchase applications rose for the first time in more than a month, according to the Mortgage Bankers Association survey. The application for home purchase loan applications rose 4.4% for the week on near record low mortgage rates ending March 9. However, the refinancing share of applications for home… Continue reading Home Mortgage Demand Rises on Lower Rates
Secret Code Separates Mortgage Approval
By Riekie Karstens A loan officer submits a mortgage application for approval from the automated underwriting system, which is used in the mortgage industry to quickly separate the wheat from the chaff to determine whether applicants qualify for a mortgage. A secret code separates the wheat from the chaff in the loan approval process. Creditors… Continue reading Secret Code Separates Mortgage Approval