Category: Statistics

Home Sales Slide to 50 Year Low

By Kevin Chiu Hammered by lagging consumer confidence and a tough mortgage lending environment, home sales slid to a 50 year low this summer as the U.S. economy faces the harshest unemployment picture since the Great Depression. Buyers bought fewer new homes from March through August, typically the hottest part of the year for home… Continue reading Home Sales Slide to 50 Year Low

Real Estate Commissions Back to Full 6%

By Kevin Chiu Anyone selling a home these days is some what lucky unless it’s a discounted foreclosure, but it often takes a lot more than luck for real estate agents to sell homes. That’s why commissions on selling homes are moving back up, and may even rise further as more consumers realize the value… Continue reading Real Estate Commissions Back to Full 6%

Hawaii Condos Go to Auction

Forty new Hawaii condominiums are being auctioned-off to the highest bidder featuring cozy lanais built to capture the cool cross wind breezes of Hawaii. The Kona Island condos are being auctioned with bids starting as low as $99,000, which would be a major steal for a vacation home in the Aloha State. The two-bedroom, two-bathroom… Continue reading Hawaii Condos Go to Auction

Mortgage Defaults Edge Up in August

Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August

Almost 1 in 3 Adults Live With Relatives

By Mike Colpitts A sinking economy and declining home prices are eliminating urgency for most homeowners and renters to buy homes, despite record low the mortgage rates, according to a new study. But doubling up or living with adult children, relatives or parents has increased more than since the days of the Great Depression. Nearly… Continue reading Almost 1 in 3 Adults Live With Relatives

Home Sales Soar 7.7% in August

By Mike Colpitts Home sales soared by lucky numbers in August, rising 7.7% to a seasonally adjusted annual rate of 5.03 million units, despite a tough economy, according to the National Association of Realtors. The jump in existing sales is a positive sign for the economy, which has been battling to recover from its downturn.… Continue reading Home Sales Soar 7.7% in August

Mortgage Rates Massive Record Drop

By Mike Colpitts Mortgage rates dropped to the lowest rate in U.S. recorded history this week on the heels of the Federal Reserve announcement that the Fed will buy additional mortgage-backed securities. The massive drop in rates rocketed the average 30-year fixed rate mortgage to 4.01%, and the shorter term fixed rate loan to another… Continue reading Mortgage Rates Massive Record Drop

Mortgage Originations Surge on Record Low Rates

By Mike Colpitts Driven by the lowest interest rates in U.S. history, mortgage originations soared for the third straight week as loan buyers moved to take advantage of lower mortgage rates. Loan applications jumped 9.3% last week, according to the Mortgage Bankers Association. Refinances saw the largest surge in mortgage applications, rising 11.2% for the… Continue reading Mortgage Originations Surge on Record Low Rates

Mortgage Applications Climb As Rates Tick Up

By Kevin Chiu Applications for home mortgages climbed last week as interest rates moved slightly higher on finalized contracts, according to the Mortgage Bankers Association. Refinances grew a modest 1.3%, while purchase money applications also rose a smaller 1.1% across the  U.S. The increase was driven by government loan applications, especially for FHA mortgages that… Continue reading Mortgage Applications Climb As Rates Tick Up