As a result of the foreclosure crisis and risky lending practices consumers have witnessed over the last decade, homeowners are flocking to fixed rate mortgages in mass, according to Freddie Mac. Fixed rates accounted for 95% of refinancing based on the giant lenders’ new quarterly report for 2011. Fifty-five percent of borrowers who had an… Continue reading Homeowners Flock to Fixed Rate Mortgages
Category: Statistics
Market May Lead Home Prices in Recovery
By Mike Colpitts Home and condominium prices soared higher for the first time in more than five years in Miami as existing sales in the metropolitan region rose at a rapid pace in July, according to the Miami Association of Realtors. The spike in average home prices may signal a major turn around for the… Continue reading Market May Lead Home Prices in Recovery
S&P Downgrade Shakes Confidence in Housing Market
The Standard and Poor’s U.S. credit downgrade seriously shakes the confidence that a recovery in the U.S. housing market will develop anytime soon, according to a new Housing Predictor poll. More than 2 out of 3 respondents or 67% said that the S&P downgrade shakes their confidence that a recovery in the housing market will… Continue reading S&P Downgrade Shakes Confidence in Housing Market
Low Mortgage Rates Drive Few to Buy
By Mike Colpitts Mortgage rates are at near record lows again for the first time since last October when rates hit an all-time record low, but the lower rates seem to be doing little other than driving some homeowners to refinance their mortgages. Built up anxiety over troubles with the U. S. economy, consumer debt… Continue reading Low Mortgage Rates Drive Few to Buy
Real Estate Mortgage Tax Deduction in Jeopardy
By Kevin Chiu Bet you didn’t realize that the mortgage tax deduction is in real jeopardy as a result of Congress pushing through their last minute agreement on the budget? It’s been a quiet little secret in Washington, D.C. real estate circles because elected officials have taken so much heat on the subject. Some think… Continue reading Real Estate Mortgage Tax Deduction in Jeopardy
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low
Foreclosure Rates Finally Fall
By Mike Colpitts Legal foreclosure filings, including default notices, bank repossessions and scheduled auctions fell for the tenth straight month in July, but the market showed a major difference in the type of slowdown, according to Realty Trac. The string of declines was initially caused by the robo signing scandal, but the downturn has transformed… Continue reading Foreclosure Rates Finally Fall
Wealth Effect Impact Leaves U.S. Feeling Poorer
The way people feel about their personal well being in relationship to money is taking a serious hit as the Wealth Effect leaves Americans feeling poorer, a new Housing Predictor survey has found. The impact of the real estate crash is hitting home as housing prices deflate in the majority of the country, and have… Continue reading Wealth Effect Impact Leaves U.S. Feeling Poorer
Mortgage Rates Drop to New Record Low
By Mike Colpitts Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.… Continue reading Mortgage Rates Drop to New Record Low
Treasuries Trigger Lower Mortgage Rates
By Mike Colpitts U.S. Treasury bonds unexpectedly hit their lowest level in more than two years Monday as financial markets reacted to the S&P downgrade of U.S. credit. The drop in Treasury rates, hitting 2.32% on the benchmark 10-year note in late afternoon trading was a reversal from what financial analysts had expected, sending mortgage… Continue reading Treasuries Trigger Lower Mortgage Rates