By Mike Colpitts Led by high tech giant Apple, California’s Silicon Valley is coming back to life after reaching the slowest real estate downturn in its existence. Apple, the second largest U.S. company based on stock market value, acquired Hewlett Packard’s old commercial office setting in Cupertino, and other large tech corporations are leasing offices… Continue reading Silicon Valley in Recovery
Category: Statistics
Mortgage Rates Rise, May Go Higher
By Kevin Chiu Mortgage rates rose for the second week in a row on fixed rate loans, and short term rates also increased, according to the Freddie Mac survey. The average rate on a 30-year fixed rate mortgage rose to 4.8%, six basis points higher over the previous week amid concerns that rates for many… Continue reading Mortgage Rates Rise, May Go Higher
Four States Cities Lead Foreclosure Crisis in 2010
By Mike Colpitts Four states cities accounted for 19 of the top 20 metropolitan U.S. foreclosure centers in 2010 as the foreclosure crisis gained momentum in the majority of the nation, despite moratoriums put in place by five major national lenders, according to RealtyTrac. California, Florida, Nevada and Arizona cities accounted for the most foreclosures.… Continue reading Four States Cities Lead Foreclosure Crisis in 2010
Mortgage Volume Slows as Applications Decline
By Mike Colpitts Refinancing applications fell to the lowest level in more than a year and mortgage applications for new purchases also declined for the week, demonstrating mixed signals for the housing market, according to the Mortgage Bankers Association. The composite index, a measure of loan application volume showed a decline of 12.9% on a… Continue reading Mortgage Volume Slows as Applications Decline
Homeowners Will Walk Away from Home Mortgages
In what may be a harbinger of things to come almost half of those surveyed say they will walk away from home mortgages if home prices continue to drop. The Housing Predictor opinion poll is the most forceful indicator yet of what is likely to happen next as a result of the troubled U.S. economy.… Continue reading Homeowners Will Walk Away from Home Mortgages
Hurting Miami Home Sales Rebound
By Kevin Chiu Home and condominium sales are making a major rebound in Miami, one of the U.S. most severely devastated housing markets. Condo sales rose 29% over 2009 in December clearly demonstrating that the South Florida market is making strides into a real estate recovery, despite tight mortgage lending standards. Developers constructed more than… Continue reading Hurting Miami Home Sales Rebound
Mortgage Rates Mixed Moves
By Mike Colpitts Rates on a conventional 30-year fixed rate mortgage moved higher for the first time in three weeks, as rates on other loan products for home financing moved lower showing mixed moves for the week, according to Freddie Mac. The rate on the long term mortgage rose to 4.74%, an uptick of just… Continue reading Mortgage Rates Mixed Moves
Home Sales Surge Higher Showing Recovery
By Kevin Chiu Home sales surged higher in the last month of the year as buyers took advantage of near record low mortgage rates despite the holiday season, according to the National Association of Realtors. The existing sales of single family homes, townhouses and condominiums rose 12.3%, the fifth increase in the last six months.… Continue reading Home Sales Surge Higher Showing Recovery
Refinancing Shows Third Straight Weekly Rise
By Kevin Chiu Refinancing applications rose for the third straight week in a row as interest rates took a slight decline, according to the Mortgage Bankers Association. The refinance index rose 7.7% for the week ending January 14 th, as refinances rise to the highest level since before the holiday season in early December. The… Continue reading Refinancing Shows Third Straight Weekly Rise
Housing Recovery Develops
By Mike Colpitts Anchored by stronger economic growth in northern tier states with higher production in farming and energy, a housing recovery is slowly developing that is already broadening into portions of the mid-west. Three of the nation’s lowest populated states, Wyoming, North Dakota and South Dakota had little to do with the real estate… Continue reading Housing Recovery Develops