By Mike Colpitts One of the nation’s largest mortgage insurers is offering cash money to upside down homeowners at risk of losing their homes to foreclosure. PMI Group, Inc. is launching the innovative program with a former Goldman Sachs Banker, who started the program in an effort to get troubled homeowners to stay in their… Continue reading PMI Offers Money to Homeowners
Category: Wall Street
Taking a Loss On Your Own Home
By Kevin Chiu It’s a beating that’s hard to take –a financial loss on your own home. Just a handful of years ago you couldn’t go any where in public without over hearing how hot the housing market was. People were buying and selling property as much as they could afford or were allowed to.… Continue reading Taking a Loss On Your Own Home
Mortgage Interest Rates Fall
By Mike Colpitts Weak unemployment figures and the lowest bond rates in months drove mortgage interest rates significantly lower for the first time in a month, according to Freddie Mac. The 30-year fixed rate mortgage had a fall to average 4.51% from 4.60% a week ago. The bench mark 30-year mortgage reached the same rate… Continue reading Mortgage Interest Rates Fall
Mortgage Interest Rates Suddenly Jump
By Kevin Chiu Pushed by weakening economic data, mortgage interest rates, already near historic lows, jumped slightly for the week to 4.50% on a 30-year fixed rate mortgage, according to Freddie Mac. The jump of only 0.01 came after rates dropped for eight straight weeks. But rates declined slightly on other loans for the week.… Continue reading Mortgage Interest Rates Suddenly Jump
Housing Downturn Reaches Year Five
By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five
Real Estate Agent Falls from Grace
By Kevin Chiu His model like good looks and Southern California sun tan are near trademark, but millionaire real estate agent John McMonigle has fallen from grace, losing his fortune and amassing $50 million in debts. The luxury home salesman appeared in bankruptcy court depressed after selling personal assets, including his Newport Beach condominium and… Continue reading Real Estate Agent Falls from Grace
Home Sales Forecast to Grow
By Kevin Chiu Home sales, the bread and butter of the U.S. real estate market are forecast to grow by 125,000 to 200,000 additional residential units by the end of 2011 over last year. The increase, projected by Housing Predictor is due to near record low mortgage rates and the lowest home prices in many… Continue reading Home Sales Forecast to Grow
Interest Rates Hit New Low in 2011
By Mike Colpitts Mortgage interest rates hit a new low for the year declining to 4.61% on a 30-year fixed rate loan, a slight 0.02 margin lower from a week earlier, while the rate on a 15-year fixed rate mortgage also dropped to a new low in 2011. The heavily watched Freddie Mac averages have… Continue reading Interest Rates Hit New Low in 2011
Mortgage Rates Shoot Up As Applications Rise
By Kevin Chiu The volume of home mortgage applications for refinancing and purchases rose slightly higher for the week as mortgage rates took an abrupt jump. The rate on a fully executed 30-year fixed rate loan shot up 0.09 for the week, according to the Mortgage Bankers Association survey. Mortgage rates had been on a… Continue reading Mortgage Rates Shoot Up As Applications Rise
Mortgage Rates Fall Two Weeks
By Mike Colpitts Mortgage rates fell for the second consecutive week as spring time weather gripped most of the nation to provide a boost for the home buying season, according to Freddie Mac. The rate on a fixed rate 30-year mortgage dropped to 4.71% from 4.78% the previous week. The rates on a 15-year fixed… Continue reading Mortgage Rates Fall Two Weeks