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
Real Estate Broker Pleads Guilty in Straw Buyer Scheme
By Mike Colpitts A former real estate broker pled guilty to fraud charges in relationship to a mortgage scheme that involved more than $12 million in mortgages, straw borrowers that operated over a course of seven years and real estate investors. The plea was entered after federal prosecutors worked out a deal with Alexander O.… Continue reading Real Estate Broker Pleads Guilty in Straw Buyer Scheme
U.S. Bank Failures Decline
By Mike Colpitts Fewer U.S. banks have failed in 2011 compared to the mid-way point last year and had to be taken over by the FDIC as insolvent. The government has forced the takeover of just 48 banking institutions through last weekend, which is a major decline and expects fewer to fail by the end… Continue reading U.S. Bank Failures Decline
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
Ozzy Osbourne Rocks to New Home
The Prince of Darkness, rocker Ozzy Osbourne has listed his home on the market for sale in the Hidden Hills area of Los Angeles for nearly $13-million. The former lead singer of Black Sabbath has been a hard rock star for almost 40 years, and until recently appeared in a MTV television reality series featuring… Continue reading Ozzy Osbourne Rocks to New Home
Real Estate Investors Plead Guilty to Auction Bid Rigging
By Mike Colpitts Eight San Francisco Bay Area real estate investors have agreed to plead guilty for their roles in a conspiracy to rig bids at public real estate foreclosure auctions in Northern California, according to the Department of Justice. The real estate investors took part in conspiracies to rig bids by agreeing to refrain… Continue reading Real Estate Investors Plead Guilty to Auction Bid Rigging
Slowdown in Home Sales New Normal
By Mike Colpitts A slowdown in home sales during what is usually the hottest time of the year for home buying activity just may be the new normal in real estate. The erratic ups and downs the residential market is suffering are setting home sales up for a long recovery process with a series of… Continue reading Slowdown in Home Sales New Normal
Majority Affected by Foreclosures
The crisis is hitting home. An overwhelming majority of respondents to a new Housing Predictor poll say they are directly affected by the foreclosure crisis in their own neighborhood. The survey found that 74% of all those who took part in the online survey from all 50 U.S. states said they think the foreclosure crisis… Continue reading Majority Affected by Foreclosures
Real Estate Crash of the Century
By Kevin Chiu The real estate market is under going the crash of the century and there’s no bottom of the market developing in the hardest hit areas of the U.S. The housing market alone has suffered more than 7-million residential foreclosures since the crisis started, and like a bottomless pit home prices are declining… Continue reading Real Estate Crash of the Century
Mortgage Interest Rates Surge Higher
Mortgage interest rates surged higher as Treasury bond rates moved above 3% in reaction to the end of quantitative easing by the Federal Reserve. The rate on a fixed 30-year mortgage rose to 4.60%, a hike from an average of 4.51% last week, according to Freddie Mac. The rates on other home mortgages also moved… Continue reading Mortgage Interest Rates Surge Higher