Default Mortgages Ease to 7.3 Million

By Kevin Chiu Mortgages in default and foreclosed homes account for just over 7.3-million homes, according to Lender Processing Services, the nation’s largest provider of mortgage servicing data. The widespread volume of distressed properties indicates that by any measure a full recovery in the housing market is not possible for more than a year. Homes… Continue reading Default Mortgages Ease to 7.3 Million

Down on the Gulf of Mexico Tensions Run High with BP Oil

By Mike Colpitts Editor Down on the Gulf of Mexico tensions and anger run high. I know full well what the BP oil gusher is all about. I live here. The gushing oil well a mile under sea spews oil at a rate that officials can’t even accurately estimate. Is it 3-million gallons a day?… Continue reading Down on the Gulf of Mexico Tensions Run High with BP Oil

Housing Aid to Homeowners by Fall

By Mike Colpitts Facing the roughest real estate crisis in more than a half century, housing agencies in 10 states expect to begin handing out housing aid to homeowners at risk of foreclosure by fall from the federal government. The $2.1-billion Hardest Hit Fund is targeting homeowners in 10 states most severely affected by the… Continue reading Housing Aid to Homeowners by Fall

Homeowners and Mortgage Brokers Lose Out

By Kevin Chiu Blamed for helping to blow-up the real estate market, the ranks of mortgage brokers have been cut to nearly a third and most hardcore brokers are currently doing little business as homeowners and others seeking mortgages defensively shy away from them in droves. At their peak mortgage brokers provided more than half… Continue reading Homeowners and Mortgage Brokers Lose Out

Home Sales Slow as Mortgage Rates Drop

By Cheryl Reams Even as mortgage rates drop home sales slow, according to data from top real estate industry research. The sale of homes tracked through the Mortgage Bankers Association weekly report showed a 27.1% drop in mortgage purchase applications over the past four weeks. The decrease was just 4% from last week, but indicates… Continue reading Home Sales Slow as Mortgage Rates Drop

Financial Reform Act to Save Millions From Foreclosure

By Mike Colpitts Millions of homeowners facing the risk of foreclosure may be helped under a special provision included in Congress Financial Reform Act. The plan is modeled after a Pennsylvania program that has aided more than 43,000 homeowners at risk of losing their homes. Congressman Chaka Fattah (D-PA) sponsored the measure as a way… Continue reading Financial Reform Act to Save Millions From Foreclosure

Gulf Coast Homes to Fall 30% From BP Oil Leak

By Kevin Chiu Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor. The forecast is being issued after… Continue reading Gulf Coast Homes to Fall 30% From BP Oil Leak

Home Sales Higher On Tax Credit Incentive

By Cheryl Reams Home buyers motivated by expiring federal tax credits drove existing home sales 7.6% higher in April to a seasonally adjusted rate of 5.77 million units, topping analysts’ projections, according to the National Association of Realtors. The increase in sales of single family homes, condos and townhouses pushed the associations heavily watched annual… Continue reading Home Sales Higher On Tax Credit Incentive

New Fannie Mae and Freddie Mac Mortgage Reforms

By Mike Colpitts Reacting to public outcries over the foreclosure crisis, the Federal Housing Finance Agency has released a sweeping new series of major mortgage reforms to improve the quality of home financing for the nation’s two mortgage giants, Fannie Mae and Freddie Mac. FHFA regulates Fannie Mae, Freddie Mac and the twelve federal home… Continue reading New Fannie Mae and Freddie Mac Mortgage Reforms