Mortgage Rate Hike Threatens Housing Recovery

By Mike Colpitts For the first time in more than a year, mortgage rates have risen three straight weeks as growing instability over the  U.S.  economy jittered bond markets. U.S. Treasuries rose from a record low of 1.38% on the benchmark 10-year bond to more than 1.85%. The increased yield is good news for investors… Continue reading Mortgage Rate Hike Threatens Housing Recovery

States Call on Congress to Rescue Housing

By Mike Colpitts The National Lieutenant Governors Association composed of all 50 U.S. states is calling on Congress and President Barack Obama to take action to address the U.S. housing crisis  “in a meaningful and responsible manner.” The organization passed a resolution to underscore the importance of Congressional action as the nation faces perhaps the… Continue reading States Call on Congress to Rescue Housing

Home Sale Inventory Slashed to 6 Months

By Mike Colpitts The dog days of summer usually bring a frenzy of home sales activity, but a reduced inventory of homes to sell in many regions of the U.S. is slowing sales, despite record low mortgage rates. The inventory has been slashed to just a 6.6 month supply, which would usually be a positive… Continue reading Home Sale Inventory Slashed to 6 Months

Refinancing Bombs as Mortgage Rates Soar

By Ryan Jackson After record all-time mortgage rates triggered a refinancing frenzy, applying for lower rate home mortgages dropped like a bomb last week as rates soared to the highest levels in weeks. The Mortgage Bankers Association refinancing index dropped 9% to lead the summer slowdown. The seasonally adjusted purchase index fell under just one-percent… Continue reading Refinancing Bombs as Mortgage Rates Soar

Interest Deduction & Short Sale Amnesty Likely

By Mike Colpitts Amnesty on federal taxes for short sales and continuing the mortgage interest deduction are among a package of laws expected to be approved by Congress effecting more than 30-million U.S. homeowners before the end of the year. House majority leader Harry-Reid (D-NV) is being pushed by a group of senators to bring… Continue reading Interest Deduction & Short Sale Amnesty Likely

Housing Sparks Structural Problems, Despite Record Low Mortgages

By Mike Colpitts Problems with the U.S. housing market are more structural than cyclical in nature, analysts contend as the nation faces another round of quantitative easing in store from the Federal Reserve. Record low mortgage rates and the lowest home prices in years aren’t enough to turn around ailing real estate markets. Home values… Continue reading Housing Sparks Structural Problems, Despite Record Low Mortgages

Fannie Mae, Freddie Mac to Unload Distressed Mortgages

By Mike Colpitts Mortgage giants Fannie Mae and Freddie Mac are expected to start unloading hundreds of thousands of distressed mortgages following a Treasury Department announcement ordering the reduction of troubled mortgages. Despite a political bottleneck in Congress over how to handle the two lenders, the action “will help expedite the wind down of Fannie… Continue reading Fannie Mae, Freddie Mac to Unload Distressed Mortgages

Cities, States Respond to Foreclosure Crisis

By Mike Colpitts Since the federal government has only tried piece-meal solutions to resolve the housing mess cities and states across the U.S. are making their own changes to get the foreclosure crisis under control. New laws to help consumers have been passed in nearly three dozen states. San Bernardino County, California hard hit by… Continue reading Cities, States Respond to Foreclosure Crisis

Decline in Economic Uncertainty Triggers Mortgage Rates Jump

By Mike Colpitts Mortgage rates jumped for the first time in weeks as tensions over the Eurozone debt crisis and worries over the U.S. economy declined. The 30-year fixed rate mortgage averaged 3.55%, a jump from 3.49% a week ago. The 15-year fixed loan also moved higher. The 5-year Treasury indexed hybrid adjustable rate mortgage… Continue reading Decline in Economic Uncertainty Triggers Mortgage Rates Jump