By Ryan Jackson U.S. home prices showed two consecutive months of increases in March and April for the first time since the summer of 2010 when the market benefitted from the federal tax credit for home buyers, according to CoreLogic. The firm’s Home Price Index rose 1.1 % year over year in April for the… Continue reading Home Prices Rise 2 Consecutive Months
Four Million US Homes Risk Hurricane Damage
By Mike Colpitts As homeowners move to coastal areas in unprecedented numbers, more than 4 million are at risk of suffering storm damage from hurricanes, a new all-time record high, according to an industry research report. This years CoreLogic report indicates that slightly more than 4 million homes along the Atlantic and Gulf Coast regions… Continue reading Four Million US Homes Risk Hurricane Damage
New Home Sales Jump
By Mike Colpitts Single family new homes sales rose 7.6% in May to a seasonally adjusted rate of 369,000 units, according to the U.S. Census Bureau. The data reflects the first jump in actual new home sales in three months after disappointing spring home sales soured home builders. The Northeast and South posted a solid… Continue reading New Home Sales Jump
Research Firms Agree Home Prices Are Rising
By Mike Colpitts In a major positive sign for the U.S. housing market, the two largest real estate research firms tracking the market agree that average home prices have increased for the first time since the real estate collapse more than five years ago. California based CoreLogic and Florida based Lender Processing Services say home… Continue reading Research Firms Agree Home Prices Are Rising
Mortgage Rates Resume Drop
By Mike Colpitts After rising last week, mortgage rates dropped again to near a new low average hitting 3.66% on the 30-year fixed rate loan, a five basis point decline from a week ago, according to Freddie Mac. The 15-year loan also fell. The shorter term mortgage and the 30-year loan have been at or… Continue reading Mortgage Rates Resume Drop
Another Small Step for Housing as Mortgage Rates Fall
By Mike Colpitts The U.S. housing market is taking one small step forward at a time. Little by little it is improving. The Mortgage Bankers Association report added to the chorus of reports indicating the small steps forward with its mortgage applications survey today, which showed a small increase in applications for mortgages last week.… Continue reading Another Small Step for Housing as Mortgage Rates Fall
Refinancing Hits New Record High
By Mike Colpitts Led by record low FHA mortgage rates, refinancing surged last week to a new all-time record high on government backed loans as consumers poured into lenders offices to take advantage of lower rates. The Mortgage Bankers refinance index rose just one percent from the prior week, but made up 81% of U.S.… Continue reading Refinancing Hits New Record High
SEC Halts $100 Million Real Estate Ponzi Scheme
By Ryan Jackson The Securities and Exchange Commission has charged a Utah man with operating a real estate Ponzi scheme that bilked investors out of $100 million throughout the U.S. and shut down the private hard money lending company. Wayne L. Palmer, 57, and his company, National Note of Utah in West Jordan have been… Continue reading SEC Halts $100 Million Real Estate Ponzi Scheme
Mortgage Company CFO Sentenced to 5 Years
By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de… Continue reading Mortgage Company CFO Sentenced to 5 Years
Half of US Homes Underwater
A newly released survey shows that more than half of all U.S. homes with a mortgage are underwater or owe more on their homes than the current value of their property. The study is the strongest indicator yet that efforts made by the Obama administration are doing little to aid U.S. homeowners in the worst… Continue reading Half of US Homes Underwater