By Mike Colpitts A sharp drop in the inventory of discount priced foreclosures led to the biggest year over year increase in home prices in a year during July, according to CoreLogic. The 3.8% average hike in values includes all residential properties in the U.S. The increase was the largest since August 2006 on a… Continue reading Biggest Home Price Increase Since 2006
Cash Home Sales Slowly Decline
By Mike Colpitts Cash home sales, which hit record highs as bargain hunting investors plunked down greenbacks to reach feverish levels have declined as the inventory of lower priced foreclosures evaporates in many U.S. regions. The drop in cash sales follows a steady decline in bank owned properties, despite government slowdowns determining how many homes… Continue reading Cash Home Sales Slowly Decline
Mortgage Rates Bounce Higher
By Mike Colpitts Mortgage interest rates bounced higher for the third week in a row as the 30-year fixed rate loan jumped to average 3.62%, according to Freddie Mac. The bounce in rates came as a result of higher yields paid to investors for U.S. Treasuries, which may signal a major shift in financial markets.… Continue reading Mortgage Rates Bounce Higher
Only 40% Will Pay Off Mortgages
Only 40% of respondents in a new survey say they intend to pay off their home mortgages, and slightly more than a third (34%) said they do not plan on paying off their home loans at all. More than 1,000 online visitors took part in the poll, which was completed Tuesday after being asked of… Continue reading Only 40% Will Pay Off Mortgages
Rental Boom Will Lead to Homeownership Rebound
By Ryan Jackson The boom in new apartment rental construction will lead to a rebound in homeownership, according to UCLA real estate economist David Shulman. The researcher made the prediction in the university’s Ziman Center real estate economist letter. “After an agonizing six year decline where nearly $7-trillion of wealth was destroyed, the housing economy… Continue reading Rental Boom Will Lead to Homeownership Rebound
A Third of Mortgages Missing
By Kevin Chiu Legal paperwork determines the ownership of real estate. If those documents are not passed along to a new owner of a mortgage, investors or banks holding a loan on the property have no legal right to it. Up to a third of all mortgage “notes” or $3.7-trillion in U.S. mortgages are likely… Continue reading A Third of Mortgages Missing
Seismic Shift in U.S. Restrains Housing Market
By Kevin Chiu Consumer doubts over the banking system, political divisions in Washington, D.C., nagging high unemployment, a growth in the understanding among the U.S. population of political corruption and doubts about the economy are developing a seismic shift in the housing market. The shift has slowly been taking place for more than ten years,… Continue reading Seismic Shift in U.S. Restrains Housing Market
Overwhelming Majority Favor Homeownership
By Mike Colpitts An overwhelming majority favor homeownership over renting despite the housing downturn, according to a new study. The results were found as part of a Fannie Mae survey that asked a variety of questions revolving homeownership and the economy. An astonishing 85% of respondants said they favor homeownership over renting based on the… Continue reading Overwhelming Majority Favor Homeownership
Mortgages Slow Despite Rate Drop
By Ryan Jackson A drop in mortgage rates did little to slow another decline in mortgage applications for the second straight week, according to the Mortgage Bankers Association. Home loan applications fell as interest borrowing rates on the 30-year fixed rate mortgage decreased to an average of 3.80% on fully executed mortgages. The drop in… Continue reading Mortgages Slow Despite Rate Drop
Foreclosures Sell 32% Under Rest of Market
By Mike Colpitts Foreclosures or bank owned homes sold at an average discount of 32% below similar homes in the same neighborhood during the second quarter of the year, according to RealtyTrac. The price was two percent lower than a year ago. Foreclosure sales accounted for 23% of all U.S. residential sales during the second… Continue reading Foreclosures Sell 32% Under Rest of Market