Talk show host Rosie O’Donnell has sold her 6,000 square foot Chicago home on the first day she put it on the market. The $2.5 million home went under contract just five hours after it was listed. The rapid sale or lucky sale in the current housing market is fortunate for O’Donnell, who started a… Continue reading Rosie O’Donnell Sells Home Quick
Secret Code Separates Mortgage Approval
By Riekie Karstens A loan officer submits a mortgage application for approval from the automated underwriting system, which is used in the mortgage industry to quickly separate the wheat from the chaff to determine whether applicants qualify for a mortgage. A secret code separates the wheat from the chaff in the loan approval process. Creditors… Continue reading Secret Code Separates Mortgage Approval
Plan to Wind Down Freddie Mac and Fannie Mae
By Mike Colpitts For the second time in a year, a branch of the federal government has introduced a plan to wind down the lending of mortgage giants Freddie Mac and Fannie Mae. The acting administrator of the Federal Housing Finance Agency sent Congress a strategic plan to wind down the lenders over the next… Continue reading Plan to Wind Down Freddie Mac and Fannie Mae
Straw Breaking Foreclosure Crisis Back
By Kevin Chiu The landmark $25 billion settlement between state attorneys general and the U.S. largest five banks opens the flood gates to another tsunami of foreclosures, but leaves bank servicing companies in the position to temper the flow of foreclosed properties on to the real estate market for resale. The settlement with the banks… Continue reading Straw Breaking Foreclosure Crisis Back
Mortgages Fall Four Weeks in a Row
By Mike Colpitts Mortgage applications fell for the fourth straight week, indicating a slowdown in the volume of home mortgages for refinancing and home purchases is sustaining a sluggish pattern, despite near record low mortgage rates, according to the Mortgage Bankers Association. The fall in applications, however, was only 1.2% for the Market Composite Index,… Continue reading Mortgages Fall Four Weeks in a Row
2012 New Hampshire Housing Market
Home prices have been falling in New Hampshire for almost five years, ever since the housing market reached its peak. However, an increase in sales, prompted by near record low mortgage rates and a stronger local economy will send housing prices higher this year. New Hampshire’s economy, once hard hit and ailing, is growing at… Continue reading 2012 New Hampshire Housing Market
Single Women May Be A Key to Reviving Housing Market
By Kiesha Joseph According to a report by the Joint Center for Housing Studies, single women have been scooping up property like never before. This is great news for not only single women, but for the US housing market as a whole. Many expert realty groups, including the National Association of Realtors, believe single ladies… Continue reading Single Women May Be A Key to Reviving Housing Market
Mortgage Rates Jump Higher
By Mike Colpitts Pushed by an increase in home sales and better economic news, mortgage rates jumped higher this week as Treasury bond yields rose, sending rates off their all-time record lows for the first time in three weeks. The fixed 30-year loan averaged 3.95%, an increase from 3.87% a week ago, according to Freddie… Continue reading Mortgage Rates Jump Higher
Best Cities to Flip Homes in 2012
By Mike Colpitts Don’t expect it to be easy work if you plan on flipping a home this year to make a profit, but there are a few places in the U.S. that are pretty good bets to cash in to make a tidy profit, despite economic woes. The best places to flip homes in… Continue reading Best Cities to Flip Homes in 2012
Pennsylvania Lender to Pay $3.9 Million Fine
A Pennsylvania mortgage lender has agreed to pay a fine of $3.9 million to settle a lawsuit for lying to federal mortgage officials. The suit was filed in the Central District of California, alleging that officials of Capmark Finance LLC of Horsham, Pennsylvania made a series of false statements in connection with two nursing home… Continue reading Pennsylvania Lender to Pay $3.9 Million Fine