By Mike Colpitts Bank assisted short sales or the lender approved selling of homes at less than what is owed on a mortgage, are projected to skyrocket in 2012 as banks and mortgage lenders come to grips with the mess the U.S. housing market has been in for five years. Short sales are forecast to… Continue reading Short Sales Projected to Skyrocket
Title Officers Charged in Robo-Signing Felonies
By Mike Colpitts Two title officers associated with Lender Processing Services have been indicted by a Nevada county grand jury on charges related to illegal robo-signings, according to the Office of the Nevada Attorney General. The two LPS employees, Gary Trafford and Gerri Sheppard, were indicted on 606 counts. The charges relate to allegations of… Continue reading Title Officers Charged in Robo-Signing Felonies
Mortgage Rates Dive as Applications Soar
By Mike Colpitts Mortgage applications soared as mortgage rates dropped to the lowest level on fully executed home loans in weeks, according to the Mortgage Bankers Association. It was the second straight week rates had seen a drop to drive an increase in loan applications. Bankers reported an increase of 10.3% in application volume from… Continue reading Mortgage Rates Dive as Applications Soar
Energy Proposal Could Save Homeowners Money
By Jeanne Roberts In the modern world, mortgage appraisers calculate the value of residential real estate based on its age, location, square footage, general appearance, amenities, and tax burden. Many also include an amorphous “fudge value” to take into consideration intangibles like a superb school district, or the hazard-limiting value of being at the end… Continue reading Energy Proposal Could Save Homeowners Money
Banks Should Be Forced to Modify Mortgages
Americans believe banks have ripped all of us off big, judging by the results of the latest Housing Predictor poll. An over-whelming majority of those surveyed say banks should be forced to modify mortgages to help the U.S. economy, a new poll found. An astounding 83% said the same banks that got us into the… Continue reading Banks Should Be Forced to Modify Mortgages
Mortgage Rates Drop to Near Record Low
By Mike Colpitts Mortgage rates dropped to their second lowest rate on record as worries over European debt concerns sent Treasury bonds lower this week. The rate on the average 30-year fixed rate mortgage hit 4.00% with 0.7 point, according to Freddie Mac. It was the lowest rate on the 30-year fixed mortgage since reaching… Continue reading Mortgage Rates Drop to Near Record Low
REITs Benefit Biggest From Low Interest Rates
By Mike Colpitts Real Estate Investment Trusts (REITs) are benefitting from the Federal Reserve’s low interest rate policy more than any other single sector of the U.S. economy, and their profit windfalls are being returned to investors. Once thought to have seen their day, REITs are still benefitting from the Fed’s low interest rates stand,… Continue reading REITs Benefit Biggest From Low Interest Rates
Lawmaker Urges Halt of Home Demolitions
By Mike Colpitts An Ohio lawmaker is pushing fellow members of Congress to pass a proposal aimed at revitalizing neighborhoods hit by the foreclosure crisis instead of demolishing the homes as planned. U.S. Senator Sherrod Brown (D-OH) is urging fellow members of Congress to pass Project Rebuild as a record number of foreclosed and abandoned… Continue reading Lawmaker Urges Halt of Home Demolitions
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
Real Estate Investment May Turn Stable
By Mike Colpitts Real estate investments have taken a financial beating the past five years, but could evolve into a more stable investment, despite poor macroeconomic conditions in the U.S., according to a private real estate investment equity firm. Investors with access to large amounts of cash, who are able to avoid debt, are likely… Continue reading Real Estate Investment May Turn Stable