Home Sales Soar 7.7% in August

By Mike Colpitts Home sales soared by lucky numbers in August, rising 7.7% to a seasonally adjusted annual rate of 5.03 million units, despite a tough economy, according to the National Association of Realtors. The jump in existing sales is a positive sign for the economy, which has been battling to recover from its downturn.… Continue reading Home Sales Soar 7.7% in August

Mortgage Rates Massive Record Drop

By Mike Colpitts Mortgage rates dropped to the lowest rate in U.S. recorded history this week on the heels of the Federal Reserve announcement that the Fed will buy additional mortgage-backed securities. The massive drop in rates rocketed the average 30-year fixed rate mortgage to 4.01%, and the shorter term fixed rate loan to another… Continue reading Mortgage Rates Massive Record Drop

Mortgage Originations Surge on Record Low Rates

By Mike Colpitts Driven by the lowest interest rates in U.S. history, mortgage originations soared for the third straight week as loan buyers moved to take advantage of lower mortgage rates. Loan applications jumped 9.3% last week, according to the Mortgage Bankers Association. Refinances saw the largest surge in mortgage applications, rising 11.2% for the… Continue reading Mortgage Originations Surge on Record Low Rates

Likely Failure in Robo-Signing Talks

By Mike Colpitts Talks between State Attorney Generals in Washington, D.C. and representatives of the Obama administration have yet to provide a settlement for the robo-signing scandal, and many of President Barack Obama’s critics expect that any agreement with bankers will be a sellout of mammoth proportions. Negotiations between the U.S. Justice Department and the… Continue reading Likely Failure in Robo-Signing Talks

Mortgage Applications Climb As Rates Tick Up

By Kevin Chiu Applications for home mortgages climbed last week as interest rates moved slightly higher on finalized contracts, according to the Mortgage Bankers Association. Refinances grew a modest 1.3%, while purchase money applications also rose a smaller 1.1% across the  U.S. The increase was driven by government loan applications, especially for FHA mortgages that… Continue reading Mortgage Applications Climb As Rates Tick Up

Supermodel Christie Brinkley Sells Home

Christie Brinkley has graced the cover of over 500 magazines over the years, raking in millions of dollars in modeling fees as one of the world’s most sought after supermodels. And now as luxury home sales make inroads towards a recovery, Brinkley has placed her spacious Sag Harbor, New York estate on the market for… Continue reading Supermodel Christie Brinkley Sells Home

Heavy Volume Pushes Refinances

By Mike Colpitts Record all-time low mortgage rates are getting homeowners to refinance mortgages with the heaviest volume of applicants in more than two years taking refinances back into fashion. Refinancing surged for the first time in three weeks last week, 6.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association. The return… Continue reading Heavy Volume Pushes Refinances

Hurricane Irene Magnifies Financial Pain

By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions,… Continue reading Hurricane Irene Magnifies Financial Pain

Housing Starts Surge in California

By Mike Colpitts Anchored by a jump in multi-family building permits, new housing starts soared in California during August, despite a decline in starts elsewhere in the U.S. Housing starts during the month nationally totaled just 571,000 units, the fewest since record keeping has been monitored during 1970. Permits were pulled on 4,695 housing units… Continue reading Housing Starts Surge in California