Led by a jump in home refinances, mortgage applications rose last week as refinancing grew by 2.2% from a week earlier, according to the Mortgage Bankers Association. Homeowners turned out in larger numbers to refinance their mortgages at near record low mortgage rates. However, applications for new home mortgages on purchases dropped as consumer confidence… Continue reading Mortgage Refinances Jump
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending September… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Low Economic Confidence Hinders Housing Recovery
Exceptionally high volatility in financial markets has led Americans to doubt a recovery in the housing market is possible, at least for the time being, according to a new Housing Predictor opinion poll. Low confidence may be a sign of the times. The just completed poll found that 72% of respondents feel that a recovery… Continue reading Low Economic Confidence Hinders Housing Recovery
Group Urges $15,000 Home Buyer Tax Credit
By Mike Colpitts A national consumer advocate’s group is urging the U.S. Congress to adopt a large home buyers federal tax credit in an effort to re-energize home sales and stabilize residential housing markets. America’s Watchdog Homeowners Consumers Center is urging Congress to offer a $15,000 federal “tax credit to anyone who is qualified to… Continue reading Group Urges $15,000 Home Buyer Tax Credit
Banks Lawsuits May Help Homeowners
By Mike Colpitts Homeowners strapped with underwater mortgages or having trouble paying their loans could see some help from Uncle Sam in the way of negotiations with banks being sued by the Federal Housing Finance Agency. The 17 banks and lending institutions lawsuits announced Friday allege misrepresentation and fraud on the banks’ part selling mortgage-backed… Continue reading Banks Lawsuits May Help Homeowners
Despite Mortgage Rate Drop, Loan Applications Ease
By Mike Colpitts Mortgage rates kept near record all-time low levels, but couldn’t budge home lending much as applications for mortgages dropped for the third week in a row, according to the Mortgage Bankers Association. The average mortgage rate on a fully executed 30-year fixed loan dropped to 4.23% from 4.32% for the week ending… Continue reading Despite Mortgage Rate Drop, Loan Applications Ease
Taylor Swift Sells Music City Home
One-time teenage music sensation singer Taylor Swift has listed her Nashville home for sale just a year after buying the place. It seems that the 21-year-old country singing star, who has attracted the attention of just about every teenager in the U.S. is tiring from her new digs already. The Country music sensation purchased the… Continue reading Taylor Swift Sells Music City Home
Home Buying Affordability Hovers at Best Level
By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national… Continue reading Home Buying Affordability Hovers at Best Level
Wyoming Guest Ranch Goes To Auction
The real estate bust hasn’t just left homeowners, the unemployed and those who took out too large of a mortgage on their homes out of luck. A massive guest ranch in Jackson Hole, Wyoming with all the fixings’ is going up for auction. The Darwin Ranch was listed for $8.5-million, but didn’t sell after more… Continue reading Wyoming Guest Ranch Goes To Auction
Refinancing Program to Aid Underwater Homeowners
By Mike Colpitts The U.S. government’s giant mortgage lenders will soon expand refinancing to underwater homeowners on their mortgages in efforts to reduce the growing number of homes being foreclosed, and aid the nation’s hurting economy. Freddie Mac and Fannie Mae will “remove barriers that exist in the current refinancing program” allowing more homeowners to… Continue reading Refinancing Program to Aid Underwater Homeowners