Archives for April 2010

Low Mortgage Rates Strengthen Home Market

By Kevin Chiu Mortgage interest rates remain near historic lows, despite rising .04% in the last week, according to the Mortgage Bankers Association, providing strength to the nations home market. Many banking analysts expected rates would rise when the Federal Reserve halted buying mortgage-backed securities to strengthen the economy. However, a sampling of ten major cities mortgage rates show little has changed in the month since the … [Read more...]

Former Goldman Sachs Banker May Save Millions from Foreclosure

A former Goldman Sachs banker has launched an innovative company that may save 5 to 7 million mortgage borrowers from foreclosure. The private company works to negotiate with under water homeowners in an effort to reduce the number of mortgage holders who willingly walk away from their upside down mortgages. Loan Value Group, a Limited Liability Company based in Rumson, New Jersey works with mortgage owners and bank lending service … [Read more...]

Real Estate Agent Rebates Commissions

A new online start-up is basing its marketing plan on rebating real estate agent commissions to buyers, and it’s planted the concept by launching the program in the Garden State. New Jersey home buyers can get up to $15,000 back as a rebate from real estate agents commissions. www.HomeBuyerRebate.org was started as the pilot program offering services to New Jersey home buyers by Jim Contrini and his wife, Evelyn who is a real estate agent. … [Read more...]

Fannie Mae Cuts Mortgage Guidelines to Help Borrowers

By Mike Colpitts Former homeowners who have lost their homes in a short sale or signed them back to the bank may get a break from Fannie Mae to buy a new home. The mortgage giant has cut mortgage guidelines, reducing the time to obtain a new mortgage from four years for troubled mortgage borrowers to just two years. Fannie Mae made the announcement in a bulletin it sent out to bankers. The new rules are scheduled to go into effect July … [Read more...]

Home Sales Major Rise Shows Stronger Market

By Kevin Chiu Prompted by the federal home buyer tax credit, low mortgage rates and lower home prices home re-sales rose 6.8% in March after three straight months of declines, according to the National Association of Realtors. The rise in sales demonstrates a stronger housing market moving into the historically most active season of the year. Existing home sales, including single family homes, condominiums, townhouses and co-ops hit a … [Read more...]

Happy Real Estate News Goes Mobile

A new mobile phone application is placing all of its emphasis on happy real estate news. The “Happy Real Estate News” application is a tool for real estate agents and brokers to show potential buyers and sellers that local markets are “not as bad as gloom and doom reports would have you believe,” according to the application’s maker. Four features are included in the mobile phone package. The application will show the number of residential … [Read more...]

Shared Ownership Communities Pose Problems

The housing crisis, while putting a tremendous strain on Shared Ownership Communities like Condominiums, Co-Ops and Homeowner Associations has also opened attractive investment opportunities. However, investing in an SOC is not identical to buying other property, and you may want to consider the potential problems they pose before you make that seemingly unbeatable deal. SOCs must collect assess-ments or maintenance fees from every owner … [Read more...]

Banking Fraud Tied to Real Estate Collapse

By Kevin Chiu The Securities and Exchange Commission is investigating at least three Wall Street investment banks for fraud related to the collapse of the real estate market and individuals associated with the banks, according to SEC officials. The investigations are part of a new SEC unit started to investigate banking fraud blamed for the financial crisis and collapse of the housing market. The investigations led to charges being … [Read more...]

New Home Builders Try to Energize Housing Market

In a major effort to energize the housing market new home builders are aggressively offering buyers incentives to get into the market. The home buyers federal tax credit expires April 30th, and the last thing builders want to see is a slump in home sales as a result. Builders are offering free options and upgrades, credits for closing costs, furniture and appliances to get buyers to sign the dotted line. The momentum to keep new home sales … [Read more...]

Poll Shows Nearly One in Three Afraid of Foreclosure

Despite nearly $2-trillion in government funded bail outs to improve the housing market, nearly 1 out of 3 homeowners are afraid of losing their homes to foreclosure. The startling revelation was determined through Housing Predictor’s latest opinion poll. Economic hard times combined with high unemployment in most of the U.S. have left millions of mortgage holders at risk of losing their homes. More than 7-million have already been foreclosed … [Read more...]