Archives for May 2010

Homeowners and Mortgage Brokers Lose Out

By Kevin Chiu Blamed for helping to blow-up the real estate market, the ranks of mortgage brokers have been cut to nearly a third and most hardcore brokers are currently doing little business as homeowners and others seeking mortgages defensively shy away from them in droves. At their peak mortgage brokers provided more than half of all home loans, writing billions of dollars worth of loans annually, collecting a commission check for … [Read more...]

Home Sales Slow as Mortgage Rates Drop

By Cheryl Reams Even as mortgage rates drop home sales slow, according to data from top real estate industry research. The sale of homes tracked through the Mortgage Bankers Association weekly report showed a 27.1% drop in mortgage purchase applications over the past four weeks. The decrease was just 4% from last week, but indicates a trend of slower home sales since the federal government’s tax credit expiration. However, housing sales … [Read more...]

Financial Reform Act to Save Millions From Foreclosure

By Mike Colpitts Millions of homeowners facing the risk of foreclosure may be helped under a special provision included in Congress Financial Reform Act. The plan is modeled after a Pennsylvania program that has aided more than 43,000 homeowners at risk of losing their homes. Congressman Chaka Fattah (D-PA) sponsored the measure as a way to help unemployed homeowners from losing their homes to foreclosure. The bill must still be … [Read more...]

Gulf Coast Homes to Fall 30% From BP Oil Leak

By Kevin Chiu Homes along the immediate path of the Gulf Coast oil leak are forecast to decline at least 30% in value as a result of the environmental catastrophe produced by British Petroleum’s gushing oil well 42-miles off of Louisiana, according to a new forecast by Housing Predictor. The forecast is being issued after more than a month of research and monitoring the impact of the oil leak, which has poisoned the eco-system along the … [Read more...]

Home Sales Higher On Tax Credit Incentive

By Cheryl Reams Home buyers motivated by expiring federal tax credits drove existing home sales 7.6% higher in April to a seasonally adjusted rate of 5.77 million units, topping analysts’ projections, according to the National Association of Realtors. The increase in sales of single family homes, condos and townhouses pushed the associations heavily watched annual sales volume rate to more than 1-million units above last years pace, … [Read more...]

New Fannie Mae and Freddie Mac Mortgage Reforms

By Mike Colpitts Reacting to public outcries over the foreclosure crisis, the Federal Housing Finance Agency has released a sweeping new series of major mortgage reforms to improve the quality of home financing for the nation’s two mortgage giants, Fannie Mae and Freddie Mac. FHFA regulates Fannie Mae, Freddie Mac and the twelve federal home loan banks.The efforts are part of the Obama administration’s move to improve the U.S. housing … [Read more...]

America’s Richest Home Market Rebounds

Once the home of wild Hippie partying, America’s richest home market is making a come back in luxury housing sales. Marin County, California just north of the scenic Golden Gate bridge is America’s richest housing market based on highest average net worth and it’s seeing a revival in luxury home sales. As Marin rebounds from recessionary all-time low home sales, it hasn’t been without a battle since luxury homes in Marin saw their values … [Read more...]

Mortgages Rates Drop Lower

Mortgage rates dropped this week another seven-one-hundredths of a point to an average of 4.84% down from last week on a conventional 30-year home mortgage, according to Freddie Mac. The national average was just two-one-hundredths of a point above year ago near record low interest rates. Mortgage rates have hovered at or below the 5% rate for more than two months. But the 30-year rate has not been lower than it is now since last December … [Read more...]

Pricing Your Home for Sale

Shelve your defensiveness when it comes to pricing your home for sale. Judgments about the value of your home are not about you. They are about the looks, bricks and sticks and location of the home you are getting ready to sell and most importantly current market conditions. You need to stay as dispassionate as you can, and face the financial facts and tried-and-true strategies of selling in tough times. Bear in mind that pricing your home … [Read more...]

Selling and Saying Goodbye to a Home

Selling your home and saying goodbye can be a difficult experience, especially when it’s combined with upheaval, which is often the case these days. The formalities and procedures can be frustrating and intimidating. Like many sellers, you might also be wrestling with bittersweet memories and assorted “goodbyes.” In fact, your feelings can range from eagerness to become unburdened and move on, to anger and regret because you must leave … [Read more...]