Archives for June 2010

Hard Money Lending Booms in Tough Economy

By Kevin Chiu Hard money lenders, where the downtrodden and desperate seek money are having a field day in the current tough economy, reaping huge profits from clients, most of whom are just trying to get by from day to day. The real estate market has been hit hard and many conventional mortgage lenders, including nearly 400 banks and major mortgage companies have gone bust. Foreclosures are at a record high, and appear to be worsening … [Read more...]

Flood Insurance Halt Stalls Real Estate

By Lindsey Hadwin The halt of the National Flood Insurance Program (NFIP) is having a ripple effect on real estate home buyers, mortgage lenders and real estate agents endangering the housing market, still suffering from a downturn in many areas of the country. The National Association of Mutual Insurance Companies estimates that about 1,200 home closings are being delayed each day as a result of the lapse in flood insurance policies … [Read more...]

Financial Reform Act Includes Mortgage Relief to Aid Millions

By Kevin Chiu Mortgage relief for unemployed homeowners at risk of foreclosure is included in the sweeping financial reform act expected to be signed by President Barack Obama. The aid is aimed at helping millions of homeowners who have been thrown out of work by the troubled economy. Members of Congress agreed to spend $1-billion on a program to assist homeowners facing the possibility of foreclosure as part of the financial reform … [Read more...]

Mortgage Rates Hit All-Time Low

Mortgage rates to purchase or refinance a home hit their lowest level of all-time this last week just as home sales showed signs of slowing as a result of the federal home buyers tax credit expiring. The rate for a 30 year conventional mortgage slipped to 4.69%, the lowest rate on record. Interest rates are now more than seven-tenths of one percentage point below last year at this time. Mortgage rates on a 15 year loan also slid to 4.13%, … [Read more...]

Florida under Siege by BP Oil Spill

By Mike Colpitts Resting on star power and little government regulation of the oil industry over the last two decades, the BP oil spill is likely to provide a one-two-punch to Florida’s ailing economy, pulling real estate prices down further, decimating their already bargain rate prices. Florida is under siege. The greatest environmental disaster in U.S. history is destroying parts of the Gulf Coast, damaging more than 400 species of … [Read more...]

Emergency Housing Foreclosure Aid Gains Approval

By Mike Colpitts State Housing Finance Agencies in five of the states hit hardest by the foreclosure crisis have been approved to start using $1.5 billion in emergency housing foreclosure prevention aid under plans approved by the Obama administration. The “Hardest Hit Fund” targets California, Florida, Arizona, Michigan and Nevada. The funding supports measures to assist homeowners at risk of foreclosure as part of the first round of … [Read more...]

Tenants Major Rights in Foreclosure Cases

The current foreclosure crisis has had a far-reaching impact on individuals and businesses in the U. S. not just on those home and business owners who fell dangerously behind on their mortgage payments taking their property to foreclosure. Tenants who faithfully paid their rent each month have been evicted from their homes because their landlords fell into foreclosure. The National Low Income Housing Coalition estimates that 40% of the … [Read more...]

SEC Busts Wall Street Firm in Real Estate Collapse

Under new leadership the Security and Exchange Commission (SEC) charged a Wall Street firm and three affiliated companies with fraudulently managing investments tied to the real estate collapse. The investments were marketed as a way to raise income to insure home mortgages in the risky days before the U.S. economy nearly collapsed. The asset manager of ICP Asset Management LLC, a New York based firm, Thomas Priore is charged with … [Read more...]

Home Sales Fall Amid Growing Fears

By Kevin Chiu Existing home sales fell a slight 2.2% in May, but sales remain at a higher level than a year ago alleviating some fears about the housing market, according to the National Association of Realtors. The monthly report also showed a fall in the number of homes listed for sale, signaling an improving trend for markets as inventory gets bought up by home buyers. The drop in sales, however, caught many analysts off guard as … [Read more...]

Hard Sell in Obama Housing Scorecard Debut

The White House is coming out with a hard sell to put its best face on the housing market in efforts to improve market conditions and win back voters, introducing a monthly scoreboard on the nation’s housing market. From the start, the program seems to be more like it’s out of the Roosevelt Great Depression era than 2010. Each month the scorecard will incorporate “key housing market indicators and highlight the impact of the … [Read more...]