Archives for August 2010

Best Forecast Housing Markets 2010

Lansing, Michigan moves into the #1 position in Housing Predictor's Best 25 Housing Markets for 2010, as sales hit an all time high for the first time in four years with a boost from the federal tax credit. However, Detroit, Michigan suffering through one of the worst housing depressions in the nation for nearly 5 years still made the #2 position, behind Lansing and both markets are forecast to experience double-digit appreciation in home … [Read more...]

Vice President Joe Biden Laughing Stock

Vice presidents have historically played the fool to U.S. presidents, and Vice President Joe Biden is quietly proving to be cast better than most Hollywood producers could dream. In limited media coverage, the vice president announced a milestone of 200,000 homes being weatherized with Troubled Asset and Relief Program funds on a trip to Manchester, New Hampshire last week. Didn’t hear about it? Neither did hardly anybody else even though the … [Read more...]

Investment Fund Launches $100 Million Effort

By Mike Colpitts An Atlanta based firm has formed a real estate investment fund with an ambitious goal of raising $100-million to invest in troubled homes and apartments in an effort to produce high net profits for investors. The new company is jointly owned by principals of an investment firm, Avalon Investment and Securities Group, Inc. and Alexander Properties. The fund, which has formed a Limited Liability Company for its venture, is … [Read more...]

Poll Shows Hardly Anyone Trusts Bankers

At a time when Congress has the lowest approval record in history, bankers receive even lower marks for being trusted by the public at large, according to a new Housing Predictor survey. The latest opinion poll found that only 3% of all those surveyed trust bankers to have consumers best interests in mind. An over-whelming 97% of respondents said they do not trust bankers to have their best interests at heart. The finding is the latest … [Read more...]

Outrage Rises over Sinking Home Prices

By Kevin Chiu Home mortgage purchase applications fell for nearly two straight months. The plunge in home sales was evident to real estate economists, yet those polled for the survey some how refused to see the evidence for what it was. Refinancing mortgages is becoming the main-stay of the mortgage business, indicating that homeowners who can refinance are planning for the long haul, staying in their homes longer as outrage rises over home … [Read more...]

Mortgage Rates Lower Record

Mortgage rates dropped for the ninth time in the last 10 weeks to another low record amid growing worries that the U.S. economy is weakening, according to Freddie Mac. The rate on a 30-year fixed rate mortgage fell to 4.36%. The rate was 4.42% last week. It’s the lowest since Freddie Mac has been keeping records since 1971. The average rate on a 15-year fixed rate mortgage also dropped again to 3.86% or lower by .04 from the previous … [Read more...]

Refinancing Applications Rise

Spurred by record low mortgage rates, applications to refinance home mortgages rose to a new high last week and applications for new home mortgages were up slightly, according to the Mortgage Bankers Association. The rate at which consumers are applying to refinance their home mortgages hit a new peak. The bankers’ market composite index, which measures total loan origination volume, was up 4.9%. Refinances composed 82.4%, a full one-percent … [Read more...]

Miami Condo Sales Soar

By Kevin Chiu Once the nation’s epicenter in the real estate collapse Miami, Florida condo sales are soaring, up 43% over year ago levels, according to the Miami Association of Realtors. The Miami housing market has now experienced rising sales for nearly two straight years. Miami ’s condominium market tanked even before the financial crisis struck Wall Street two years ago as New York based hedge funds and banks cancelled financing … [Read more...]

Fresh Evidence Rescue Program Stalls

There are no gifts in this housing recovery. Homeowners received the lowest number of permanent modifications since Christmas this last month through the Obama administration’s Making Home Affordable program, and the number of homeowners dropping out of the rescue program is rising. Nearly half of the number of people entering the program has dropped out since it got its start, making matters worse for the White House administration facing … [Read more...]

Homes Sales Decline Amid Deeper Economic Worries

By Mike Colpitts Home sales declined sharply in July after the expiration of the home buyer tax credit, falling 27.2% to the lowest level in 15 years, according to the National Association of Realtors. The fall in existing sales was widely anticipated among real estate analysts, who expect deeper economic worries as a result of the declining home market. The sale of single family homes, townhouses and condominiums dropped to a seasonally … [Read more...]