Archives for November 2010

Hard Money Financing Booms as Investors Sue

By Kevin Chiu As a federal judge starts a trial over allegations that New York firms defrauded hard money loan investors of millions of dollars in assets, other hard money lenders are achieving record profits. San Diego, California based Source Capital Funding, Inc. announced it finished closing 42 loans in October and funded nearly $9-million in mortgages for the year. Source Capital has tripled business in the last year, charging interest … [Read more...]

Foreclosure Victim Turns Consumer Advocate

By Mike Colpitts Overcome by banking fraud and lies by bank and mortgage company employees, Michael Bang became a specialist on foreclosures before authoring a book on how to overcome the fraud of bankers and strategically walk away from a mortgage. As millions of American homeowners face the nightmare of foreclosure and tough economic times losing their homes, Bang says consumers can protect themselves at least to some degree. “Many … [Read more...]

Home Buyers Avoid Foreclosure Properties

By Mike Colpitts A large number of home buyers are refusing to even look at considering distressed properties for sale, according to a monthly survey of real estate market conditions by Campbell Mortgage Finance as prices on foreclosures that are selling continue to fall. Four major national lenders have frozen foreclosure sales as a result of state attorney generals investigating banks and mortgage servicing company practices in all 50 … [Read more...]

$4 Million Tech Mansions Drive Comeback

By Kevin Chiu The vacation home market, still tumbling in a downturn in most of the U.S. is making an isolated comeback in Lake Tahoe, especially in the $4-million plus high-end range, where the titans of high-tech land are driving the mini-boom. As the disparity between haves and have-nots grows across America, gated real estate developments like Martis Camp, a 2,100 acre custom high-end magnet between Truckee and Northstar booms. High … [Read more...]

Home and Your Social Lifestyle

By Lois A. Vitt, Ph.D. Author of 10 Secrets to Successful Home Buying and Selling: Using your Housing Psychology to make Smarter Decisions You might think of home as your castle, but a big part of housing decisions are all about other people. If you are calculating the costs of renting vs. buying, or trading up—or down—to take advantage of lower prices and interest rates, it's also a good idea to think about your social lifestyle, also known … [Read more...]

A Daring New Year in Housing Prices

By Kevin Chiu Home inventories rising in most markets, mortgage rates moving higher and markets pulling out of their downturns only to return to negative territory. Some are. Some aren’t. Those are just a few of the factors impacting real estate markets as we move into the New Year affecting whether housing prices go up or slide again. Real estate equity allows people to feel confident about their economic future. It’s that “save for a … [Read more...]

Robo-Signing Auditors Named

By Kevin Chiu Federal regulators have named the independent auditors who will conduct reviews of foreclosure files on as many as 4.5 million homes as a result of consumer complaints over illegal robo-signing tactics. The audit is expected to take more than a year, according to the U.S. Office of Comptroller of Currency. Tens of thousands of lawsuits have been filed by consumers against the U.S. largest banks and mortgage firms, including … [Read more...]

Home Purchases Rise as Mortgage Rates Jump

By Mike Colpitts Mortgage applications to buy a home shot up more than 14% for the latest week reported by the Mortgage Bankers Association, indicating a major jump in home buying activity driven by near record low mortgage rates that are moving higher. Mortgage rates have slowly moved upward since hitting a record low of 4.17% on a 30-year fixed rate loan in late October. The seasonally adjusted banker’s index rose 14.4% for the week … [Read more...]

Shadow Inventory Slashed to 2.1 Million Homes

An estimated 2.1-million distressed homes make up the shadow inventory, representing a huge decline of properties that make up the inventory of homes that have not yet been formally foreclosed and listed for sale, according to Core Logic, a real estate research firm. The inventory makes up part of the more than 18-million vacant homes that the U.S. Census Bureau says are sitting empty across the nation. The flood of soon to be foreclosed … [Read more...]

Home Sales Decline in October

Home sales declined in October after climbing for two straight months, according to the National Association of Realtors. Existing home sales are also nearly 26% below the pace a year ago when the federal tax credit was in effect. Sales on residential properties declined to a seasonally adjusted rate of 4.43-million for the month, a drop of more than 100,000 homes, condos and townhouses. The temporary freeze on foreclosures by four major … [Read more...]