Archives for March 2011

Bed Bug Beagles Canvas New York City

By Mike Colpitts Bed bug beagles, certified to detect bed bugs infesting homes, apartments and hotel rooms in New York City are searching out the pesky bugs known for biting their victims while they sleep between the sheets at night. Bed Bug Super Dogs is an independent certified bed bug detection service for the real estate industry, and they’re being retained by growing numbers of property managers in Manhattan to ferret out the bugs … [Read more...]

Mortgage Rates Jump 3 Straight Weeks

By Kevin Chiu Mortgage rates jumped higher for the third straight week as home buyers became skittish about making purchase decisions amid international unrest and doubts about the U.S. economy, according to Freddie Mac. The jump in interest rates on the bench mark 30-year fixed rate loan moved ever closer to 5% at 4.86%, five basis points higher from a week ago. The rate has been on a three week trend moving higher, jumping five basis … [Read more...]

Foreclosure Backlog Rises as Federal Aid Fails

By Mike Colpitts The foreclosure inventory of homes has grown to more than 30 times the volume of foreclosed homes that sell each month in the U.S. as federal efforts to stem the crisis fails, indicating that the flood of foreclosures will trouble the housing market for years to come, according to Lender Processing Services, which tracks properties for mortgage lenders. The Obama administration’s program to save millions of homeowners from … [Read more...]

Refinances Tumble Sharply

By Kevin Chiu Mortgage applications for home refinances dropped sharply as homeowners waited out another tumble in mortgage interest rates, according to the Mortgage Bankers Association. Refinances had a drop of 10.1% from the previous week as homeowners held back from applying at the steepest level in nearly a year. Applications on new mortgage financing declined only 1.7%. The boost in mortgage rates forced many homeowners to remain … [Read more...]

Split Housing Market Bottom Forecast

By Kevin Chiu Divided by growing political unrest, a nation in economic turmoil and the reluctance of banks to lend to any but the best of mortgage worthy applicants in the current economy, the U.S. housing market is forecast to experience a split as some areas of the nation hit bottoms of the market and others decline to hit a bottom in 2011. The Housing Predictor forecast was determined after analysts reviewed market sales volume and … [Read more...]

Real Estate Investors Picking Up Deals

By Kim Olson The real estate industry is in a slump especially when it comes to homeowners who are trying to sell their own homes, but beginning this year the investment sector of the housing market showed a major upturn with 19% of residential purchases being made by investors, according to the National Association of Realtors. One out of 3 residential properties bought were also paid for in cash, a new record. Investors have been watching … [Read more...]

Law Firm Settles in Robo Signing Scheme

By Kevin Chiu A Florida law firm is the first in the U.S. to agree to pay a settlement in the rapidly expanding robo signing scheme for reportedly mishandling foreclosures. The law offices of Fort Lauderdale based Marshall C. Watson, which handled one of the largest volumes of foreclosures for Freddie Mac until the government withdrew its business from the firm earlier this month agreed to pay a $2-million fine to the state attorney generals’ … [Read more...]

Chain Reaction Slams World Housing Markets

By Mike Colpitts The world financial system is in a chain reaction collapse and if drastic changes aren't implemented, the structure of the world's economy will be changed forever, according to economist Lyndon LaRouche, who ran for U.S. President eight times, more than any other candidate for the nation's highest office. “I said that in 2007 that the situation, the inflationary structure inside the mortgage-based securities system, was … [Read more...]

Questions to Ask on Refinancing a Mortgage

If you are thinking about refinancing your existing mortgage, you may be wondering what refinancing questions to ask your mortgage lender. While there are a number of questions to ask when refinancing, there are a few points you will want to be perfectly clear on before committing to a refinance. Knowing what to ask when refinancing will help you better understand the process, and determine if refinancing will be of benefit to you. What is the … [Read more...]

Home Price Direction Fact and Fiction

By Kim Olson Home prices have been moving in one direction in most areas of the U.S. and that isn't comforting homeowners. It's a fact that most areas of the nation are seeing more home sales but only because prices have come down so much because of foreclosures, and other bank-assisted sales. What can prospective homebuyers do to differentiate fact from fiction when it comes to buying their dream home? It's an accepted fact that in most … [Read more...]