Archives for December 2011

Big 55 U S Housing Markets in Recovery

Chill the bubbly. More U.S. cities are forecast to inflate in home values in 2012 than in the past five years as communities in fifteen states move towards more stable housing markets with increasing home sales and higher values. These 55 cities are from states all over the nation and they have the ingredients to experience better times in the New Year. The most common denominator among these communities is more job opportunities than … [Read more...]

Divided Over Forcing Banks to Increase Mortgages

Americans are divided over whether the Obama administration should issue an executive order forcing banks to make more home mortgages and loans to business to help the U.S. economy recover from the worst hit since the Great Depression, according to a new Housing Predictor poll. The online survey was taken over the last month, and showed that respondents are statistically split over the issue in light of fallout from the financial crisis that … [Read more...]

Mortgage Rates Jump for New Year’s

By Mike Colpitts Mortgage rates, already at their record all-time lows jumped slightly higher in time for New Year's this week as lenders became weary about growing problems in international financial markets, according to Freddie Mac. The rate of a 30-year fixed rate loan rose to 3.95% from a record low 3.91% last week. The 15-year fixed rate mortgage also moved up slightly to 3.24% from 3.21% a week ago. The 5-year Treasury indexed … [Read more...]

Riskiest Real Estate Bet in 2012

By Kevin Chiu Vacation destination housing markets like Honolulu, posh Hilton Head, South Carolina or beautiful Miami Beach have challenges of their own, and they may be the real estate industry's riskiest bet in 2012. Each hold traditional housing markets with year-round residents, but the condominium and vacation homes that are sought by vacationers and make up their resort markets are a whole other brand of real estate. Vacation … [Read more...]

Shadow Inventory Slides to 2009 Levels

By Mike Colpitts The inventory of homes not yet foreclosed but regarded as unsellable as they are held back from the market known as the shadow inventory has dropped to January 2009 levels, according to real estate data firm CoreLogic. California, Florida and Illinois, where foreclosures are at some of the highest levels in the U.S. account for more than a third of the shadow inventory. New York, Texas and New Jersey make up another half … [Read more...]

Record High Crop Prices Inflate Home Values

By Mike Colpitts Record high prices farmers are being paid for crops in the Mid-West are pressuring home prices, and are forecast to inflate home values as the real estate collapse moves closer to an end for part of the U.S. in 2012, according to the new Housing Predictor annual forecast. In all, a total of 15 states will witness at least some cities with inflating home prices, despite the horrific foreclosure crisis and ailing economy in … [Read more...]

Real Estate Recovery Hard to Fathom

By Kevin Chiu Sometimes it's hard to fathom. But there isn't going to be a full-fledged recovery from this real estate crash for many years to come. For some reason a lot of people want to believe that things will somehow mercifully get better—and get better fast – like over night. Some areas of the country are more fortunate than others. West Virginia has seen hard times for years and they’re seeing home prices rise. Kansas and Iowa are … [Read more...]

Mortgage Rates Set New Record Low

By Mike Colpitts Mortgage rates set a new record low hitting an average of 3.91% on a fixed 30-year loan, according to Freddie Mac. Rates on the shorter term 15-year fixed mortgage remained at the same record level as last week. Rates on the benchmark 30-year mortgage have been at or below 4.00% for eight straight weeks, providing the lowest rates for home buying and refinancing in the history of the Freddie Mac survey. The move, however, … [Read more...]

Home Sales Jump Two Straight Months

By Kevin Chiu Home sales jumped for the second month in a row in November, increasing 4% after rising almost half as much the previous month, according to the National Association of Realtors. The jump in sales accounts for an annual adjusted rate of 4.42 million existing homes sales. The rise also accounts for a 12.2% jump above the pace of sales made a year ago. “Sales reached the highest mark in 10 months and are 34% above the cyclical … [Read more...]

Lowest Mortgage Rates of Year Arrive

By Kevin Chiu The lowest mortgage rates of the year arrived in time for New Year’s, according to the Mortgage Bankers Association survey. However, despite the drop, mortgage refinances and mortgages for home purchases slipped for the week. The drop in applications was attributed to the traditional holiday slowdown caused by Christmas and New Years, but also demonstrates growing pressures on many homeowners. The fixed 30-year conventional … [Read more...]