Archives for February 2012

Single Women May Be A Key to Reviving Housing Market

By Kiesha Joseph According to a report by the Joint Center for Housing Studies, single women have been scooping up property like never before. This is great news for not only single women, but for the US housing market as a whole. Many expert realty groups, including the National Association of Realtors, believe single ladies could be the key to reviving the US housing market which is currently in the recovering phase of the housing … [Read more...]

Oprah Lists New York Penthouse

Oprah Winfrey, the Queen of talk TV and now the owner of OWN, a new cable television channel is selling her highly coveted Manhattan, New York penthouse, listing it for $7.9 million. Winfrey has reportedly spent little time at the high-end Manhattan penthouse, buying it in a trust to discourage others from learning about the purchase. She has rented it out to life long bud and new CBS Morning Show anchor Gayle King. But King reportedly wanted … [Read more...]

Best Cities to Flip Homes in 2012

By Mike Colpitts Don’t expect it to be easy work if you plan on flipping a home this year to make a profit, but there are a few places in the U.S. that are pretty good bets to cash in to make a tidy profit, despite economic woes. The best places to flip homes in 2012 are rare cities in America these days, where the local economies are in over-drive or at least have a great likelihood of being so in the near future because of there own good … [Read more...]

Positive Growth Ripple Effect Moves to Housing

By Riekie Karstens A U.S. government report confirmed that initial claims for unemployment benefits decreased to the lowest level since 2009, sending a ripple effect of positive growth to housing. The jobless rate fell to 8.3% from 8.5% the prior month. Senior economist at PNC Financial Services Group, Gus Faucher, said the data is further proof that the recovery solidified in late 2011. Faucher added that the likelihood of an even … [Read more...]

Appraisal Headaches Plague Housing Market

By Kevin Chiu A handful of new appraisal services hitting the market to help lenders get a handle on foreclosures and mortgage refinancing are producing headaches for the housing market. But more affordable alternatives to full appraisals are springing up to replace broker price opinions. Street Links Lender Solutions has launched a Liquidation Value Report (LVR), which is lender compliant. Licensed appraisers perform strict appraisal like … [Read more...]

Mortgage Rates Jump Higher

By Mike Colpitts Pushed by an increase in home sales and better economic news, mortgage rates jumped higher this week as Treasury bond yields rose, sending rates off their all-time record lows for the first time in three weeks. The fixed 30-year loan averaged 3.95%, an increase from 3.87% a week ago, according to Freddie Mac. The jump in rates was also witnessed on the 15-year fixed rate mortgage, while the 5-year adjustable rate loan … [Read more...]

Investors Home Buying Binge Rages

By Mike Colpitts Investors accounted for almost 1 in 4 home purchases during the month of January, up to 23% of purchases, demonstrating that the home buying binge by investors is controlling a large portion of the U.S. housing market as bargain hungry investors attempt to cash in on deals. The figure was up 2% from December numbers provided by the National Association of Realtors monthly home sales report, but showed that the market is … [Read more...]

Majority Surveyed Want to Buy Homes

A large majority of respondents to a new Housing Predictor survey said they want to buy their first home or purchase another home, indicating that pent-up demand is growing in the U.S. housing market, despite the decline in home values throughout the majority of the country. An over-whelming majority or 72% of those surveyed said they wanted to buy a home, while just 28% of those who took the online poll said they did not want to make another … [Read more...]

Feds Triple Incentive to Reduce Mortgages

By Amanda Green For over a year the White House has been applying pressure on the Federal Housing Finance Agency – the folks in charge of Fannie Mae and Freddie Mac – to embrace a mortgage principal reduction plan for struggling homeowners, and even offering triple incentives to lenders to reduce mortgages. U.S. Secretary of the Department of Housing and Urban Development Shaun Donovan spoke openly about the critical importance of FHFA … [Read more...]

Plan to Wind Down Freddie Mac and Fannie Mae

By Mike Colpitts For the second time in a year, a branch of the federal government has introduced a plan to wind down the lending of mortgage giants Freddie Mac and Fannie Mae. The acting administrator of the Federal Housing Finance Agency sent Congress a strategic plan to wind down the lenders over the next several years. The plan builds on Director Edward Demarco’s program sent to Congress a year ago this month and sets objectives and … [Read more...]