Archives for April 2012

Banks Fight Foreclosure Initiative

By Mike Colpitts A ballot initiative that would force banks to provide proof of ownership before foreclosing on a home is facing a major legal fight in court by bankers, who want to kill the citizen initiated proposal before it makes the ballot. Two big banking associations are battling against the initiative from being placed on the general election ballot in Colorado. Initiative 84 would require lenders to prove they hold legal ownership … [Read more...]

Pest Problems Bug Homeowners Early

By Ryan Jackson An over-whelming majority of homeowners are experiencing pest problems as a result of warmer weather in much of the U.S., according to a new study. Nearly half had problems with ants, while other bugs, including spiders and flies were most common. The study was conducted by Home Team Pest Defense, the third largest pest company in the U.S. Researchers found that 84% of those surveyed reported pest problems in the last 12 … [Read more...]

Appreciation Forecast Tops 100+ U.S. Cities

For the first time in six years, more than 100 U.S. cities are forecast to experience housing appreciation by the end of the year. After strong evidence of growing economic recovery developed in North Carolina and Utah housing markets, the number of U.S. cities projected to inflate in home values hit 105. Driven by near record low mortgage rates and lower home prices, home sale trends in Utah and North Carolina cities housing markets gained … [Read more...]

FDIC Puts Real Estate Up for Auction

By Ryan Jackson Flooded with an inventory of foreclosures, the government’s Federal Deposit Insurance Corporation (FDIC), which has taken over hundreds of failed banks since the collapse of the U.S. real estate market, is holding an online auction to sell off some of its properties. The FDIC is auctioning-off 50 Midwest homes and commercial properties that were foreclosed as part of the ordered takeover of banks that it insures. The homes, … [Read more...]

Mortgage Rates Ease Lower

By Mike Colpitts Uncertainty over the U.S. economy and lower rates paid to investors on U.S. Treasuries sent mortgage rates lower for the week, hitting 3.88% on a 30-year fixed rate mortgage, which is just one basis point off of its all-time record low, according to Freddie Mac. Rates have now been under 4% for all but one week this year on the bench mark 30-year fixed rate mortgage. Mortgage rates have also been at their lowest levels … [Read more...]

Company Beating Thieves to Homes

By Ryan Jackson An innovative company is beating thieves by preventing vacant homes from being ripped-off with sophisticated technology plus gaining a foothold in the security business as it uses the advanced technologies its developed to secure homes. VPS entered the Las Vegas housing market to sell its services since the region is regarded as ground zero in the foreclosure crisis. “I can’t count how many vacant REO properties I have … [Read more...]

Mortgages Slow Despite Rate Drop

By Mike Colpitts Growing doubts about the U.S. economy and weakness in the job sector slowed mortgage application activity last week, despite a drop in key mortgage rates being offered by lenders, according to the Mortgage Bankers Association. The market composite index, a combination of both refinances and home purchase applications dropped 3.8%. But the number of applications for home purchases rose as home buyers jumped on board to take … [Read more...]

Freddie Mac Fails at Mortgage Modifications

By Mike Colpitts One of the nation’s giant mortgage lenders, Freddie Mac provided only 4,308 mortgage modifications during the month of March in the U.S., and 13,677 for the first three months of the year, according to public figures provided by the lender. The weak volume of mortgage modifications would get the government backed lender a failing grade from real estate analysts, providing modifications to few homeowners in need of lower … [Read more...]

More Than Half of Homeowners Can’t Move

More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey. Some 54% of those surveyed online said they were halted from making a move. The other 46% said they were not stopped from making a change in their living situation. The finding comes more than five years after the worst real estate … [Read more...]

Kiddie Home Purchases Jump

By Mike Colpitts A tight mortgage market has triggered a jump in parents, grandparents and other relatives helping younger home buyers qualify for a home loan. Baby boomer parents have helped a son or daughter to purchase a home by co-signing for a mortgage, supplying down payments or purchasing a home outright in 20% of purchases in the last year, according to a Better Homes and Gardens survey. The trend is being driven by a Federal … [Read more...]