Archives for May 2012

Bidding Wars Keep Lid on Home Prices

By Ryan Jackson Home prices for most homeowners remained flat during the month of April, according to a monthly survey of real estate agents. The closely monitored Campbell Inside Mortgage Finance survey found that the average home listed on the market for sale only obtained two or three offers and sold for under list price. Home prices also declined slightly from March to April, according to survey respondents. The monthly study surveys … [Read more...]

Mortgage Rates Fall to Record Lows Five Weeks Straight

By Mike Colpitts U.S. Treasury bonds hitting their lowest levels in all-time history sent mortgage rates to record all-time lows again this week. The 30-year fixed rate mortgage dropped to an average of 3.75% in the Freddie Mac survey. It was the fifth straight week that mortgage rates hit new record all-time lows. The rate of the 10-year Treasury bond hit 1.629% in Wednesday afternoon trading, the lowest the benchmark security has reached … [Read more...]

Survey Shows Time to Buy Real Estate

A large majority of respondents to a new Housing Predictor survey say now is the time to buy real estate, despite uncertainty over the U.S. economy. Nearly two-out-of-three surveyed said it’s time to buy a home or other real estate now. Only 38% said the current economic environment makes it too risky to take the plunge, despite record low mortgage rates and home prices at the lowest level in decades. Foreclosures are near all-time levels … [Read more...]

Mortgage Rates Fall Four Straight Weeks

By Ryan Jackson Key mortgage rates fell for the fourth straight week as consumer interest to take out mortgages slowed because of the holiday weekend. The average rate on a fully executed 30-year fixed rate mortgage dropped to 3.91%, the lowest in the history of the Mortgage Bankers survey. Economists attribute the drop in rates to financial and political jitters in Europe, driving U.S. Treasury bonds to near record lows. Lower yields paid to … [Read more...]

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal forgeries and other frauds in the robo-signing scandal. However, only $2.5 billion is dedicated to … [Read more...]

Hostage Taker Triggers Latest Real Estate Office Violence

By Mike Colpitts A man who violently shot up a real estate office in Valparaiso, Indiana threatening to shoot employees last week before taking his own life, is only the latest hostage taker to blame real estate agents or bank employees for financial problems. A series of separate violent out-breaks across the U.S. over the past three years have involved real estate offices and banks who provided the financing for homes involved in … [Read more...]

Home Mortgage Debt Drops $1.2 Trillion

By Mike Colpitts Home mortgage balances have dropped $1.2 trillion since the start of the U.S. financial crisis in 2008, according to Equifax. The deleveraging of mortgages has come as a result of the record breaking U.S. foreclosure crisis and consumers paying down household debt. Home mortgage losses taken by banks and investors, including institutions and private firms for April dropped 29% from two years ago. However, the write-offs … [Read more...]

One-Third of US Homeowners Underwater

By Mike Colpitts Nearly one out of three homeowners with a mortgage are underwater or owe more on their homes than they are presently worth, according to new research by Zillow economists. The figure represents almost 16 million U.S. mortgage holders struggling to pay home loans. However, foreclosure is not imminent for most underwater homeowners, with close to nine out of ten making home mortgage payments on time. Some 10.1% are … [Read more...]

Half of Homeowners Spend $75,000 on Housing Expenses Annually

By Mike Colpitts Nearly half of U.S. homeowners with a mortgage spent $75,000 or more on housing expenses in 2010, according to data provided by the U.S. Census Bureau. The staggering amount represents 49.2% of homeowners with a mortgage in 2010, the most current government figures available. The just uncovered statistic shows just home many homeowners were spending an excessive amount of money on housing expences, which includes a … [Read more...]

History Breaking Mortgage Rates Dip

By Mike Colpitts The history breaking spree runs on for U.S. mortgage rates as the 30-year fixed rate loan experienced a slight dip, dropping a single basis point from last week to 3.78%, according to Freddie Mac. The rate on the 15-year fixed mortgage held steady at 3.04%. The 5-year adjustable rate mortgage averaged 2.83%, remaining unchanged from last week. A year ago the same loan averaged 3.41%. “Mortgage rates were virtually … [Read more...]