Archives for June 2012

All Cash Sales Slowly Slip

By Mike Colpitts All cash sales of homes, which accounted for one in three transactions just a year ago are slowly slipping as home shoppers searching for bargain priced properties run low on cash. The slip in cash sales sent closed transactions in May to account for just 28% of home sales, according to the National Association of Realtors. The drop-off accounted for a one percent decline from April and a 7% drop since a year ago this … [Read more...]

Mortgage Rates Hold Steady at Record Lows

By Mike Colpitts Mortgage rates held steady to maintain record low levels, with the 30-year fixed rate mortgage staying at an average of 3.66% for the second week in a row, according to Freddie Mac. The shorter term 15-year fixed loan slipped a single basis point to 2.94%. Many consumers refinancing homes are opting for 15-year mortgages in order to pay-off their homes sooner and obtain a faster rate of home equity, despite conditions in … [Read more...]

Victim or Not Homeowners Pay for Crisis

By Ryan Jackson For nearly the past six years Housing Predictor has been forecasting the worst foreclosure crisis since the Great Depression and keeping you up to date on the numbers. Ever since the housing crisis started and foreclosures became mainstream news the numbers have been fogged by the deluge of daily reports on the housing downturn. Treasury Department figures, previously unreleased documents and new analyses of state and … [Read more...]

5 Best Beach Vacation Home Bargain Cities

The surf meets the sand in the heat of summer. Whether this is the year to buy that beach vacation home or not is another thing. If you'reconsidering the plunge, these are the best 5 beach home bargain cities to buy a foreclosure home or condo. Foreclosure News Report ranked U.S. metro areas across the nation based on the average discounts on foreclosure purchases, and then examined popular beach cities to determine the top beach towns for … [Read more...]

Mortgages Slow on Refinance Pause

By Mike Colpitts Led by a slowdown in refinancing, mortgage applications slowed last week, despite near record low interest rates as consumers pulled back from trying to obtain cheaper loan payments. Refinancing slowed by 8.0% from the previous week, according to the Mortgage Bankers Association. The refinance share of mortgage activity also fell to 79% of applications, a slim 1% decline from the prior week. The adjustable rate mortgage … [Read more...]

SEC Halts $100 Million Real Estate Ponzi Scheme

By Ryan Jackson The Securities and Exchange Commission has charged a Utah man with operating a real estate Ponzi scheme that bilked investors out of $100 million throughout the U.S. and shut down the private hard money lending company. Wayne L. Palmer, 57, and his company, National Note of Utah in West Jordan have been charged with running the scheme, in which they lured investors to invest money in private mortgages promising annual rates … [Read more...]

New Home Sales Jump

By Mike Colpitts Single family new homes sales rose 7.6% in May to a seasonally adjusted rate of 369,000 units, according to the U.S. Census Bureau. The data reflects the first jump in actual new home sales in three months after disappointing spring home sales soured home builders. The Northeast and South posted a solid jump in sales for the month, with the Northeastern corridor experiencing a 36.7% hike in sales during the month. Sales … [Read more...]

Half of US Homes Underwater

A newly released survey shows that more than half of all U.S. homes with a mortgage are underwater or owe more on their homes than the current value of their property. The study is the strongest indicator yet that efforts made by the Obama administration are doing little to aid U.S. homeowners in the worst housing downturn since the Great Depression. Some 54% of those surveyed said their homes are underwater on their mortgages. Other surveys, … [Read more...]

Mortgage Company CFO Sentenced to 5 Years

By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de Armas, 41, was sentenced by a federal judge in Virginia to the term after pleading guilty to one count of conspiracy to … [Read more...]

Home Buyer Traffic Tumbles

By Mike Colpitts Home buyer foot traffic in new housing developments tumbled in May, indicating future home sales are expected to weaken, according to the latest Campbell-Inside Mortgage Finance survey. The closely watched index fell from 51.6 in April to 44.8 in May demonstrating major weakness in new home sales are expected in coming months, despite 11 straight months of home sale increases over last year, according to the National … [Read more...]