Underwater Refinances Show Jump

By Mike Colpitts The Obama administration’s long criticized Home Affordable Mortgage Program (HAMP) showed a major improvement last week, pushing refinances for underwater homeowners higher, according to the Mortgage Bankers Association. “Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Mortgage Program … [Read more...]

Jumbo Mortgage Rates to Feel Little Impact

By Mike Colpitts Loan limits on jumbo mortgages are scheduled to be slashed as a result of changes required in the Housing and Economic Act of 2008. However, the impact is expected to be limited by many lenders. The Federal Housing Administration (FHA) will reduce mortgage limits on loans in the highest metropolitan areas of the U.S. on jumbo loans, while limits will be left unchanged in the over-whelming majority of the country. Jumbo … [Read more...]

HUD Launches Emergency Home Loans

By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White House estimates that 30,000 distressed homeowners will be helped through the plan. Homeowners at risk of … [Read more...]

First Home Price Decline in Year

Core Logic, a heavily viewed monitor of U.S. home prices said its home price index dropped for the first time in 2010 in August, sending prices just 1.5% lower for the year. However, the index also showed positive appreciation in more than a handful of states. The Core Logic index has had an unusually low rate of housing price deflation since it began monitoring more than 2,000 markets following the company’s separation from Fidelity Title … [Read more...]

2010 Connecticut Housing Market

Still ailing from the fallout of Wall Street blunders and troubled hedge funds, the Connecticut housing market is trying to get out of its slump. Even as home sales improve in much of the state the errors of the few impact the many. In upscale Greenwich home values have deteriorated so much that many homeowners have taken their properties off the market, waiting for things to get better. More than three dozens hedge funds controlled the local … [Read more...]