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...]

Recovery Pushes Foreclosures Lower 3 Months

By Mike Colpitts In a sign the U.S. housing market is on the road to recovery, foreclosures dropped for the third month in a row in April, despite a traceable increase in repossessions along the eastern U.S. coast. Initial notices of default were filed against 188,780 residential properties, the lowest since July 2007. Final bank repossessions (REOs) dropped for the third straight month in April, down 7% from March. Lenders completed … [Read more...]

Foreclosures Drop Two Straight Months

By Mike Colpitts Demonstrating the U.S. largest five banks are following rules agreed to in their $25 billion settlement with 49 state attorney generals, foreclosures saw a drop for two straight months in March as lenders increased efforts with home mortgage holders, according to RealtyTrac. The drop in foreclosure activity showed there were 198,853 filings against U.S. residential properties during the month, a 4% decline from February … [Read more...]

Foreclosures Drop Two Straight Months

By Mike Colpitts Demonstrating the U.S. largest five banks are following rules agreed to in their $25 billion settlement with 49 state attorney generals, foreclosures saw a drop for two straight months in March as lenders increased efforts with home mortgage holders, according to RealtyTrac. The drop in foreclosure activity showed there were 198,853 filings against U.S. residential properties during the month, a 4% decline from February … [Read more...]

Court Orders $4 Million Mortgage Scam Fine

By Ryan Jackson A federal judge has ordered the ring-leader of a group and six defendants accused of defrauding homeowners to pay nearly $4-million for running a mortgage modification scam that promised to provide homeowners at risk of losing their homes foreclosure relief. The order was issued in U.S. District Court in the Central District of California against Samuel P. Bain and his co-workers under three companies for their roles in a … [Read more...]

Housing Czar Delays Decision on Underwater Mortgages

By Mike Colpitts The chief administrator of the U.S. agency overseeing the nation's giant mortgage lenders stopped short of offering aid to underwater mortgage holders with principal reductions in a speech in Washington D.C., Tuesday morning, delaying any decision on the matter for the time being. Acting Federal Housing Finance Agency director Edward DeMarco, who was appointed to the position by President Barack Obama and is essentially the … [Read more...]

Real Estate Investment Concentrated in 30 Cities

By Mike Colpitts More than half of all real estate investments are concentrated in 30 major cities across the world, according to a new study. Twenty-five percent of property investments are in five metropolitan areas, including New York. The study, conducted by commercial real estate company Jones Lang LaSalle, found that major cities house most real estate investments across the globe. But the firm says the concentration of property … [Read more...]

Dirty Money Trail From Wall Street to Main Street

By Mike Colpitts The dirty money trail left in the wake of the financial crisis leads from Wall Street to Washington, D.C. all the way to Main Street. No other single factor has had as much of an impact on the collapse of the U.S. housing market as members of Congress lining their pockets with campaign contributions from the real estate and financial sectors. Leading U.S. Congressmen are collecting huge sums of money from the same banks, … [Read more...]

Home Affordability Reaches 1971 Level

By Mike Colpitts Homes are more affordable to purchase than they have been since 1971 as a result of falling home prices, according to the U.S. Department of Housing and Urban Development (HUD). Despite record low mortgage rates, the downward trend in home values is sustained in the majority of the U.S. The best housing affordability in a generation, however, is off-set by fewer consumers that meet the rigid qualifying standards to take … [Read more...]

Home Prices Tumbled Less in 2011

By Mike Colpitts Home prices tumbled an average of 4.3% on a year-over-year basis through last November, according to real estate analytics firm CoreLogic. The company’s Home Price Index, released Monday, confirmed what other real estate research companies reported – that home prices fell less in 2011 than 2010. The Santa Ana, California based firm said prices fell 1.4% in October, which marked the fourth straight month home values … [Read more...]