Falling interest rates are fueling a mortgage refinance frenzy as homeowners rush to reduce their housing payments. “It’s snowing loans,” said mortgage broker Steve Habetz, “and they’re all refis.” Mortgage applications were up a whopping 48 percent last week, according to the Mortgage Bankers Association, and more than 80 percent were from homeowners looking to [...]

A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday. That’s a 76% increase from a year ago, according to the group’s National Delinquency Survey.  At the same time homeowners are increasingly falling behind on their mortgages.  The worse part is [...]

Ears perked up with the Treasury whisper of “Treasury mulls plan to lower mortgage rates to 4.5%”.  This may be a great push for folks with good credit but it probably will do little or nothing to the folks with poor credit for which it may be aimed.
Last week’s Fed move drove mortgage rates down [...]

Ordinary home sellers are finding it almost impossible competing against the foreclosure bank owned properties that are currently dominating the market. You would think that selling a home in this market is hard enough. Now sellers have to compete in neighborhoods flooded with foreclosed homes that are heavily discounted, this makes it nearly impossible!
On average, [...]