This foreclosed home in Wellington’s Sugar Pond Manor has seen better days. “It has been empty for some time,” said Jim Banford. “We just took this property over a few days ago. You can’t tell from the outside how bad this house is inside.” Many of the appliances are gone and [...]
NEW YORK (CNNMoney.com) — Most troubled homeowners view President Obama’s foreclosure rescue plan as a way out of their financial troubles. But many don’t realize that entering a trial mortgage modification can actually hurt their credit.
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Federal regulators plan to disclose Thursday that the top executives of government-controlled mortgage finance companies Fannie Mae and Freddie Mac each earned between $4 million and $6 million this year, two people briefed on the matter said.
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Hocking the house for quick cash is a lot harder than it used to be, and it’s causing headaches for homeowners, banks and the economy. During the housing boom, millions of people borrowed against the value of their homes to remodel kitchens, finish basements, pay off credit cards, buy TVs or cars, and finance educations. Banks [...]
Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky. The report reflects a slump in demand following the extension of a deadline for first-time buyers to qualify for a tax credit.
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The mortgage agency’s weekly rate survey showed the national average on the 30-year mortgage at 5.05%, up from 4.94% a week ago but below its year-ago average of 5.14%. The 15-year loan, a popular refinancing choice, also jumped, to 4.45% from 4.38%. A year ago the 15-year loan was at 4.91%.
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The full effect of the housing crisis has not yet been felt because foreclosures are not happening fast enough, John Geanakoplos, a partner at Ellington Capital Management, told CNBC Wednesday.
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I’ve already written a lot about investors in Las Vegas coming in with cash and pushing the organic buyers to the sidelines. Well apparently it’s happening all over now, making me wonder just what exactly is going to happen to all those investor-owned properties?
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The past two years have been tumultuous for the US Housing Market, with foreclosures on the rise and home values falling in most areas of the country, but how big have those changes really been and how does 2009 compare to 2008?
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WASHINGTON (MarketWatch) – Home buyers rushed to qualify for an expiring federal tax credit, boosting resales of U.S. homes by 7.4% to a 6.54 million seasonally adjusted annual rate, the National Association of Realtors reported Tuesday.
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U.S. Treasury Secretary Timothy Geithner expressed confidence on Tuesday that the U.S. economy was on a solid recovery path, but said tight lending practices by banks still pose a risk. ”Right now, the real risk we face is that banks are not lending enough and not going to provide the capital businesses need to grow [...]
CHICAGO (MarketWatch) — Mortgage rates remained flat last week, but applications filed for mortgages dropped a seasonally adjusted 10.7% compared with the week before, according to the Mortgage Bankers Association’s weekly survey.
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Mortgage rates have inched upward in the last weeks of 2009, and that trend will continue through 2010. The question is how high they will go. ”If you told me by the end of 2010 a 30-year rate was at 6 percent, that sounds about right,” says Mark Zandi, chief economist at Moody’s. “I don’t [...]
The once high-flying U.S. housing market, the primary culprit behind the global recession, is beginning to look like a bargain again. Just don’t look too closely at the cracks in the foundation. Data coming this week will likely underscore how far home sales have recovered from the depths of the housing bust that sent global [...]
The biggest changes to home loan disclosures since the 1970s are around the corner and many in the industry are warning that misunderstandings will create a logjam of confusion just as housing tries to recover. A complete overhaul of the “good faith estimate” — a standard disclosure document sent to borrowers — under the Real Estate [...]
Citigroup will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. And Fannie Mae announced that it is suspending all foreclosure evictions from December 19, 2009 through January 3, 2010. All owner-occupants and tenants living in foreclosed properties the company holds will not be subject to [...]
U.S. mortgage rates rose for a second consecutive week, but remained below 5 percent, a key level that may boost home home loan demand and help the housing market recover, a closely watched mortgage survey showed Thursday.
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The 30-year fixed-rate mortgage averaged 4.94% for the week ending Dec. 17, up from last week’s 4.81% average; the mortgage averaged 5.19% a year ago, according to Freddie Mac’s weekly survey of conforming mortgage rates. And 15-year fixed-rate mortgages averaged 4.38%, up from 4.32% last week; they averaged 4.92% a year ago.
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New U.S. housing starts rose but were lower than expected in November as construction activity for single family dwellings increased only marginally, a government report showed on Wednesday.
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Applications for mortgages rose a seasonally adjusted 0.3% last week, compared with the week before, the Mortgage Bankers Association reports. Applications for mortgages to refinance an existing home loan were up an unadjusted 0.9% for the week ended Dec. 11, compared with the week before, according to the survey. Mortgage applications filed for the [...]
