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A report released today by CoreLogic shows that nationally 11.1 million, or 22. 8 percent , of homeowners with a mortgage were in a negative equity position at the end of the fourth quarter of 2011. This was an increase from 22.1 percent for the prior quarter. Negative equity is also referred to as being Continue reading… Homeowners with negative equity increases in fourth quarter This morning, the S&P/Case-Shiller Index report for December was released showing all three of the home price composites ended the year at new index lows. The national composite fell by 3.8 percent during the fourth quarter of 2011 and was down 4.0 percent from the year before. Both the 10-city and 20-city composites Continue reading… Case-Shiller Home Price Index Falls to New Low in December; Maybe sign of new period of decline The National Association of REALTORS released it’s Pending Home Sales Index for January today showing an increase of 2.0 percent in the index from the month before (seasonally adjusted), and an 8.0 percent increase from a year ago. This marks the highest level the pending home sales index has been at since April 2010 when Continue reading… Pending home sales index hits highest level since April 2010 Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2012 showing a decrease of 0.9 percent from the month before, and an increase of 3.5 percent from a year ago. The seasonally-adjusted new home sales rate for January was 321,000 homes, down from an Continue reading… New home sales decline slightly in January; Inventory of new homes to lowest level in over a year Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in January were at at a seasonally adjusted-annual rate of 4.57 million units which is an increase of 4.3 percent from the month before and an increase of 0.7 percent from a year ago. The actual number of homes sold Continue reading… Existing home sales and prices increase in January Two things are driving home buyers into the real estate market; babies and jobs, according to a survey just released by Coldwell Banker. According to the survey, 70% of real estate professionals surveyed say the “most common” reason buyers are searching for a new home today is a result of a new baby or growing Continue reading… Babies and jobs key to real estate market recovery REGINALD R. HARPER, age 58, a resident of Hammond, Louisiana, and TROY A. FOUQUET, age 43, a resident of Covington, Louisiana, were charged today in a one count bill of information for conspiracy to commit bank fraud, announced U.S. Attorney Jim Letten. This morning, RealtyTrac released their U.S. Foreclosure Market Report for January 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we’re reported on 210,941 properties in the U.S. during the month, a three percent increase from the previous month and a decrease of 19 percent from the year before. During Continue reading… Foreclosure activity increases in January; down from a year ago though The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for January 2012 showing an increase in single-family home building permits from the month before of 0.9 percent and a 1.0 percent decrease in new home starts compared to the month before. Today, Moe Veissi, President of the National Association of REALTORS, issued the following statement in response to President Obama’s budget proposal: “As the leading advocate for housing and homeownership, NAR is strongly opposed to elements of President Obama’s budget proposal that would limit itemized deductions, including the mortgage interest deduction, for thousands of families.” 1.4 Million Homes in the Foreclosure Inventory at the End of 2011 According to a report just released by CoreLogic, there were 830,000 foreclosures completed during the year in 2011, a 24 percent decrease from 2010 when there were 1.1 million. For the month of December, there were 55,000 foreclosures, down 3.5 percent from November when Continue reading… Foreclosures in 2011 down 24 percent from 2010 $25 Billion Agreement Provides Homeowner Relief & New Protections, Stops Abuses WASHINGTON – U.S. Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 Where will the “Hot” real estate markets be in 2012? Boy, wouldn’t we all love to know the answers to those questions! Considering this is, by far, the worst, and longest lasting, downturn in the real estate market I have seen in my 33 years in Continue reading… Real estate markets to watch in 2012 Today Freddie Mac released the results of its Primary Mortgage Market Survey, showing average mortgage rates have dropped to new all-time record lows! Mortgage Interest Rates Reported: Well, I guess my wife and kids aren’t the only people that want to move to Florida! According to a report released by Trulia, house hunters from all over the country are searching for homes in Florida. In fact, of the top 10 metro areas where demand among online house hunters is strongest, seven are Continue reading… What are the hot spots in the U.S. attracting home buyers? This morning, the S&P/Case-Shiller Index report for November was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.3 percent each and the home price indexes were down 3.6 percent and 3.7 percent respectively from the year before. For a Continue reading… Home prices in U.S. fall in November – Back to mid-2003 levels Have you ever thought about the similarities between houses and the human body? For example as our bodies age, things are not quite as straight, square and firm as they once were in our younger years. At one time I had a 44 inch chest and now with age it seems that chest dimension is Continue reading… Houses and the human body have a lot of similarities Ninth Guilty Plea in the Investigation to Date SACRAMENTO, Calif. — A real estate investor pleaded guilty today in U.S. District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County, Calif., Sharis A. Pozen, Acting Assistant Attorney General of the Department of Continue reading… California Investor Pleads Guilty To Bid Rigging And Fraud At Public Real Estate Foreclosure Auctions Until recently, home ownership was no bargain compared to renting, according to Paul Diggle, a housing economist at Capital Economics. Recent data from the U.S. Census Bureau and published statistics from Thomson Datastream indicate that rising rents and falling mortgages are tipping the scales towards home ownership. The median monthly mortgage payment has fallen to about Continue reading… Mortgage Rate Update; Should you Rent or Buy a Home? Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for December 2011 showing a decrease of 2.2 percent from the month before, and a decrease of 7.3 percent from a year ago. The seasonally-adjusted new home sales rate for December was 307,000 homes, down from an Continue reading… New homes sales fall in December and make 2011 worst year on record Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac, today released its third-quarter 2011 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all Continue reading… One in five home sales is a foreclosure and only two-thirds the cost of a non-foreclosure home Realtor.com, which claims to have more traffic on it’s website than any other real estate website in the world, released their report for December showing how 146 metro areas in the U.S. stack up in terms of popularity for home searches. Chicago was number 1 on the list again this month, followed by Detroit, MI, Continue reading… Ten cities that receive the most online home searches A loan officer was sentenced Friday by U.S. District Court Judge William P. Dimitrouleas in Ft. Lauderdale, Fla., for his participation in a nationwide $2.5 million reverse mortgage fraud scheme, the Justice Department announced. Louis Gendason, 42, of Delray Beach, Fla., was sentenced to 70 months in prison, five years of supervised release and ordered to Continue reading… Florida Loan Officer Sentenced in Connection with $2.5 Million Reverse Mortgage Fraud and Loan Modification Scheme The last couple of months I have said that, “unless something changes dramatically, 2011 will hit a new record low of new home starts. Unfortunately, nothing dramatic happened, and 2011 has ended with only 428,600 new home starts setting a new record low and significantly below the prior all-time low of 445,200 starts in 2009. Schemes Affected U.S. Department of Veterans Affairs Mortgage Guarantee Program WASHINGTON – A Rockford, Ill., grand jury today indicted a former residential sales manager and two former contractors of a Florida property management company in connection with housing repair contracts for the U.S. Department of Veterans Affairs (VA), the Department of Justice announced. What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.(click here)
Mortgage interest rates have fallen this year to historical lows Continue reading… What income is required for a mortgage? Mortgage delinquencies in December increased to 2.24 percent of all mortgages, a slight increase from the month before when delinquencies were at 2.22 percent but a decrease of over 25 percent from a year ago when the rate was 3.01 percent. The mortgage delinquency rate is something I pay close attention to because it is Continue reading… Mortgage Delinquences Increase in December but are Down over 25 percent from a year ago Defendant Collected $1.6 Million from 1,100 Distressed Homeowners WASHINGTON – An Austin, Texas, man pleaded guilty today in the Western District of Texas for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently postponing foreclosure sales. Ah the beauty and splendor of Hawaii! Living in paradise comes at a price though as Hawaii, by far, leads the nation in average loan amount on a home, coming at $677,299 according to a report just released by LendingTree.com. Coming in a rather distant second is Washington D.C. at $393,453, followed by Continue reading… Hawaii homeowners have highest mortgage amounts in U.S. FHA “anti-flipping” regulations prohibit lenders making an FHA loan on a home that the seller has owned for less than 90 days. However, in 2010 this regulation was waived temporarily through January 31, 2011 by FHA in an effort to help the housing market conditions. Subsequently, that waiver was extended through the Continue reading… FHA Extends Waiver of Anti-Flipping Regulations Through End of 2012 |
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