The Administration’s anti-foreclosure program, part of the $75 billion HAMP initiative, has posted worse results as time has passed. More than 91,000 homeowners cancelled their government loan modifications in June, while about 39,000 received…
MGIC Investment Corp. (NYSE: MTG) managed the ultimate surprise… it made money after almost 3 straight years of quarterly losses. The private mortgage insurance company reported a second quarter profit of $24.6 million, and…
Homebuilder confidence for newly built, single-family homes declined for a second consecutive month in July to its lowest level since April 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index…
The number of foreclosures in the US hit 1.65 million in the first half. That is an increase of 8% from the same period last year, and a 5% decrease from the previous six…
Freddie Mac reports that mortgage rates hit another record low of 4.57% on a 30 year fixed home loan last week. That is down from the previous record low hit last week. According to…
Interest rates on 30-year, 15-year, and 5-year mortgages hit all-time lows, which has done nothing to simulate the real estate market. There is no end in sight to the buyer’s strike. Pending sales of…
The world’s most profitable bank, China’s Industrial and Commercial Bank of China, plans to begin making loans in excess of $100 million to US commercial real estate owners. The ICBC, as it is known,…
The number of homes going into foreclosure is, by some measures, more than 300,000 a month. Buyers are taking advantage of that trend. RealtyTrac reports that “foreclosure homes accounted for 31 percent of all…
If you have watched Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), you know what has gone on. These are technically Federal National Mortgage Association (NYSE: FNM) and Federal Home Loan Mortgage Corp.…
The Case-Schiller Home Price Indices which measures house values in the top 10 and top 20 US markets, showed a very modest increase from the depths of the housing crisis last year. The 10-city…
RealtyTrac reported recently that the foreclosure rate is still well above 300,000 a month and could hit a record this year. Housing starts and new home sales are close to their lowest levels in…
The Census Bureau and the Department of Housing and Urban Development reported more data indicating a second housing collapse is underway. Sales of new single-family homes were a seasonably adjusted 300,000 in May, down…
In another sign that HAMP and low interest rates are not helping home sales, The National Association of Realtors reported that existing homes sales dropped in May. Analysts had expected an increase. Housing market…
The $75 billion Making Home Affordable Program has not lead to many permanent mortgage modifications. Through May, the number was only 340,459. The figure is particularly pathetic compared to the number of borrowers who…
The percentage of unemployment among black workers is 16.5%. Among Hispanics it is 12.4%, according to the Bureau of Labor Statistics. So, it is not terribly surprising that mortgage defaults among the two groups…