Oct 08
Where Mansions Are Half the Price Some home buyers looking for a discount are eying the historic stock in their area, finding they may possibly be able to fetch a bargain on a historic mansion, The Wall Street Journal reports. In many old industrial cities in the Midwest and Northeast, real estate professionals are reporting …
Oct 07
Could This Mortgage Product Change Lending? Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income people. They say the changes will help borrowers build equity at a much faster pace than they would with a standard loan. Edward Pinto, a resident fellow at the …
Oct 06
Luxury Buyers Are Spending Mega Bucks in These Markets The high-end residential real estate market remains strong point and plays a big role in the housing recovery. Nearly half – 48 percent – of all wealthy consumers recently reported that they plan to purchase a luxury home within the next 12 months, according to a …
Oct 03
Banks Accused of Falsely Reporting Foreclosures, Bankruptcies A federal judge has refused to throw out a lawsuit by borrowers who claim that their banks wrongfully notified credit reporting agencies that thousands of home owners had gone through bankruptcies or foreclosures. The judge said that Wells Fargo and Citigroup will have to face accusations in court …
Oct 02
A Mistake Home Owners May Regret An analysis of 1 million fixed-rate mortgages in the United States shows that millions of Americans failed to refinance when mortgage rates were at historical lows, which could have amounted to savings for the median home owner of more than $45,000 in payments over the life of their loan. …
Oct 01
Real Estate Industry’s Technology ‘Blind Spot’ More real estate professionals are adopting technology to better assist buyers and sellers, and practitioners’ clients are eagerly incorporating technology into their purchasing behaviors. But technology can only drive a relationship so far in a real estate transaction, a new survey suggests. Two distinct phases of a home purchase …
Sep 30
Reviews Guide Remodeling Choices The commercial real estate market is finding that negative online reviews can serve as blueprints for remodeling projects. Hotels in particular are finding the gripes posted from travelers on review websites such as TripAdvisor and Yelp are a way to guide their next round of renovations, The New York Times reports. …
Sep 29
1 Million Homes Regain Equity Nearly 950,000 homes returned to positive equity in the second quarter, now bringing the total number of residential homes with equity nationwide to more than 44 million, according to CoreLogic’s Equity Report. “The increase in borrower equity of $1 trillion from a year earlier is evidence that things are moving …
Sep 24
Bank of Mom and Dad for Housing Purchases First-time buyers are increasingly turning to their parents to help fund their home purchases. Twenty-seven percent of first-time home buyers last year received a cash gift from relatives or friends for a down payment, according to the National Association of REALTORS®. That’s up from 24 percent …
Sep 23
Lending Giants Shy Away From FHA Loans The nation’s largest home lenders are curtailing their involvement in Federal Housing Administration loans, known for their small down payment requirements and help to first-time buyers and lower-income Americans. Lenders say they are concerned that they will be penalized if underwriting errors occur and the loans default. Therefore, …
Sep 22
Mortgage Rates Make Biggest Jump of the Year Mortgage rates were on the rise this week, with fixed-rates making the biggest one-week leap so far this year, Freddie Mac reports in its weekly mortgage market survey. Fixed-rate mortgages are now at the highest level since the week ending May 1. Freddie Mac reports the following …
Sep 19
Discount on Your Mortgage Lending giants Bank of America Corp. and Citigroup reportedly will offer mortgages at discounted rates to stir more lending among low-income borrowers and those with subprime credit histories. The loans will be originated through a program by the Neighborhood Assistance Corp. of America, a national nonprofit group that primarily assists low- …
