All three headline Case-Shiller composites fell to new post-crisis lows in the first quarter of 2012, wiping out all price gains realized since prices peaked in 2006, a decline of approximately 35 percent through March 2012.
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Latest Real Estate News
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A Los Angeles-area couple and three partners were charged last week with torturing two employees of a loan modification company who they believed had defrauded them and reneged on a promise to help save their home in a Los Angeles suburb.
A deal struck among key senators last night to extend the homebuyer tax credit will broaden the benefit to include existing homeowners who are buying a new home as well as first-time homebuyers.
Sales of new homes fell in September after rising for five consecutive months, a government report said Wednesday.
The country's top ten ZIP codes for home sales based on sales-to-list price ratio have diversified significantly this quarter, according to national real estate brokerage ZipRealty's Q3 "Home Hunter Report."
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87 percent, down from 4.97 percent the week prior, but rose or 30-year fixed purchase mortgages to 4.92 percent, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®.
Earlier this year, the Obama administration enthusiastically announced the Making Home Affordable program which was supposed to reduce foreclosures through refinancing and loan modifications held by borrowers in trouble. According to a report released by the Washington Post on Saturday, the refinancing part of the program has failed miserably.
A national campaign organized by a partnership of local, state and Federal government agencies, nonprofit organizations and financial institutions kicked off a campaign today to alert homeowners to protect themselves against loan modification scams, find trusted help if they are having difficulties making mortgage payments, and report illegal activity to authorities
An amendment to extend the $8000 first-time homebuyer tax through June and expand it to include all homebuyers is expected to pass the Senate this week despite recent headlines reporting extensive abuse of the program following an investigation by the Treasury Department.
Sales of previously owned homes rose sharply in September to their highest level in two year, according to a report from a leading trade association released Friday.
Freddie Mac's mortgage delinquency rate for its single family mortgages rose for the 29th straight month in September, reaching a record 3.33 percent of its portfolio.
The leading advocate in the Senate for extending the homebuyer tax credit, Senator Johnny Isakson, R-Ga., announced yesterday he will introduce an amendment for a six month rather than 12 month extension of the credit and would keep the maximum credit at $8,000 per rather than increasing it to $15,000.
Last week applications for mortgages fell 13.7 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association's Market Composite Index.
The Office of Management and Budget announced last week that the federal budget deficit totaled $1.42 trillion in fiscal year 2009. This was an all-time record and as a percentage of GDP was the largest deficit since World War II.
A mortgage lender known for full-page newspaper ads in May to solicit business from homeowners facing foreclosure and its television infomercials touting FHA-backed loans is the target of a Federal civil suit and an ongoing investigation for mortgage fraud.
Forty-one defendants, in eight separate cases, were indicted yesterday for allegedly engaging in various mortgage fraud scams that collectively defrauded lenders out of more than $64 million in home mortgage loans on more than 100 properties across New York State. Among those charged are six lawyers, seven loan officers, three mortgage brokers, an accountant, and a residential property appraiser.
