Suze Orman on Underwater Mortgages
Home Ownership at 46-Year Low
Couple Threatens to Foreclose on BofA
MORTGAGE RATES » Home Mortgage Loan News
Accounting for more than 35 percent of the reverse mortgage loan market, Bank of America, Wells Fargo and Financial Freedom have recently decided to exit. The decision has many seniors wondering if a reverse mortgage is really a reputable product.
How Reverse Mortgages Work 
The U.S. economy is still reeling from the effects of the 2007-2008 collapse of the housing market. European economies, including those of Spain and the UK, were also hard hit from the same housing bubble syndrome. Back in the early nineties, Japan’s economy, then the fastest growing major economy in the world, suffered a similar collapse, one from which it has yet to completely recover.
Chinese real estate is the latest housing bubble candidate some prominent international investors have been warning, the bursting of which would dwarf all those that occurred previously. Will excessive debt creation, leverage and rampant real estate development and speculation derail the Chinese economic miracle?
A new report released by RealtyTrac Inc. revealed that foreclosures made up one-third of all home sales in the second quarter of 2011. Despite the fact that this share of sales is far larger than what’s expected in a healthy market, experts say foreclosure sales could have been much higher if faulty paperwork hadn’t held up repossessions.
Foreclosure Sales Too High for Healthy Market
U.S. mortgage applications for purchase dropped to a nearly 15-year low last week, according to a new report from the Mortgage Bankers Association (MBA). As noted by the industry group, the drop is attributed to buyer worries that the economy is too weak to take on a mortgage loan.
Loan Requests Dropped 5.7 Percent
For anyone interested in buying a home, partnering with a mortgage lender who can provide low rates and a loan tailored to the borrower’s individual needs is incredibly important.
Bank of Internet has a wide range of home loan products to offer borrowers, including both fixed and adjustable rate mortgages. Their most aggressive and intriguing products are the 15-year fixed and 5/1 ARM loan options, which can accommodate short- or long-term home financing goals. No matter what you’re looking for in a mortgage, Bank of Internet will evaluate your finances on an individual basis and find the right program for you.
New data released by Trulia reveals renting a home is more expensive than buying in nearly three-quarters of major U.S. cities. In other financial news, more homeowners are choosing to shorten the terms of their mortgage loans in an effort to pay off their debt.
Rent is Costlier than Buying in 74 Percent of Major Cities
A weekly report released by Freddie Mac revealed mortgage rates have returned to record lows this week. The rates have been reasonably low for some time, but as of close of business on Thursday, 30-year fixed rates had dropped to the lowest levels in nine months and 15-year rates dropped to the lowest on record.
15-Year Fixed Rate Reaches New Record
Research released by Morgan Stanley earlier this week revealed that home ownership in the United States has dropped to the lowest level since 1965. According to the report, the large decline in home ownership has a lot to do with the foreclosure crisis that is wreaking havoc on the housing market.
Morgan Stanley Home Ownership Rate Lower than Census Bureau’s
The ongoing debt discussions in Congress have finally resulted in the House of Representatives passing a bill that is now headed to Senate. In other financial news, a new report from Freddie Mac revealed that the majority of homeowners who refinanced in the second quarter of 2011 either reduced their mortgage loan amounts or kept them the same.
Senators to Vote on Debt Plan
A new report from RealtyTrac revealed that foreclosures declined in more than 84 percent of U.S. metro areas during the first half of the year. However, as RealtyTrac has repeated numerous times over the past year, the drop in foreclosures does not necessarily mean the housing market as a whole is turning around.