August Foreclosure Filings Up 7%

Foreclosure filings were up 7% in August, compared to July, marking the eleventh straight month of year-over-year declines according to a report from RealtyTrac, a marketer of foreclosed properties. As more homebuyers fell behind on their mortgage payments, the housing markets in Nevada, California and Arizona continue to be the hardest hit by foreclosures.

Housing Recovery at Risk with Shadow Inventory

"Shadow inventory," millions of distresses homes that could suddenly be put up for sale, and depress home prices even further is an ominous cloud hanging over the struggling housing market. Standard & Poor estimates that there is between 4 and 5 million homes in shadow inventory that can potentially be added to the glut of unsold homes already on the market.

Despite S&P’s Downgrade, Mortgage Rates Stay Low, at Least for Now.

Mortgage rates, which are set based on the interest rates of U.S. Treasury notes and bonds, continue to move down, despite concerns the Standard & Poor's downgrade of Fannie Mae and Freddie Mac would have the opposite effect. Investors demonstrated more faith in U.S. credit than Standard & Poor's credit analysts, by snapping up Treasury notes and bonds and consequently pushing down interest rates on those securities. The net effect is lower mortgage rates. ,

Home Prices Have Smallest Decline in More Than Four Years

The percentage of borrowers with negative equity has shrunk and as a result, U.S. home values have had their smallest decline in more than four years according to Zillow Inc,

American Home Ownership Drops to Its Lowest Level in 46 Years

Many experts believe that the United States is fast becoming a nation of renters. Home ownership, once a source of national pride, is on the decline. The percentage of Americans who own a home has hit its lowest level since 1965 according to a recent report from Morgan Stanley.

Falling Interest Rates Drive Up Mortgage Applications

Applications for home purchases and refinancings were up by about 7% this week as a result of falling interest rates. With home prices down more than 30% from their peak, and interest rates hitting new lows, there has probably never been a more affordable time to purchase a home.

Home Prices Up, at Least for the Summer Season

In most of the country, home prices increased in May, according to the latest Standard & Poor/ Case-Shiller Home Price Indices, the leading measure of U.S. home prices. It was the second straight month when both the 10 and 20-City composite indices increased. Despite monthly gains..

Donations & Demolitions, BofA Disposes of Blighted Properties

Bank of America Corp., the biggest mortgage servicer in the U.S. is donating and demolishing hundreds of foreclosed and abandoned houses it can’t sell. ..

ARMs Still a Popular Choice for Many Borrowers

In the aftermath of the financial crisis, the 30-year fixed-rate mortgage loan, with near-low interest rates, has earned its reputation as the sensible choice. But even with attractively low fixed rate financing, adjustable-rate loans are still a popular choice for some borrowers. The market share of ARMs, in the first quarter of 2011, actually rose to 12 percent, the highest point since mid-2008..

Short Sale Scammers Take Advantage of Weak Housing Market

Short sale fraud was a rarity in the once thriving housing market, but today as beleaguered homeowners increasingly turn to short sales to get out of their underwater mortgages, short sale fraud is alarmingly on the rise.

U.S. Mortgage Servicers Can Expect New Rules from Consumer Bureau

New standards for mortgage servicing firms will be a priority for the new Consumer Financial Protection Bureau when it begins formal operations on July 21. .

Unemployed Homeowners Will Get Extra Time to Catch Up from HUD

HUD, the Department of Housing and Urban Development has amended two of their home assistance programs to give unemployed homeowners extra time to catch up before foreclosing on their homes. The changes effect the FHA requirements and the Making Home Affordable.

Option ARM Borrowers Get Unsought Assistance

While millions of homeowners are in foreclosure, struggling to keep their homes and getting little help from their lenders, tens of thousands of borrowers who have not even asked for help are getting their debt reduced.

Pending Existing Homes Sales Up by 8.2%

The number of pending home sales for previously owned U.S. homes rose a surprising 8.2 percent from April, and 16 percent from May 2010, as falling prices made properties more affordable.

Home Prices Up Slightly After Months of Decline

After eight consecutive months of decline, the downward cycle in home prices broke in April according to the just released S&P/Case-Shiller index of property values in 20 U.S. cities.

Falling Foreclosures Helps Housing Prices

Foreclosures have been falling and that’s good news in the troubled housing market. Some experts believe there may be some signs that market conditions are not quite as dire as some of the other statistics may indicate.

May Home Sales Drop 3.8%

Home sales fell 3.8% in May, and were more than 15% lower than in May 2010, as severe weather and high gas prices plagued the precarious housing market.

Reprieve on Foreclosures for Millions of Homeowners

The immense backlog of foreclosure cases has given millions of distressed homeowners an unexpected reprieve. While borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books, the volume of foreclosure cases, about two million, plus another two million waiting in the wings, have overwhelmed many lenders and the courts.

Homeowners Refinancing to 15-Year Loans are Building Equity Faster

While millions of U.S. homeowners have negotiated lower monthly mortgage payments in an effort to avoid foreclosure, there are a growing number of homeowners who are actually choosing to increase their monthly mortgage payment. “Equity Builders” are creditworthy homeowners who have opted to refinance to a shorter term loan, taking advantage of record low interest rates, and as a result are building up their home equity faster.

Foreclosures Force Mortgage Chief Out

In an effort to repair its mortgage unit and its image, banking giant JPMorgan Chase & Co has ousted Mortgage Chief David Lowman, after revelations it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers.

Living in Foreclosure Limbo: Years Without a Mortgage Payment

Millions of people across the U.S. are staying in their homes without paying their mortgages.

Of the 4.2 million mortgage borrowers who are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosures, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years without a payment, according to LPS Applied Analytics.

Are Home Prices Finally Bottoming Out?

Home prices are still dropping and few analysts expect housing prices to rebound anytime soon, but there are some economists that are predicting that the market...

New Mortgage Rules Could Sideline Millions of Buyers

Federal regulators’ new proposed mortgage guidelines, created in response to the financial industry meltdown of 2008, could have the unintended consequence of...

Is an ARM Right for You?

After all but disappearing after the housing bust, adjustable-rate mortgage activity is on the rise. The number of borrowers taking adjustable-rate mortgages,

Home Prices 'Double-Dip' to New Low

Home prices continue to decline, falling 5.1% from a year ago, reaching a low not seen since 2002. It was the third straight quarter of decline, according to the S&P/Case-Shiller national home price index just released.

Foreclosures Continue to Drag Down Home Prices

During the first quarter of 2011, U. S. home prices fell 5.5 percent from a year earlier, the biggest decline in almost two years, as sales of discounted foreclosures continue to undermine real estate values.

Selling Your Home in Tough Times

Nearly five years into the housing bust and home prices are still dropping in most of the country. It’s clear, home sellers have to be more creative if they want to sell their home in this market.

Despite Penalties, Strategic Default is Still an Option for Many.

Some new studies from Fair Isaac Corp., creator of the FICO credit score and VantageScores are trying to shed light on the issue of "strategic defaults" in America. Their studies on strategic defaults adds to a growing body of research that aims to help banks and other lenders predict which consumers are most likely to walk away from homes that are underwater.

Upscale Homeowners Leaving Las Vegas, City Plans to Promote Home Bargains

Las Vegas, which has the unwelcome distinction of having the highest foreclosure rate among large U.S. cities, is now seeing a growing number of defaults from up-scale Las Vegas homeowners who see no point of staying even if they can afford to.

Home Sales Up Slightly as Prices Continue to Fall

While sales of existing homes were up 3.7% from February, home prices fell 5.7% as the volume of distressed properties continue to undermine home prices and supply continues to far outweigh demand

What are Debt Consolidation Programs and When are They Something You Should Consider?

A debt consolidation program is usually just a big loan that pays off other smaller loans. Consolidation can be very beneficial to borrowers, but these programs also have their pitfalls. Debt consolidation programs are something to consider if you are paying several different loans off.

Record Low Rental Vacancies May Help Home Prices

The excess housing supply of both apartments and single family homes may be getting absorbed by renters. Rental vacancy rates dropped to 6.2% in the first three months of the year, the steepest fall since 1999, and almost double the number from a year earlier, according to commercial real estate research firm Reis Inc.

Prepare Your Home From Disaster

Most homeowners are unprepared for disasters. Disaster can take many forms -- a hurricane, an earthquake, a tornado, a flood, a wildfire, a man-made emergency. No matter where you live, it's important to be prepared and informed on ways to protect your home from both natural and man-made disasters.

Underwater Homeowners Have Some New Options

It once took a rare combination of poor judgment and extreme bad fortune for a homeowner to end up “under water” on their home mortgage. Now nearly one out of four homeowners, approximately 23% of homeowners, owe more on their house than their house is worth. As a result banks and the government are introducing new programs to help homeowners, specifically homeowners who qualify.

Realtors' Housing Report May Be Overly Optimistic

The housing market is still mired in a deep slump with falling prices and sluggish sales activity according to two high-profile home sales reports released this week. But if that news isn't bad enough, economists say the figures from the existing-home sales activity reports may be overstated...

Cash Shoppers Buying Up Homes at Bargain Prices

All-cash sales accounted for a record 33 percent of existing home sales in February, up from 32 percent in January, according to information released in The National Association of Realtors (NAR) February 2011 Existing Home Sales report.

Home Sales Slide While Home Prices Hit a Nine-Year Low

After three straight months of gains, the sales of existing homes across the U.S. fell sharply in February and home prices fell to their lowest level in nearly nine years, according to industry experts.

Warren and the New Consumer Financial Protection Bureau Are Scrutinized

Elizabeth Warren, the Harvard Law School professor President Obama appointed to set up The Bureau of Consumer Financial Protection (CFPB) met before the House Financial Services Committee to answer questions about her role at the emerging agency and the scope of its powers.

More Homeowners are Refinancing with Low Mortgage Rates

Homeowner refinance applications are up and at their highest levels since December 2010 according to data from The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending March 11, 2011.

B of A Challenges the Fairness for Future Loan Mods

Bank of America, the nation's biggest mortgage servicer, while meeting with investors and analysts in New York this week, asserted that the government push to write off billions in mortgage debt to help troubled homeowners is unfair to home owners who have managed to stay current on their home loans.

MERS Database: Another Mortgage Industry Time Bomb?

House hunters may consider putting home purchases on hold to wait for better price deals in the future. According to some industry experts home prices are about to take a double dip, meaning they fell after the housing bust, rose a bit during recovery and are now heading back down.

Changing Home Prices, Buy Now or Later?

House hunters may consider putting home purchases on hold to wait for better price deals in the future. According to some industry experts home prices are about to take a double dip, meaning they fell after the housing bust, rose a bit during recovery and are now heading back down.

Survey Reveals Americans Still Want to Own a Home But are More Cautious

Fannie Mae polled over 3,000 homeowners and renters about their overall confidence in the economy as well as their confidence in homeownership as an investment, the current state of their household finances, and their views on the U.S. housing finance system.

Fannie Mae Launches New Scorecard for Mortgage Servicers

The Servicer Total Achievement and Rewards Program or "STAR" is a new program launched by Fannie Mae to evaluate the performance of its mortgage servicers' actions toward helping homeowners avoid foreclosure...

How to Repair A Damaged Credit Score

With the rising number of foreclosures, short sales, late payments and personal bankruptcies, it's no surprise there has been an increase in the amount of people with damaged credit. Credit bureaus' credit scores do not differentiate between borrowers who chronically have trouble with money and those that are temporarily struggling.

Foreclosure Sales Continue to Bring Down Home Values

Foreclosed properties continue to weigh down home values across the nation, according to the latest report from the FNC Residential Price Index...

3 Biggest Lenders Close Over Half of U.S. Mortgages

When you're ready to get serious about buying a house, you will need to figure out how much house you can afford. Remember that in addition to your mortgage and home maintenance, home ownership also includes...