According to a recent article in Newsday, new foreclosure cases on Long Island are spiking, even as the mortgage crisis fades in the rest of the United States. The article states that although home values are on the rise — suggesting a housing rebound on the Island — lenders filed 12,271 initial foreclosure cases in […]
(Huntington, NY) —Brian Leibowitz, CEO/Owner, Affordable Financial Services LTD, says the proposed changes to mortgage insurance practices will definitely help restore the mortgage lending industry’s reputation but warns that, if the bill becomes law, it may result in an overreach on the regulators’ part. The New York State Department of Financial Services recently announced that […]
Last week, RealtyTrac announced its findings that some 600,000 homeowners had emerged from being “deeply underwater” (that is, with loan-to-value ratios in excess of 125%) since May. During that same time, CoreLogic also that homeowners are rapidly recapturing the equity they lost suddenly late in the last decade. Currently, more than 2.5 million more residential […]
Economists at the Goldman Sachs Group reported than more than 50% of all homes sold last year and throughout this year were bought mortgage-free and that all-cash sales have more than doubled since 2006. Before the housing bubble burst, only 20% of homebuyers made cash-only transactions. Goldman Sachs analysts determined the percentage of cash-only home […]
The Associated Press reported today that, if Congress has its way, the two government-controlled mortgage guarantee entities — Fannie Mae and Freddie Mac — could close down, resulting in higher mortgage rates. The House and Senate have separate bills that would phase out both Fannie and Freddie over a five-year period. But while the House […]
The recent National Foreclosure Report from CoreLogic announced that the foreclosure inventory — that is, the number of homes in foreclosure — fell by 2.9%, dropping from 1.4 million homes in some stage of foreclosure during the month of April to 1.0 million homes in May. This inventory represented 2.6% of all mortgaged homes in […]
Contrary to popular belief, the benefits of homeownership have not been overemphasized. A new study shows that it is still a good investment for low- and- moderate households as long as the lending process is done right, through responsible mortgage practices. Michal Grinstein-Weiss and a team of researchers conducted a three-year study involving a […]
According to Lender Processing Service’s “Mortgage Monitor,” more than 3.1 million, or 6.21% of home mortgages, were more than 30 days delinquent but were not foreclosed in the month of April. This is a slight decrease from the 6.59% delinquency rate in March, in which over 1.7 million homes were more than 30 days, but […]
For the first time since March, mortgage rates have gone up last week, mostly as a result of the jobless rate and the stock market’s milestone. The average rate for a 30-year fixed-rate mortgage increased from 3.52% two weeks ago to 3.6% last week, according to Bankrate.com. The mortgages in last week’s survey had an […]
(Huntington, NY) — Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, says the government’s proposal to do away with the mortgage interest deduction (MID) will negatively impact the mortgage lending industry as prospective homeowners will hold off on buying a home and fewer purchase applications are filed. U.S. Congressman Dave Camp of Michigan, […]