Home / Housing

The FED’s $500 Billion/Year Mortgage Subsidy Has Backfired

Posted on August 22, 2013

WASHINGTON, D.C. (August 21, 2013) — Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from […]

Continue reading →

Wells Fargo Lays Off Mortgage Workers. Why? Rising Rates.

Posted on August 22, 2013

(RTTNews.com) – Wells Fargo & Co. ( WFC ), the fourth-largest bank in the U.S. by assets, will cut 2,300 mortgage-related jobs across the U.S. as higher interest rates slow down refinancing activity, according to media reports on Wednesday. Wells Fargo has reportedly provided a 60-day layoff notice to 2,300 employees in its home-lending unit […]

Continue reading →

ARMed and Dangerous: How Not to Finance Your Next Home

Written by Gary North on July 26, 2013

The sheep never learn. This makes things easier for shepherds, who have their shears close at hand. Americans are using adjustable rate mortgages — ARMs — to buy their homes. They look at the 30-year rate of 4.5% — an incredible bargain in an era of looming inflation — and opt for ARMs. They can […]

Continue reading →

House Flipping Profits on Long Island: $40,000

Written by Gary North on July 22, 2013

Greenspan said that he could not see any bubbles. Bernanke said there was no bubble in 2006.  He said housing prices would not fall. Across America, people were flipping houses. Buy low, sell higher in six months: instant money. My next door neighbor told me in 2005 that she was thinking of flipping houses.  I […]

Continue reading →

Super Hot Real Estate Market Gets Ice Cold in June

Written by Gary North on July 19, 2013

The San Francisco area was hot. It was Evening News hot. In June, it turned cold. Sales dried up. Between May and June, sales in San Francisco fell 7.5% — in one month. What about year over year? Sales were down 9.4%. Real estate markets never turn cold in June. In June, the markets heat […]

Continue reading →

Housing’s Mini-Bubble Has Popped.

Written by Gary North on July 18, 2013

Mortgage rates are up. Mortgage applications are down.  New home permits are down. New home construction is down. Not a little down. “Falling off the burning trestle” down. Mortgage applications. Zero Hedge comments: For the 9th week of the last 10 mortgage applications fell (led by refis – down 55% from their peak). Now down […]

Continue reading →

Mortgage Rates: The Best Is Behind Us

Written by Gary North on July 15, 2013

Here is the historic reality of 30-year mortgage rates in America. Here is what has happened over the last year. The Federal Reserve System started pumping in new money this year: QE3. It did so, it said last December, in order to keep mortgage rates low. It said this: To support a stronger economic recovery […]

Continue reading →

1,700,000 Foreclosures Are in the Pipeline.

Written by Gary North on July 9, 2013

A government report says that 1.7 million homeowners are 90 days or more late in their mortgage payments. As of September 30, 2012, HUD held 37,445 REO properties while the GSEs held 158,138. In addition, the “shadow inventory”—residential loans at least 90 days delinquent—totaled 1,708,033 properties, roughly 8.7 times the size of the HUD and […]

Continue reading →

30-Year Mortgage Rate Increases by One-Third

Written by Gary North on June 26, 2013

On December 14, 2012, it was possible to lock in a 30-year mortgage for 3.4%. I have been telling my GaryNorth.com subscribers to do it. I believed that any rate under 4% was an unprecedented bargain. On February 23, I wrote this: The new creditor will find that he also has made a mistake. He […]

Continue reading →

30-Year Mortgage Rates Rise Above 4%.

Written by Gary North on June 21, 2013

The madness seems to be over: 3.4% on a 30-year mortgage. It was the deal of the century. It’s now behind us. The Federal Reserve has to buy a half a trillion dollars on Fannie/Freddie bonds each year to keep rates low. But they are rising anyway. If the FED does stop this insane buying, […]

Continue reading →
Page 3 of 12«123456»10...Last »