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The number of first-time homebuyers who purchased a home in July showed a significant drop-off compared with recent months after the expiration of the federal tax credit, new research shows.The new study by Campbell Surveys found that first-time homebuyers accounted for just 39.1 percent of purchases last month - the lowest reading in at least a year. As recently as this March, the ratio had been as high as 48.2...

While the downfall of Fannie Mae and Freddie Mac has long been deemed to be the result of purchasing bad mortgages, a new report from the Federal Housing Finance Agency says that wasn't the biggest issue.The report said that a much bigger factor on the companies' massive financial losses was their role as a guarantor of other mortgages, and not their own loan portfolios.Both Fannie and Freddie's loan portfolios did...

The role of the U.S. government in the housing and lending markets, is being reexamined. Treasury Secretary, Timothy F. Geithner, contends that the government's involvement in programs such as Freddie Mac or Fannie Mae has put it at too much risk, yet not so much that there is no place for the government within the housing market."There is a strong case to be made for a carefully designed guarantee in a reformed...

While the number of homeowners who are left paying an underwater mortgage is dropping, a new report shows that the decline doesn't mean the market is healthy.According to the research firm CoreLogic, the number of upside down mortgages fell from 11.2 million in the year's first quarter to 11 million this last quarter - approximately 23 percent of mortgages. In addition, another 2.4 million borrowers had less than 5...

Existing home sales in July suffered their biggest-ever monthly drop, plunging 27.2 percent compared to last year, according to new data from the National Association of Realtors.Sales of single-family properties showed similar declines, falling 27.1 percent compared to a year ago, and reaching their lowest level since May 1995.Analysts said that the drop in sales was expected, following the expiration of the...

A new report shows that while nationwide home prices have risen, but they still have a lot of ground to make up.Statistics from the Federal Housing Finance Agency - which tracks numbers from all mortgages made through Fannie Mae and Freddie Mac - show that while the price of homes for sale rose a seasonally-adjusted 0.9 percent compared to last quarter, they also show a 1.6 percent decline compared with the second...

After home sales in July reached one of their lowest points ever, Secretary for Housing and Urban Development Shaun Donovan says that the Obama Administration is preparing to set up a pair of programs to help the housing market.The first initiative will be a government-run loan refinance program run through the Federal Housing Administration, which will work to try and take advantage of record-low interest rates to...

According to a recent survey published by Freddie Mac, mortgage rates are continuing to fall. 30-year fixed mortgage rates fell from 5.12 percent one year ago to 4.42 percent this past week. 15-year fixed rates also fell slightly from 3.92 percent two weeks ago to 3.90 percent last week. These numbers indicate the ninth week in a row that mortgage rates have decreased. As a result of recent drops in mortgage rates...

Despite the fact that 4.9 million barrels of oil have been contained, and the leak is now capped, Gulf Coast beach real estate sales and mortgage applications are at a standstill. Homeowners and real estate agents are looking to BP to cover the loss in home sales, while the U.S. Government is now looking to Washington lawyer, Kenneth R. Feinberg, to handle BP claims. Feinberg has recently been elected by President...

The Obama Administration's August Housing Scorecard has just been released by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury. The scorecard showed that, following 30 months of rapid decline, July home prices remained stable. While extremely low mortgage rates have prompted some homeowners to refinance and some buyers to purchase homes for sale, foreclosure rates...

The Federal Reserve Board has announced final rules that prohibit loan originators from receiving compensation based on an interest rate or any other loan terms.Under current rules, lenders pay loan originators a bonus if they are able to get the borrower to accept a higher interest rate than required - known as a "yield spread premium" - meaning that the consumer may be unknowingly paying more than they need to.The...

As economic growth is apparently slowing in the US, President Obama is offering help for some unemployed homeowners. Amid the toughest job market since the Great Depression, jobless Americans in 17 states and the District of Columbia "will soon be eligible for government help to avert foreclosure under a 2 billion-dollar program announced on Wednesday," Reuters reported.  The Associated Press says, "The...

For the second quarter in a row, the value of American homes has decreased.During the second quarter of 2010, there was a 3.2 percent decrease in home values compared to the same time period last year, according to the Zillow Home Value Index. There was a 0.6 percent drop from the first quarter of this year. The silver lining is that the rate of decline for falling home values is slowing down, giving experts hope...

While 30-year mortgages have long been a popular choice for home buyers, recent news indicates that opting for a 20-year mortgage may save homeowners tens of thousands of dollars in interest over the course of their loan.According to CBS News, "mortgages with a 20-year term can carry a rate that is about a quarter or a percentage point lower [than a 30-year term]." While a shorter mortgage term means higher monthly...

On August 17th, the Obama Administration plans to hold a "Conference on the Future of Housing Finance" at the U.S. Treasury Department in Washington, D.C. The goal of the conference is to facilitate discussion on housing finance reform and to assess the overall state of the housing industry. According to the White House's official blog, the conference will include "leading academic experts, consumer and community...

The cost of an FHA mortgage loan may soon be the rise. Legislation that gives the Federal Housing Administration power to increase mortgage fees has made its way through the Senate and now awaits approval by President Barrack Obama. FHA mortgage loans have been a staple in the housing market and offer favorable terms to qualifying individuals. A typical FHA mortgage comes with some of the lowest interest rates in...

Families that have steered cleared of the housing market may want to reconsider their decision to rent instead of own.A new report from the federal government indicates that U.S. homes are the most affordable they have been in 10 years. The Obama administration's Housing Scorecard found that a combination of record low interest rates and low housing prices are marking this time period as the one to buy, the U.S...

For many homeowners, mortgage costs have become too much for them to handle.Many have sought out modification programs, but are finding the applications difficult to navigate. It's a time consuming process, but the required documents must be filled out correctly and submitted in a "timely, organized manner" if homeowners want to make sure their application is reviewed, CredAbility, a credit counseling and education...

Overpaying for a home is never on a person's list when it comes to finding the perfect piece of property. Thanks to a recent report from CNN Money, consumers may have an easier time finding an affordable place.CNN Money recently released their list for the most affordable areas in the country to buy a home. Ranking first was Deerfield Beach, Florida. This sunny locale has seen waterfront property prices get cut in...

The decision to refinance a home loan should not be taken lightly. However, doing so does have a number of benefits to homeowners.Many homeowners decide to refinance their mortgage so that they can reduce the amount of money they have to pay monthly, according to financial website Bankrate.com. It also lowers the total amount of interest owed and gives a person the ability to pay off their home loan...

Buying a home is a goal that takes many people years to achieve. The ability to purchase a second home is a luxury for most.For those consumers who can afford to buy a second home, a new report has found that many are choosing to do so overseas. Vacation home sales increased by nearly 8 percent during 2009, Amble Resorts said citing the National Association of Realtors. It's becoming much more common for homebuyers...

The number of consumers filling out mortgage loans applications is dropping, according to the Mortgage Bankers Association's most recent Weekly Mortgage Application Survey.There were 2.9 percent fewer mortgage applications submitted for the week ending July 9, the MBA survey reported. This could be in response to the expiration of the federally funded home buyer's tax credit in which consumers were eligible to...

The housing market enjoyed a strong spring as the home buyer tax credit and falling mortgage rates helped spur home sales. The number of mortgage loan delinquencies and properties in foreclosure were also on the decline, but those downward trends are now losing steam. According to the latest numbers released by LPS Applied Analytics, the number of mortgage loan delinquencies increased in May.The latest data shows...

A recent report found that more than 25 percent of 2010 first-quarter residential property sales were comprised of foreclosures.RealtyTrac's U.S. Foreclosure Sales Report found that even though the number of foreclosed residences sold between January and March of this year was smaller than that of the previous quarter (14 percent) and the same time period last year (33 percent), Americans are still interested in...

If consumers have ever looked at a guide to selling a home, one of the key components would include staging, or making a place aesthetically attractive to potential buyers.Not only can home staging help consumers sell their property, it can also raise the value of it, financial website Bankrate.com said. Investing in home staging can result in an average $1,800 price increase.Long Beach-based Coast Home Staging...

As standards becoming increasingly strict, the ability for a consumer to get a home equity loan gets smaller.The still unstable housing market is only making it more difficult for consumers who request a home equity line of credit, financial website Bankrate.com said. Leading up to the economic downturn, people were getting 100 percent or more of their home's value loaned to them. Some experts believe fewer...

Leading up to the expiration of the federally funded homebuyer tax credit, many consumers were rushing to buy homes for sale. A recent report found many instances of fraud and other errors within the government program, the Treasury Department said.The report found that millions of dollars worth of tax credits were awarded fraudulently or in error. Nearly 1,300 prisoners received $9.1 million in credits and more...

The housing starts report is out, and like a weather forecast, it is showing the trend of what to expect ahead. And it appears more unsettled weather is moving towards the housing industry.The government announced in its latest new home construction report that new homes have dropped to its lowest level since December, and building permits dropped off as well. According to the Commerce Department, housing starts...

Qualifying for a loan can be a difficult task for some consumers, and one Texas company is looking to change that during National Homeownership Month.Mortgage interest rate reductions will be made available for first-time homebuyers through three programs from the Texas State Affordable Housing Corporation. They are the Home Sweet Texas Loan, Homes for Texas Heroes, and Professional Educators programs. The three...

Filings for foreclosures dropped 3 percent in May, according to online foreclosures marketplace RealtyTrac. While the statistics show a decrease in foreclosures over April, the number was 1 percent higher than rates in 2009.Banks Working Through Property BacklogsRealtyTrac CEO James J. Saccacio says overall, the trend shows signs of long-term progress. "The numbers in May continued and confirmed the trends we...