Pennsylvania Foreclosure Listings Provide a Great Start to a Soft Foreclosure Market

Article by Bob Smith

Pennsylvania foreclosure listings provide a great start to real estate investors seeking great deals on Pennsylvania properties. Do not be fooled into thinking that purchasing a foreclosure is as simple as a point and click. It takes a good deal of time and research to be certain that the property you are interested in is worth the money it will take to acquire it.

Historically, purchasing foreclosure property was for the big time real estate investors or those who are “connected” within the lending market. Today, with the help of technology and a foreclosure market which is overrun with opportunity, foreclosures are appealing to first time homebuyers and real estate tycoons alike. Simply put, the foreclosure market offers savvy investors more “bang for their buck” as these properties are generally anywhere from 10% – 50% below market value.

A comprehensive foreclosure listing is the first step to finding and purchasing real estate foreclosure property. For new investors in the foreclosure market, there are numerous self help books, webinars, seminars and websites offering information and step by step instructions of investing in real estate, including investing in the foreclosure market. In fact, and unfortunately, investing in the foreclosure market has become an industry by itself. It’s the simple rule of supply and demand. The supply of properties in foreclosure have never been higher than they are today. However, it will take a smart and diligent homebuyer to locate and research the available foreclosure deals.

As stated previously, the first step is a comprehensive foreclosure listing. These listings can be easily found on the internet. The best listings will contain full property addresses, photographs, financial information, and lender contact information. However, that is only the start of the research needed to get a great deal. Additional research is needed, such as determining if any additional liens are present, if the former homeowners are still living at the residence, if major renovations are needed as well as inspections and an independent appraisal are all found on a good research punchlist.

A Pennsylvania foreclosure listing is a great start to discovering some great Pennsylvania properties in foreclosure. But, don’t let your research stop there!! Those “in the know” will tell you, ask questions, get answers and perform due diligence to make sure you are putting your hard earned money in a safe and sound investment.

About the Author

Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Pennsylvania Foreclosure Listings and other real estate- related topics, you can visit http://www.e-foreclosuresearch.com/.

The Greeks, the EU, the IMF, and the ECB have ostensibly struck a deal over the Greek debt issue.  A bailout will be provided to the Greeks, assuming that the Greeks can live up to their end of the bargain (which is comprised of austerity measures and cuts that will not be popular in Greece).  Greece is already in the midst of a depression, and new cuts aren’t going to improve matters.  Many still think that there is a substantial chance that Greece will end up having to leave the Eurozone.  At best, this deal seems to buy Greece and the Troika some time to work out a more permanent solution to this problem (assuming that one exists).

We could see rates move somewhat higher today on this news, but right now the markets are more or less flat, and I don’t think rates will spike as a result of the debt deal.  I would guess that most people are dubious of this deal, and see that it could fall apart at any time.

There’s not a lot of other news on the horizon today, and I doubt that we will see significant market movement one way or the other.  If you are looking for a new mortgage, be aware that a resolution to the situation in Europe could cause rates to spike at any time.  If you are looking to buy a home or refinance, you may want to lock your loan while rates are still near record lows.

Some of Our Most Popular Rates and Products*:

***Mortgage rates change often. The above rates were quoted at 12:50 P.M., on February 22, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

Washington Post: Bailout the FHA?

Felix Salmon: The improbable Greece plan. I don’t think the Greek people are going to go for even more austerity and an even worse economy.

Bloomberg: Greek rescue leaves Europe default risk alive.  “At least 386 billion Euros have now been committed to save Greece, Ireland, and Portugal with investors predicting the government in Lisbon at least will need more support.”  I think Spain will become the focus of concern soon.

Lanser on Real Estate: Foreclosure process is “utterly broken”.

Boston Real Estate Now: OK, were any foreclosures handled correctly?

NYT: Some doubt a settlement will end mortgage ills.

Housing Wire: Chicago Fed report shows housing still a drag on economy. I anticipate that it will be for some time to come, as none of the fundamental problems facing the sector have been addressed.

Adam Levitin: Pushback on the San Francisco Assessor-Record foreclosure audit.

Nouriel Roubini: Four reasons to stay gloomy about the global economy.

Reuters: Fed’s housing blueprint is lost in din of politics. Shocking that politics would prevent us from taking an objective look at an idea.

Yves Smith: Quelle Surprise! Servicers rip off investors as well as homeowners.

* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $ 417,000, 1 point, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $ 500,000, two points, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $ 295,000, two points, a $ 495 application fee, $ 450 appraisal fee, $ 715 underwriting fee and a $ 16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.

Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.

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Mortgage Rates & Trends: Mortgage Blog

Information on Mortgage Refinance-Refinance Mortgage & Mortgage Refinance loan

Article by james

A mortgage can be defined as an agreement to give up an interest in something and if you fail to perform some duty then in many cases it means that you will give up your home if you couldn’t repay for your home loan as you agreed. Mostly Mortgage and “home loan” are often used interchangeably. But the mortgage is the agreement that makes your home loan work and the bank wouldn’t lend you hundreds of thousands of dollars until they knew they could claim your home in the event of your default.Refinancing your mortgage can be an easy task but it is not as simple. Nowadays refinance options are available and you should know about it. If you are not aware about this then you can be in trouble. There are many reasons for you to refinance as to get a low rate of interest, also to reduce the term period, for home improvement and many others. While you are looking for refinance you should look your necessity first and have patience till you find the suitability according to the requirement. Now a day you can get the quotes for the mortgage refinance loan below your current rates and can get many options like:You can get free quotes with no credit check it means you have no need to pull your credit score.If you require then you can lock your rates.If you have anything like bad credit or low credit then also you can get the refinance.By doing so you can get consolidate debts into this new account within 3 days.You need to do just to fill up the questionnaire and the representatives that will search in their database for refinance loans that are suitable for you. Refinance lenders usually ask you to produce many documents like prior loan’s details, credit history record, income details, credit score and other related legal papers. There is also A “point” of one percent of the total loan amount that is usually paid to refinance lender as fee and only in cash. The interest rate and points have the inverse relationship. If you check more points then you will be offered lower interest rates and vice-versa. It would be a good offer only if you have the cash and if you have planned to stay in the home for few more years.Your finances are important and you should have the proper Residential Mortgage that is important. If you are just wanting some Mortgage Refinance Information we can help you. Mortgage refinance quotes don’t have to be a painful experience. We can help you to provide information to find the right mortgage refinancing quotes at no cost.

About the Author

James has vast experience in the field of refinancing. He has written many newsletter, articles and blogs regarding mortgage refinance. This article is about mortgage refinance it give you good information about mortgage. For more information see our website www.refinance-guru.com

I’ve avoided writing about the foreclosure settlement over the past couple of weeks, mostly because I think it is a terrible deal, and I find it greatly depressing that there was no real investigation into foreclosure and mortgage abuses before the settlement was made.  Additionally, there are other people who have written far more eloquently than I about this settlement.  If you want to read a well thought out, detailed argument as to why the settlement is bad, I suggest reading Yves Smith’s “The Top 12 Reasons Why You Should Hate the Mortgage Settlement“.

However, there’s a report from Phil Ting, the Assessor-Recorder of San Francisco titled “Foreclosure in California – a Crisis of Compliance“.  Gretchen Mortgenson of the New York Times wrote about this audit yesterday, but I think it is worth taking a further look at the audit because it should give us all pause about the foreclosure settlement.

The audit looked at 382 mortgages that went into foreclosure and were ultimately sold between January 2009 and October 2011.  The auditors looked at compliance as it related to six areas: assignments, notice of default, substitution of trustee, notice of trustee sale, suspicious activities indicative of potential fraud, and conflicts related to MERS.  These were the findings:

“Overall, we identified one of more irregularities in 99% of the subject loans.  In 84% of the loans, we identified what appear to be one of more clear violations of law.”

There’s more:

“Reckless borrowing notwithstanding, much publicly available evidence suggests that there are indeed many legitimate victims of abusive lending and servicing practices.  

For example, a remarkable report published by  the  inspector  general  for  the  FDIC reveals  that  at  the  peak  of  subprime originations  approximately  83% of  FDIC?regulated institutions  were  cited  for patterns of  “significant  compliance violations.” 26% of were violations of the Truth In Lending Act (TILA) violations.   TILA  is  the  cornerstone  federal  regulation intended  to  protect  consumers  from inaccurate and unfair disclosure of the cost of a credit transaction, such as the interest rate and payment  schedule  of  a  mortgage loan.  

In  other  words,  FDIC?regulated  lenders were  struggling  to  accurately  and  fairly present  to  borrowers  the  amount and timing  of their required  loan  payments.  Presumably,  then,  at  least  some homeowners  who  suddenly  and unexpectedly saw their mortgage payments spike 10% had cause to complain.” 

The whole report is well worth your time.

This would all be relatively unbelievable, except that this situation is far from a secret.  It was featured on 60 Minutes on a broadcast network.  It is all over the blogosphere.  It was featured extensively in Harper’s Magazine.  It’s in Rolling Stone Magazine.  It’s in TIME Magazine. It has been exposed by County Registrars.  Judges have railed against it.  It’s been covered by Attorney General’s offices.  My point is this: it is well known that there are/were widespread problems in mortgage origination and foreclosure dating back several years.  This new audit just affirms this.  Yet there has been no comprehensive investigation into what happened.

While the exact terms of the settlement have yet to be disclosed (which is troubling in and of itself), it is worth re-iterating: we are entering into a settlement with banks over foreclosure practices without first conducting an investigation to determine exactly what happened, and what the extent of the damage is.  This is unconscionable, unbelievable, and unacceptable. Nobody with common sense would act this way given an analogous situation in day-to-day life.

Let’s pretend a friend borrowed your car, and when it came time to return the car, they came back to you without it.  When you ask your friend where the car is, they say: “there was a problem.  Here’s $ 100.  If you accept the money, you absolve me of all liabilities moving forward”.  Nobody accepts this deal.  Nobody.  Of course you would take a look at the car, and probably bring it to a mechanic, in case $ 100 won’t cover the cost of the repairs.  While it’s not a perfect analogy (banks will probably still be liable for some problems relating to foreclosure and mortgage origination moving forward – we don’t know because the terms of the settlement are unpublished), it’s not that far off from what is going on here.

And here’s the thing: I have to believe that the attorneys general that are entering into this agreement are smart, capable people.  I don’t think stupid people become state AGs.  So what gives?  I’ll leave it to you to fill in the blanks, but something is rotten in the state of Denmark.  Yet the settlement apparently moves forward.

For further reading on this audit and foreclosure related issues I recommend checking out this post by Georgetown Law Professor Adam Levitin, as well as this post by Yves Smith of Naked Capitalism.

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Mortgage Rates & Trends: Mortgage Blog

What To Know About Bank Repossessed Cars

Article by Jim Knowles

There are certain considerations when bidding on bank repossessed cars that people considering bidding on them should know. These vehicles can often save quite a bit of money when compared to used car prices and it’s a fact that many cars today are ending up being repossessed by banks, owing to the tough economy. Lien holders of all types are stepping in and taking back their property, in other words.

Generally speaking, there are no concrete figures that can tell us just how many cars around the country are being repossessed at any given time. Still, there is plenty of evidence that tells us there are quite a few being taken back by the banks and then resold through the auction process in most cases. There are certain regions where this is quite common. A repo vehicle can often save big money.

If you have made the decision to make your next car one that was once repossessed by a bank, you should take some time to do a little research about the repossession process and how they end up being auctioned or otherwise sold and also when they make good sense to buy. It’s always smart to be well-educated about a process such as bidding on bank repo vehicles.

When it comes to repossessed cars, it’s most often the case that these cars have ended up back in the possession of the banks holding the lien on them because their owners could not make the payments any longer. Once the decision has been made by the bank to take it back, the repossession agency will be hired and the car will be located and then repossessed.

Banks do not physically store these vehicles on some sort of property they own but will most often contract with a business set up to auction them off to the public or automobile dealers or both. This auction company will keep physical possession of the vehicle until it is auctioned off. They are money will be made based off a percentage of final auction price or on a flat fee or commission.

It is usually the policy of most banks to place a reserve price on the vehicle to be auctioned below which it will not be sold. This means if the bid is not high enough, the auction company cannot sell off the vehicle. Generally, only the bank and the auction company know the reserve price, which is usually set at some point between retail and wholesale based on the vehicle’s “blue book” prices.

Generally speaking, it is normally the case that many vehicles that have been repossessed may not be in A-one tip-tip shape for a number of reasons. However, most vehicles that have been repossessed are also in good running condition and they may even actually be in great shape. Some may only require a little recondition in order to be in excellent shape and ready for many miles of good service.

Once you’re at the auction and you have your eye on a vehicle, take some time to look at over carefully before bidding. Have your own copy of a Blue Book and take a few moments to look at the retail and the wholesale price of the vehicle you’re considering bidding on. Check the vehicle over for any signs of damage or access where. Start the motor if allowed. If you do it right, you can save quite a bit of money in the end.

About the Author

Jim Knowles is a car sales professional.

50 Cents on the dollar, previously valued at over .5mil this amazing Desert Highlands property can be had for in the low mil range. Compare to comparable homes currently listed in excess of mil, this is a steal. The bank on this one is in it for almost 00000 and are getting tired of keeping it as a non-performing asset. Offers now being reviewed and most likely will be sold for 00000 The home features 8 bedrooms 7.5 bathrooms with over 8000 square feet (that includes the 1bed 1bath 1100sf guest house). Situated on just under 3 acres in Arizonas most highly sought after “Desert Highlands” golf community with amazing city light and Pinnacle Peak views. Lets not forget the 4 car garage, pool, spa and everything you would expect in this caliber home. Principals Only please. No agents! Peter Medal Foreclosure Specialist Allegiance Realty 888-523-7400
Video Rating: 5 / 5

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2011 Shows Short Sale Promise

Article by What is Short Sale

Blog HomeThe Age Old Real Estate QuestionJanuary 25th, 2011

McGeough Lamacchia cannot stress enough how much of a buyer?s market it is out there and those considering owning a home in 2011 couldn?t be making a better choice. However, all the ?steals and deals? out there in the housing market still don?t excuse the age old question all buyers must ask themselves: ?How much home can I actually afford??

Home buyers need to be honest with themselves (and now more than ever in this economy) to be happy in their home choice and to ensure a long and happy relationship with the Realtor. Paying a mortgage that takes away from their savings, from fun activities and from a budget for food might not be wisest choice. Below are a list of key factors for potential (and current!) homeowners to consider when buying home (or for current homeowners thinking of refinancing a mortgage)

1. Credit ScoreUnfortunately in this economy, credit score is everything despite the fact that the vast majority of individuals suffered hard hits to their credit and/or was revoked credit when many banks went into foreclosure.Building up or maintaining a good to excellent credit score is vital in getting loan.

2. EmploymentBuying a home and entering into a mortgage or a short sale does require some proof of employment or stable income so lenders can see proof that a monthly payment will be able to be made.

3. Location, Location, LocationLiving a city definitely costs more per square foot than living in a suburban or rural area. Consider the location versus the budget and determine what location best fits the budget.

4.Interest RatesUnfortunately interest rates are usually based on credit scores meaning if the credit score is low, the interest rates will be high. However, potential buyers shouldn?t fear high interest rates as interest rates are the lowest they have been in the past 30 years. (Home ownership could be in the very near future!)

The best advice for potential homeowners is to research and to really calculate their budget and be honest with themselves. McGeough Lammacchia continues to encourage future homeowners to strongly consider short sales as affordable option to making that home owning dream a reality!

Tags: Affordable homes, buying a home, buying a short sale, housing market, new homes, owning a home, selling a home, short sale, Short sale realtor, short sales realtorPosted in 1 | No Comments »Real Estate Markets: The New ?Top 5? Markets To WatchJanuary 20th, 2011

2011 has definitely started off on a positive note in regards to the housing market. Rules are changing, laws are reversing, housing markets are looking better and better and now comes the release from Housing Predictor of which housing markets are expected to experience growth in home sales for 2011.

For many homeowners, concerns of whether their current home (or the homes around them) will appreciate or depreciate in value is the biggest concern. For sellers, it?s ?how much will they gain (or lose)? and for home buyers it?s ?show me the deal.?

To aid in some of these concerns and questions, real estate market predictions were just released by Housing Predictor which annually compiles the best (and the worst) housing markets by area that are expected to experience inflation (or deflation) within the coming year. 2011, however, is a year that all housing markets across the country are expected to inflate as younger buyers are taking advantage of the incredible home prices from short sales and the older buyers are taking advantage of vacation homes that are selling at record low prices.

The Top 5 new real estate housing markets to watch in 2011 (as predicted by Housing Predictor) are:

1. Portland, Maine2. Kansas City, Kansas3. Tri-Cities, Washington4. Omaha, Nebraska5. Fargo, North Dakota

These markets aren?t the new hot places to buy but they are expected to experience above average inflation.The factors contributing to these results are not only the location but also the previous trends within these markets. Home sales in these areas are expected to increase dramatically in 2011.

For owners, sellers and potential homeowners within the Northeast area can also rest easy as 2011 is already showing signs of inflation.

Tags: 2011 housing predictions, Foreclosure, housing market, inflation, Information For Home Buyers, information for sellers, real estate, short sale, top 5 housing marketsPosted in 1 | No Comments »New Ruling Could Invalidate Existing ForeclosuresJanuary 10th, 2011

Massachusetts homeowners currently in the process of foreclosure or on the verge of entering into foreclosure could feel relief as the Massachusetts Supreme Judicial Court voted to uphold a ruling involving the process of foreclosures.

This court ruling could invalidate thousands of foreclosures allowing homeowners currently in the process of foreclosure a chance to keep their home?temporarily that is. The reason for these possible invalidation?s is a direct result of the housing boom and the mortgage processes utilized by lenders in 2009. During this housing boom, mortgages were sold to investors in the form of bonds, resulting in a messy trail of paper that made it unclear as to who actually owned the home.

As the housing market declined, lenders then processed transactions on these now existing foreclosures without actually providing proof that a mortgage was held by the homeowner in question, as existing practices did not require all paperwork to be in place. This process could not only invalidate existing and current foreclosures but actually show proof that homeowners in question might not even be homeowners at all.

This court ruling will no longer allow the above practices to be taken. All foreclosure practices utilized by lenders will now continue to go under in depth moderation.

Homeowners who are in the process of foreclosure might be able to rest a little easier in the comforts of their home, at least for one more night.

Tags: Add new tag, buying a new home, buying a short sale, Foreclosure, foreclosures, home buying tips, home buying tips for buyers, homeowners, informatio for selling a home, Massachusetts homeowners, short sale, short salesPosted in 1 | No Comments »2011 Shows Short Sale PromiseJanuary 3rd, 2011

A new year, a new house?

For many potential home buyers this could be one resolution to quickly check off as ?completed? as 2011 starts with great news for home buyers, potential home buyers and investors involving foreclosures and short sales

Banks contributed heavily to the foreclosure and short sale set backs in 2010. Halting extensions, refusing loans on short sales and ?freezing? transactions on homes in foreclosure were just a few short sale and foreclosure related issues that really worked against potential home buyers and investors.

2011, however, appears to be the year where all of the above and more will soon change in regard to these ?distressed? properties. During 2010, banks that refused loans or halted transactions are now currently holding an inventory of ?distressed? homes . With the welcoming in of 2011, these banks now realize they need to quickly liquidate these inventories by turning them back over to investors. Banks are also approving short sales (on average) within 30 days in effort to move these inventories. Not only will approval times continue to be accelerated but prices will continue to drop. Potential home buyers can expect to see prices on these homes at wholesale investor prices or below.

Interest rates on the other hand are expected to rise in 2011. 2010 was the year where interest rates were at their lowest in effort to entice new buyers, however, with the slight upturn of the housing mar in the last quarter of 2010, interest rates are expected to rise slightly. Potential home owners who are considering buying should take this into consideration, however, shouldn?t feel pressured as home prices are still dropping.

Real estate advisers and investors welcome 2011 with confidence and excitement and see the rise in interest rates as a positive testament to the housing market. As the housing market improves within the coming years, prices will dramatically rise. Potential home buyers should seize 2011 and take advantage of what truly is a buyers market.

About the Author

When you are facing possibility of losing your home, you need to trust qualified short sale realtors who can help you avoid home foreclosure. The experienced and knowledgeable short sale real estate agents at McGeough Lamacchia can help provide alternatives to home foreclosure, helping you keep a roof over your head.

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I do not anticipate that mortgage rates will change much today.  The primary economic report today showed that retail sales increased by 0.4% in January, while expectations were for a 0.7% increase.  So while the economy is growing marginally, it is growing less than expected, and stocks are down slightly this morning as a result (I also question how significant a 0.4% increase is when the confidence interval for this data is +/- 0.5%, but I digress).  This report is unlikely to have any major impact on mortgage rates today.

In addition to this, Moody’s downgraded several European countries, (Spain, Italy, Portugal, Malta, Slovakia, and Slovenia), but the market hasn’t really moved accordingly.  It is possible that this move is past due, and the risk is already baked into prices, and that Moody’s is just telling us what we already know.  As usual, events in Greece loom large, and I think we are all tired of hearing about Greece, and there is really no way of predicting exactly what is going to happen with Greece, at least in the short term (in the long term they’re probably out of the Eurozone and back to the Drachma).  The interesting thought experiment here is to imagine what will happen if Italy, Portugal, and Spain start having Greek-style problems.  Portugal is relatively small, but Italy and Spain’s economies are huge in comparison to Greece, and problems with their debts are soon going to be the European problem du jour.  Anyway, barring a major curveball, I don’t think rates will change much in light of events in Europe today.

Tomorrow we will see a number of reports released, including industrial production and the housing market index.  If these reports are strong we could run the risk of seeing increased mortgage rates tomorrow, but for today, I think the market will be little changed.

Some of Our Most Popular Rates and Products*:

***Mortgage rates change often. The above rates were quoted at 1:10 P.M., on February 14, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

Census Bureau/Department of Commerce: Retail sales increased by 0.4% (+/- 0.5%) percent in January, up 5.8% (+/-0.7%) year-over-year.  The anticipation was for growth of 0.7%, so this is less than expectations.

NYT: 6 European nations get downgrades. Spain, Italy, Portugal, Malta, Slovakia, and Slovenia all get downgraded by Moody’s.  Britain, France, and Austria were all revised to a negative outlook.

Yves Smith: Quelle surprise!  Administration and state attorneys general lied, mortgage settlement release described as “broad”. I’ve been avoiding writing about this myself because I find the whole thing appalling, and frankly, Yves Smith has it totally covered.

Adam Levitin via Credit Slips: Austerity hits Greece. “Among the most devastating [austerity measure] is the prohibition on the use of Corinthian and Ionic columns.

BBC : America’s homeless resort to tent cities.

Dave Dayen: There is no foreclosure fraud settlement term sheet. This happened over the weekend and I forgot to link to it yesterday.  Unreal.

Edward Harrison: How and why Greece will leave the Eurozone. Great read.

Washington Post: Obama budget: price tag for Wall Street bailout goes up. I would be willing to bet this doesn’t even count the myriad of backdoor bailouts.

Financial Times: Greece is far from safe even after debt swap.

Washington Post: Israeli defense chief accuses Iran of being behind Bangkok blast. I think the very last thing that we need right now is war with Iran.

Housing Wire: Military members may get six-figure payday for wrongful foreclosures. Good.  Now let’s extend this to everybody else who was wrongfully foreclosed upon, and maybe the banks will learn to keep better paperwork.

* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $ 417,000, 1 point, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $ 500,000, two points, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $ 295,000, two points, a $ 495 application fee, $ 450 appraisal fee, $ 715 underwriting fee and a $ 16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.

Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.

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Mortgage Rates & Trends: Mortgage Blog

Top 20 Real Estate Foreclosure Markets, Mid-Year 2007

Article by Real Estate Advisor

Stockton, California reported the highest foreclosure rate among the nation’s 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac’s 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure activity in the top 100 metro areas for the first half of 2007. As foreclosure rates continue to rise, 82 out of 100 metro areas recorded year-over-year increases in foreclosures.

Stockton reported one foreclosure filing for every 27 households with a total of 8,169 foreclosure fillings on 4,239 properties. The rate of foreclosure has increased exponentially to three times more than the number reported last year, for the same period.

Detroit, with one in 29 households going for foreclosure, recorded the second highest foreclosure rate. A total of 28,705 foreclosure filings were made on 20,231 properties, which is almost double the number reported from Jan-June 2006.

Las Vegas documented one foreclosure filing for every 31 households, making it the third highest in foreclosure activity among the 100 metro areas. It reported 22,928 foreclosure filings on 13,028 properties, double the number reported during the first half of 2006.

Six of the top 20 metro areas with the highest foreclosure rates were in California and four in Ohio.

The following are the top 20 U.S. housing foreclosure markets from Jan to Jun 2007, the total number of foreclosure filings and households per foreclosure filing.

1. Stockton, California: 8,169 foreclosure filings; one foreclosure filing for every 27 households.2. Detroit/Livonia/Dearborn, Michigan: 28,705 foreclosure filings; one filing per 29 households.3. Las Vegas/Paradise, Nevada: 22,928 foreclosure filings; one filing per 31 households.4. Riverside/San Bernardino, California: 41,351 foreclosure filings; one filing per 33 households.5. Sacramento, California: 20,516 foreclosure filings; one filing per 36 households.6. Denver/Aurora, Colorado: 23,842 foreclosure filings; one filing per 42 households.7. Miami, Florida: 20,275 foreclosure filings; one filing per 46 households.8. Bakersfield, California: 5,365 foreclosure filings; one filing per 47 households.9. Memphis, Tennessee: 10,800 foreclosure filings; one filing per 49 households.10. Cleveland/Lorain/Elyria/Mentor, Ohio: 8,844 foreclosure filings; one filing per 50 households.11. Fort Lauderdale, Florida: 15,720 foreclosure filings; one filing per 50 households.12. Atlanta/Sandy Springs/Marietta, Georgia: 36,502 foreclosure filings; one filing per 54 households.13. Fort Worth/Arlington, Texas: 13,221 foreclosure filings; one filing per 57 households.14. Fresno, California: 4,867 foreclosure filings; one filing per 60 households.15. Indianapolis, Indiana: 11,677 foreclosure filings; one filing per 62 households.16. Dayton, Ohio: 5,966 foreclosure filings; one filing per 63 households.17. Dallas, Texas: 23,284 foreclosure filings; one filing per 65 households.18. Akron, Ohio: 4,378 foreclosure filings; one filing per 70 households.19. Oakland, California: 13,482 foreclosure filings; one filing per 70 households.20. Columbus, Ohio: 10,706 foreclosure filings; one filing per 70 households.

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Three pieces of news will likely cause mortgage rates to increase today.  First, weekly initial unemployment claims in the United States dipped again, dropping 15,000 from the previous week to 358,000.  The four-week moving average for initial unemployment claims is down by 11,000 to 366,250.  The weekly numbers are subject to significantly more fluctuation than the four week average, and the downward trend here is a good sign.

The second piece of “good news” is that a foreclosure fraud agreement between state attorney generals and major U.S. banks appears to have been reached. Although I personally hate this deal and think it amounts to an outright screwing of the American people, flouts the rule of law, amounts to a slap on the wrist, and does absolutely nothing to solve the fundamental problems in the housing market, it will likely be interpreted as good news by the markets.  It will almost certainly buoy the stocks of major banks.

The third piece of “good news” is that a Greek debt deal has been reached.  Bondholders will take a haircut, and a crisis will probably be averted – for the time being.  Greece is in the midst of a depression, and deep cuts and austerity measures will only exacerbate the problem, and I don’t suspect that the Greek people will be happy with this deal.  Nevertheless, this deal, assuming it moves forward, will avert a “disorderly default”.

Given all of this news, I think we will see rates increase today.

Some of Our Most Popular Rates and Products*:

***Mortgage rates change often. The above rates were quoted at 1:05 P.M., on February 9, 2012. Call 877-868-2503 for more details.***

Today’s News and Links:

Dave Dayen: 49-state foreclosure fraud settlement will be finalized Thursday. “Out of $ 5 billion, up to 750,000 borrowers wrongfully foreclosed upon will get a $ 1,800-$ 2,000 check if they sign up for it, the equivalent of saying to them ‘sorry we stole your home, here’s two months rent’”.

Naked Capitalism: The top twelve reasons why you should hate the mortgage settlement. “This settlement is yet another raw demonstration of who wields power in America, and it isn’t you and me”.

ZeroHedge: US to settle fraudclosure for $ 25 billion even as it channels fake tough guy in meaningless lawsuit against very same banks. “Because in America the push to abrogate the very foundation of contractual agreements comes from the very top”.

Reuters: Greeks strike bailout deal in time for EU meeting. I can’t wait to see how the Greek people react to this.

BBC News: Greece leaders agree austerity package. Greece is in the middle of a depression, and these austerity measures aren’t going to improve matters. Keep an eye on the upcoming Greek elections.

NASDAQ: Greek unions call 48-hour general strike. I would not want to be one of the Greek politicians who voted for this.

BBC News: Why Greece won’t go away. The fundamental issues have not been addressed.

Department of Labor: Weekly initial unemployment claims drop 15,000 to 358,000.  Four week moving average now 366,250, down 11,000 from the week before. This is a good sign.

Zillow: Home value declines pick up in fourth quarter, but Zillow forecasts smaller declines in 2012. Home prices were down 4.7 percent in 2011, 3.7 percent decline predicted for 2012.

Time: Syria under siege: photographs by Alessio Romenzi. This is awful.

* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $ 417,000, 1 point, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $ 500,000, two points, a $ 495 application fee, $ 400 appraisal fee, $ 799 underwriting fee and a $ 16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $ 295,000, two points, a $ 495 application fee, $ 450 appraisal fee, $ 715 underwriting fee and a $ 16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.

Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.

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