The median price of single family home rose 8 percent from May to June as the real estate market remains relatively strong in Colorado. Buyers are finding value in home priced at $600,000 or less as transaction activity picks up between buyers and sellers.
The FBI have put out a year end comprehensive mortgage fraud report for 2008. In summary, mortgage fraud cases are increasing at an alarming rate, and the depressed housing market will continue to contribute to money losses due to fraudulent and unethical mortgage lending practices and scams.
Absorbing the 20 plus page report will require your full attention to detail.
If you are looking to refinance or get a loan modification on a home mortgage, you need to make sure all your T’s are crossed and I’s are dotted as your application goes through the gauntlet process of meeting strict guidelines. Know the rules of the game and play it right, otherwise you will be stuck in an unfortunate catch 22 situation.
Homebuilder Beazer Homes pay out $53 million to settle US Department of Justice lawsuit on mortgage fraud. Beazer Homes will avoid further media attention, possible criminal prosecution and jail time by not allowing the lawsuit to make its appearance in court .
Mortgage applications and refinancing activities dropped from the prior week according to Mortgage Bankers Association (MBA).
http://www.marketwatch.com/story/week-to-week-mortgage-applications-off-189-mba