MA Foreclosures Soar 62 Percent In 2008
Foreclosure activity in Massachusetts surged 62.4 percent in 2008 compared to 2007, and was nearly four times the level seen in 2006, according to The Warren Group, publisher of Banker & Tradesman. A total of 12,430 foreclosure deeds were recorded last year, up from 7,653 in 2007 and 3,130 in 2006. In December, there were [...]
Mortgage Broker jailed for fraud
Dorchester mortgage officer Nicole Lyder pled guilty in Suffolk Superior Court on Monday to multiple charges that she fraudulently secured subprime mortgages for several unqualified home buyers. Lyder, 34, pled guilty to charges of forgery, larceny of bank credit by false pretenses, uttering a false document, and making or publishing false or exaggerated statements. Following [...]
Brian Cavanaugh’s Boston Mortgage Update
Friday’s bond market is in positive territory following some stock weakness and the news of a spike in the unemployment rate last month. The benchmark 10-year Treasury bond price was up about 17/32, with the yield falling 8 bps to about 2.36%; higher than this time last week. Our posted Conforming 30-year fixed interest has [...]
CITI Drops Opposition to Cramdown; May Help Homeowners to Avoid Foreclosure
Citigroup and key Senate members reached an agreement on Thursday that will bring the Helping Families Save Their Homes in Bankruptcy Act one step closer to passage. The proposed law, introduced by Senator Durbin (D-IL) in the Senate and Rep. John Conyers (D-CA) in the House, would allow bankruptcy judges to alter or cramdown the [...]
10 Tips for Generating Buyer Interest
Distraught Boston real estate sellers who need to generate more interest in a home that has been languishing on the market for months should consider these 10 steps from MSNBC financial guru, Laura T. Coffey: 1. Can the clutter. Pack up knickknacks, picutres, piles of paper and furniture that makes the place look crowded. 2. [...]
Mortgage Rates Continue to Drop
If you are a Boston homeowner considering refinancing, or a buyer interested in picking up a piece of Boston real estate, now may be the time to move forward. According to The Wall Street Journal, mortgage rates have fallen to all-time lows fro the fourth consecutive week. The 30- year mortgage rates averaged 5.01 percent this week, [...]
Pending Home Sales Drop in November
The Pending Home Sales Index fell to a record low of 82.3 in November, 4.0 percent below the revised October reading of 85.7, and 5.3 percent below the level recorded in November 2007, according to data released by NAR yesterday. The index is a forward-looking indicator based on contracts signed in November. Every region saw [...]
OFHEO: Home Prices Fall Again
U.S. home prices fell 1.1 percent from September to October and 7.5 percent compared to a year ago, according to the Office of Federal Housing Enterprise Oversight’s (OFHEO) latest monthly House Price Index. The index is calculated using purchase prices of homes with mortgages bought or guaranteed by Fannie Mae or Freddie Mac. But the [...]
Twin-Tower Project Proposed For Harbor Garage
Don Chiofaro notified City Hall today that his company would like to build two towers, with a combined 1.5 million square feet of mixed-use space, on the site of the Harbor Garage in downtown Boston. The Chiofaro Co. proposes to replace the seven-story, 1,380-car garage with 860,000 square feet of office space, 220,000 square feet [...]
550 Dorchester Ave #4 offers bang for your buck
This spacious penthouse 2 bedroom, 2.5 bath, new construction home offers luxurious upgrades only minutes from downtown Boston. Unit 4 at the Washington Village condo development at 550 Dorchester Avenue in South Boston features floor-to-ceiling windows in the living room and private deck with stunning Boston skyline views. The chef’s kitchen features stainless steel appliances and [...]
