Colorado has reported a raise in foreclosures since 2005, although it has been sometime since this problem originally surfaced it is getting worse! Why? At this point in time there are 2 main factors that are causing foreclosures. The first being; the mortgage brokers which placed home owners into mortgage programs they could not afford for various reason including, adjustable rates. Most mortgage brokers work for the client and offer the best rate and term for the specific client, however th... Read Full Story

The market is currently showing the early signs of a recession, with negative growth for the first time in 5 years. According to some economists a Recession is already underway. Although it is possible that certain market areas are showing decline because of employers cutting staff. Citi Bank mentioned the possibility of 24,000 layoffs this year, mostly due to the fact of higher than usual delinquencies by credit card holders have been reported. Causing a major down turn in earnings in the la... Read Full Story

I have covered this topic in earlier blogs, although I still get the question asked many times over. Should I pay off my mortgage? Why? I feel the answer is simple! YES! Why? Well first off if you plan on buying a home and your goal is not to pay it off, it is because you plan on selling it in a short time. Frankly the amount of interest you will pay the bank over 30 years (which is the most typical mortgage out there) is twice the value of your home. Therefore, if you had the possibility of... Read Full Story

Florida's attorney general is investigating Countrywide Financial Corp., for possible unfair and deceptive business practices related to its home loans.Basically the state wants to know how borrowers were approved and under which guidelineso. The state also wants information on how Countrywide credited its borrowers' payments any time after January 2005.Countrywide has stated that they will cooperate fully with the State. Although they declined to comment. The state received about 150... Read Full Story

Most people do not understand that their mortgages can affect a market a world over. Well it can and it has happened; Japanese Banks face a loss of 500 billion yen (about $4.7 billion) this year. Many corporations on the Nikkei are reporting losses and many of whom are currently holding US mortgages and securities.What the Japanese banks did; was they invested primarily in highly rated securitized products that incorporated the sub prime loans as underlying assets. However a rating downgrade ... Read Full Story

The talk of the town is, will the Fed slash the rate again today in an effort to keep the economy a float. If the Fed does go ahead with the rate cut then we should see some very interesting after affects including a mild mortgage rate dip and a steady but again mild rise or steading of the markets as they are down today as of 10:50am EST.The main reasons why Bernanke is considering another cut today at 2:15pm EST, is considering the simple fact that they said there would be news today Janua... Read Full Story

The number of foreclosures in 2007 hit a grand total of 405,000 homes, this information comes from a report released on Tuesday of last week.The hardest hit states were:- California - 66,000 people lost there homes in 2007- Michigan - 47,000 foreclosures- Nevada - 10,000 people had their homes repossessed- Florida - 165,000 ForeclosuresStates that were not hit as bad include:- Maine - 286 property foreclosures- Vermont - 29 property foreclosures- South Dakota - 24 property foreclosures Job... Read Full Story

The one most common question people ask me is; should I pay off my mortgage or should I use the equity that I have built up. Well it is pretty simple, if you are a young family and it is your first home, building equity should be your main goal. Why? Well for starters, your money will work the hardest for you in a property. Now if you are planning to buy and resell right away and you are very familiar with the market fluctuation in your area then you could get a lower payment program with an ... Read Full Story

Rates keep dropping! How low can they go? Most analysts new the Fed would help the rate by cutting it! Know one thought they were going to cut the rate by that much this soon. The recession worries forced the Fed to act quickly and decisively; Bernanke cut the rate 8 days before the stated meeting was to take place.Although the effort by Bernanke might like to keep the economy afloat by dropping interest rates, it's not clear how low he is willing to drop the rates. Although we are expec... Read Full Story

Economist are scared that Bernanke made the wrong move trying to save the market from crashing on Tuesday Morning. What do you think? I think that many people are scared for obvious reasons, but the fear is not sensed the same by economists & investors why is that?Anyone in Bernanke's shoes would of done the same thing: Tried to save the market before a recession and market crash. Now we must ask ourselves the question what has President Bush been saying since 03 that the economy is ... Read Full Story