John Mulkey, Housing Guru

According to the MBA (The Mortgage Bankers Association) mortgage loan applications have fallen again. Despite incredibly low interest rates (4.83% average for 30 year fixed) and despite the continuation of the housing tax credit, home buyers seem to have vanished. The seasonally adjusted Purchase...

Terry Chenier has provided this thoughtful and compelling analysis of why we should all be concerned by the reckless spending coming from our "leaders." Everyone should take time to read it and to contact their elected representatives and encourage them to action. Lawrence Kotlikoff wrote in the ...

The foreclosure mill continues to churn as mortgage loan delinquencies prepare to set new records in 2009. According to a report released by TransUnion, mortgage defaults increased for the 11th straight quarter, with delinquencies for the third quarter averaging 6.25 percent, up 58% over 2008.   ...

In Hans Christian Andersen’s famous tale, The Emperor’s New Clothes, two weavers promise the Emperor a new suit of clothes that would be invisible to those who were unfit for their positions or stupid. Upon donning the nonexistent clothes, the pompous Emperor, fearing to appear incompetent, refus...

While reputable sources continue to report conflicting statistics regarding the number of foreclosed homes being held by banks, the important question is: Is the shadow inventory real or imagined? And, if it is real, how will it affect home prices and sales? What most consider the so-called shado...

In a ruling announced today from the Federal Reserve and set to take effect on July 1, 2010, Banks will no longer be able to charge the exorbitant overdraft fees that have become so common in recent years. A source of billions in revenue, these fees have become so common that many banks rely on t...

Regardless of how many "green shoots" we're experiencing and how the politicians and pundits assure us that the economy is recovering, bankruptcy filings continue to rise.  According to The American Bankruptcy Institute, October filings were up almost 28% over a year ago.  This is no recovery.  W...

What’s The True Unemployment Number? The Bureau of Labor Statistics reported today that the number of people filing initial claims for state unemployment benefits fell to a seasonally adjusted 512,000 for the week ending October 31. This is the lowest since January. So we are in recovery, right? ...

• Have your prospective builder give you a list of recent clients. You’ll need to see several examples of their finished product and should talk to previous customers. Ask about the building process. Were completion dates met? Did the builder comply with the terms of the contract? Were there sign...

Some owners in their eagerness to sell their homes may use subtle and sometimes not so subtle, gimmicks to entice you to buy their home. While some of their tactics are innocent ploys intended to create an attractive atmosphere within their home, others are more devious, sometimes even fraudulent...