Company ordered by court to give back home titles taken from Georgians, partly banned in state
A court order has stopped a company from taking property from dozens of Georgians who state officials say were tricked to transfer ownership of their homes. Georgia Attorney General Chris Carr said the court order will prohibit Home Saver 911 LLC from enforcing any contracts or collecting payments connected with its services in Georgia.
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Mortgage rates jump sharply higher, after easing for four straight weeks. Here's why
Mortgage rates fell for four straight weeks, but that ended Tuesday, after a monthly inflation report came in hotter than expected. The average rate on the 30-year fixed mortgage rose 12 basis points from Monday to 7.30%, according to Mortgage News Daily. It was the largest one-day jump in more than a month. The consumer price index showed broad upward pressure on prices, not just fuel-related costs. This came after a monthly employment report Friday that also showed a more heated economy than analysts had predicted.
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ALTA Opens Title Standards to AI for First Time
The development marks a shift in how AI can be used in real estate transactions. Rather than simply extracting information from title documents, Orbital's platform can compare those documents against current, officially licensed standards governing title coverage. For lenders, the significance lies in the potential to improve due diligence on the property rights and title protections supporting a loan.
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What Will it Take to Bring Mortgage Rates Down?
Mortgage rates above 7% are having somewhat of a chilling effect on the residential real estate market across Indiana and Southern Indiana. Across Indiana, pending home sales are already down 10% from last year. For Southern Indiana, pending home sales are down 15% in September, and closings have also declined from last year. Higher mortgage rates will also intensify the "lock-in" effect that originated with the ultra-low mortgage rates of 2021.
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America's Housing Affordability Squeeze: Black Families Need 21 Years to Save for a Home
It now takes 16 years for renters earning a median income of $58,000 to save for a down payment and closing costs, double that of 2019 when the savings horizon was 8 years, according to new research by the Center for Responsible Lending (CRL), Homeownership Further Out of Reach. This calculation assumes a family saves at today's national savings rate.
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