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Archive for January, 2010

2009 Home Sales Up, But Values Down

2009 Home Sales Up, But Values Down

Real estate sales reached nearly 5.2 million in 2009, up 4.9 percent from 2008 according to the National Association of Realtors. The increase was the first annual rise since 2005. In terms of prices, NAR says for all of 2009, the median price for a single-family existing home was $173,200, down 11.9 percent from 2008. […]

Posted in: News
FHA To Borrowers: Gimme More!

FHA To Borrowers: Gimme More!

The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders. What’s going on here? A few things: First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA […]

Posted in: Library
HUD Dumps FHA 90-Day Anti-Flipping Rule

HUD Dumps FHA 90-Day Anti-Flipping Rule

Starting February 1st, HUD is suspending the FHA’s 90-day anti-flipping rule for one year. This is a smart idea which should increase local home sales, help investors and create additional real estate demand (because more FHA financing will be available). The New Rule HUD says that under the new rule homes sold within the past […]

Posted in: Mortgages
Foreclosure Filings Near 4 Million In 2009, Worst Since Depression

Foreclosure Filings Near 4 Million In 2009, Worst Since Depression

With the worst results in recent history, year-end figures from RealtyTrac.com show that 3,957,643 foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 2,824,674 U.S. properties in 2009. The 2009 total is 21 percent higher than 2008, itself a record year. The bloated foreclosure numbers are in large measure […]

Posted in: Foreclosures
Can “Equity Sharing” Prevent Foreclosures?

Can “Equity Sharing” Prevent Foreclosures?

In the coming two years option ARMs worth $134 billion will be re-cast according to Fitch Ratings. This means more than 500,000 borrowers are likely to face steeply higher monthly costs, costs which in many cases will lead to foreclosure. It doesn’t have to be this way. Stop foreclosures and you can stop the widespread […]

Posted in: Foreclosures
Compare “For Sale,” “Sold” & “Under Contract” Signs

Compare “For Sale,” “Sold” & “Under Contract” Signs

In our area real estate signs say For Sale, Sold and Under Contract. These signs are a shorthand way to explain the contract status of the property — information which may suggest that the property is off the market, on the market or maybe both. For Sale It might seem that a property which is […]

Posted in: Contracts
What’s A “Deed In Lieu” Of Foreclosure?

What’s A “Deed In Lieu” Of Foreclosure?

There were more than 3.5 million foreclosure notices sent out last year, a total which does not include homes lost with something called a deed in lieu of foreclosure. What is a “deed in lieu” of foreclosure and is it good or bad? Good & Bad In basic terms, a deed in lieu of foreclosure […]

Posted in: Foreclosures
Why Can’t We Treat Foreclosures Like Fires & Floods?

Why Can’t We Treat Foreclosures Like Fires & Floods?

Loan modifications are just about impossible, say lenders — except when there’s a fire, flood or tornado. Then home mortgages are suddenly as flexible as taffy. Lenders in such situations magically discover an immediate ability to revise loan terms, defer payments, postpone foreclosures, forgive late fees and end negative reports to credit bureaus. For its […]

Posted in: Foreclosures