As down-payment requirements are reduced, the opportunity for lending becomes more available and will allow the market to prosper. Some states have lowered their standards of how much of the property amount may be borrowed. Now, consumers can make a down-payment of only 5% and borrow the remaining amount of the property. The reduction in […]
Banks are working with their clients in order to help prevent foreclosures. Over the past three months data from MDA DataQuick shows a 24.3% decrease in the amount of foreclosures or notices of default. Trustee sales did increase a little over 2%, the final stage of the foreclosure process for California.
We will no longer see great decrease in home values; however they are still gradually decreasing. From January to November there was a 1.9 percent drop in home prices resulting in a loss of $489 billion. This is not so bad considering the loss last year of $3.6 trillion, which is a 12.8 percent drop.
Unfortunately, it is not a surprise to us that more and more Americans are at risk of losing their home. Some might be able to save their homes and others are not as fortunate. The First American report found that 5.3 million U.S. homeowners have mortgages that are 20% higher than their homes value.
Concerns about lenders not working with their clients to help modify their loans with the government programs that are available, seems to show improvement. The treasury department found that the temporary modifications that were made permanent have doubled in December.
When selling a home many obstacles may come in your way. From client questions and concerns to weather delays. December is known to be a slow month for the housing market. Surprisingly, report shows that last month’s sale price was up by 4% compared to the year before.
Purchasing a home is a major step in an individual’s life. Buying a home may symbolize an addition to the family, increase in income, relocation and possibly now you may need or want a bigger kitchen or closet space. The reasons are endless; they can be emotional or logical. Whatever the reason may be doing […]
Beginning February 15, 2010 mortgage brokers will no longer be able to choose their appraisers, in hopes that appraisers will make more accurate value assessments. Loans that are insured by the Federal Housing Administration will be appraised by third-party appraisal management companies. Brokers, realtors, loan-production staff and anyone who has commission in the deal will […]
Sales were up by 7.4% in November due to the tax credit that was made available to first time home buyers as well as the tax credit for current homeowners. The real estate market saw an improvement in the number amount of sales compared to previous months and helped increase U.S. stocks. For example, Dow […]
Even though the economy is not doing so well, not everyone is in economic strain. Those individuals who have not dramatically been affected by the economy have continued to make purchases. For those individuals, right now is the best time to purchase properties because of the declining home prices in many neighborhoods. Unfortunately, for those […]