Real Estate News
August 6, 2009
Realty Times - Investing in Bank Owned and Short-Sale Residential Properties
The current economic climate has dramatically changed the real estate landscape. Locally, in the Portland/Vancouver metro area in the 12 months ending May 31, 2008, only 2% of the homes sold were Bank Owned or Short Sale properties. In the 12 months ending May 31, 2009, it was 11%. Today, 16% of the properties on the market for sale fall into these categories. In some markets around the country these statistics and trends are even more staggering. FULL STORY ->
July 21, 2009
Realty Times - California: Land of Sunshine and a Year of FREE Living
The state of California has more than doubled the normal foreclosure time by an additional 90 days for homeowners with troubled mortgages. This is on top of the 30 day extension put in to place in 2008. Is this the state where living is free or are these actions only prolonging the pain? Sen. Ellen Corbett (D-San Leandro) introduced a bill as an add-on to the California "budget" package to add a 90-day moratorium on California home foreclosures. Gov. Arnold Schwarzenegger signed into the bill on 2/20/09. It applies to owner-occupied homes and first-mortgages made from 2003 to 2007. See my earlier post: 'New Law Extends California Home Foreclosures (again)' published on March 12, 2009. FULL STORY ->
July 15, 2009
BusinessWeek - Southern California Homes Sales Rise Again
The number of homes sold in June in Southern California rose to their highest level since 2006. The enticement: Price declines of as much as 26% from a year ago. A total of 23,262 houses and condos changed hands in Southern California last month, according to the San Diego-based research firm MDA DataQuick. That was up 12.0 percent from 20,775 homes in May and up 29.0 percent from 18,032 a year ago. Southern California had been one of the most feverish markets during the housing boom. Now it looks to be crawling out of the bust. FULL STORY ->
July 9, 2009
Realty Times - The Loan Modification Debacle
In an article written by Ms. Podmolik that appeared in the Business section of the Chicago Tribune, I guarantee you the only real point in this story was missed by 98% of those who read it. In following the attempts of a couple individuals who have been trying in vain to have their loans modified, it's easy to see that banks are frustrating matters by their lack of motivation in pursuing a loan modification that would allow the borrowers to stay in their homes. Like all loan modification attempts, it seems like the banks just don't know how to get out of their own way as honest homeowners attempt to keep their homes. FULL STORY ->
July 7, 2009
Realty Times - Tenants in Foreclosed Properties Will Benefit from New Federal Law
On May 20 President Obama signed into law the Helping Families Save Their Homes Act. Understandably, primary attention has been paid to the Act's provisions that are designed to help distressed homeowners avoid foreclosure. But the Act has other beneficiaries as well. One group that will receive particular assistance from this new law is those people who - often in good faith - are renting a property that goes into foreclosure. FULL STORY ->
June 29, 2009
Realty Times - Investor Report: Condo Loan Rules
FHA has come out with its long-awaited rules on condominium loans, and they're a mixed bag for investors, second home and other buyers and sellers. On the one hand, the rules allow lenders a lot of more flexibility in reviewing condo project eligibility and documentation. That's good -- it should allow more lenders to increase their condo activity in the red-hot FHA segment of the market. FULL STORY ->
June 25, 2009
Realty Times - New Loan Modification, Short Sale Options
Now, mortgage modifications can include second mortgages -- not just first mortgages -- and cash incentives are sweetening short sale deals, thanks to new efforts by the Obama Administration. The new efforts give some homeowners a second shot at a home-saving loan modification, especially if they were originally turned down -- or turned off -- because the second mortgage (piggy back, home equity loan or line of credit, etc.) impeded the process. Other homeowners may now be able to take the short sale escape route from unaffordable mortgages that could otherwise wind up in foreclosure. FULL STORY ->
June 23, 2009
Realty Times - Real Estate Outlook: Housing Starts Are Up Again
The most bearish of Wall Street economic analysts have made the same point for the past 18 months. There's no recovery or rebound in the housing market, they said, until home builders start building again. "Show us positive numbers on new home starts for a few months," they say, "and then we will we agree that the housing market has finally turned around." FULL STORY ->
June 22, 2009
Realty Times - Knowing When Homeowners Should Abandon Ship
Homeowners are beginning to wonder whether holding on to their homes is a mistake. Many have seen their property values drop 25 percent or more. Some experts claim that the housing market hasn't yet hit bottom. A few are even saying that we're only halfway there. Some homeowners are beginning to wonder: Why not cash out now and sit on the sidelines until the market hits bottom? If I owe more on the mortgage than the house is worth, why throw good money after bad? FULL STORY ->
May 19, 2009
CNN Money - Homes: Most affordable in 2 decades
U.S. home prices are their most affordable in 18 years, according to a report released Monday. Nearly 73% of all homes sold in the United States during the first three months of 2009 were considered affordable. That was the highest percentage ever reported by the 18-year-old Housing Opportunity Index, an analysis of markets compiled quarterly by the National Association of Homebuilders and Wells Fargo Bank. FULL STORY ->
May 18, 2009
Realty Times - Washington Report: $8,000 Tax Credit
Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to "monetize" the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check. FULL STORY ->
May 13, 2009
Realty Times - HUD Action Allows Home Buyers To Use $8,000 Tax Credit For Downpayments On FHA-Insured Loans
HUD Secretary Shaun Donovan's decision to allow consumers to use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages will be a big boost to the housing market, according to the National Association of Home Builders (NAHB). FULL STORY ->
May 11, 2009
Realty Times - Who's Eligible for a Loan Modification under Obama's Plan
The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines: FULL STORY ->
May 2, 2009
Los Angeles Times - House hunting? It's not a buyer's market everywhere
The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars. FULL STORY ->
April 24, 2009
Realty Times - Investor Report: Bank of America Short Sales
Investors looking to acquire houses through short sales just might be in for some good news. One of the largest holders of second liens in the U.S., the Bank of America, says it's relaxing its policy on payoffs connected with short sales. FULL STORY ->
April 16, 2009
Los Angeles Times - Southern California home prices may be stabilizing
Southern California home prices held steady for the third straight month in March, a sign that the housing slump may be near its bottom. The median sale price remained at $250,000 for the six-county region, which is less than half the median value of homes at the market's peak in 2007. But the fact that home prices have stayed the same since January could be an indicator that the market is beginning to stabilize -- which is considered key to a broader economic recovery. FULL STORY ->
April 13, 2009
The Washington Post - Foreclosure Sales Stalled by Red Tape
Many home buyers looking for bargains are turning to foreclosures and discovering that the toughest challenge is not finding the property, but dealing with the banks that repossessed the homes. Although most banks are quick to accept a bid and write a contract, some buyers report that as closing approaches, issues, such as liens and rights to the property, arise. FULL STORY ->
April 13, 2009
Realty Times - How Long Does a Loan Modification Take?
Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies. Many homeowners wonder, "How long will it be before I hear anything?" and "What should I do while I'm waiting." This article should help answer those very pressing questions. FULL STORY ->
April 8, 2009
Realty Times - Top 10 Home Buying Tips For Short Sales - A Guide To Understanding Short Sale Foreclosure Real Estate
Modern homebuyers will inevitably come across one or more properties currently classified as a short sale. A short sale is an attempt by the current owner to sell a home in lieu of the bank taking it back through foreclosure proceedings, thus partially salvaging their credit rating and lifting the burden of heavy mortgage debt. The entire short sale process hinges on the hope that the bank will take a loss now, approve the sale, and eliminate the costly process of foreclosing, clearing, and reselling a home. Obviously, this is a big hope on behalf of prospective homebuyers as well and they need to understand some things in order to lessen the chance for disappointment of unapproved short sales. This is what they should know: FULL STORY ->
April 3, 2009
CNN Money - Signs of life in California real estate
There's is a lot of activity out on the coast that may indicate a reawakening of the housing market there - and across the country. FULL STORY ->
April 2, 2009
Realty Times - U.S. Treasury: Mortgage Rates 'as Low as 2 percent'
Some of the 3 to 4 million homeowners eligible for loan modifications could see interest rates as low as 2 percent under the Obama administration's new "Making Home Affordable" (MHA) initiative. FULL STORY ->
March 30, 2009
Realty Times - Teaming Up with Your Lender for a Loan Modification
Suppose you're behind on your house payments. You dial the phone number on your most recent mortgage statement, clear the usual hurdles, and finally reach someone who understands your situation and offers to help. You are one of the lucky homeowners who has a cooperative lender. Now what? What can you do to team up with your lender to optimize the outcome? This article reveals ten ways you can expedite the process and negotiate an affordable loan modification that enables you to catch up on any missed payments, lower your monthly mortgage payment, and keep your house. FULL STORY ->
March 25, 2009
Reuters - U.S. renters turn buyers as homes become affordable
After six years of renting in San Francisco, Kate Wilusz jumped at the chance to swap her tiny apartment for a roomy four-bedroom Victorian home. But she is paying a mortgage instead of rent -- and coming out even. FULL STORY ->
March 23, 2009
Realty Times - Loan Modification: Is It Worth the Price?
Hiring an attorney to negotiate a loan modification can be an expensive proposition, possibly costing thousands of dollars. It isn't something that many homeowners feel they can afford right now. When you take a closer look at the numbers, however, the cost of a loan modification compared to the cost of foreclosure is a pittance. FULL STORY ->
March 11, 2009
CNN Money - Mortgage applications jump 11%
U.S. mortgage applications rose for the first time in three weeks as near record-low interest rates spurred demand for home refinancing and purchase loans, data from an industry group showed on Wednesday. FULL STORY ->
March 10, 2009
CNBC - US Consumer Confidence Edges Up in March
U.S. consumer confidence rose slightly in March but remained weak overall due to worries about job losses, a moribund housing sector and ailing banks, a survey released Tuesday said. FULL STORY ->
March 9, 2009
Realty Times - Washington Report: Refinancing
It's going to be huge deal for home owners and it's definitely the number one real estate topic in Washington at the moment: The Obama administration's ambitious new programs. FULL STORY ->
February 26, 2009
Realty Times - Obama's Mortgage Relief Could Bailout 9 Million Homeowners
The President Barack Obama administration's "Homeowner Affordability and Stability Plan" could help as many as 9 million struggling homeowners, but largely those in lower-cost housing areas. FULL STORY ->
February 25, 2009
The Wall Street Journal - Renters Lose Edge on Homeowners
The relative cost of owning versus renting is swinging back in favor of homeownership in some U.S. markets, buoyed by several quarters of sharp declines in home prices. FULL STORY ->
February 24, 2009
Realty Times - Real Estate Outlook: Signs of Turnaround
Are we somewhere near the "tipping point" for real estate, where an accumulation of positive economic and government policy developments starts moving housing toward higher sales and stabilized prices? FULL STORY ->
February 19, 2009
DQNews - Southland home sales rise on inland surge; median price falls again.
Southern California home sales climbed above year-ago levels for the seventh consecutive month in January as bargain-hungry buyers flocked to inland areas pounded by foreclosures and deep discounts. FULL STORY ->
