U.S. home sales plummeted in July to a level not seen in more than a decade, spurring fears of renewed weakness in housing prices and the broader economy.
Sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday, the lowest level since the industry group started its tally in 1999.
The expiration of a home-buyer tax credit in the spring was expected to damp buying, though less severely. Economists said the sales drop—together with a corresponding rise in the inventory of unsold homes—meant another decline in housing prices was on the horizon. House prices had stabilized last year after declining since 2006.
Click Here to Read: Plunge in Home Sales Stokes Economy Fears...
One Third Of All Americans Unqualified For A Mortgage
According to research from Deutsche Bank, the number of Americans with credit scores below 600 has increased to 26% from only 15% prior to the start of the recession. Further examination of credit data reveals that 9% of all Americans have a credit score in the 600-649 range.
Based on current credit score requirements for a mortgage approval, any applicant with a score below 600 is almost certain to be turned down by a banking institution. Borrowers in the 600-649 range are also considered “weak” candidates with a high turn down rate, especially if the credit score is below 620.
Click Here To Read: One Third Of All Americans Unqualified For A Mortgage...
Based on current credit score requirements for a mortgage approval, any applicant with a score below 600 is almost certain to be turned down by a banking institution. Borrowers in the 600-649 range are also considered “weak” candidates with a high turn down rate, especially if the credit score is below 620.
Click Here To Read: One Third Of All Americans Unqualified For A Mortgage...
More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout
Americans may be extremely upset about Wall Street bailouts, but President Obama isn't listening. Come September 7, President Obama will have Wall Street investment banks lining up for another huge bailout. But such a bailout will do little to stimulate the housing market and offset the latest 27.2 percent plunge in existing home sales.
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
Salt Lake Home Sales Fall To Lowest Level In 15 Years
If you bought a house in July you were part of small crowd and you might have paid a little bit more than you would have in 2009.
The Salt Lake Board of Realtors reports that existing home sales in Salt Lake County were down 36 percent compared to July of 2009. Despite the drastic drop – 709 closings this July compared to 1,112 closings last July – the average price for houses and condos went up 5 percent.
Click Here: Salt Lake Home Sales Fall To Lowest Level In 15 Years...
The Salt Lake Board of Realtors reports that existing home sales in Salt Lake County were down 36 percent compared to July of 2009. Despite the drastic drop – 709 closings this July compared to 1,112 closings last July – the average price for houses and condos went up 5 percent.
Click Here: Salt Lake Home Sales Fall To Lowest Level In 15 Years...
The 5 Dumbest Things on Wall Street
Homeowners drowning under the weight of high mortgage rates and a plunging economy are finding that their rescuer has arrived in a leaky boat without a life ring -- or even a pair of arm floaties. And the lifeline the government did manage to throw out was, apparently, too knotted and twisted for homeowners to untangle.
Click Here to Read: The 5 Dumbest Things on Wall Street...
Click Here to Read: The 5 Dumbest Things on Wall Street...
Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market
Policymakers will likely keep mortgage rates low for the next several years because it's the best and cheapest way to heal the housing market, a senior Obama administration official hinted on Wednesday.
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
Tuesday, August 24, 2010
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'Vultures' Save Troubled Homeowners
Anna and Charlie Reynolds of St. George, Utah, were worried about losing their home to foreclosure last year. Then they got a lucky break—from an unlikely savior.
Selene Residential Mortgage Opportunity Fund, an investment fund managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds' income as a real-estate agent. "It was a miracle," says Ms. Reynolds.
Click Here to Read: 'Vultures' Save Troubled Homeowners...
Selene Residential Mortgage Opportunity Fund, an investment fund managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds' income as a real-estate agent. "It was a miracle," says Ms. Reynolds.
Click Here to Read: 'Vultures' Save Troubled Homeowners...
Hildale Town Council Raises Property Taxes 237 Percent
The town council in the polygamous border community of Hildale voted to raise property taxes Tuesday night by a whopping 237 percent. The council did it to make up for a significant budget shortfall.
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Fed Adopts New Mortgage Rules to Protect Consumers
The Federal Reserve adopted new standards that ban yield spread premiums on mortgages, a practice that critics say led to homebuyers being saddled with unfairly high mortgage rates.
The premiums involve lenders paying a bonus to mortgage brokers who brought them customers willing to pay high-interest rates on loans, The New York Times reported. Critics say this practice led to brokers forcing high-interest loans on borrowers, telling them it was the best deal they could get.
Click Here To Read: Fed Adopts New Mortgage Rules to Protect Consumers...
The premiums involve lenders paying a bonus to mortgage brokers who brought them customers willing to pay high-interest rates on loans, The New York Times reported. Critics say this practice led to brokers forcing high-interest loans on borrowers, telling them it was the best deal they could get.
Click Here To Read: Fed Adopts New Mortgage Rules to Protect Consumers...
Economic Commentary: Varying Signs
These last few months saw a “pause” in housing market activity following the rush of buyers to qualify for the tax credit. That pause was anticipated – and is still occurring. Contract signings on existing homes fell 3 percent in June; that on top of the 30 percent tumble in May. July data is still being collected; unfortunately the raw data coming are not encouraging and could be similarly low. The pause, we hope, will not extend into the autumn months. If it does, home prices could indeed take another tumble down after essentially stabilizing over the past 18 months. Others are certainly taking note. The former Fed chairman, Alan Greenspan, said on one recent Sunday morning “talking head” show that the broader economy will surely go into another recession if home values were to fall. Meanwhile, the current Fed chair, Ben Bernanke, spoke of an ‘unusually uncertain’ economic outlook.
Click Here to Read: Economic Commentary: Varying Signs...
Click Here to Read: Economic Commentary: Varying Signs...
Short Sale Mini Castle Headed To Auction
A historic castle listed as a short sale in North Laguna Beach has a foreclosure auction date, according to public notices.
The home, which boasts ocean views, is currently listed for $1.5 million. Located at 1280 North Coast Highway, the home has 4 bedrooms, 3 bathrooms, 2,898-square-feet of living space on a 4,007-square-foot lot and a cottage style.That breaks the value down to $518 per square-foot.According to legal notices, the unpaid amount on the loan is $3,001,979.97.
Click Here to Read: Short Sale Mini Castle Headed To Auction...
The home, which boasts ocean views, is currently listed for $1.5 million. Located at 1280 North Coast Highway, the home has 4 bedrooms, 3 bathrooms, 2,898-square-feet of living space on a 4,007-square-foot lot and a cottage style.That breaks the value down to $518 per square-foot.According to legal notices, the unpaid amount on the loan is $3,001,979.97.
Click Here to Read: Short Sale Mini Castle Headed To Auction...
New Jersey Man Charged In $200M Real Estate Scheme
A New Jersey man who federal prosecutors say operated a real estate investment scheme that defrauded investors of at least $200 million was arrested Thursday morning at his Lakewood home on charges of bank fraud and wire fraud.
A federal judge in Newark ordered Eliyahu Weinstein detained pending a bail hearing scheduled for Tuesday. Weinstein's attorney, Ephraim Savitt, had sought his client's release, disputing claims he was a flight risk.
Weinstein never owned many properties he claimed were his and sold his fake and real interests multiple times using forged deeds and other bogus documents, prosecutors said. They also claimed he played off his connections to the Orthodox Jewish community, exploiting its customs and business practices to bilk victims.
Click Here: New Jersey Man Charged In $200M Real Estate Scheme...
A federal judge in Newark ordered Eliyahu Weinstein detained pending a bail hearing scheduled for Tuesday. Weinstein's attorney, Ephraim Savitt, had sought his client's release, disputing claims he was a flight risk.
Weinstein never owned many properties he claimed were his and sold his fake and real interests multiple times using forged deeds and other bogus documents, prosecutors said. They also claimed he played off his connections to the Orthodox Jewish community, exploiting its customs and business practices to bilk victims.
Click Here: New Jersey Man Charged In $200M Real Estate Scheme...
Vernal, Utah – Home of the Strange
One ranch in Utah has been surrounded by mystery for decades, but the houses surrounding the ranch are less creepy. Tucked in the Northeast corner of the state, the Sherman Ranch has a history of UFO spottings, strange animal sightings, and roaming dinosaurs. The dinosaurs, of course, roamed millions of years ago, but the other stuff has been more recent.
Sherman Ranch – also known as Skinwalker Ranch by the local Ute Indian tribe – is located somewhere near Vernal, Utah and is comprised of 480 acres and a house that has deadbolts both on the inside and outside. The Sherman family bought it in 1995, but were happy to sell it for $200,000 to a curious Robert Bigelow a year later to get away from the hauntings.
One event that occurred when the Shermans first moved to the ranch was the appearance of a wolf that was people friendly. It was patted and petted, but when it attacked a penned cow, Pa Sherman shot it five times before it let go. The wolf acted uninjured and walked away, but when the Mr. Sherman and his son tracked it, the tracks abruptly stopped in thin air.
Click Here: Vernal, Utah – Home of the Strange...
Sherman Ranch – also known as Skinwalker Ranch by the local Ute Indian tribe – is located somewhere near Vernal, Utah and is comprised of 480 acres and a house that has deadbolts both on the inside and outside. The Sherman family bought it in 1995, but were happy to sell it for $200,000 to a curious Robert Bigelow a year later to get away from the hauntings.
One event that occurred when the Shermans first moved to the ranch was the appearance of a wolf that was people friendly. It was patted and petted, but when it attacked a penned cow, Pa Sherman shot it five times before it let go. The wolf acted uninjured and walked away, but when the Mr. Sherman and his son tracked it, the tracks abruptly stopped in thin air.
Click Here: Vernal, Utah – Home of the Strange...
13 Tips for Selling Your Home
We’ve all heard about how “bad” the real estate market is. But what’s bad for sellers can be good for buyers, and these days, savvy buyers are out in spades trying to take advantage of the buyer’s market. Here are 13 thing you can do to help sell your home.
Click Here to Read: 13 Tips for Selling Your Home...
Click Here to Read: 13 Tips for Selling Your Home...
Luxury '$uite' Deals
The federal government is looking out for the not-so-little guy -- insuring mortgages at luxury Manhattan condos.
Intended to spur low-to-moderate-income home ownership, relaxed regulations by the Federal Housing Administration have buildings in TriBeCa, Midtown, Battery Park and on the Upper East and West sides turning to the agency for help selling their swanky condos.
The FHA has been insuring mortgages for apartments at the 98-unit Tempo development in Gramercy Park since March, Bloomberg News reported.
The development features an outdoor movie theater, panoramic city views, apartments valued between $820,000 and $3 million -- and, thanks to the government, the ability to land a mortgage with less than a $100,000 deposit.
Read more: Luxury '$uite' Deals...
Intended to spur low-to-moderate-income home ownership, relaxed regulations by the Federal Housing Administration have buildings in TriBeCa, Midtown, Battery Park and on the Upper East and West sides turning to the agency for help selling their swanky condos.
The FHA has been insuring mortgages for apartments at the 98-unit Tempo development in Gramercy Park since March, Bloomberg News reported.
The development features an outdoor movie theater, panoramic city views, apartments valued between $820,000 and $3 million -- and, thanks to the government, the ability to land a mortgage with less than a $100,000 deposit.
Read more: Luxury '$uite' Deals...
Who Has the Weirdest House in America?
Who doesn't enjoy driving through a housing development and picking out the fantastic, the ugly and the over-the-top homes? If you're reading HousingWatch, the odds are even better, no?
Well, Top Ten Real Estate Deals is on the prowl for the "most unusual or quirky homes in the United States."
According to the website, what they're looking for are the 10 "most unusual or quirky homes in the United States." The site is looking for "homes that are truly different -- the kind of homes that make you say, 'Wow, look at that,' or, 'What were they thinking?,' or, 'I wish I were that brave,' " Jason Wakefield, web design director for the real estate website told NBC of Dallas-Ft. Worth. Of the houses that make the cut, the style and price can run the gamut.
Click Here to Read: Who Has the Weirdest House in America?...
Well, Top Ten Real Estate Deals is on the prowl for the "most unusual or quirky homes in the United States."
According to the website, what they're looking for are the 10 "most unusual or quirky homes in the United States." The site is looking for "homes that are truly different -- the kind of homes that make you say, 'Wow, look at that,' or, 'What were they thinking?,' or, 'I wish I were that brave,' " Jason Wakefield, web design director for the real estate website told NBC of Dallas-Ft. Worth. Of the houses that make the cut, the style and price can run the gamut.
Click Here to Read: Who Has the Weirdest House in America?...
Mortgages: How to Pay Less
The interest rates for 30-year fixed-rate mortgages are in free fall, averaging just 4.44% on Aug. 12, according to Freddie Mac. Not only was that down from 5.07% in January, it was the lowest since Freddie began keeping records in 1970.
But even better deals can be found at smaller banks and credit unions.
"I've found that my clients can get routinely better rates by heading to a more regional lender and forgoing the bigger lenders," says Sean Satkus, a real-estate agent in the Washington, D.C., area.
The differences can be stark. On average, the three biggest banks—Bank of America Corp., Wells Fargo & Co. and J.P. Morgan Chase & Co.—offer rates of 4.66% on 30-year fixed mortgages for home purchases, according to Bankrate.com. By contrast, St. Louis's Heartland Bank is offering a rate of 4.50%. Acacia Federal Savings Bank comes in at 4.25%. And Rockland Trust Co. in Boston is offering just 4.13%. (None of these offers include "points," or extra fees to secure lower rates.)
Click Here To Read: Mortgages: How to Pay Less...
But even better deals can be found at smaller banks and credit unions.
"I've found that my clients can get routinely better rates by heading to a more regional lender and forgoing the bigger lenders," says Sean Satkus, a real-estate agent in the Washington, D.C., area.
The differences can be stark. On average, the three biggest banks—Bank of America Corp., Wells Fargo & Co. and J.P. Morgan Chase & Co.—offer rates of 4.66% on 30-year fixed mortgages for home purchases, according to Bankrate.com. By contrast, St. Louis's Heartland Bank is offering a rate of 4.50%. Acacia Federal Savings Bank comes in at 4.25%. And Rockland Trust Co. in Boston is offering just 4.13%. (None of these offers include "points," or extra fees to secure lower rates.)
Click Here To Read: Mortgages: How to Pay Less...
Nicole Kidman Gets Amazing Deal on New NYC Pad
Everyone wants a deal and to get money off the listing price and Nicole Kidman and Keith Urban sure did that with their recent New York City penthouse purchase. They saved $2.5 million on their Chelsea apartment, paying $10 million for a $12.5 million listed property.
And that's not the only bragging right this married duo got with their new home. There is a suite component with these digs, giving it something no other New York building offers.
Click Here to Read: Nicole Kidman Gets Amazing Deal on New NYC Pad...
And that's not the only bragging right this married duo got with their new home. There is a suite component with these digs, giving it something no other New York building offers.
Click Here to Read: Nicole Kidman Gets Amazing Deal on New NYC Pad...
Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'
The auction of one of Utah's fanciest resorts has drawn a furious response from investors. But the attorney representing the company that bought Wasatch County's Zermatt Resort says everything about the auction was perfectly legal.
The transactions leading to Monday's auction are complicated, but simply put: The company that sold the resort is the same company that bought it; and in doing so, they wiped out as much as $20 million in debt.
Zermatt is an award-winning resort for the wealthy; a touch of Switzerland in the Heber Valley. The resort is in its fourth year, trying to build an international clientele.
Click Here To Read: Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'...
The transactions leading to Monday's auction are complicated, but simply put: The company that sold the resort is the same company that bought it; and in doing so, they wiped out as much as $20 million in debt.
Zermatt is an award-winning resort for the wealthy; a touch of Switzerland in the Heber Valley. The resort is in its fourth year, trying to build an international clientele.
Click Here To Read: Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'...
FHA Gets Tougher on Mortgages
Consumers looking for home loans backed by the Federal Housing Administration will face tougher hurdles and higher costs under new legislation and new rules that could take effect as soon as this month.
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to ensure that the FHA stays solvent. Its reserves, which are used to cover bad loans, plummeted to $3.5 billion at midyear from $19.3 billion in September 2008, according to a report from the FHA's parent, the Department of Housing and Urban Development.
Click Here To Read: FHA Gets Tougher on Mortgages...
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to ensure that the FHA stays solvent. Its reserves, which are used to cover bad loans, plummeted to $3.5 billion at midyear from $19.3 billion in September 2008, according to a report from the FHA's parent, the Department of Housing and Urban Development.
Click Here To Read: FHA Gets Tougher on Mortgages...
In London, the World’s New ‘Most Expensive’ Home?
It looks like Candy Spelling has been one-upped. A six-bedroom penthouse at London’s tony One Hyde Park commanded £140 million, or about $220 million, Luxist reports. And this deal comes before the four-building project is even complete: It is due to be finished by the end of the year.
According to Luxist, that makes it world’s priciest piece of residential real estate-when measuring current listings and sales-pushing Ms. Spelling’s $150 million asking price for her bigger-than-big Los Angeles mansion down a slot. The deal also makes the U.S. look, well, like a bargain: In what is believed to be the biggest residential sale, a Texas executive paid $46.5 million for a 3,500-acre Colorado ranch earlier this year.
Click Here to Read: In London, the World’s New ‘Most Expensive’ Home...
According to Luxist, that makes it world’s priciest piece of residential real estate-when measuring current listings and sales-pushing Ms. Spelling’s $150 million asking price for her bigger-than-big Los Angeles mansion down a slot. The deal also makes the U.S. look, well, like a bargain: In what is believed to be the biggest residential sale, a Texas executive paid $46.5 million for a 3,500-acre Colorado ranch earlier this year.
Click Here to Read: In London, the World’s New ‘Most Expensive’ Home...
Why Do Short Sales Sputter, Fall Apart?
We're in the process of short-selling our home. At our closing, the buyer didn't show. This apparently happens frequently.
Why do so many so-called short sales take so darn long and fall apart so often? By the way, when we called the showing service that our Realtor is using, we got a phone message for our lender, which is a major bank. What's up with that?
Click Here To Read: Why Do Short Sales Sputter, Fall Apart?...
Why do so many so-called short sales take so darn long and fall apart so often? By the way, when we called the showing service that our Realtor is using, we got a phone message for our lender, which is a major bank. What's up with that?
Click Here To Read: Why Do Short Sales Sputter, Fall Apart?...
Mortgage Forgiveness? Forget It
DON'T JUST STAND THERE, DO SOMETHING. That's the increasingly nervous vibe going through Washington as the economy slows and November's mid-term elections quickly approach.
There have been suggestions that the Federal Reserve step-up its efforts to jump-start the economy. St. Louis Federal Reserve President James Bullard last week proposed another round of Treasury securities purchases, or quantitative easing, dubbed QE2, on top of the previous $1.7 trillion acquisition of Treasury, agency and agency mortgage-backed securities. ("Are the Helicopters About to Take Off?, July 30, )
Then came a story in the Wall Street Journal that the Fed was mulling the reinvestment of the principal payments on its big, $1.25 trillion MBS portfolio, sort of QE Lite ("Fed Mulls Symbolic Shift", Aug. 3.). Those actions would help keep long-term interest rates low to bolster the beleaguered housing market.
Click Here: Mortgage Forgiveness? Forget It...
There have been suggestions that the Federal Reserve step-up its efforts to jump-start the economy. St. Louis Federal Reserve President James Bullard last week proposed another round of Treasury securities purchases, or quantitative easing, dubbed QE2, on top of the previous $1.7 trillion acquisition of Treasury, agency and agency mortgage-backed securities. ("Are the Helicopters About to Take Off?, July 30, )
Then came a story in the Wall Street Journal that the Fed was mulling the reinvestment of the principal payments on its big, $1.25 trillion MBS portfolio, sort of QE Lite ("Fed Mulls Symbolic Shift", Aug. 3.). Those actions would help keep long-term interest rates low to bolster the beleaguered housing market.
Click Here: Mortgage Forgiveness? Forget It...
Serving Your Country? Bank of America Wants Your House...At Any Cost
The more stories we get from homeowners at shamethebanks.org and the more people I talk to about how they're losing their homes, the more I start to believe that banks and servicers are spending more time figuring out how to take homes than they are on how to save them. In the past few days alone I've heard stories from people who have recounted instances where they have been blatantly mistreated and swindled by banks.
At the rate that banks and mortgage servicers are foreclosing on homeowners it's been difficult lately to not buy into some of the speculative theories, no matter how conspiratorial they might sound. The theories range from land grabs, covering up a massive Ponzi scheme or massive fraud, and systematically eradicating the middle class. It's hard not to buy into these when you spend most of your free time talking to homeowners or reading their stories.
Click Here: Serving Your Country? Bank of America Wants Your House...At Any Cost...
At the rate that banks and mortgage servicers are foreclosing on homeowners it's been difficult lately to not buy into some of the speculative theories, no matter how conspiratorial they might sound. The theories range from land grabs, covering up a massive Ponzi scheme or massive fraud, and systematically eradicating the middle class. It's hard not to buy into these when you spend most of your free time talking to homeowners or reading their stories.
Click Here: Serving Your Country? Bank of America Wants Your House...At Any Cost...
Senate Approves Higher Government Mortgage Fees
Higher monthly fees are coming for consumers who take out home loans guaranteed by the Federal Housing Administration, the primary source of mortgages for first-time homebuyers.
The Senate late Wednesday unanimously approved legislation giving the FHA the power to hike monthly premiums it charges to consumers. The measure now goes to President Barack Obama, who is expected to sign it.
The new law would affect new loans and not ones that already have been made.
Click Here to Read: Senate Approves Higher Government Mortgage Fees...
The Senate late Wednesday unanimously approved legislation giving the FHA the power to hike monthly premiums it charges to consumers. The measure now goes to President Barack Obama, who is expected to sign it.
The new law would affect new loans and not ones that already have been made.
Click Here to Read: Senate Approves Higher Government Mortgage Fees...
Bank of America Foreclosures in Utah Could be Halted Again
Plaintiff Peni Cox who has challenged Bank of America’s Utah foreclosure practices has taken another step closer to being heard in the 10th Circuit Court. Attorneys for Cox, John Christian Barlow and E. Craig Smay have filed a motion to stay the court order issued by federal Judge Clark Waddoups June 11, 2010. The decision has allowed ReconTrust Company to continue its unabated non-judicial foreclosure activity in Utah. The judge denied Cox's request for a Temporary Restraining Order (TRO) July 7, 2010 saying he was not persuaded by the Plaintiff’s arguments.
Read more: Bank of America Foreclosures in Utah Could be Halted Again...
Read more: Bank of America Foreclosures in Utah Could be Halted Again...
Thursday, August 5, 2010
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Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter
It's the same story, just a different quarter.
The sales of single-family homes along the Wasatch Front rose in second quarter, but median sales prices continued to fall.
Data released by the Salt Lake Board of Realtors Thursday showed that sales climbed as much as 18.39 percent in Tooele County during the second three months of 2010 compared to the same period last year. However, the median sales price for single-family homes there fell 5.58 percent to $169,950.
Click Here: Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter...
The sales of single-family homes along the Wasatch Front rose in second quarter, but median sales prices continued to fall.
Data released by the Salt Lake Board of Realtors Thursday showed that sales climbed as much as 18.39 percent in Tooele County during the second three months of 2010 compared to the same period last year. However, the median sales price for single-family homes there fell 5.58 percent to $169,950.
Click Here: Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter...
Foreclosures, Short Sales Driving Deals In Utah Housing Market
A new report by the Salt Lake Board of Realtors says home sales are up. West Valley City had the most sales for the past quarter. "We're in a climate right now where the interest rates are so favorable, it's hard not to go out and buy a house right now," says Salt Lake Board of Realtors' Bill Heiner. But for a seller, the market is not optimal according to the board's findings. The average residential property sold for nearly $206,000 -- down from $222,000 a year ago. And the board says Utah has not hit bottom yet.
Click Here To Read: Foreclosures, Short Sales Driving Deals In Utah Housing Market...
Click Here To Read: Foreclosures, Short Sales Driving Deals In Utah Housing Market...
Superman Comic Saves Family Home From Foreclosure
A struggling family facing foreclosure has stumbled upon what is considered to be the Holy Grail of comic books in their basement – a fortuitous find that could fetch upwards of a quarter million dollars at auction.
A copy of Action Comics No. 1, the first in which Superman ever appeared, was discovered as they went about the painful task of packing up a home that had been in the family since at least the 1950s. The couple, who live in the South with their children, asked to remain anonymous.
Click Here To Read: Superman Comic Saves Family Home From Foreclosure...
A copy of Action Comics No. 1, the first in which Superman ever appeared, was discovered as they went about the painful task of packing up a home that had been in the family since at least the 1950s. The couple, who live in the South with their children, asked to remain anonymous.
Click Here To Read: Superman Comic Saves Family Home From Foreclosure...
Market 'Balanced' After Tax-credit End
The federal homebuyer tax credit that expired on April 30 seemingly had its intended effect, creating a spike in pending sales contracts in the Washington area.
Statistics provided by Real Estate Business Intelligence (RBI), a subsidiary of Metropolitan Regional Information Systems (MRIS), show that pending sales (a reflection of signed contracts that have not yet reached settlement) peaked during the week ending May 1 at 4,614 contracts, compared with 2,617 pending sales for that same week in 2009. The increase of 76.3 percent from one year to the next during that week followed two previous weeks of increases of 41 percent and 31.6 percent over those weeks in 2009.
Click Here: Market 'Balanced' After Tax-credit End...
Statistics provided by Real Estate Business Intelligence (RBI), a subsidiary of Metropolitan Regional Information Systems (MRIS), show that pending sales (a reflection of signed contracts that have not yet reached settlement) peaked during the week ending May 1 at 4,614 contracts, compared with 2,617 pending sales for that same week in 2009. The increase of 76.3 percent from one year to the next during that week followed two previous weeks of increases of 41 percent and 31.6 percent over those weeks in 2009.
Click Here: Market 'Balanced' After Tax-credit End...
Wasatch Front Foreclosure Picture Continues To Darken
The Wasatch Front’s foreclosure problem continues to grow, a new report shows.
Owners of nearly 8,300 residential properties in the Salt Lake metro area received a foreclosure-related filing in the first six months of the year, according to RealtyTrac, a company that tracks foreclosures nationally. That’s up more than 55 percent from the same six-month period last year.
By comparison, the number of households nationally facing foreclosure rose only 8.3 percent from January to June.
The Salt Lake area was among 154 out of 206 metro areas with a population of at least 200,000 that had an increase in foreclosure activity. But the rate locally tops the national average, with one in every 48 homes receiving a filing, compared with one in 78 U.S. homes.
“Obviously, the numbers are a little depressing,” said Salt Lake City economist Jeff Thredgold, a consultant to Zions Bank.
Click Here: Wasatch Front Foreclosure Picture Continues To Darken...
Owners of nearly 8,300 residential properties in the Salt Lake metro area received a foreclosure-related filing in the first six months of the year, according to RealtyTrac, a company that tracks foreclosures nationally. That’s up more than 55 percent from the same six-month period last year.
By comparison, the number of households nationally facing foreclosure rose only 8.3 percent from January to June.
The Salt Lake area was among 154 out of 206 metro areas with a population of at least 200,000 that had an increase in foreclosure activity. But the rate locally tops the national average, with one in every 48 homes receiving a filing, compared with one in 78 U.S. homes.
“Obviously, the numbers are a little depressing,” said Salt Lake City economist Jeff Thredgold, a consultant to Zions Bank.
Click Here: Wasatch Front Foreclosure Picture Continues To Darken...
Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet
Another day, more foreclosure news, more bad news at Fannie and Freddie, ho-hum…
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing.
Thus far, 1.46m homes have entered foreclosure in 2010. In the same amount of time in 2009, we had 1.68m foreclosures, and 1.25m in 2008. According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet.
Click Here To Read: Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet...
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing.
Thus far, 1.46m homes have entered foreclosure in 2010. In the same amount of time in 2009, we had 1.68m foreclosures, and 1.25m in 2008. According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet.
Click Here To Read: Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet...
Monday, August 2, 2010
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Defaulted Loans,
Distressed Properties,
Fannie Mae,
Foreclosure,
Freddie Mac,
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Chris Tucker's Short Sale Situation
It's been a rough year for Chris Tucker. Not only does he owe over $11 million in back taxes but the comedian is also set to lose a lot of money on his home in Monteverde, Florida. The Real Estalker reports that Tucker bought the five-bedroom home for $6 million in 2007 but he won't be getting anything near that now, it is currently listed as a short sale.
Click Here: Chris Tucker's Short Sale Situation...
Click Here: Chris Tucker's Short Sale Situation...
Is The Real Estate Market Turning Around?
The home sales index spike from the home buyer tax credit has almost run out. If you didn't have a deal in escrow by April 30, you didn't get the credit. The time to close a deal was extended to September 30. The predictions were that we'd see a fall in July activity which is exactly what is occurring.
The reports that are currently coming in don't yet reflect July sales which will show a drop in sales. For example, the Case-Shiller report came in yesterday for May, 2010, but that report is a three-month average of prices. The report said prices were up 1.2% MoM, and 5.4% YoY. That was the peak of housing credit driven sales.
Click Here To Read: Is The Real Estate Market Turning Around?...
The reports that are currently coming in don't yet reflect July sales which will show a drop in sales. For example, the Case-Shiller report came in yesterday for May, 2010, but that report is a three-month average of prices. The report said prices were up 1.2% MoM, and 5.4% YoY. That was the peak of housing credit driven sales.
Click Here To Read: Is The Real Estate Market Turning Around?...
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