During the past few years, properties located next to foreclosures lost an estimated $1.95 trillion in value, according to the Center for Responsible Lending. The group analyzed data from the U.S. Census, Lender Processing Services and the Mortgage Bankers Association's National Delinquency Study and discovered it's not just foreclosed homeowners who lost their personal wealth. … Continue reading Foreclosures wipe out $2 trillion in neighborhood equity
Month: October 2012
Fannie Mae Improves Offer Process for HomePath Foreclosures
The buying process to purchase Fannie Mae foreclosures should be easier due to enhancements to HomePath, the GSE’s foreclosure website. On Tuesday, Fannie Mae announced real estate agents can access Fannie Mae offer documents alongside the local sales contract in approved forms libraries. Agents and homebuyers can also sign offer documents for HomePath properties electronically. … Continue reading Fannie Mae Improves Offer Process for HomePath Foreclosures
Great Recession creates 4.8 million renters
The United States added 4.8 million renters in the past six years while losing 1.7 million owner households as the dynamics of the real estate space changed in the wake of the 2008 financial meltdown, according to the Mortgage Bankers Association. The market experienced additional changes in the first nine months of 2012, creating unexpected … Continue reading Great Recession creates 4.8 million renters
Pending single-family sales shoot up 40% in Florida
Florida earned its reputation as a recovered Sand State in September with pending home sales soaring 40.1% above year-ago levels. While pending sales are contracts yet to be closed, Florida Realtors found that statistic compelling enough to declare Florida no longer in recovery mode, but stabilized and on solid footing. Closed single-family sales also increased, … Continue reading Pending single-family sales shoot up 40% in Florida
FDIC sold $1.5 billion in real estate assets in 2011: OIG
The Federal Deposit Insurance Corp.'s resolution and receivership division managed to sell off 2,259 real estate assets from failed depository institutions for a sales price of $620 million last year, according to a report from the FDIC Office of Inspector General. The assets, which held a book value of $1.5 billion, were sold from Jan. … Continue reading FDIC sold $1.5 billion in real estate assets in 2011: OIG
C.A.R. Survey Finds Short Sales Less Frustrating, but Still Difficult 10/18/2012 By: Esther Cho
The short sale process, while still difficult, is becoming a little less frustrating, according to a Lender Satisfaction Survey conducted by the California Association of Realtors (C.A.R.). The trade organization reported 64 percent of California Realtors expressed difficulty in closing short sales, an improvement from 77 percent in August 2011 and 70 percent in 2010. … Continue reading C.A.R. Survey Finds Short Sales Less Frustrating, but Still Difficult 10/18/2012 By: Esther Cho
Housing recovery relies on continued government support
The federal government's grip on the nation's housing finance will remain both a hug and a stranglehold, at least for the near term. Despite strengths in the housing recovery, a sudden withdrawal of the government out of the market would prove catastrophic. The truth is, however, that the United States couldn't get out of the … Continue reading Housing recovery relies on continued government support
HARP on Track to Reach 1M Borrowers This Year
Nearly 99,000 homeowners refinanced their mortgages in August through the Home Affordable Refinance Program (HARP), according to a new report released by the Federal Housing Finance Agency (FHFA) Tuesday. The federal government’s HARP initiative, which is applicable for borrowers with loans owned by Fannie Mae or Freddie Mac, has put 618,217 homeowners into new mortgages … Continue reading HARP on Track to Reach 1M Borrowers This Year
Citigroup offloads $750 million in delinquent loans
Citigroup ($36.97 0.31%) offloaded $750 million in delinquent loans in the third quarter alone, as part of a larger effort to reduce exposures associated with its mortgage portfolio and further efforts to bring similar operations inhouse. In an earnings call with investors this morning, the bank noted expenses in the third quarter are rising, mainly … Continue reading Citigroup offloads $750 million in delinquent loans
Distressed Sales Interfere with Accurate Appraisals: NAR
Inflated appraisals were identified as one of the causes of the housing bubble, and now undervalued appraisals are viewed as a reason for a stalled recovery. In a September National Association of Realtors (NAR) survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a … Continue reading Distressed Sales Interfere with Accurate Appraisals: NAR
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