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May 2011 - Posts

Thursday, May 26, 2011 2:35 PM

More than half of U.S. adults believe housing recovery unlikely until 2014 or later

An ongoing survey conducted by Harris Interactive on behalf of Trulia and RealtyTrac finds that 54 percent of U.S. adults believe recovery in the housing market will not happen until 2014 or later. In a previous survey conducted six months ago, 42 percent
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Thursday, May 26, 2011 2:35 PM

Weekly Fraud Alert: CA Attorney General launches mortgage fraud task force

California Attorney General Kamala Harris announced this week the launch of a 25-person task force whose job is to "monitor and prosecute violations at every step of the mortgage process, from the origination of mortgage loans to the marketing of
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Thursday, May 26, 2011 2:33 PM

California’s median home price increases, home sales decrease in April

California’s median home price for existing, single-family homes rose 2.5 percent in April to $293,570, while home sales declined 2.9 percent, compared with March, according to C.A.R.’s latest sales and price report. In year-to-year comparisons,
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Thursday, May 26, 2011 2:32 PM

Mortgage loan delinquency rate increases in first quarter

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 8.32 percent of all loans outstanding as of the end of the first quarter of 2011, an increase of seven basis points from the
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Thursday, May 26, 2011 2:30 PM

Housing Affordability Rises to Record Level, Tight Financing Continues to Constrain Sales

NAHB : May 25, 2011 - Nationwide housing affordability during the first quarter of 2011 rose to its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index
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Thursday, May 26, 2011 2:25 PM

Banks Face $17 Billion in Suits Over Foreclosures

WSJ: State attorneys general told five of the nation's largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people
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Saturday, May 21, 2011 3:20 PM

Inland Empire Area Market Report Apr-11

Inland Empire Area Market Report Apr-11 Source: Multi Regional Multiple Listing Service, Inc. Multi Regional Multiple Listing Service, Inc. reports median single-family home price down -1.2% in Apr-11 over Mar-11, sales fall to 5,467. Click here to view
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Saturday, May 21, 2011 3:06 PM

Freddie Mac Launches Summer Sales Promotion

HomeSteps, the real estate sales unit of Freddie Mac this week launched a nationwide sales promotion for its inventory of foreclosed homes. The HomeSteps Summer Sales Promotion offers up to 3.5 percent of a buyer's closing cost and a $1,200 selling
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Saturday, May 21, 2011 11:42 AM

Freddie Mac launches promotion to sell its foreclosed homes

This week, Freddie Mac launched its HomeSteps Summer Sales Promotion, which offers to cover up to 3.5 percent of a buyer's closing costs. Read the full story
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Saturday, May 21, 2011 11:41 AM

Why are short sales so long and drawn out?

It’s understandable that lenders would want to get as much money as possible from a deal in which a home is being sold for less than what is owed on it, but turning short sales into an ordeal is discouraging potential buyers. Read the full stor
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Saturday, May 21, 2011 11:40 AM

Home sellers are financing buyers with poor credit

Financing provided by home sellers, popular in the 1980s when mortgage rates reached 18 percent, is making a comeback in markets that have been hit hard by foreclosures and where tightening lending standards and years of economic distress have drained
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Saturday, May 21, 2011 11:40 AM

Fixed mortgage rates touch new lows for 2011

Fixed mortgage rates fell this week to the lowest point of the year, offering incentives for homeowners to save money by refinancing their loans. Read the full story
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Saturday, May 21, 2011 11:39 AM

No housing recovery until 2014?

More than half of Americans don’t think there will be a housing recovery until 2014 or later, a new survey shows. That’s up from 34 percent who responded that way in November 2010. Read the full story
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Saturday, May 21, 2011 11:38 AM

Are we facing the end of the 30-year fixed-rate mortgage?

Many housing proponents say the government’s move to dismantle Fannie Mae and Freddie Mac means the most popular home loan will be more expensive. But how much more is a matter of debate. Read the full story
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Saturday, May 21, 2011 11:36 AM

Financing Foreclosed Homes

NY Times: Foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but would-be owner-occupants may qualify for a federally insured 203(k) loan. Making sense of the story Would-be owner-occupants
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Friday, May 13, 2011 9:56 AM

Do You Know the Warning Signs of Fraud?

From USPS Postal Inspector Chief Guy J. Cottrell's Brochure Warning Signs Sounds too good to be true Pressures you to act "right away" Guarantees success Promises unusually high returns Requires an upfront investment - even for a "free
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Friday, May 13, 2011 9:50 AM

Home Values Decline at Fastest Pace Since the First Quarter of 2001

Home values nationwide declined at a faster pace in the first quarter of 2011 than in any quarter since 2008, when the housing market experienced its worst performance, according to Zillow's first quarter Home Value Index. The Index decreased 3 percent
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Friday, May 13, 2011 9:48 AM

Obama Administration Releases April Housing Scorecard

HUD and the U.S. Dept. of the Treasury have released the April edition of the Obama Administration's Housing Scorecard - a comprehensive report on the nation's housing market. Highlights of the Housing Scorecard include: More than 4.5 million
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Friday, May 13, 2011 9:45 AM

All Homeowner's Insurance Policies are Not the Same!

All homeowners’ insurance policies are not the same, so it is critical homeowners make sure they have the right insurance for their property and possessions. Consumers are advised to take a look at their insurance policy on a regular basis, especially
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Friday, May 13, 2011 9:43 AM

B of A to Open Outreach Centers for Delinquent Homeowners

LA Times: Bank of America plans to triple the number of its assistance offices for homeowners in trouble on their mortgages, including adding seven of the new outreach centers in California. Full story...
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Friday, May 13, 2011 9:39 AM

California once again ranks as one of worst states for mortgage fraud

Sacramento Bee: For the fifth year in a row, California ranks as one of the worst states for mortgage fraud – coming in at number three on the list of the worst states for 2010 behind New York and Florida, according to a report the LexisNexis Mortgage
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Friday, May 13, 2011 9:36 AM

Obama: Homeowners Need More Help

CNN Money: WASHINGTON (CNNMoney) -- President Obama said that struggling homeowners need even more help from the banks, in a CBS town hall that aired Thursday. Calling housing "the biggest headwind on the economy right now," Obama broached two
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Friday, May 13, 2011 9:32 AM

Bankrupt Homeowners Shed Second Mortgages

Silcon Valley - Mercury News: Some struggling homeowners are using a little known, but increasingly popular, provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure. MAKING SENSE OF THE STORY Bankruptcy laws prevent homeowners
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Friday, May 06, 2011 6:02 AM

Your home: How to sell in tough times

CNN Money: If you’re in the market to sell your home, you probably feel you can’t catch a break. Nearly five years into the housing bust, when many experts thought the real estate market would at least have stabilized, sales and prices are
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Friday, May 06, 2011 5:59 AM

Tips for Hiring Moving Companies

The traditional home-buying season is in full swing, meaning many people will be packing boxes and looking for companies to help make the move as painless as possible. The American Moving & Storage Association has tips to help with a smooth move.
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Friday, May 06, 2011 5:55 AM

Foreclosures Trapped by a Lack of Lawyers

The Wall Street Journal: Moves by banks to ditch law firms snared in the “robo-signing” mess are spreading delays and confusion to borrowers, while angering judges grappling with thousands of foreclosure cases now trapped in limbo. Read the
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Friday, May 06, 2011 5:52 AM

Mortgage with 0 percent down? Ask NASA

The Wall Street Journal: No-money-down mortgages are coming back, but it may take a rocket scientist to get one. The NASA Federal Credit Union earlier this month launched a special promotion that allows borrowers to take out mortgages without making a
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Friday, May 06, 2011 5:45 AM

Elder homeowners might want to consider reverse mortgage alternatives

Washington Post : Reverse mortgages may very well be a good choice for some seniors who need to tap into equity they have in their homes. But there are other options elder owners might also want to consider. For example, some state and local governments
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Thursday, May 05, 2011 6:06 AM

Weekly Fraud Alert: Leasing Back a Home

To maneuver around federal laws prohibiting people from charging up-front fees for mortgage modification, fraudulent mortgage modifiers are approaching homeowners in default and offering to pay cash for the home and lease it back to the owners. However,
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Thursday, May 05, 2011 6:00 AM

Fannie and Freddie to Align Guidelines for Servicing Delinquent Loans

C.A.R.’s efforts to address the issues related to the difficulties of the short sale process are starting to gain traction. Late last week, the Federal Housing Finance Agency (FHFA) announced it has directed Fannie Mae and Freddie Mac to establish
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Thursday, May 05, 2011 5:57 AM

Nearly Half of Home Buyers Don't Understand Essential Mortgage Information...

A new survey indicates that home buyers are ill-prepared to take out a mortgage, answering basic questions about mortgage information wrong nearly half (46 percent) of the time, according to a Zillow Mortgage Marketplace. In fact, 44 percent of survey
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Thursday, May 05, 2011 5:54 AM

Buying More Affordable Than Renting in 80 Percent of US Largest Cities

The latest Rent vs. Buy Index by Trulia shows that buying a two-bedroom apartment, condominium, or townhouse is more affordable than renting in 80 percent of the 50 largest cities in the U.S. Only in New York, Fort Worth, and Kansas City was renting a
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