New Foreclosure Prevention Plan Announced President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers. The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses. […]
Category: The State of Real Estate
New California $10,000 Tax Credit for Home Buyers If you purchase a principal residence between May 1st, 2010 and Dec. 31st 2010 and close escrow by Aug. 1st 2011, you will be eligible for a $10,000 tax credit from the state of California.
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Loans Going Bad Faster
Loans Going Bad Faster Than the Fixes The good news is the pace of loan deterioration is slowing. The bad news is we are still seeing record high delinquencies, and new delinquencies are outpacing loss mitigation efforts. Lender Processing Services put out its Mortgage Monitor report today, and the numbers are really staggering. Loans delinquent/in […]
Real estate slump will end next year: America’s most listened-to investor Warren Buffett said the United States residential real estate slump will end by next year, predicting that’s how long it will take demand for homes to catch up with the supply. “Within a year or so, residential housing problems should largely be behind us,” […]
In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040. “People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent […]
FHA and Fannie – Pushing Foreclosure Sales Starting today home “Flippers” are now welcome at the FHA. That’s right, with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days. It’s just for one year…