Owners Missing Money at Foreclosure Auctions

Because there’s strong demand for affordable residences in markets that are seeing home prices surge, some homes sold at foreclosure auctions are netting more than what the lender is owed. Once debts, liens, and fees are paid off, the home owner who’d fallen behind in their mortgage payments is entitled to the remainder. But here’s the […]

Dramatic Easing of Mortgage Standards

  Federal Housing Finance Agency Director Mel Watt on Monday announced plans to expand home buyers’ access to mortgages by loosening up lending standards. During the Mortgage Bankers Association‘s annual conference, Watt said FHFA will release guidelines “in the coming weeks” to allow increased lending to borrowers with down payments as low as 3 percent. […]

Housing Affordability Declines as Interest Rates Go UP

The majority of housing markets remain affordable to the average family, but rising mortgage rates and rising housing prices are causing more families to have to stretch financially, according to Freddie Mac’s U.S. Economic and Housing Market Outlook for December. “Rising mortgage rates and rising housing prices over the past six months are making it […]

Bizarre Mortgage Requests Delay Borrowers

Underwriters are being extra vigilant in verifying every detail of a mortgage application, and some of their requests for information, borrowers say, are downright odd. For example, one borrower says an underwriter demanded a letter from his doctor that an illness he had would never come back. Another borrower says that an underwriter told her […]

It’s Not Over: Report Warns Shadow Inventory Threat Remains

  Foreclosures have been falling in recent months, but two government watchdogs warn that the foreclosure crisis isn’t over yet. About 1.7 million borrowers have missed more than one payment on their government-backed mortgages, according to a newly released report by the inspectors general of the Federal Housing Finance Agency and Department of Housing and […]

What Will the New ‘Normal’ for Housing Be?

Mortgage giant Fannie Mae recently offered some predictions of what the housing market’s “normal” will look like in the next two years. In its report, “Transition to ‘Normal’?”, Fannie says while the housing market has shown improvement, uncertainty remains over both the economy and the real estate market. “Our forecast is that 2013 and 2014 will […]

Short Sales May Get Shorter

The Colonial Revival headquarters of Fannie Mae, designed by architect Leon Chatelain, Jr. in 1956, located at 3900 Wisconsin Avenue, N.W., in the Cathedral Heights neighborhood of Washington, D.C. (Photo credit: Wikipedia)                           Beginning June 15, the Federal Housing Finance Agency, which regulates […]

Home Sales Increasing And Prices Are Bouncing Back

                I’ve noticed an increase in sales in Nevada County.  A recent article which I’m republishing here indicates that  home prices are increasing nationwide. “The Federal Housing Finance Agency reported that nationwide home prices posted their first gain in the first quarter since 2007. While the gain was […]

First Gain in California Home Prices in 16 Months

                          The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday. The statewide median price of an existing, […]

Unemployed Borrowers Get Reprieve On Their Mortgages

Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. Making sense of the story In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several […]