July Pending Sales and Distressed Sales Report

Equity home sales continue sharp upward trend as housing supply remains tight in distressed markets LOS ANGELES (Aug. 22) – The share of equity home sales continued to grow in July, increasing on a monthly basis for 17 of the last 18 months, while distressed sales plunged by half compared to a year ago, the […]

New Short Sale Program Offers Relief For Underwater Homeowners

One of the federal government’s most-important financial relief efforts for underwater homeowners started operating Nov. 1. Making sense of the story Traditionally short sales, where the lender agrees to accept less than the full amount owed and the house is sold to a new purchaser at a discounted price, are associated with extended periods of […]

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 […]

Pending Home Sales in California Gained in February

  Pending home sales in California gained ground for the second consecutive month in February, while the share of equity sales posted higher after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Pending home sales: C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in […]

Mortage Aid Open To More California Borrowers

  The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines.  Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. To date, Keep Your Home California has helped approximately 8,000 low- and […]

Working With Short Sales, They Are Worth The Trouble

Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone. Typically with a short sale, the homeowner is underwater and has experienced […]

Short Sale Fraud Rampant, Investigators Say

  Lenders are losing out on thousands of dollars–sometimes within just mere hours–due to short sale fraud, which is skyrocketing and plaguing the housing market, investigators say. In one of the most common short sale scams, an investor submits a low offer on a home that is underwater, in which the borrower owes more on […]

Banks Continue Their Tight Lending Practice, Shutting Out Home Buyers

We all know that this recession we are in now is all due to our banks and Wall Street. With their haste to make as much money as possible, by reducing lending requirements, they created a housing market that had only one direction to go., down. They created a wave of foreclosures, Wall Street firms […]

Miss a Mortgage Payment, Your Credit Score is Drastically Affected

  Missed mortgage payments, short sales, and foreclosures can all drastically bring down a credit score. Lenders use credit scores to measure how well a person handles debt. Credit scores range from 300 to 850, with 650 and below considered poor credit. A mortgage makes up a big part of a person’s credit score and […]

Why Do Banks Call Them Short Sales? They Should Be Called Long Sales!

By John J. O’Dell I wonder why banks call short sales, short sales?  Of course, what they mean by a short sale is that they are agreeing to sell a house for less than the mortgage they hold on the property. After that, short sale means you will complete a sale within a period of […]