Author Archive
May
Foreclosures Fall…And That’s a Bad Thing?
A new report came out this morning with a curious headline: “Foreclosure Activity Declines, Hurting Investors.” I read it twice. You would think declines in foreclosure activity would be a good thing, that is, would help, not hurt. Not in this bizarre housing market. Read source
May
California community redevelopment agencies’ demise leaves void
California’s 397 urban redevelopment agencies officially closed shop on February 1, 2012, due to legislation passed June 29, 2011. Thus, California real estate developers are uncertain about the direction of their future business at the demise of the state’s dysfunctional urban redevelopment agencies. Before the state’s budget crisis, redevelopment agencies operated primarily off of revenue [...]
May
BofA “streamlined” shortsale process an anticlimax
Bank of America (BofA) recently announced more changes to its shortsale procedures, effective April 14, 2012. New standardized forms and companywide timelines will be implemented. The goal: reduce the bank’s processing time from 45 days to just 20. Under the new, “streamlined” process, sellers negotiating a short payoff with BofA are required to submit: a [...]
May
BofA offers cramdowns with a twisted arm
Bank of America (BofA) has begun offering principal reduction (cramdowns) to homeowners in compliance with the $25 billion settlement reached with state attorneys general this year. BofA plans to mail cramdown offers to over 200,000 homeowners nationally. The estimated average reduction is $150,000 per homeowner, saving each candidate roughly 35% on their monthly mortgage payments. [...]
May
Agent snapshot: not your best side
Comparing American real estate agents to their counterparts in Britain, a recent article from The Economist questions U.S. agents’ ability to charge a 5-6% brokerage fee at a time when British agents charge half the price – and close a greater number of deals per agent. This recent article suggests American agents, whom the author [...]
May
Obama’s ‘Responsible’ Reno Homeowners: Are They?
President Obama has visited a “responsible” couple who owe more on their mortgage than their Nevada home is currently worth. But did they act responsibly? Read source
May
Mortgage Market Still Hampers Housing Recovery
The Realtors say it, the home builders say it, and now the chairman of the Federal Reserve is saying it: “Some creditworthy borrowers are still having trouble getting a mortgage.” Read source
May
Real estate Q&A: Brokers might choose flat fee over commission
QUESTION: I am trying to sell my age-restricted condominium for $25,000. Every real estate agent I speak with wants to charge a flat fee that is higher than the 6 percent commission that I was expecting. Can they do this? Read source
May
Rents soar as former homeowners, young workers seek housing
A nation still struggling to clear up one housing debacle has run smack into another – soaring rents. Read source
May
Mortgage-aid revisions paying off for lenders and some borrowers
A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans. Read source