Category Archives for "Blogs"
A running list of every Blog Post
A running list of every Blog Post
The following is a list titled “10 Tips for a Successful Short Sale” created by Bank of America. For the full list, click here.
To speak with a licensed real estate agent who specializes in Short Sales, Contact Showcase Realty, LLC anytime!
According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated by Fannie and Freddie jumped 21 percent.
The GSEs’ prime borrowers are performing the worst. Foreclosure rates among the agencies’ prime loans have soared nearly 400 percent since January 2008, with a notable hastening tracked over the last two months, LPS reports. That increase is second only to the swell seen in non-agency “jumbo” mortgages, for more than $729,750.
LPS says the recent momentum in GSE foreclosure starts coincides with Home Affordable Modification Program (HAMP) cancellations, with most of the volume concentrated in the very late stages of delinquency (six-plus months).
The latest HAMP statistics from the Treasury showed an extremely elevated number of cancellations from trial plans, as many borrowers who received temporary modifications have not been able to verify their income or have missed trial payments.
As of the end of June, 520,814 HAMP trials had been cancelled – more than have been converted to permanent status. In addition, 8,823 permanent modifications have been cancelled under the federal program.
In contrast, LPS says foreclosure starts have remained relatively stable over the last several months for the rest of the industry. The company puts the overall foreclosure rate as of the end of June at 3.65 percent, but notes that foreclosure inventories are still elevated.
According to LPS’ market data, total foreclosure starts for 2010 are at 1,456,000. That stat is lower than 1,682,000 for the same period in 2009, but up from 1,245,000 in the first half of 2008.
Zillow.com recently published an article stating that an extremely large amount of sellers had to cut home prices in the month of June. Read the full article bellow:
“(Reuters) – The percentage of U.S. home sellers who cut their asking price rose in June, with price reductions even larger than the month before, real estate website Zillow.com said in a report.
Prices of about one in four homes, or 26.3 percent, listed for sale on the Zillow website had been cut at least once as of the end of June, up from 23.6 percent in May, Zillow said in the report, which was obtained by Reuters on Friday.
June marked the third month in a row that the percentage of home sellers who reduced their asking price increased from the previous month.
Price reductions peaked last September, when nearly one-third, or 32.6 percent, of listings on Zillow had at least one price cut.
The New York Times just published a surprising article regrading Mortgages. Read the article below for more information:
“LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.