Thursday, September 1, 2011
Obama's plan would help San Diego's housing market...
Obama Expected to Unveil Plan to Revive Housing
Daily Real Estate News | Thursday, September 01, 2011
The Obama administration is expected to announce a new mortgage relief program next week to help struggling home owners stay in their home and reduce the number of foreclosures, Reuters reports.
While the exact details of the proposal are still unknown, analysts are speculating that President Barack Obama is likely to announce a plan that would help more borrowers to refinance loans, allowing them to lower their monthly payments and ward off possible foreclosure.
The refinancing plan will reportedly apply to loans backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, allowing more home owners who have been unable to refinance due to poor credit, owing too much above their home’s current value, or unemployment, to take advantage of current low interest rates.
Other lawmakers who have pushed for such a move have argued that by lowering home owners’ monthly payments, it would free up cash for other spending, which will help stimulate the overall economy.
Source: “White House Could Unveil Mortgage Plan Next Week,” Reuters (Aug. 31, 2011)
San Diego Housing Market will benefit from this...
Banks Agree to More Short Sales
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
HUD extends help to unemployed homeowners in San Diego
HUD Extends Unemployed Mortgage Relief Program
Daily Real Estate News | Tuesday, August 30, 2011
The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.
The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.
The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.
Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at http://findehlp.com.)
Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29,
Daily Real Estate News | Tuesday, August 30, 2011
The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.
The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.
The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.
Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at http://findehlp.com.)
Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29,
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