real estate news you can use: Eminent Domain Plan and Real Estate - 08/14/13 05:48 AM
Freddie Mac is making a bold move by threatening legal action against the city of Richmond, CA because they are planning to use eminent domain to seize underwater mortgages.
Richmond’s Stance: In offering to buy troubled loans at below market value from mortgage companies, they are then able to write down the loan balances for the new home owners and refinance the loans into government-backed mortgages. IF the mortgage companies refuse to allow them to buy the loans, they city will play the eminent domain card and seize them. This whole plan is theorized to help residents curb the loan debt … (0 comments)

real estate news you can use: Bid Adieu to 3% Mortgage Rates - 06/13/13 02:29 AM
In this week alone, the average 30-year fixed-rate mortgage rose 10 percentage points to 3.91% and are up from 3.3% seen in early May. 15-year loans are up from their 2.56% to 3.03% as well. This trend does not look like it will change. “It’s unlikely that rates will ever be that low again.” said Doug Duncan, Fannie Mae's chief economist.
 
Here are some of the reasons why:
THE FEDThe Fed has been stepping in and actively keeping rates at rock-bottom levels by buying up to $85 billion/month of Treasury bonds and mortgage-backed securities. This purposeful manipulation of the market has enabled lenders … (0 comments)

real estate news you can use: Real Estate Recovery: Good and Misunderstood - 06/11/13 11:45 PM
 
 
Misunderstood News:
April saw a sharp fall in housing starts primarily due to apartment and condominium declines. The Census Bureau reported a 17% reduction for the month with a 38% drop in multi-family units. This emphasizes the volatility of the market since each livable unit with such buildings counts as an individual statistic. New building starts boasted gains of 14%--much coming from the building of large apartment buildings.
 
Straight–Forward Good News:
The two more stable measurements, single-family home starts, fell only 2% allowing the overall stat to remain 21% above last year’s levels. In addition, near-record low mortgage rates in combination with the … (0 comments)

real estate news you can use: HUD-Owned Homes Predicted to Surge - 05/01/13 01:33 AM
HUD—Who are They?
In 1937, the U.S. Housing Act planted the seeds for the development of the Department of Housing and Urban Development in 1965. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable home for all.
  
The U.S. Department of Housing and Urban Development is reportedly releasing more of its homes to the market here shortly in order to counterbalance the slim inventory being seen across the country and the backlogged foreclosures/short sales.
“The inventory is there, [it’s] just not being released during the banks/servicers review of the loan/mortgage documents,” says … (2 comments)