Real Estate news — Recent headlines that could affect YOU!

Recent headlines that could affect YOU!

• The two mortgage giants, Fannie Mae and Freddie Mac, which either guarantee or own more than 50% of home loans, has announced that it will start rewarding servicers that modify home loans on a timely basis and penalize those that don't. Even more relevant, new rules forbid servicers from beginning foreclosure proceedings while at the same time exploring alternatives for lowering borrowers' monthly payments. There have been too many horror stories of mortgage lenders foreclosing on properties where the borrower was working with someone else at the company to lower the monthly payment.
• The average rate on a 30-year loan fell to 4.78% from 4.80% percent the previous week, and 15-year rates fell from 4.02% to 3.97%.
• San Diegans who are renting pay an average of 50% or more of their income on rent and utilities, making San Diego the 22nd least affordable metropolitan area for renters. Might be time to buy.

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