real estate trends: Federal Government Steps in to Assist a Floundering Real Estate Market
- 07/15/08 11:23 AM
In order to prevent a repeat or continuation of the current mortgage crisis resulting in record high foreclosures, the Feds are adopting rules that will inhibit the use of shady or unethical lending practices for future homebuyers. Fed Chairman Ben Bernanke stated, "These new rules... will address some of the problems that have surfaced in recent years in mortgage lending, especially high-cost mortgage lending." The plan applies to new loans made by all types of lenders, both brokers and banks. The rules would:
Restrict lenders from penalizing risky borrowers who pay loans off early. Require lenders to make sure … (0 comments)
real estate trends: Luxury Real Estate Not Escaping Financial Ravages
- 06/20/08 10:16 AM
According to Integrated Asset Services, LLC, increasing numbers of higher priced and luxury homes (homes priced $417,000 and up, considered jumbo loans) are heading towards foreclosure or short sale (when more is owned on the property than what it is currently worth). In April of 2008, California had 102 jumbo loan properties become real estate owned bank properties (REO's) compared to only 13 in April 2007. It's also taking lenders a much longer time to reach a sales price agreement for the jumbo loans compared to smaller loans as more money is at stake and the carrying costs (taxes, insurance, security, … (0 comments)
real estate trends: Pricing Your Property to Sell in Naples Florida
- 06/19/08 01:08 PM
On the whole, the nation is currently experiencing a buyers market for housing. House prices are continuing to fall month over month. Making the transition from a sellers market to a buyers market can be painful as you watch the value of real estate decline. In the recent past when it was a sellers market, a house could be priced above the going value because the market was guaranteed to catch up soon. However, if you truly want to sell a property now, and quickly, pricing it right will bring the results you desire. To read the remainder of this article, … (0 comments)
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