A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction. “If people get these things and toss them, they won’t be eligible,” says Ron Sturzenegger, the Bank of America executive … (0 comments)
All of the reports from the various "experts" and news outlets this week, and in previous weeks, can confuse people as to what is really going on within the housing market. You have home builders reporting on Wall Street, and other places, about housing starts and permits being down. You have the National Association of Realtors reporting sales of existing homes are up. And you also have short sales surpassing foreclosures, in sales, for the first time, ever. "Good News on Housing Permits More Than Offsets the Bad News on Starts”— HIS Global Insight
I discussed the below article today on my radio show the "Real Estate Pros" on WPSL AM 1590 out of Port St Lucie, Fl. You can view the show on my website. We discussed the reductions around 40 minutes into the show. 
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