The Week in Review
...your Wilmington Connection
March 14, 2010
Well its another sunny day in Wilmington, well needed sunshine after the rain. It's been in the high 60's the last two days. Great House Hunting weather.
It appears people are starting to take the tax break a little more serious now. There have been numerous inquiries and many plans of home searches. Let meknow if I can be of help or if you have any questions call me 910 619 8931 or email me.
Wilmington NC Real Estate
Contracts were up again this week. Currently on the market there are 2351 single family homes on the market in the Greater Wilmington area. 295 homes are under contract. 365 homes have sold in the last 3 months. I'm sure due to the tax credit ending in April the under contracs should be going up in the weeks to come.
To the Rescue... New rules for short sales to start in April
-- Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
-- The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.
-- Lenders must approve or deny a purchase offer within 10 days of it being submitted.
-- Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.
-- These mortgage payments will not be shown as late on credit reports.
-- At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.
--The new rules that offer participating lenders cash incentives to get them to approve more short-sale deals also allow them only 10 days to approve or reject short-sale purchase offers, lenders will be expected to use standardize paperwork.
Foreclosure Rate slowing down
The national foreclosure rate fell 2% in February from a month earlier, according to an industry report released Thursday, the latest sign that the pace of foreclosures is slowing.In January, the foreclosure rate had fallen 10% from December. Six states accounted for 60% of all foreclosure filings. California, with 68,562, led all states and had the fourth highest rate, with one of every 195 households receiving a filing.The other top states for total filings included Florida, Michigan, Illinois, Arizona, Nevada and Texas.
....until next Week in The Week in Review
Tina
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