West Hills Ca. /Woodland Hills /San Fernando Valley Real Estate/Beyond The Headlines 10-28-2010
Welcome to C.A.R.'s Market Matters, your weekly market response guide.
The New York Times
The price of a "no-cost" loan
Some home buyers who may be concerned about paying high closing costs might be tempted by a "zero-cost" or "no-cost" loan option, which requires no cash outlay, but typically adds a half percentage point to the rate. However, some financial consultants say these loans tend to be most beneficial to buyers planning to have the loan for less than five years.
KEEP THIS IN MIND
• One of the primary differences between a no-cost loan and similar loans is that no-cost loans do not tack on closing costs to the balance, but instead increase the rate.
• With no-cost loans, third-party fees including the appraisal, credit report, title insurance, recording, and the use of a mortgage broker are paid by the lender. The fees, including the amount the broker is being paid, are disclosed on the closing statement.
• Home buyers who bypass a broker and work directly with a lender may encounter less transparency, as loan officers are not required to disclose the amount the bank is making on the loan.
• Borrowers weighing their loan options are advised to use a mortgage amortization calculator to compare the costs for a conventional loan compared with a no-cost loan. The Federal Reserve provides an amortization calculator on its Web site at www.federalreserve.gov.
Read the full story:
http://www.nytimes.com/2010/10/24/realestate/24mort.html?ref=realestate
In Other News...
Los Angeles Times
Signs of foreclosure paperwork problems were missed, FDIC chief says
Regulators should have foreseen a wave of suspect foreclosure paperwork coming, a key official admitted Monday as federal banking agencies said they had launched their own in-depth review of the issue.Read the full story:
http://www.latimes.com/business/la-fi-foreclosures-bernanke-20101026,0,2802043.story
Orange County Business Journal
Stand-alone home prices move above $500,000 mark
Read the full story:
http://www.ocbj.com/news/2010/oct/22/stand-alone-home-prices-move-above-500000-mark/
CNN Money
Obama mortgage mods slow, hitting nearly 500,000
The government's main foreclosure-rescue program continues to show signs of slowing progress, according to a federal report released Monday.
Read the full story:http://money.cnn.com/2010/10/25/real_estate/HAMP/index.htm
The New York Times
Short sales revisited as foreclosures are revived
Read the full story:
http://www.nytimes.com/2010/10/25/business/25short.html?_r=1&ref=realestate
San Francisco Chronicle
Refinancing rush helps banks amid foreclosure mess
Read the full story: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/26/BUKB1G1NEU.DTL
The New York Times
Foreclosures had errors, bank finds
Even as Bank of America begins to restart foreclosure proceedings in 23 states on Monday, the bank confirmed that it had discovered errors, including incorrect data and misspelled names, in the paperwork it had reviewed.Read the full story:http://www.nytimes.com/2010/10/25/business/25foreclosure.html?ref=realestate
Los Angeles Times
Your credit score is constantly changing
Read the full story:http://www.latimes.com/business/realestate/la-fi-lew-20101024,0,6547837.story
CNN Money
Existing home sales on the rise
Read the full story:
http://money.cnn.com/2010/10/25/news/economy/existing_home_sales/index.htm?hpt=T2
What you should know about the market
• C.A.R.'s report also showed that, contrary to the national picture, the housing supply in California has been below normal throughout 2010. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes remained relatively unchanged in September at 6.2 months but was up from the 4.5 months recorded in September 2009. The index was 6.1 months in August. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate
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