Housing Market Recovery Dependent On Reduction Of “Oversupply Of Distressed Homes” (Video)
10 09 2011Comments : Leave a Comment »
Tags: Bank-Owned, Distressed, Foreclosures, Home Sales, Homes, Videos
Categories : Bank-Owned, Defaults, Delinquencies, Financing, Foreclosures, Housing Market, Investors, Mortgage Industry, Purchases
U.S. Housing Market Continues To “Struggle Mightily” As Litigation And Mortgage Delinquencies, Foreclosures Keep Downward Pressure On Prices (Video)
23 08 2011Nicolas Retsinas, director emeritus of the Joint Center for Housing Studies at Harvard University, discusses the U.S. housing market. Retsinas speaks with Erik Schatzker and Michael McKee on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)
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Tags: Foreclosures, Homeowners, Housing Market, Prices, Values, Videos
Categories : Bank-Owned, Defaults, Delinquencies, Federal Government, Financing, Home Values, Housing Market, Statistics, Videos
Short Sales Process Has Been Aided By 45-Day Requirement For Banks To Respond To Short Sale Requests; Sellers Eligible For Up To $3,000 In Aid (Video)
22 08 2011The short sale system has been simplified by the Obama Administration. The Treasury Department unveiled rules requiring banks to respond to homeowner short sale requests within 45 days. Short sale sellers are also eligible for up to $3,000 in aid to move. By some estimates up to 275,000 foreclosures could be prevented by these efforts.
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Tags: Banks, Foreclosures, Obama Administration, Selling Homes, Short Sales
Categories : Bank-Owned, Delinquencies, Economic Statistics, Federal Government, Foreclosures, Housing Market, Mortgage Industry, Purchases, Short Sales, Videos
Fannie Mae, Freddie Mac And FHA Now Own Half Of All Foreclosed Properties And Obama Administration Is Seeking Proposals On How Best To Shrink Inventory
10 08 2011
The Federal Housing Finance Agency, which regulates Fannie and Freddie, will issue the formal "request for information" with the administration to solicit proposals that shrink the glut of foreclosed properties weighing on the residential market.
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Tags: Bank-Owned, Fannie Mae, FHA, Foreclosures, Freddie Mac, HUD
Categories : Bank-Owned, Defaults, Delinquencies, Fannie Mae, Federal Government, FHA, Foreclosures, Freddie Mac, Housing Market, HUD, Statistics
The FHA 203k Renovation Loan Is The Real “Green Home Loan” As Energy-Efficient Improvments And Non-Toxic Building Materials Can Be Combined To Into One Renovation Transaction
7 06 2011
http://renovationlendinginstitute.com/
- A “Green Home” conserves energy and uses of non-toxic building materials
- The conservation of energy saves on heating and cooling costs
- The of non-toxic materials is very important for health and environmental reasons
- Energy inefficient homes increase the overall monthly costs of a home
- The use of toxic materials can damage health and actually create serious health problems like asthma, allergies, skin issues, headaches, eye irritation and dizziness
- The FHA 203k Rehabilitation mortgage allows a borrower to purchase or refinance a home while financing the costs of renovation to the property
- A home renovation can utilize non-toxic building materials such as non-VOC (volatile organic compounds) paints; sealants that contain polyether rather than urethane or silicone bases; plywood that is free of formaldehyde; and natural clay plaster for walls instead of drywall (gypsum board)
- This turns a “K” into a “Green K”, helping a borrower create a much healthier environment for the family living in the property
- The FHA 203k can significantly reduce the time required to purge the market of real estate-owned (REO) and bank-owned stock
- The REO stock move faster and the banks could sell their REOs for higher prices
- Because the condition of a typical REO property is often quite poor, an owner-occupied homebuyer won’t have the cash to fix it up
- The bank would have to drop the price drasticly to attract investors with the cash to renovate it
- But the homebuyer who uses an FHA 203k Renovation loan can pay a higher price and have the money to renovate
For more: http://nationalmortgageprofessional.com/news25436/help-clients-go-green-fha
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Tags: Energy Efficient Improvements, Energy Savings, FHA 203k, FHA Financing, Home Renovations, Non-Toxic Building Materials, Rehabs
Categories : 203k, Bank-Owned, Energy Efficient Improvements, Energy Efficient Mortgages, FHA, Financing, Green Homes, Housing Market, LEED, Mortgage Industry, Purchases, REO's, The 203k Guy
Home Prices Make New “Post Bubble” Lows As “Four-Year” Supply Of “Foreclosure Inventory” May Further Erode Home Values; Poor Condition Of REO’s Make Renovation Financing Critical
1 06 2011http://renovationlendinginstitute.com/
- S&P Case-Schiller reported that house prices have hit a new post-bubble low, down almost a third from their 2006 peak
- Pending home sales, according to the National Association of Realtors, fell by 27% in April 2011 from previous year
- This represented an 11.6 percent fall for the month
- Many buyers are swamped by negative equity in their current house and those who are not are reluctant to commit their own capital to a falling market
- Tighter underwriting standards would force current homeowners to pay existing lender to cover the equity shortfall and then pay a larger down-payment for the new house
- Continued sales of foreclosed homes is one of the prime forces driving prices lower
- Banks are more willing to cut prices to get a sale done than homeowners
- Many foreclosures are in poor condition, requiring further discounts to entice buyers
- The foreclosure system is overwhelmed, even despite a drop in new foreclosure starts and delinquencies
- Lawsuits over improper foreclosure procedures has slowed the process with banks deliberately holding properties back so as not to further erode prices
- At the current rate of sales it will take more than four years for banks to sell off their existing inventory of foreclosed or seriously delinquent houses
- More than 40 percent of delinquent mortgages have been delinquent for more than a year, according to Lender Processing Services
For more: http://blogs.reuters.com/jamessaft/2011/05/31/u-s-housings-sinking-feeling/
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Tags: Bank-Owned, Delinquencies, Foreclosures, Home Prices, Home Value, Statistics
Categories : Bank-Owned, Defaults, Delinquencies, Foreclosures, Homes, Housing Market, Mortgage Industry, Purchases, Realtors, Statistics
Skip Schenker’s HUD “Good Neighbor Next Door” Program “Success Story”: Moreno Valley Homebuyers Used FHA 203k Renovation Loan To Purchase And Remodel Home At A 50% Discount And 3.5% Down Payment (Hot Dog Of The Week Video)
31 05 2011Learn how this young couple turned a HUD foreclosure from a dog into a dream home with an FHA 203k renovation home loan. They purchased and remodeled a home in Moreno Valley using the Good Neighbor Next Door 50% off program with just 3.5% down and included money for all fix up costs including a new kitchen, bathrooms, flooring, paint , carpet, windows, doors, new roof, HVAC system. Call Skip Schenker at 800-385-3503 to learn how you can get government insured money to remodel your current or next home. Visit www.RenovationLendingInstitute.com to learn more. Multi unit properties with a small down payment.
http://renovationlendinginstitute.com/
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Tags: Good Neighbor Next Door Program, Home Renovations, Hot Dog of the Week, HUD, HUD Homes, Remodels, Skip Schenker, Videos
Categories : 203k, Bank-Owned, FHA, First-Time Homebuyer, Hot...Dog of the Week, HUD, HUD Good Neighbor Next Door, Mortgage Industry, Purchases, Rehabs, Remodeling, REO's, The 203k Guy, Videos
Combined REO Inventory Of Fannie Mae, Freddie Mac And FHA Declines Slightly To 287,184 Units At End Of March 2011 But Pace Of Foreclosuures AND REO Sales Is Accelerating
23 05 2011
The combined REO inventory for Fannie, Freddie and the FHA1 decreased to 287,184 at the end of Q1 2011, from a record 295,307 units at the end of Q4 as shown in the second graph. The pace of foreclosures is picking up, but so is the pace of REO sales. Freddie Mac noted REO sales were at record levels in Q1 where the pace of REO acquisitions will increase in the remainder of 2011, in part due to the resumption of foreclosure activity by servicers, as well as the transition of many seriously delinquent loans to REO. REO disposition reached record levels in 1Q 2011 with over 30,000 homes sold. Fannie Mae also sold a record 62,814 REO in Q1, up from 38,095 in Q1 2010 and 185,744 for all of 2010. So Fannie and Freddie sold over 90,000 REO in Q1, and their combined inventory only declined by 16,185. They are foreclosing at record levels, but they are finally selling REOs faster than they acquire them.
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Tags: Bank-Owned, Charts, Fannie Mae, FHA, FHA Foreclosures, Foreclosures, Freddie Mac, Graphs, REO, Statistics
Categories : Bank-Owned, Defaults, Delinquencies, Fannie Mae, FHA, Freddie Mac, HUD, Mortgage Industry, REO's
Buying Foreclosed Homes: FHA 203k Renovation Loans Are The Only Financing Option For Owner-Occupant Homebuyers Who Need To Make Repairs To A Distressed Property
20 05 2011
http://renovationlendinginstitute.com/
- FORECLOSED homes have maintenance issues that have been ignored
- Lenders turn off the water and power to cut the cost of letting the place sit
- Most purchase loans cannot fund homes that need repairs or have major deferred maintenance
- Distressed properties are sold at a discount and make up 40 percent of resales in currently
- This is why “all-cash sales” are at their highest level ever — 35 percent of total sales, according to the Realtors
- Most cash buyers are often investors who don’t plan to live in the home
- For would-be owner-occupants without cash, the federally insured FHA 203k loan is the main loan
- Borrowers can roll projected rehab costs into the loan
- Most R.E.O.’s are as is, and the heat, plumbing and electric are turned off frequently, a 203(k) loan is necessary to cover the borrower and the lender
- Buyers must use the services of an independent consultant certified by the Federal Housing Administration to review contractor cost estimates and architectural plans
- The F.H.A. appraiser takes the consultant’s report into account when reviewing a property and determining how big the loan can be
- Not all R.E.O. properties are eligible, such as a partially built house that has never had a certificate of occupancy
- F.H.A-certified consultants cost $500 to $1,200, depending on the extent of the repairs and the number of units in a property
- The interest rate on a 203(k) loan is about a quarter of a percentage point higher than on a standard F.H.A.-insured loan
- The buyer also can expect to pay at least 1 point
- The down payment may be as low as 3.5 percent, and loan limits apply
- High-cost area F.H.A. loans limits are currently $729,750. (Energy-efficient rehabs may be eligible for more.)
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Tags: Distressed, FHA 203k, FHA Financing, HUD, Hud Consultant, REO
Categories : 203k, Bank-Owned, Contractors, Federal Government, FHA, Financing, Foreclosures, Homes, Housing Market, HUD, Mortgage Industry, Purchases, Rehabs, Remodeling, REO Insider, REO's, The 203k Guy
Skip Schenker’s “Hot Dog Of The Week” Renovation Video Series Visits A Huntington Beach, CA 3-Unit Fixer That Will Shine While It Generates Cash With An FHA 203k Renovation Loan (Video)
9 05 2011http://renovationlendinginstitute.com/
The Renovation Lending Institute will help you turn a bank owned foreclosure home from a dog into a dream home with an FHA 203k renovation home loan. Remodel any home with just 3.5% down and include money for all fix up costs including a new kitchen, bathrooms, flooring, paint , carpet, windows, doors, new roof, HVAC system. Call Skip Schenker at 800-385-3503 to learn how you can get government insured money to remodel your current or next home. Visit www.RenovationLendingInstitute.com to learn more. Multi unit properties with a small down payment.
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Tags: 3-Unit, FHA 203k, Fixers, Hot Dog of the Week, Renovations, Rona Graf, Skip Schenker, Units, Videos
Categories : 203k, Bank-Owned, FHA, Financing, Hot...Dog of the Week, Housing Market, Mortgage Industry, Purchases, Rehabs, Remodeling, REO Insider, REO's, The 203k Guy, Videos
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