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  Daily Real Estate News |     Thursday, September 20, 2012    

A high number of home buyers are still walking away from their contracts, even as the housing market picks up and sales are on a rise, new data from Capital Economics shows. Nearly 18 percent of signed contracts on existing home sales were canceled from May through July. 

What’s more, 36 percent of real estate professionals say they’ve experienced a problem with a contract, whether that be a delay, negotiations on the sales term, or a cancellation of the contract, according to the National Association of REALTORS®.

What’s leading to the high number of cancellations? 

For one, some are blaming tight lending requirements for causing more contract cancellations.…

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Daily Real Estate News | Monday, September 17, 2012  

The Office of the Inspector General at the Federal Housing Finance Agency is trying to find strategic defaulters and collect on what they still owe. Strategic defaulters are often underwater home owners who walk away from their mortgages even though they still have the means to pay.

Experian has estimated that 20 percent of all foreclosures are from startegic defaulters. The OIG estimates that strategic defaulters owe more than $1 billion to Fannie Mae and Freddie Mac, and they’re ready to start collecting. 

The OIG is reportedly working with Fannie Mae and Freddie Mac to develop a mechanism for identifying strategic defaulters. 

"Debts that haven't been repaid don't just go away,"…

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Daily Real Estate News | Friday, August 24, 2012  

Following several positive reports this week of a housing market gaining momentum this week, fixed-rate mortgages inched higher, Freddie Mac reports in its weekly mortgage market survey. This is the fourth consecutive week that mortgage rates have inched higher after reaching all-time lows just a month ago.

Here’s a closer look at rates for the week ending Aug. 23:

  • 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.7 point, rising from last week’s 3.62 percent average. A year ago, 30-year rates averaged 4.22 percent. 
  • …

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Last week in review (July 16-20, 2012)

The majority of economic reports released last week were uncertain about the economic outlook. Retail Sales fell more than expected, while the NY State Manufacturing Index remains at relatively low levels. In addition, the National Association for Business Economics (NABE) reported that the outlook for job growth has fallen due to a weakening economy. The survey revealed that 23% of those polled in July think U.S. employment will rise over the next six months, down from 39% in April.

But the economic news wasn’t all negative. Inflation at the consumer level remained tame in July, while housing starts for June increased nearly 7% to 760,000. This marks the highest level for housing starts since October…

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Daily Real Estate News |      Friday, March 30, 2012  

Mortgage rates were down across the board this week compared to last week, according to Freddie Mac’s weekly mortgage market survey.

After posting a big jump last week, 30-year mortgage rates were back below the 4 percent mark this week, offering another boost in home affordability for buyers.

Here’s a closer look at rates for the week ending March 29.

  • 30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, falling back from last week’s 4.08 percent average. A year ago at this time, 30-year rates averaged 4.86 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.8 point, also slipping from last week’s 3.30 percent average. Last…

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This is a program that could allow for you to refinance your home even if you are currently not in the position to refinance.

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Freddie Mac and Fannie Mae announced in late October 2011 the expansion of their Home Affordability Modification Program also called the “HARP Phase 2” program.  The main objective is to assist homeowners who are currently “underwater” and owe more than they are worth.  The changes from HARP Phase 1 to HARP Phase 2 are expected to take affect during the month of March 2012.  Freddie Mac estimates an implementation date of 3/15/2012; Fannie Mae has not published a date yet. 

Eligibility Criteria for HARP Phase 2 loans are as follows:

  • The existing mortgage must be owned/guaranteed by Freddie Mac or Fannie…

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