There’s something new in the foreclosure marketplace, not just the “deep discounts” described by the National Association of Realtors.
Source:Foreclosures in the Shadows: Surprise Discounts Emerge For Forclosed Homes
Categories : Uncategorized
Short sales are a big deal and to see why just look at the numbers: The National Association of Realtors reports that in March short sales represented 11 percent of all existing home sales and typically sold with a 16-percent discount.
Source:Should We Combine Auctions & Short Sales
Categories : Uncategorized
Ever thought about running a business from home? Well what about the alternative, running your home as a business, well part of it. Many people are now cottoning on to the idea of purchasing an estate, which consists of several dwellings, usually a main home, combined with several smaller out buildings.
Source:Combining Your Home, With a Holiday Letting Business
Categories : Uncategorized
In New York last week, I got the chance to sit down with Fred Katayama of Reuters to discuss the foreclosure numbers, which show that bank repossessions (REOs) dropped to a 49-month low in April.
Source:REOs Short Circuited by Short Sales
Categories : Uncategorized
Fewer pricing inquiries were pulled by mortgage loan originators ahead of the Memorial Day weekend despite new record-low interest rates. But home purchase financing and government-insured activity held steady.
A 6 percent decline in new activity from last week left the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended May 25 at 220. Compared to the same week during 2011, the index was off 1 percent.
The biggest drop in activity came with adjustable-rate mortgages, with ARM pricing inquiries tumbling 10 percent for the week. ARM business was 58 percent worse than a year earlier.
Categories : Uncategorized
Seniors who take advantage of the reverse mortgage programs offered by the Department of Housing and Urban Development (HUD) will be expected to pay two distinct mortgage insurance premiums. The first will be an upfront mortgage insurance premium, or MIP, that is collected by the Federal Housing Administration (FHA) immediately after the loan is closed. The second MIP is an annual premium equal to 1.25% of the borrower’s current loan balance.
Source:Understanding Reverse Mortgage Insurance Premiums: Is Insurance Really Necessary?
Categories : Uncategorized
Mortgage brokers are very essential players in any housing industry. There are several brokers in the US housing industry.
Source:Mortgage Broker Processing Advice – Why Hiring Independent External Firms Is Recommended
Categories : Uncategorized
There’s a new plan floating around in Washington to end the foreclosure crisis. The thought is that we can keep more people in their homes if we reduce the size of their mortgage debt.
Source:Will Principal Write-Offs Increase Foreclosure Discounts?
Categories : Uncategorized
New business sank to the lowest level since last summer at the Federal Home Loan Mortgage Corp., and the book of business has fallen by more than $100 billion during the past year. While there was no change in the rate of residential delinquency, performance on apartment loans deteriorated.
The McLean, Va.-based company reported that purchases and issuances during April plummeted 38 percent from March.
Freddie Mac hasn’t been this slow since July 2011.
Categories : Uncategorized
With a new name in hand, NovaStar Financial Inc. is closing the book on its subprime mortgage past.
The Kansas City, Mo.-based company disclosed in January 2008 plans to eliminate most of its staff and discontinue retail and wholesale mortgage originations in a move intended to preserve cash and reduce debt. All of its lending licenses were subsequently allowed to lapse.
But later that same year, the company repaid debt owed to Wachovia Bank, N.A., and settled outstanding repurchase demands with the former financial services giant. It also acquired PipeFire LLC, an appraisal management company that now successfully operates as StreetLinks LLC — a Mortgage Daily advertiser.
Categories : Uncategorized
