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From the yearly archives:

2010

Cutting Mortgage Principal Decreases Defaults

by Tayeb Realty GroupJanuary 11, 2010 general

Borrowers whose loan modifications reduced their loan balances – not just their interest rates – are most likely to avoid re-defaulting on their mortgages, according to a new study by the Federal Reserve Bank of New York. These findings contradict the government’s recommendation, which focuses on reducing monthly payments by lowering interest rates and extending [...]

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Will Home Prices Go Down in 2010?

by John TayebJanuary 11, 2010 Foreclosures

Some real estate researchers are forecasting that home prices will fall again in 2010. · Fiserv Lending Solutions, a financial analytics firm, predicts that prices will decline an average of 11.3 percent in 342 of the 381 markets it covers. · Moody’s Economy.com foresees another 8 percent drop, with Arizona, California, Florida, and Nevada feeling [...]

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Tax Liens May Do More Harm Than Good

by John TayebJanuary 10, 2010 general

The U.S. Taxpayer Advocate complained to Congress on Wednesday that the IRS is harming taxpayers when it imposes tax liens on homes. National Taxpayer Advocate Nina Olson reported that IRS agents only consider income and expenses—not other debts—when sizing up a delinquent taxpayer’s ability to pay. Research from Olson’s office also shows that tax liens [...]

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Mortgage Rates Fall This Week

by Tayeb Realty GroupJanuary 10, 2010 Foreclosures

Average interest on long-term mortgages went down slightly this week, after rising in the four previous weeks. Freddie Mac reports that 30-year fixed mortgage rates averaged 5.09 percent, down from 5.14 percent a week ago, but higher than the 5.01 percent it reached this time last year. Other mortgage rates performed as follows: 15-year, fixed [...]

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Principal Cuts May Prevent Foreclosures

by Tayeb Realty GroupJanuary 10, 2010 Foreclosures

At least 7 million borrowers will lose their homes this year and next unless there is a broad increase in property values or lenders become much more willing to cut the principal on mortgage loans, an analyst with Amherst Securities Group told the U.S. House Financial Services Committee last month. That testimony has motivated Federal [...]

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Cobbling Together the Cash to Go Conventional | Five ways to afford a sizeable down payment

by John TayebJanuary 8, 2010 general

Five ways to afford a sizeable down payment Most mortgages today require a 10 to 20 percent down payment, so you may have to get creative to get the cash. The days of “zero down” are all but gone. A minimum of 10 percent down is getting to be the standard and some mortgage lenders [...]

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Pending Home Sales Down from Surge but Higher than a Year Ago

by John TayebJanuary 8, 2010 Foreclosures

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, [...]

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