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What Would a Foreclosure Claims Commission Do?

by John TayebJanuary 20, 2011 Foreclosures

Sheila Bair, Federal Deposit Insurance Corp chair, called for a new commission that would compensate home owners who have lost their homes to foreclosure because of mistakes lenders made. She suggested the claim’s commission be modeled after ones created to compensate victims of the BP oil spill and the Sept. 11, 2001, terrorist attacks. Her [...]

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Owners, Renters Favor Owning a Home

by Tayeb Realty GroupJanuary 20, 2011 Housing Market News Update

A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of REALTORS® survey of 3,793 adults conducted online by Harris Interactive. The American Attitudes About Homeownership survey found that in today’s challenging economy, [...]

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Down Payments Under 30% Risky?

by Tayeb Realty GroupJanuary 17, 2011 Foreclosures

The mortgage industry is divided over how much down payment a borrower should be required to have in order to be considered less risky. Regulators have until April to come up with a down payment requirement as part of the Dodd-Frank financial overhaul legislation. Wells Fargo & Co., the nation’s largest mortgage lender, has asked [...]

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2011 Mortgage Trends: Jumbo Loans, Cash Buys

by Tayeb Realty GroupJanuary 14, 2011 commercial real estate

The number of mortgage applications for home purchases is expected to become a bigger part of the mortgage market in 2011 as home prices stabilize, predicts the Mortgage Bankers Association. Refinancing has mostly dominated in recent months as home owners looked to lock-in low interest rates, but experts predict refinancing to slow as new mortgage [...]

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Mortgage Applications Jump as Rates Ease

by John TayebJanuary 13, 2011 Housing Market News Update

The Mortgage Bankers Association’s index of loan demand climbed 2.2 percent overall for the week ended Jan. 7, to its highest level in nearly a month. The group’s index of refinancing applications rose 4.9 percent, while its gauge of loan requests for home purchases fell 3.7 percent. Source:”Mortgage Applications Rise as Lending Rates Ease,” CNBC [...]

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Most Stressed States Face Economic Woes

by Tayeb Realty GroupJanuary 13, 2011 commercial real estate

The nation is stressed, particularly in states where rising unemployment and foreclosures are battering local economies, according to The Associated Press’ monthly stress index. Nearly 40 percent of the nation’s counties are stressed, which is up from slightly more than one-third in October, according to the AP’s stress index. The counties with the largest numbers [...]

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Fed Chair: Economy Is Growing Stronger

by John TayebJanuary 12, 2011 Housing Market News Update

Federal Reserve Chairman Ben Bernanke expressed more optimism about the economy in his most recent testimony Friday to the Senate Budget Committee, while also defending the Fed’s controversial plan to buy an extra $600 billion in government bonds to keep recovery moving forward. Bernanke predicted a “moderately stronger” overall pace for the economy in 2011, [...]

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HAFA Posts New Rules for Short Sales

by Tayeb Realty GroupJanuary 12, 2011 commercial real estate

Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don’t qualify for other government loan modification programs. Once a sales contract has been initiated, loan servicers [...]

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Vacation Homes Emerge as Hot Market

by John TayebJanuary 11, 2011 Housing Market News Update

Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports. The increase has been driven by deep discounts and cash purchases, analysts say. “We haven’t felt [...]

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Banks Lose Pivotal Foreclosure Case

by Tayeb Realty GroupJanuary 11, 2011 Foreclosures

A recent decision by the Massachusetts Supreme Judicial Court is expected to have sweeping implications for the nation’s banking industry when it comes to how they’ve approved foreclosures and may even invalidate thousands of foreclosures across the country. The court, in affirming a lower court’s ruling, invalidated two mortgage foreclosure sales because the banks failed [...]

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