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• Obama Administration October Housing Scorecard Shows Continued Signs of Stabilization in House Prices and High Home Affordability

  MSC Marketing 9:05 am on November 2, 2010 | Comments:0
  Tags: Buyer info (73), Consumer news and advice (162), Credit, economy (72), Interest Rates (39), seller info (62), Statistics (63), The Housing Market (27)   Filed under: Buyer Info, Consumer news and advice, Credit, economy, Interest Rates, Seller Info, Statistics, The Housing Market

  RISMEDIA, October 28, 2010—The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the October edition of the Obama Administration’s Housing Scorecard (http://www.hud.gov/scorecard). The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low interest rates. The housing scorecard is a comprehensive report on the nation’s housing market.

  “Over the last 21 months, the Obama Administration’s swift action in the housing market has kept millions of families in their homes and provided responsible borrowers with incentives to refinance or to become a homeowner,” said HUD Assistant Secretary Raphael Bostic. “But, with many unavoidable foreclosures still in the pipeline, it’s clear that we have a hard road ahead. That’s why we’re focused on successfully implementing the programs we’ve put in place—such as additional assistance on refinancing and helping unemployed homeowners stay in their homes—and ensuring that help is available to homeowners as soon as possible.” (More …)

  
   
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• Bernanke Ready to Spur More Growth

  MSC Marketing 2:21 pm on October 19, 2010 | Comments:0
  Tags: Consumer news and advice (162), Credit, economy (72), Interest Rates (39), the economy (18)   Filed under: Consumer news and advice, Credit, economy, Interest Rates, The Economy

  By Don Lee

  

  Federal Reserve Chariman Ben Bernanke

  RISMEDIA, October 19, 2010—(MCT)—Federal Reserve Chairman Ben S. Bernanke, citing the threat of prolonged high unemployment and an economy potentially falling into a dangerous deflationary spiral, Friday laid out a case for the central bank to buy more U.S. government bonds in a bid to bolster growth.

  But in a much-anticipated speech in Boston, Bernanke also made it clear that there were long-term risks—for the economy and the Fed’s credibility—in cranking up the electronic printing press and pumping hundreds of billions of dollars into the financial system. And his remarks seemed to plant seeds of doubt among some economists that the purchases would not be as big as many had hoped, raising the question of just how much another round of Treasury purchases will help the economy.

  “We have much less experience in judging the economic effects of this policy instrument, which makes it challenging to determine the appropriate quantity and pace of purchases and to communicate this policy response to the public,” Bernanke said at a conference sponsored by the Federal Reserve Bank of Boston. (More …)

  
   
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• The New Foreclosure Mess: What It Means To You

  MSC Marketing 1:49 pm on October 12, 2010 | Comments:0
  Tags: agent information (58), Buyer info (73), Consumer news and advice (162), Credit, economy (72), foreclosure (18), Home owner information (10), Interest Rates (39), pricing (37), Seller information (41)   Filed under: Agent information, Buyer Info, Consumer news and advice, Credit, economy, Foreclosure, Home owner information, Interest Rates, pricing, Seller Info

  by The KCM Crew on October 12, 2010

  Last week, we reported on the beginnings of the mess the banks created by using ‘robo-signers’ to fast track foreclosure filings. We detailed the challenge and said that “the process of foreclosing may grind to a screeching halt”. And, it has. Bank of America has announced that it has halted foreclosures in all fifty states. Other major lenders have ceased foreclosures in 23 states and some politicians are calling for a total industry-wide moratorium.

  Today, we want to explain what is actually taking place and what impact the situation may have on you and your family over the next several months.

  Currently, many banks have ceased foreclosure procedures in all states which require a judicial process. You can find out whether your state requires such a process by visiting All Foreclosure.com which lists foreclosure procedures by state. It is our belief that all fifty states will eventually be impacted by the controversy. (More …)

  
   
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• On Ice

  MSC Marketing 8:59 am on October 11, 2010 | Comments:0
  Tags: agent information (58), buyers (15), Consumer news and advice (162), Credit, economy (72), Mayfair International (5), pricing (37), seller info (62), The Housing Market (27)   Filed under: Agent information, Buyer Info, Consumer news and advice, Credit, economy, Mayfair International, pricing, Seller Info, The Housing Market

  

  By Nick Churton, Mayfair International Realty

  October 8, 2010

  In real estate it is both nicer and easier to give and receive messages of optimism and assurance. No one ever wants to hear from a pessimistic broker or agent. But then no one wants to hear from a stupid one either.  Pessimism should never be confused with pragmatism or objectivity.  It would be wrong not to prepare sellers and ensure that they are in the best possible position to make the very most of the market we are in.  Property is sold by people with their feet on the ground, not by those with their heads in the clouds – or worse! (More …)

  
   
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• Walking Away: New FHA Short Refinance Option

  MSC Marketing 12:51 pm on September 7, 2010 | Comments:0
  Tags: Consumer news and advice (162), Credit, economy (72), mortgage (62), seller info (62), the economy (18)   Filed under: Consumer news and advice, Credit, economy, mortgage, Seller Info, The Economy

  by The KCM Crew on September 7, 2010 ·

  

  The current administration continues to attempt a myriad of policies aimed at bringing about a recovery in the housing industry. It is not their belief in the importance of homeownership that drives this policy. This administration has openly questioned whether the government should continue to support homeownership as an American ideal. Every policy had one purpose in mind: that stabilizing home prices would help stabilize the economy. (More …)

  
   
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• How Important Changes to Mortgage Underwriting May Affect Many Buyers

  MSC Marketing 11:14 am on September 1, 2010 | Comments:0
  Tags: agent information (58), Buyer info (73), buyers (15), Credit, NAR (40), The National Association of Realtors® (9)   Filed under: Agent information, Buyer Info, Consumer news and advice, Credit, mortgage, NAR, National Association of Realtors

  By Jim Dinkel and Ken Trepeta

  RISMEDIA, August 9, 2010—The real estate industry and especially the mortgage industry have been overwhelmed with changes, regulations and consolidations recently. In the last couple of months, many transactions nationally have experienced delayed closings or worse as a result of the application of new guidelines affecting APR, Good Faith Estimates (GFE), Truth in Lending (TILA) and condo project approvals to name a few.

  There is one more issue that is critical for real estate agents, loan officers, and anyone else who deals with consumers purchasing a home or obtaining a refinance. Effective with applications on or after June 1, 2010, Fannie Mae has issued new lender mandates (FNMA LL-2010-03 Loan Quality Initiative) on a national basis that, if not understood properly, could have devastating consequences for many buyers and sellers. We want to be certain that everyone understands the implications of the new rules and ensure that all interested parties know what they need to know to minimize negative repercussions. (More …)

  
   
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• Weak Home Sales Numbers Don’t Tell Whole Story, Real Estate Center Economist Says

  MSC Marketing 9:06 am on August 26, 2010 | Comments:0
  Tags: Consumer news and advice (162), Credit, economy (72), First Time Home Buyers (23), home buyers (115), housing market (54), real estate (165), sellers (35), Statistics (63), Today's Marketplace (34)   Filed under: Agent information, Credit, economy, Seller Info, The Economy

  RISMEDIA, August 26, 2010—Home sales statistics are likely to paint a picture of a weakening market through the end of 2010 and the first half of 2011. While it’s tempting to attribute the bleak numbers to a deteriorating housing market, an economist with the Real Estate Center at Texas A&M University said that doesn’t tell the whole story.

  “The year-over-year decline in existing home sales will be the result of comparing months when there was no tax credit with those from a year earlier, when the tax credit was artificially increasing sales,” said Dr. Mark Dotzour, the Center’s chief economist. (More …)

  
   
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• Obama Administration Housing Scorecard Shows Continued Progress in Housing Market, but Challenges Remain

  MSC Marketing 1:54 pm on August 23, 2010 | Comments:0
  Tags: agent information (58), Consumer news and advice (162), Credit, economy (72), Interest Rates (39), mortgage (62), the economy (18)   Filed under: Agent information, Consumer news and advice, Credit, economy, Interest Rates, mortgage, The Economy

  RISMEDIA, August 23, 2010—The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury has released the August edition of the Obama Administration’s Housing Scorecard (http://www.hud.gov/scorecard), a comprehensive report on the nation’s housing market. In July, housing prices remained level after 30 straight months of decline, while some price predictions have improved. In addition, historic low interest rates continued to promote home affordability and refinancing options for the nation’s families. However, the market remains fragile with foreclosure starts showing a slight increase and serious delinquencies continuing to work through the pipeline.

  “While there has been some stabilization in the housing market, it remains clear that we have more work ahead,” said HUD Assistant Secretary Raphael Bostic. “Through the Obama Administration’s efforts over the past 16 months, we have seen increased price stabilization and improved home affordability for prospective, qualified homebuyers. At the same time, we know that we must continue to provide support to underwater borrowers, unemployed homeowners, and to the nation’s hardest hit neighborhoods.” (More …)

  
   
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• Harvard Researcher Shares Insights on Housing Comeback

  MSC Marketing 9:47 am on August 19, 2010 | Comments:0
  Tags: agent information (58), Credit, economy (72), mortgage (62), the economy (18), The Housing Market (27)   Filed under: Agent information, Credit, economy, mortgage, The Economy, The Housing Market

  By Kathleen Lynn

  RISMEDIA, August 19, 2010—(MCT)—As director of the Joint Center for Housing Studies at Harvard, Nicolas Retsinas has had a front-row seat for the real estate market’s dramatic boom and bust. After 12 years at the center, Retsinas left the director’s job to teach housing finance at Harvard Business School. He spoke recently with New Jersey’s The Record about why buyers got mortgages they couldn’t afford, and why real estate matters so much.

  Were you surprised by the magnitude of the housing bust and how long it has lasted?
  Nicolas Retsinas: Yes, by the severity of the housing bust but even more so, how credit just seized up. (More …)

  
   
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• FHA Launches Short Refinance Opportunity for Underwater Homeowners

  MSC Marketing 9:31 am on August 10, 2010 | Comments:0
  Tags: Consumer news and advice (162), Credit, Home owner information (10), mortgage (62), The Housing Market (27)   Filed under: Consumer news and advice, Credit, Home owner information, mortgage, The Housing Market

  RISMEDIA, August 10, 2010—In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development recently provided details on the adjustment to its refinance program, which was announced earlier this year, that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain “underwater” non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least 10% of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. (More …)