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Seventy-seven percent of real estate professionals report that closing short sale transactions is “difficult” or “extremely difficult” — up from 70 percent in December 2010, according to a survey conducted in June by the California Association of REALTORS®. The survey gauged real estate professionals’ experience and satisfaction with lenders over transactions. Real estate professionals also reported that lenders’ and servicers’ short-sale procedures have shown little improvement in the past six months. “Despite promises by lenders to improve their short-sale processes, clearly, they are not doing enough,” C.A.R. President Beth L. […]

A group of lawmakers are pushing the Obama administration to extend the forbearance period to 12 months for unemployed home owners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. About 27 lawmakers, all Democrats from the House of Representatives, issued a letter to President Obama this week urging the change to help those with job losses save their homes while they seek employment. Earlier in July, the Obama administration extended the forbearance period to unemployed borrowers from three or four months to 12 months for those with […]

Total Mortgage Services, a national mortgage lender, is offering rural home buyers 100 percent financing or closing cost assistance. Through its new Guaranteed Rural Housing Loan Program, insured by the U.S. Department of Agriculture, the lender will offer low- and moderate-income residents living in rural areas (usually defined by a population of 10,000 or less or, in some cases, 20,000 or less) several affordable housing finance options: No down payment required. Closing costs can come from any source, including gifts. Competitive 30-year fixed rates. No monthly mortgage insurance premiums. Borrowers […]

More home owners who want to trade in their current home to buy a larger one are holding off, feeling trapped by a sluggish housing market and the loss of equity in their current home, The Los Angeles Times reports. “Potential move-up buyers … are largely sitting on the sidelines these days, leaving a key part of the housing market stuck in neutral,” The Los Angeles Times‘ article notes. “The promise of rising prices and upward mobility, once a powerful force in the American housing narrative, has been all but […]

Realtors are feeling better about the Massachusetts real estate market than they were a year ago, the Massachusetts Association of Realtors announced today. In June, the Realtor Market Index was 29.17, up 2.8 percent from June 2010. This is the first year-over-year increase since May 2010, the association said in a news release. The Realtor Price Index in June was 38.30, down 18.2 percent from the June 2010. The Market Index and Price Index are based on monthly responses from a random sampling of members of the Massachusetts Association of […]

Across New York City, sellers of luxury apartments — or at least those with a little gloss — have been whipping themselves to a froth finding the extravagant freebies that will say just the right things about their properties and, by extension, the life habits of the people who would live there. In certain markets, the gift can be a car. One Brooklyn Bridge Park offered Audis to anyone spending more than $2 million on a  luxury apartment, while Windows on 123 in Harlem promised a Smart Car with the […]

California real estate agents say closing short-sale transactions are “difficult” or “extremely difficult,” and said procedures by mortgage lenders and servicers are only serving to make matters worse over the past six months, according to a new survey.   The lender satisfaction survey was conducted by the California Association of Realtors. More than three-fourths (77%) of agents said short-sale transactions were difficult or extremely difficult, up from 70% in December, according to the CAR survey. The survey gauges agents’ experiences working with lenders in their most recent transaction. The majority […]

Texas is the one state to experience both a 3% annual job growth rate for the year ending in June and relatively stable home prices the same month. The latest Monthly Review of the Texas Economy reports Texas had “robust” job growth for the year ending in June. The state’s private sector added 251,900 jobs, with an annual growth rate of 3%, according to Dr. Ali Anari, a research economist with the Real Estate Center at Texas A&M University. When looking at jobs from a national perspective, the nation’s private […]

We’ve been reading a lot about investors purchasing a large number of properties with cash.  As L has pointed out, many investors have pulled out of equities and are looking for “safer” places to put their money. Thanks to Fannie Mae now though, investors can buy a house with cash, wait a few months, then do a 100% cash out refi. Check this out: Fannie Mae has rolled out new guidelines so that investors who’ve recently purchased a home for cash can now recoup a large portion of their investment […]

If you’re one of the millions who tune into MTV’s “Jersey Shore,” you probably picture the state’s coastline communities as a thick cluster of tourist towns like Seaside Heights, crammed with debauched guidos and guidettes packing summer crash pads and looking for love, or the one-night equivalent. But what you don’t see is the other side of New Jersey, where expensive estates fill some of the country’s most affluent areas. Ask longtime real estate agents about the real Jersey Shore and they’ll tell you (after a chuckle or a sigh) […]