07.23.08
Posted in Foreclosures, Mortgage News at 8:14 pm by Administrator
Good news today for homeowners that are having problems paying their mortgage each month. The housing bill is almost ready to be passed into legislation. At first there were rumors that President Bush was going to veto it due to one or two items that he wanted removed but that changed this week. He is still opposed to certain parts but the most important part of the legislation is the infusion of liquidity to Fannie Mae and Freddie Mac both of who have been rumored to be under-capitalized. This is the reason that the Senate, Henry Paulson, and the president are pushing this bill through. In the process, it is slated to help 400,000 homeowners that are either in foreclosure or very close to foreclosure and help them to get into lower 30 year fixed mortgage payments. We still have a ways to go but good thing they are passing something that will help stop the bleeding of foreclosures and put some confidence back in our consumer. Read more about this in the article below.
President Bush drops opposition to housing bill
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON – Congress is moving quickly to pass a housing package that aims to help 400,000 strapped homeowners avoid foreclosures and prevent Fannie Mae and Freddie Mac from collapsing.
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07.18.08
Posted in Mortgage News at 1:18 pm by Administrator
We think we are in the beginning stages of a bottom in the real estate market. The news about Fannie Mae and Freddie Mac not having enough capital but then reassured by the treasury and Federal Reserve that they have access to capital if needed was the first sign. A major bank going under is another sign (Indymac being taken over last weekend). We do feel that tough times are still ahead as is normal during a stabilization period but that these signs as well as the many number of banks and mortgage companies that have gone out of business show that a bottom is close. This is great news for our economy. Although it’s tough for most of our country, the housing market is what really started this downturn and it should be the first industry to pull out of the downturn. Once the real estate market stabilizes and stops declining, it will rebuild the consumer confidence that has been falling the last 2 years. Consumer confidence is at an all time low understandably so and this component changes the way the consumer shops, spends, and makes important decisions. When consumer confidence is low, the consumer spends less on everything which slows the economy. A slower economy will depress the country even more and stop growth. This is why we feel that a stabilization in the Real estate market will build consumer confidence which will strengthen a very weak economy and bring us out of this downturn.
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07.16.08
Posted in Foreclosures at 9:18 pm by Administrator
Apparently foreclosures are still rising in Florida but at a much slower pace which is a great sign. This is probably caused by lenders working with current borrowers who are behind on their payments. The lenders are realizing that it’s better to just arrange a payment plan with the borrowers than to foreclose and have to take on an additional property. Couple that with the hefty cost of the actual foreclosure process. I hope this continues and more homeowners have the opportunity to stay in their homes. Check out the stats from RealtyTrac below.
Foreclosures in Florida continue to rise, but at a slower pace.
The number of homes in some process of foreclosure in June rose nearly 8 percent over last month, to 40,351, a new report from RealtyTrac shows. That means one in every 211 homes in the state was facing some kind of foreclosure.
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Posted in Mortgage News at 4:11 pm by Administrator
Many Americans are now realizing that qualifying for a home loan is not as easy as it used to be. In the past few years with the Real estate boom, mortgage financing was extremely easy to come by which is one of the reasons the mortgage industry is in the position its in with all these foreclosures. Borrowers were taking on too much of a home and lenders were allowing it due to the fast appreciation in home value. Now home values are declining and many homeowners can’t afford their payments.
You can still get mortgage financing in this day and age but you need to have all your ducks in a row. A great credit score used to carry the loan to an approval in the last couple years but now is only one of the things you need to have in place in order to get financing. This article touches on the main things we look for as lenders which include your credit, your income, your equity (or down payment on a purchase), and your ability to repay the loan. It’s back to basics and back to the old way of obtaining a home loan. Borrowers need to have all 4 components or they might be turned down. Below is the article that will help you prepare to make a mortgage approval easy.
By Marcie Geffner • Bankrate.com
Whether you’re buying a home or refinancing an existing home loan, you’ll soon find out that lenders today are a picky and demanding bunch when it comes to loan approvals. Even well-qualified borrowers are expected to jump through some pretty high hoops to qualify for financing.
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07.11.08
Posted in First Time Homebuyers, Foreclosures at 1:30 pm by Administrator
Good news is coming for first time home buyers. The Senate is in the process of passing a bill to give first time home buyers up to an $8,000 tax credit for buying a home. This is a great time for first time home buyers as rates are still low, prices have come down substantially and are now affordable, with this new tax credit. Homeownership is within reach for a lot of first time home buyers and we are seeing many of them taking advantage of the low prices. This bill is primarily focused on helping current homeowners that are in foreclosure or are on the brink of foreclosure. It will allow more Americans to stay in their homes and work with the current lender to make that happen. It won’t fix all the problems but it’s certainly a start. Some might say too little to late but at least the government is finally showing up to the party. The article below reports on this bill.
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON – Struggling homeowners who can’t afford their mortgages and banks facing big losses would get government help under a foreclosure rescue that has broad bipartisan support.
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Posted in Mortgage News at 1:19 pm by Administrator
Things are tough in the mortgage market and government intervention seems imminent. The past week major things have happened to the 2 biggest companies that keep the flow of mortgages going within this country. Fannie Mae and Freddie Mac have been on the front of the news all week with whispers of not being properly capitalized. This has caused both companies stocks to plummet this week and now Wallstreet is screaming for government intervention. This is huge news in an already tumultuous market and can really cause another leg down in the Real estate market. The next week will be critical and we will be watching. Below is an article that reports on this very news.
NEW YORK – Shares of Freddie Mac and Fannie Mae lost about half their value in premarket trading Friday as Wall Street became more convinced that the government may need to bail out the nation’s key mortgage financiers.
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Posted in Foreclosures at 1:06 pm by Administrator
Thursday July 10, 5:00 am ET
By Alan Zibel, AP Business Writer
Foreclosure filings continue to rise as US housing crisis drags on
WASHINGTON (AP) — The number of homeowners stung by the rout in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with June a year ago, according to data released Thursday.
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