Today’s news that may be of interest to you:
See an article below that discusses rising gas prices. Are you finding that your clients are concerned enough about the price of gasoline that it is affecting their buying or selling decisions? Is it preventing them from buying or selling, or rather affecting where they choose to live or work?
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Buyers’ Market? Stressed Sellers Say Not So Fast
The Wall Street Journal | April 25, 2011
Falling home prices should give aspiring homeowners the upper hand this spring, but in a growing number of locations, it doesn’t feel like a buyer’s market.
FHA Mortgages May Still Beat Loans Available from Private-sector Rivals
The Los Angeles Times | April 24, 2011
Although it has raised fees, the FHA continues to offer much higher and more flexible maximum debt-to-income ratios, far more generous underwriting and lower down payments than conventional lenders.
Sales of New Homes in U.S. Probably Climbed From Record Low
Bloomberg | April 25, 2011
Purchases of new houses in the U.S. probably rose in March from a record low, economists said a report today will show.
Growth Probably Slowed as Fuel Costs Rose
The Washington Post | April 25, 2011
The U.S. economy probably grew at a slower pace in the first quarter as a jump in gasoline prices caused consumers to cut back, economists said a report this week will show.
Short Sales and Foreclosures Equally Degrade FICO Scores
HousingWire | April 23, 2011
Distressed homeowners looking to preserve their credit are unlikely to gain a FICO-score advantage by launching short sales in lieu of foreclosure, according to a recent post on the credit score database’s Banking Analytics Blog.
Funding for Housing Help Gets Budget Ax
MarketWatch | April 25, 2011
Millions in federal funding for housing counseling services have been slashed for the 2011 fiscal year – funds that pay for U.S. Department of Housing and Urban Development-approved counselors to work with first-time home buyers, older homeowners considering a reverse mortgage and borrowers heading dangerously close to foreclosure.
Some Signs of Life in US Housing, Credit Drought
Reuters | April 25, 2011
On a recent sunny Sunday afternoon, in Leawood, near Kansas City, realtor Ted DeVore patiently waited inside an elegant ranch home priced at $344,900, eager to point out the lush backyard, new roof, remodeled kitchen and updated bathrooms.
From the National Association of Realtors®:
Rehabbed REOs Sell Faster, Study Finds
Banks that spend the extra cash to rehab a foreclosed property are more likely to sell it faster, according to a new study comparing rehabbed to non-rehabbed REOs. (This article is a shocker. When you fix up a foreclosed house, it sells faster. (:-) ~Anthony)
More Borrowers Have ‘Strategy’ to Defaulting
A new study unveils the common behavior traits of borrowers who strategically default on their mortgage, even though they can afford to make the payments.
Anthony V. Carollo / President
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