Today’s News 8-31-2011

31 Aug

Today’s news that may be of interest to you:

Will Refinancing Stimulate the Economy?
The Wall Street Journal | August 30, 2011
It sounds like an easy way to stimulate the economy: The government, working through mortgage finance companies Fannie Mae and Freddie Mac, could refinance millions of American homeowners’ loans at today’s rock-bottom interest rates and put more money in Americans’ pockets at a time when the economy is staggering.

LPS Puts Average Delinquency+Foreclosure Timeline at 599 Days
DSNews | August 30, 2011
The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). (Check out this statistic! The company says on average, at the current rate of foreclosure sales, judicial foreclosure states would require 111 months (9 years!) to work through inventories of loans that are 90 or more days delinquent or in foreclosure as compared to non-judicial state, which would be able to clear their inventories in approximately 32 months.)

How to Rescue the Housing Market: Foreclosures!
CNN Money | August 30, 2011
If the Obama administration really wants to save the housing market, it should speed up the foreclosure process – not prolong the inevitable, experts say.

From the National Association of Realtors®:

HUD Extends Unemployed Mortgage Relief Program
HUD has once again extended its deadline for a program that provides mortgage relief to unemployed and medically ill home owners who are struggling to make payments.

More Banks Offer Incentives to Unload REOs
More banks desperate to sell off large inventories of REOs homes are offering incentives in the hopes of accelerating sales.

‘Most Efficient’ Labels Debut for Appliances
The Energy Star program has been criticized for allowing too many home appliances to boast energy efficiency labels. Now, a new “most efficient” label is debuting, reserved for the utmost energy efficient appliances.

Anthony Carollo 2007 EMAIL  

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Stewart Title of Spokane
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