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10 great foreclosure deals

Posted on 21 January 2013 by Laxman  |  Email |Print

Repossessed homes are selling at bargain prices in these hardest-hit zip codes for foreclosures. It’s a dubious distinction: Zip code 30045 in Lawrenceville, Ga., has the highest foreclosure rate of any neighborhood in the nation. A whopping 12.7% of its 11,232 housing units were hit with a notice of default, auction notice, bank repossession or other filing in 2012.
With home prices here now about 40% below their bubble-market highs, many homeowners owe more on their mortgages than their houses are worth………………………………………..Full Article: Source

Recovery in U.S. saving 8 mln underwater homeowners

Posted on 16 January 2013 by Laxman  |  Email |Print

The housing market is rebounding faster than anyone thought possible, according to Blackstone Group LP (BX)’s global head of real estate Jonathan Gray, as the Federal Reserve buys mortgage bonds to keep rates near record lows and investors sop up a diminishing supply of properties for sale.
Housing construction could boost U.S. gross domestic product by 0.4 percentage point and home price appreciation may add another 0.2 percentage point, Bank of America Corp. (BAC)’s senior economist Michelle Meyer forecasts………………………………………..Full Article: Source

Real estate poised to lead Brazil’s credit market again

Posted on 16 January 2013 by Laxman  |  Email |Print

A more stable economy–complete with the historically low interest rates that prove it–will help make mortgage lending the Brazilian credit market leader again in 2013. The total volume of mortgage lending will likely surpass all other credit categories this year for the first time in more than a decade, according to a study this week by consumer credit rating bureau Serasa Experian.
As of November, the last month for which official figures are available, total mortgage lending reached 270 billion Brazilian reais ($133 billion), slightly behind the BRL281 billion total for the first-placed lending category, which was individual consumer loans………………………………………..Full Article: Source

Bank Of England to control UK real estate boom

Posted on 16 January 2013 by Laxman  |  Email |Print

In the wake of a struggling real estate market and a recession hit economy, financial institutions and banks of U.K. have been trying to come up with generous schemes and lending formats that could risk a sudden upsurge in the housing market of the country. To control the boom, British Parliament has given regulating powers to the Financial Policy Committee (FPC) of The Bank of England.
In a recent “Credit Conditions Survey” conducted by the bank, it was found that new lending methods helped increase the influx of money into real estate markets and the trend would continue in the coming year, reports the BBC………………………………………..Full Article: Source

New mortgage rules may stifle U.A.E. property recovery

Posted on 15 January 2013 by Laxman  |  Email |Print

Expatriates in the United Arab Emirates will have to make down payments of at least half the value of properties they buy if new central bank rules on mortgages go into force. This may dampen demand from foreign buyers and stifle the country’s tentative real estate recovery.
There is currently no limit on how much of a property’s value an expatriate in the U.A.E. can borrow when taking out a mortgage, a factor bankers say has helped boost demand for real estate through good times and bad………………………………………..Full Article: Source

Ten questions on the new mortgage rules

Posted on 14 January 2013 by Laxman  |  Email |Print

Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here’s a look at some frequently asked questions:
What is a qualified mortgage? Congress amended federal lending laws in 2010 to give greater legal rights to borrowers who get mortgages they can’t afford. The new law, part of the Dodd-Frank financial-regulation overhaul, said if banks made a qualified mortgage—one that meets certain easy-to-identify criteria—regulators and courts would presume that lenders had reason to assume a borrower could repay………………………………………..Full Article: Source

Consumer groups criticize new mortgage rules

Posted on 14 January 2013 by Laxman  |  Email |Print

New rules from the Consumer Financial Protection Bureau aim to make mortgages safer for borrowers, but consumer groups argue that the rules offer more protection for lenders than benefits for borrowers.
The new rules, released Thursday, include an “ability-to-repay” provision that prohibits lenders from issuing mortgages to people who are unable to prove they can afford the loans. But, consumer advocates charge, the rules also provide a legal shield for banks that is detrimental to borrowers………………………………………..Full Article: Source

30pct of U.S. homeowners are mortgage-free, Zillow says

Posted on 11 January 2013 by Laxman  |  Email |Print

Media coverage of the real estate market has focused so much on the mortgage woes of homeowners over the past five years, you might be excused for believing that only a small minority of homeowners actually, well, own their homes — mortgage-free. But you’d be mistaken, a report released by listing service Zillow suggests.
As of the third quarter of 2012, nearly 30 percent of homeowners, or just about 21 million Americans, were free and clear of a mortgage. Zillow told AOL Real Estate that that rate is 3 percentage points lower than the number of mortgage-free homeowners in 2010, indicating that the country’s debt burden has creeped up over the last 2 years………………………………………..Full Article: Source

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Fears of real estate crash remain as housing starts slow in December

Posted on 10 January 2013 by Laxman  |  Email |Print

Housing starts declined for the fourth consecutive month in December, but remained well above sustainable levels, leading to further fears the economically important sector could be headed for a hard landing.
Canada Mortgage and Housing Corp. said Wednesday the pace of housing starts slowed by a modest 1.7 per cent last month to 197,976 on an annual basis, the fourth drop in as many months. On an real basis, CMHC said there were 16,352 actual starts in December, with condo construction falling 4.7 per cent and single-unit dwellings rising by 8.6 per cent………………………………………..Full Article: Source

Banks said to ask for 30-day delay on U.A.E. mortgage loan caps

Posted on 07 January 2013 by Laxman  |  Email |Print

Banks in the United Arab Emirates plan to ask the central bank to delay by 30 days implementing new caps on mortgage lending that were announced at the end of last year, according to two bankers familiar with the plan.
They also plan to speak with the central bank on new loan- to-value lending limits required for both citizens and foreigners, the bankers said, asking not to be identified because the discussions are private………………………………………..Full Article: Source

UK housing market stays afloat, but don’t expect miracles

Posted on 04 January 2013 by Laxman  |  Email |Print

Property prices are resilient and mortgage credit is on the up – but there are reasons to be cautious. All things considered, house prices proved remarkably resilient during 2012. The Nationwide building society has reported that prices fell by 1% during the year, but given that the UK suffered its first double-dip recession since the 1970s, the fall could have been a lot bigger.
A number of factors explain why the cost of property stagnated. Rising employment, low mortgage rates and the leniency of lenders towards those in arrears meant there were few forced sellers………………………………………..Full Article: Source

UAE’s new mortgage rule will deter property investors – Experts

Posted on 03 January 2013 by Laxman  |  Email |Print

The UAE central bank recently issued a circular instructing commercial banks in the country to restrict mortgage loans to foreigners at 50 per cent of the property’s value, Reuters reported earlier this week.
While the central bank has not yet confirmed the ruling, the report said that the move was probably aimed at ensuring that the UAE real estate does not develop another property bubble as it did in 2008/2009………………………………………..Full Article: Source

House prices across the country ‘will rise in 2013 thanks to increased mortgage competition and shortage of homes’

Posted on 17 December 2012 by Laxman  |  Email |Print

The beleaguered housing market is set to bounce back next year across England and Wales, according to research. A report by property search website Rightmove predicts an average rise of 2 per cent in sellers’ asking prices in 2013, thanks to increased competition among mortgage lenders and a continued shortage of homes.
This is despite this month seeing the biggest fall in asking prices for more than a decade, with the average dropping 3.3 per cent – £7,772 – to £228,989 in December. The East Midlands was the only region to see a month-on-month price increase………………………………………Full Article: Source

Home seizures rise as banks adjust to foreclosure flow

Posted on 14 December 2012 by Laxman  |  Email |Print

Home seizures in the U.S. rose 5.4 percent last month, the first annual gain in two years, as lenders seek to manage the flow of distressed properties without disrupting the housing recovery, according to RealtyTrac.
Banks repossessed 59,134 homes, up from 56,124 from November 2011, the Irvine, California-based data firm said today in a report. The increase was the first since October 2010, when foreclosures slowed after allegations that lenders were using faulty practices to take property from delinquent homeowners. Seizures climbed 11 percent from the previous month………………………………………..Full Article: Source

Freddit Mac economist sees new households outpacing apartment boom

Posted on 13 December 2012 by Laxman  |  Email |Print

In his 2013 forecast, Freddie Mac’s chief economist, Frank Nothaft, sees more than a million new households bolstering housing starts, driving apartment vacancy rates down to ten year lows and outpacing the boom in new apartment construction.
“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ’shadow inventory’ would keep the housing sector mired in an economic depression. Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery,” Nothaft says………………………………………..Full Article: Source

Spanish repossessed property prices tumble 65pct in credit crunch

Posted on 13 December 2012 by Laxman  |  Email |Print

Prices of repossessed Spanish homes offloaded by lenders this year tumbled 65 percent as a million new properties remain unsold and buyers find it more difficult to get mortgages, according to Fitch Ratings.
The price decline is relative to the value of the property when the loans were made and is more than double the drop in real estate values recorded in government data. That compares with a 45 percent slump in Portuguese repossessed house values………………………………………..Full Article: Source

Italy housing market plunges as recession bites

Posted on 13 December 2012 by Laxman  |  Email |Print

Italy’s housing market sank in the second quarter of this year, with home sales posting their steepest drop since 2008 and mortgages plunging by more than 40 per cent in a steep economic recession, data showed on Wednesday.
Home sales were down 23.6 per cent from the same period last year, national statistics institute ISTAT reported, while sales of commercial property such as shops and offices fell 24.8 per cent………………………………………..Full Article: Source

Zillow: U.S. 30-year mortgage rate edges up from record low

Posted on 12 December 2012 by Laxman  |  Email |Print

Real-estate Website Zillow Inc. (Z) said Tuesday its real-time rate on 30-year fixed mortgages edged higher after hitting a new record low a week earlier. Zillow said the 30-year fixed mortgage rate on its Mortgage Marketplace, which tracks mortgages on the real-estate company’s Website, was 3.17%, up slightly from 3.16%. The Mortgage Marketplace, which launched in April 2008, has been on the decline for much of the year.
“Rates rose slightly after a stronger-than-expected jobs report Friday, but the boost was short-lived and rates returned to the same low levels as the past few weeks,” said Erin Lantz, director of Zillow Mortgage Marketplace………………………………………..Full Article: Source

U.S: Forecasting real estate landscape for 2013

Posted on 11 December 2012 by Laxman  |  Email |Print

The U.S. housing market has faced 16 million foreclosures since its 2008 housing market collapse, but over the past year, the real estate market has been getting more signs that it’s turned the corner.
Home prices have increased for eight straight months, and hard-hit markets are seeing sales ticking back up. Houston’s diverse economy helped buoy it through most of the financial downturn, and recent reports are forecasting good things for the Houston area next year. But what does 2013 hold for the national housing market?……………………………………….Full Article: Source

New law ‘to transform Saudi property market’

Posted on 11 December 2012 by Laxman  |  Email |Print

The new regulations on real estate financing, leasing and supervision of financial companies issued by the Saudi Arabian Monetary Agency (Sama) are set to transform the Kingdom’s property landscape, said a property expert.
Masood Al Awar, the CEO of Abu Dhabi-based Tasweek Real Estate Marketing and Development commented on short-term investment risks and the impact of Sama legislation in this regard………………………………………..Full Article: Source

U.K: Is no news good news for the property market?

Posted on 06 December 2012 by Laxman  |  Email |Print

While the autumn statement seemed to offer little to boost flat mortgage market, results of Bank scheme are yet to be seen.So, where was residential property in the Autumn Statement? On the face of it, nowhere.
No mansion tax - this was largely leaked prior to the statement - and no increase in stamp duty land tax were welcomed by those owning or planning to purchase higher-value properties, while there was just a fleeting mention of the £70bn funding for lending scheme and the plan to build 120,000 new homes………………………………………..Full Article: Source

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Swedish household debt growth is Swedbank’s biggest worry

Posted on 06 December 2012 by Laxman  |  Email |Print

Sweden’s biggest mortgage lender is deliberately losing market share in an effort to protect itself from impairments amid record household indebtedness.
Sweden’s housing market probably faces “some sort of adjustment,” Michael Wolf, Swedbank AB (SWEDA) chief executive officer, said in an interview at the bank’s headquarters in Stockholm yesterday. “You are seeing it gradually as we speak. I am not concerned about a house bubble — I am more concerned about the debt level.”……………………………………….Full Article: Source

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U.S: Housing gains boost Fed’s QE as rally spurs growth: Economy

Posted on 05 December 2012 by Laxman  |  Email |Print

A revival in the U.S. housing market is amplifying the impact of the Federal Reserve’s efforts to spur the world’s largest economy.
Home values boosted by record-low mortgage rates are helping improve the finances of both households and banks. That’s easing the flow of credit, providing a further boost to the housing market and the economy, say economists at Bank of America Corp. and Deutsche Bank AG………………………………………..Full Article: Source

Fiscal battle over mortgage deduction

Posted on 28 November 2012 by Laxman  |  Email |Print

Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into home buying plans and hurt a long-sputtering recovery.
Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff. But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break………………………………………..Full Article: Source

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U.S. Mortgage rates hit new historic record lows

Posted on 27 November 2012 by Laxman  |  Email |Print

According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS),fixed mortgage rates in the U.S. found new record lows for the second consecutive week keeping borrowing costs attractive to support the ongoing housing recovery.
Frank Nothaft, vice president and chief economist of Freddie Mac says, “Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index………………………………………..Full Article: Source

UK housing market gets further evidence of an upturn

Posted on 27 November 2012 by Laxman  |  Email |Print

An unexpected rise in new mortgage approvals to a nine-month high in October gave further evidence on Friday of indications of an upturn in the UK housing market. The British Bankers’ Association (BBA) reported that approvals were higher than expected at 33,039, as compared to 31,544 in September.
Economists had predicted a smaller growth to 32,000. Gross mortgage loans amounted £7.5bn, slightly above the recent monthly average. Howard Archer, chief UK economist at IHS Global Insight, claims that the BBA data adds to other recent evidence that housing market activity is picking up modestly………………………………………..Full Article: Source

Dubai risking bubble redux with lowest rates: Mortgages

Posted on 27 November 2012 by Laxman  |  Email |Print

Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re- inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.
“I don’t like it when I see mortgages going back to 90 percent lending, that’s not good for the industry,” said Abdul Aziz Al Ghurair, head of the United Arab Emirates’ Bankers’ Association and chief executive officer of Dubai’s Mashreqbank PSC. (MASQ) “We don’t want to encourage people to gamble.”……………………………………….Full Article: Source

How your gift shopping affects the housing market

Posted on 26 November 2012 by Laxman  |  Email |Print

The housing market is quieting in late November as consumer focus turns from mortgage application fine print and open houses and toward the holidays. But the long-range view for the much-maligned housing sector is as positive as ever.
The Mortgage Bankers Association reports that mortgage applications dropped by 2.2% last week, not exactly a surprise for the busy week leading up to Thanksgiving and serving as the kickoff to the holiday season………………………………………..Full Article: Source

Saudi studies Fannie Mae model laws for housing

Posted on 23 November 2012 by Laxman  |  Email |Print

Saudi Arabia is studying draft regulations that could see the creation of a real estate refinancing company similar to US firm Fannie Mae, according to proposals published by the central bank this week.
The regulations are part of long-awaited government efforts to develop a housing mortgage sector in the conservative kingdom where the restrictions of Sharia law have made it difficult to secure lending against property………………………………………..Full Article: Source

Why adjustable rates may save us in housing busts

Posted on 22 November 2012 by Laxman  |  Email |Print

This just in! Cutting a homeowner’s mortgage payment in half can reduce the likelihood of delinquency and foreclosure. That sounds like a no-brainer, but it’s a conclusion in a recent report by researchers at the Boston and New York branches of the Federal Reserve.
In fact, the question of what makes homeowners stop paying their mortgage — being unable to afford the payments or being too far underwater — has been a matter of some debate through the foreclosure crisis………………………………………..Full Article: Source

Affordable housing crucial to success of Saudi mortgage law

Posted on 22 November 2012 by Laxman  |  Email |Print

NCB Capital expects the impact of the Saudi mortgage law to have its full effect on home ownership only after the supply of housing becomes more affordable. In a commentary Wednesday a day after the Saudi central bank issued the draft regulations of the mortgage law, Mahmood Akbar, banking research analyst at NCB Capital, said “we believe the proposed law in its current form does not tackle a key underlying problem, lack of suitable and affordable housing.
Therefore, even if the process of mortgage lending was made easier through private property institutions, middle class borrowers will find a limited supply of suitable housing.”……………………………………….Full Article: Source

U.S: Record-low mortgage rates may lift housing

Posted on 19 November 2012 by Laxman  |  Email |Print

The lowest mortgage rates on record probably helped keep sales of previously owned U.S. homes close to a two-year high in October, and underpinned construction of new residences, economists said before two reports this week.
Purchases of existing dwellings held at a 4.75 million annual rate last month, according to the median forecast in a Bloomberg survey before tomorrow’s report from the National Association of Realtors. Housing starts eased in October to an 840,000 pace from a four-year high of 872,000 units in September, Commerce Department figures may show Nov. 20………………………………………..Full Article: Source

Zillow: Which markets have the most underwater borrowers

Posted on 16 November 2012 by Laxman  |  Email |Print

Nearly 28% of all homeowners with a mortgage owed more than their properties were worth at the end of the third quarter, underscoring the damage from the housing bust despite a few quarters of rising prices and sales gains.
The share of underwater borrowers improved from nearly 31% at the end of the second quarter, according to Zillow Inc., the real-estate company, which is the largest quarterly decline since their count began in the first quarter of 2011………………………………………..Full Article: Source

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High house prices make Britain’s young put home ownership before marriage

Posted on 16 November 2012 by Laxman  |  Email |Print

High house prices and low mortgage availability mean more than a quarter of young people regard buying a home as a bigger commitment than getting married, according to Halifax.
But lawyers warn that people who are keener to get on the property ladder than they are to walk down the wedding aisle may be making a big mistake. Unmarried cohabiting couples and those outside civil partnerships have no legal rights to redress if they fall out, no matter how long they live together………………………………………..Full Article: Source

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Canada: Housing starts fall in October with drops in all regions, CMHC says

Posted on 09 November 2012 by Laxman  |  Email |Print

The pace of home building slowed in October to a softer reading than economists expected in a report by the federal mortgage insurer, providing yet more evidence of a cooling housing market.
Canada Mortgage and Housing Corp. said Thursday there were 17,507 actual housing starts last month. That translates into a seasonally-adjusted annual rate of 204,107 starts, down almost nine per cent from an annual rate of 223,995 recorded in September. CMHC said there were drops in both single- and multiple-unit starts in urban areas last month………………………………………..Full Article: Source

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Irish homes drawing buyers after market crash

Posted on 07 November 2012 by Laxman  |  Email |Print

In Dublin, the epicenter of Western Europe’s worst housing-market crash, signs of life are emerging for those with access to cash. A five-bedroom, Victorian-era home near the center of Dublin was sold last month for 2.05 million euros ($2.6 million), 17 percent more than the reserve price.
At the other end of the market, apartments are being snapped up at auction for as little as 50,000 euros in cash. Even prices for homes requiring mortgages across the country rose for a third straight month in September, the Central Statistics Office said………………………………………..Full Article: Source

Iceland sees mortgage bubble threat from foreign cash

Posted on 07 November 2012 by Laxman  |  Email |Print

Iceland’s lawmakers are searching for ways to keep their economy from lurching into another asset bubble as offshore investors forced to keep their money in the country channel it into the housing market.
Apartment prices have soared 17 percent since April 2010 and are now just 1.7 percent below the pre-crisis peak in March 2008, Statistics Iceland estimates. The boom stems from currency restrictions imposed in 2008 to prevent the collapse of the Krona after the country’s biggest banks defaulted on $85 billion of debt………………………………………..Full Article: Source

Did the housing boom affect mortgage choices?

Posted on 06 November 2012 by Laxman  |  Email |Print

Rapid house price appreciation during the housing boom significantly influenced homebuyer selection of adjustable-rate mortgages over fixed-rate mortgages. In markets with high house price appreciation, house price gains directly influenced mortgage choice.
But in markets with less appreciation, price gains did not influence borrower choices between adjustable or fixed-rate mortgages. In addition, the influence of fundamental drivers of mortgage choice, such as mortgage interest rate margins, tended to be muted in markets with high price appreciation………………………………………..Full Article: Source

S.Korea’s real estate market faces growing risks on falling prices

Posted on 01 November 2012 by Laxman  |  Email |Print

South Korea’s real estate market is facing growing risks on falling property prices, boosting concerns that over-indebted households may fall into troubles in repaying mortgage loans amid falling prices, a report by the central bank showed Wednesday.
According to the financial stability report submitted by Bank of Korea (BOK) to the National Assembly, apartment prices in the metropolitan area declined 2.7 percent during the January- September period. The prices tumbled 6.9 percent on average compared with the previous high tallied in September 2008………………………………………..Full Article: Source

French mortgage market picks up

Posted on 30 October 2012 by Laxman  |  Email |Print

The French mortgage market has picked up over the past four weeks with many banks adjusting their rates downwards and changing product lines.
Specialist mortgage provider French Private Finance says that it has seen the number of enquiries increasing across the board as would be buyers look to take advantage of the low rates………………………………………..Full Article: Source

Home builders need mortgage bankers to keep recovery alive

Posted on 25 October 2012 by Laxman  |  Email |Print

A jump in signed contracts to buy newly built homes in September brought volumes to the highest level since April of 2010, when the home buyer tax credit temporarily infused the housing market.
The median price of a newly built home also rose nearly 12 percent from a year ago, as builders gained pricing power thanks to lessening competition from distressed properties. Is it enough to put a period on the statement that housing is in full recovery? Perhaps, but not an exclamation point………………………………………..Full Article: Source

UK: Mortgage lending data reveals sluggish housing market

Posted on 25 October 2012 by Laxman  |  Email |Print

Britons paid down some £200m of overdrafts and loans last month, the high street banks reported, saying households had “no appetite” for debt.
Unsecured borrowing to consumers – via personal loans, overdrafts and credit cards – dropped 2.5pc over the year to September to £79.3bn in total, according to the latest monthly figures from the British Bankers’ Association (BBA)………………………………………..Full Article: Source

Mortgage lending data reveals sluggish housing market

Posted on 24 October 2012 by Laxman  |  Email |Print

Mortgage approvals were higher in September than in the previous month but still fell well short of the same period in 2011, as new figures showed that activity in the housing market remains sluggish.
Mortgage lending totalled £7.3bn in September, down 6pc on the same month last year, according to the BBA’s high street banking report. Numbers of remortgaging approvals were 15pc lower than in September 2011 and approvals for other secured lending were 23pc lower………………………………………..Full Article: Source

2008-2012: Housing markets still struggles

Posted on 23 October 2012 by Laxman  |  Email |Print

A five-point glance at the U.S. housing market shows more communities worse off now than four years ago, online foreclosure marketplace RealtyTrac said Monday.
While ignoring lag time inherent in a deteriorating housing market, RealtyTrac said in a statement that 65 percent of local markets — 580 out of 919 communities monitored — were worse off using a five-point grading system than they were four years ago………………………………………..Full Article: Source

Why the foreclosure crisis is getting worse

Posted on 23 October 2012 by Laxman  |  Email |Print

Although the housing market is showing signs of recovery, other indicators show the foreclosure crisis is getting worse. Austan Goolsbee, the former chairman of the Council of Economic Advisers, said, “I think there’s a lot wrong in the housing market. If Fannie and Freddie would start enabling people to rent out the vacant homes, that would also help.”
The mortgage loans which are currently under the foreclosure process, is amounting to almost $45 billion (that is mainly in terms with negative equity)……………………………………….Full Article: Source

Housing confidence is building across Australia

Posted on 23 October 2012 by Laxman  |  Email |Print

The Commonwealth Bank-Mortgage and Finance Association of Australia (MFAA) home finance index, released yesterday, found 75.8 per cent of people believed house prices would grow or remain stable between now and the end of the year.
The survey found 77.9 per cent of respondents believed now was a good time to buy, with Australian households at their highest level of financial confidence since May 2011. MFAA chief executive Phil Naylor said that all signs pointed to a recovery in the property market………………………………………..Full Article: Source

Home loans may get shield

Posted on 17 October 2012 by Laxman  |  Email |Print

Federal regulators are considering giving mortgage lenders protection from certain lawsuits, according to people familiar with the matter, a move designed to encourage lending to well-qualified borrowers.
The potential move, which would be a partial victory for mortgage lenders, is part of a broader effort to write new rules for the U.S. housing market in the wake of the mortgage meltdown. The proposal for the first time would establish a basic national standard for loans, known as a “qualified mortgage.”……………………………………….Full Article: Source

U.S: Buyers back after foreclosure

Posted on 15 October 2012 by Laxman  |  Email |Print

Millions of families lost their homes to foreclosure after the housing crash hit six years ago. Now, some of those families are back in the housing market. Call them the “boomerang” buyers.
It is difficult to quantify the exact number of boomerang buyers, but real-estate agents, mortgage brokers and home builders all say a significant number of new buyers are families and individuals who went through foreclosure as recently as three years ago, the time period that buyers who defaulted on a mortgage must typically wait before becoming eligible for a mortgage backed by the Federal Housing Administration………………………………………..Full Article: Source

A new housing boom

Posted on 15 October 2012 by Laxman  |  Email |Print

The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom. Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
But while many economists believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger………………………………………..Full Article: Source

California leading U.S. out of housing bust: Mortgages

Posted on 12 October 2012 by Laxman  |  Email |Print

California, the state that led the U.S. into the housing boom and bust with some of the most reckless subprime mortgage lending, is now leading the way out. A plunge in new defaults in California helped push U.S. foreclosure filings to the lowest level in almost five years, according to RealtyTrac Inc., a seller of home-loan data.
Across the country, 531,576 properties received notices of default, auction or repossession in the third quarter, down 13 percent from a year earlier and the lowest since 2007. One in every 248 households got a filing, RealyTrac said………………………………………..Full Article: Source

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