Archive for September, 2010

Bad news for Builders, good news for homeowners!

Monday, September 27th, 2010
This week Reuters reported - ‘New U.S. single-family home sales were flat in August, but the supply of ’spec’ houses on the market tumbled to the lowest level in 42 years, based on government data.’ This means builders confidence is low and they have stopped speculating by buildng less ’spec’ homes.
Have you ever tried selling your home in a newer development and found yourself competing with the builders new homes? And the builder starts offering incentives or reducing their prices?    Less inventory is what is needed. The builders have reduced, now we just need the banks to do the same thing. This should be right around the corner!!

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Under Contract, but lender delays the closing?

Monday, September 27th, 2010

Another reason is the lender wants to make sure all documentation is accurate and correct, in case, they need to go to court to foreclose. Example, as reported last week:

GMAC, which is based in Detroit and is now a subsidiary of Ally Financial, first put the spotlight on its procedures when it told real estate agents and brokers last week that it was immediately and indefinitely stopping all evictions and sales of foreclosed property.
The recent admission by GMAC that it had filed dubious foreclosure documents. Full Story.

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Round 3 - $1 billion in NSP3 Funding

Thursday, September 9th, 2010

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today awarded an additional $1 billion in funding to all states along with a number of counties and local communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed properties.

Complete Press Release

This is a Federal Govt program giving money to state/local governments to buy for themselves property to be fixed up and resold. I prefer the Federal Govt give the money to private investors to buy and fix up foreclosure property. This program makes the Federal Debt higher and state/local governments bigger, while keeping the private sector on the sidelines.

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