Since 1992, apartments have made up about 20% of home construction. That figure currently is running closer to 30%. Lower credit scores caused by foreclosures mean millions of former homeowners have no choice but to rent.
Wells Fargo, Bank of America, Fannie Mae, HUD, and JP Morgan Chase will donate, then will demolish properties in Cleveland, Chicago and Detroit. Recepients of the land plan to revitalize the areas.
FSBO.com has been saying for over two years, this growing inventory of abandoned & uninhabitable properties need to get off the books of banks/govt and into the hands of investors or communities that will improve the real estate.
For the second straight month, with the annual flurry of spring buyers. The Standard & Poor’s/Case-Shiller home-price index released Tuesday showed that prices rose in 16 of the 20 cities tracked.
16% of home sale contracts canceled, up from 4% in May. Lawrence Yun, NAR chief economist says that tight credit conditions and low appraisals — both of which can kill home sale deals — are prime culprits.
Banks control credit and they influence appraisers. I quess they like holding on to their foreclosed properties.
because banks keep delaying the start of the process. Estimated 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012. While the current headlines look promising, this shadow inventory is still over hanging the market. Our advise, current inventories of for sale properties have dropped in most areas. If you plan to sell, right now is the time. We do see a pick up in buyer inquiries. Click sell with no commission
All cash buyers, which make up 33-50% of the market, can now get easier refinancing through FNMA’s financing unit: Home Path. FNMA Their Selling Guide has been updated to allow a cash-out refinance within six months of a purchase transaction when no financing was obtained for the purchase transaction. This is a small step to help reduce the govt owned properties that keep values down.
Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth. The process is long (4-6 months) once you have a buyer and the banks/agents, etc still seem confused and slow at getting things done. The banks end up taking a loss so they must juggle the loss into their books to keep Wall Street happy.
only to corporations. Global corporate loan volume hit $1.64 trillion worldwide in the first half of 2011, a 50 percent jump from a year ago. America business accounted for more than half of the volume. Good news down the road, banks willingness to lend to consumers is increasing, according to the latest survey of senior loan officers by the Federal Reserve Bank.