Bank of America expects to complete more than 100,000 short sales this year — more than double 2009. Wells Fargo says short sales have been “steady to slightly” up in recent months. In the second quarter, short-sale homes sold at a 21% discount to non-foreclosure homes, while bank-owned homes went at a 40% discount.
Bank-owned homes, which are sold after being repossessed, accounted for nearly 19 percent, while Govt agency properties made up the rest. Bank-owned home this spring sold for 40 less than the average price of other homes.
FSBO.com has been saying for over two years, you get the properties off of the balance sheets of Govt agencies/banks and watch the following problems improve: house values, govt revenue/debt, unemployment, GDP. and the list goes on and on.
have purchased over $82 billion of real estate this year, up 25% over 2010. Home purchases by wealthy foreigners and investors have proven significant. Their favorite areas include Florida, California and Las Vegas.
In 2011, 441 private-equity firms are raising real estate funds, 63 more than a year ago and almost twice the number in 2008, according to London researcher Preqin Ltd. Companies. Money used to buy distressed properties. Smart investors see the value and have long term outlook of being positive.
Credit card late payments hit 17-year low last quarter, this will go a long way to improve credit scores.
Credit card users are so focused on keeping their accounts in good standing that they’ve driven the rate of late payments down. The national credit card delinquency rate, or rate of payments 90 days or more past due, fell to 0.60 percent in the second quarter, down from 0.92 percent a year ago, according to credit reporting agency TransUnion.
homeowners are shortening the terms of their loans. In the first quarter, 34% of refinancers switched to a 20- or 15-year loan, the highest level in seven years, according to Freddie Mac. At LendingTree, requests for 15-year mortgages are up 30% from a year ago. At Quicken Loans, eight years is preferred, with the second most popular is 13 years.
has been sent to private-equity funds, financial institutions, and local governments and nonprofits to buy foreclosed properties and offer them as rentals in stressed housing markets. U.S. Treasury Department, the Federal Housing Finance Agency and the Department of Housing and Urban Development said to shrink the glut of foreclosed properties held by mortgage finance giants Fannie Mae and Freddie Mac that are weighing down the housing market and hurting home prices.
Gee, we have been saying this for two years, just one thing missing. They need to get the individual investor involved, that’s who has the experience and resources. See Reuters article
with interest rates at the lowest in a year, the the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 21.7 percent in the week ended August 5. The refinance share of mortgage activity increased to 75.6 percent of total applications from 70.1 percent the previous week.
If you refinance today, how long before you buy a new house?
one positive in all the uncertainty surrounding the nation’s debt was a plunge in Treasury yields, which in turn sent mortgage rates to record lows.
The 30 year fixed hit a near-low of 4.45 percent last week from 4.57 percent, and the 15 year made a new low of 3.52 percent, according to the Mortgage Bankers Association. Those low rates pushed refinance applications up 7.8 percent and purchase applications up 5.2 percent
Mortgage Bankers Association said mortgage application activity, which includes both refinancing and home purchase demand, rose 7.1 percent in the week ended July 29. Refinance represents 70.1 percent of total applications. What’s the take away. After refinancing, those properties will not be on the market for several years, thus reducing ‘for sale’ inventory levels.