Blog
September 2012 month’s inventory
Here is a perfect example of supply and demand:) Lower inventory + lots of buyers and local/national investors = higher Real Estate Values
read moreU.S. sues Wells Fargo over FHA-insured loan defaults
The U.S. government has sued Wells Fargo in a New York court, accusing America’s largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed Tuesday in federal court in Manhattan, seeks to recover “hundreds of millions of dollars” that the Federal Housing Administration (FHA) paid out after borrowers defaulted on Wells Fargo mortgage loans. The bank had applied for FHA insurance for the loans, meaning that if the loans went bad, the bank could ask the...
read moreHome prices build to new peaks in dozens of U.S. markets
As U.S. home prices begin to edge up after largely falling for years, prices in a smattering of cities are already at all-time highs, new data show. More than 100 metropolitan areas hit their peak home prices in July and a few did in June, according to data through July from mortgage tracker Lender Processing Services. Those areas include Pittsburgh and Anchorage. Another 50 areas are within 2 percent of their previous peaks, LPS’ home price index shows, including: Austin; Denver and Boulder, Colo.; Indianapolis; and Portland, Maine. Many...
read moreReal estate investors plan to buy more
Despite rising prices and shrinking foreclosure inventories, 65 percent of active real estate investors plan to buy as many homes over the next 12 months as they bought in the previous 12 months, according to a survey conducted by ORC International for BiggerPockets.com and Memphis Invest. Founded in 1938, ORC International has conducted the CNN|ORC International poll since 2007. Future activity The survey found that 39 percent of active investors intend to increase their purchases over the next twelve months, while 26 percent plan to buy as...
read moreNew guidelines to help condos get FHA loans
Many first-time homebuyers consider condos a good home when starting out, but loans issued by the Federal Housing Administration (FHA) that come with relatively low downpayments have not been offered in many condo buildings. FHA approval for a condo is more complicated the FHA approval for a single-family home. To minimize its risk, FHA looks at more than the unit requesting a loan – it also considers traits of the association itself. Associations can help individual condo sellers get an FHA loan by becoming certified, but fairly stringent...
read moreStarting Jan. 1, short sales may carry hidden cost
According to the U.S. Internal Revenue Service (IRS), a homeowner who owes money to a mortgage lender is given something akin to a gift when the lender cancels out some mortgage debt through a short sale. As a result, the IRS sees that forgiven money as income and could tax it accordingly. A 2007 law designed to help homeowners specifically forbids the IRS from taxing forgiven money on a principal residence, however, since people who can’t afford to keep their home generally can’t afford higher taxes less than a year later. But that law...
read moreAmendment 4 would help first-time buyers
What is Amendment 4? Amendment 4 is a constitutional amendment on Florida’s ballot this year. This proposal will lower property taxes for new homebuyers and spur much-needed economic growth in the housing market by offering a healthy new exemption for first-time homebuyers. Amendment 4 will also protect working families, small businesses and homeowners from unfair and unexpected tax increases by helping to stop “recapture,” a tax gimmick that increases property taxes even when property values decline. Finally, Amendment 4 will lower...
read moreMultiple offers possible in tight housing market, experts say
Bidding wars are back as the housing market continues its recovery. After years of lackluster sales and sagging prices, demand is growing while the number of homes for sale shrinks. Those market conditions drive multiple offers in many areas, but real estate agents and other housing followers say sellers still can take practical steps to boost the level of interest among buyers. • Price it as low as possible. Many sellers and their agents obviously underprice homes to attract bidding wars. Douglas, a broker at in West Palm Beach, Fla.,...
read moreFla. housing market continues positive track
Existing-home sales improve in July, prices continue to rise Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in July, according to the latest housing data released by Florida Realtors®. “Florida’s real estate recovery is on solid ground,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Since May 2011, pending sales have increased every month for both...
read moreHome prices rose 0.8% in May
The federal agency that tracks same-home sales over time under Fannie Mae and Freddie Mac says prices rose 0.8 percent in May compared to April. And prices were up 3.7% year-to-year, since May 2011. The Federal Housing Finance Agency’s (FHFA) monthly House Price Index previously reported a 0.8 percent increase in April, though it revised the index downward slightly to a 0.7 percent increase. The index is 17.0 percent below its April 2007 peak and roughly the same as its May 2004 level. Since the FHFA’s index looks at repeat sales of the...
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