Here are some interesting real estate related news stories this week:
Massachusetts Attorney General Sues Five Major Banks
The top law enforcement officer in Massachusetts has filed suit against Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, and GMAC claiming they foreclosed on many homes illegally, and used deceptive loan servicing practices, including robo-signing.
The attorneys general of all 50 states have been negotiating with the major banks to reach agreement as to some financial relief to be provided to those who lost their homes due to poor lending and foreclosure practices. These talks have been stalled for months, and some states have chosen to take an independent approach.
New Home Sales Higher in October
The Census Bureau reported an annual sales rate of 307,000 new homes in October, up 1.3% from September and 8.9% from October a year ago. Low prices and rock-bottom interest rates are contributing to the whittling away at new home inventories. However, at the end of October there were 162,000 new homes on the market, representing a 6.3 month supply and a median sale price of $212,300.
Eight Year Lows for Home Prices in Third Quarter
Home prices haven’t stopped falling yet, with third quarter levels at their lowest since 2003. Home prices dropped 3.9% year-over-year during the three months ending in September according to the S&P Case-Shiller Home Price Index.
Foreclosure levels have been down for months, but have recently begun to increase again. CoreLogic, an information provider, reports that 10.7 million residential property owners, 22.1% of all homeowners, were underwater on their mortgages at the end of the third quarter.
Lenders Say “Happy Holidays” to Weary Homeowners
Fannie Mae, Freddie Mac and several large lenders have announced the cessation of foreclosures through the Christmas Holidays. Fannie Mae says the moratorium on foreclosures will run from December 19 through January 2.
Here are some interesting real estate related news stories this week:
Massachusetts Attorney General Sues Five Major Banks
The top law enforcement officer in Massachusetts has filed suit against Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, and GMAC claiming they foreclosed on many homes illegally, and used deceptive loan servicing practices, including robo-signing.
The attorneys general of all 50 states have been negotiating with the major banks to reach agreement as to some financial relief to be provided to those who lost their homes due to poor lending and foreclosure practices. These talks have been stalled for months, and some states have chosen to take an independent approach.
New Home Sales Higher in October
The Census Bureau reported an annual sales rate of 307,000 new homes in October, up 1.3% from September and 8.9% from October a year ago. Low prices and rock-bottom interest rates are contributing to the whittling away at new home inventories. However, at the end of October there were 162,000 new homes on the market, representing a 6.3 month supply and a median sale price of $212,300.
Eight Year Lows for Home Prices in Third Quarter
Home prices haven’t stopped falling yet, with third quarter levels at their lowest since 2003. Home prices dropped 3.9% year-over-year during the three months ending in September according to the S&P Case-Shiller Home Price Index.
Foreclosure levels have been down for months, but have recently begun to increase again. CoreLogic, an information provider, reports that 10.7 million residential property owners, 22.1% of all homeowners, were underwater on their mortgages at the end of the third quarter.
Lenders Say “Happy Holidays” to Weary Homeowners
Fannie Mae, Freddie Mac and several large lenders have announced the cessation of foreclosures through the Christmas Holidays. Fannie Mae says the moratorium on foreclosures will run from December 19 through January 2.