Real Estate News

Could be an opportunity to find motivated sellers .............

The Reluctant Landlords
By M.P. McQueen
The Wall Street Journal
September 3, 2009

With housing prices still in the dumps, many Americans are finding themselves in the uncomfortable position of landlord.

Some have been forced to relocate for a job and can't sell their houses. Others have moved, but are holding on to their previous homes, hoping for prices to rebound before selling. Many are finding that rent checks don't come close to covering their mortgage payments.

Yes, the Housing Market Has Rarely Looked Better
By James B. Stewart
The Wall Street Journal
September 2, 2009

Industry Seeks Fannie, Freddie Overhaul
By Nick Timiraos
The Wall Street Journal
September 2, 2009

A mortgage-industry trade group is calling for Congress to transform Fannie Mae and Freddie Mac into several smaller privately held companies that would issue mortgage securities carrying an explicit government guarantee.

Commercial Real Estate Lurks as Next Potential Mortgage Crisis
By Lingling Wei and Peter Grant
The Wall Street Journal
August 31, 2009

Federal Reserve and Treasury officials are scrambling to prevent the commercial-real-estate sector from delivering a roundhouse punch to the U.S. economy just as it struggles to get up off the mat.

Commercial Real Estate’s $1 Trillion Time Bomb
By Lingling Wei
The Wall Street Journal
September 1, 2009

Yesterday I wrote about a looming crisis in the commercial-mortgage-backed securities market. But there’s another time bomb ticking away in the commercial sector: U.S. banks are holding more than $1 trillion of mortgages backed by commercial property that is fast losing value.

The ABCs of REOs
Buying at the bottom of the market can mean huge savings for you and your family
The Orlando Sentinel Newspaper
2009

Selling loans is a common practice
By Lew Sichelman
Chicago Tribune
August 30, 2009

It's the mortgage market's equivalent of a Dear John letter: "Goodbye. It's been nice knowing you, but we've sold your loan to another lender."

Some borrowers receive the missive a few days after they close on their loans. Sometimes it arrives years later. But over the life of the mortgage, practically every homeowner is sure to receive one. In fact, the typical loan may be sold two, three or even four times to other lenders.

If the appraisal of your house seems low, appeal it
Homeowners can ask their lenders for a more thorough evaluation of their property or they can find better comparable sales or challenge the ones used by the appraiser.
By Lew Sichelman
The LA Times
August 30, 2009

Reporting from Washington

Many buyers and sellers are finding out that in today's down market, houses aren't worth what they thought they were. At least not in the eyes of appraisers hired to tell lenders what the places could fetch on the open market if borrowers failed to make their payments.

Ideas to cut the federal deficit could cost homeowners billions
Options that lawmakers are likely to consider to raise revenue include slashing the maximum deduction for mortgage interest or replacing it with a flat 15% tax credit.
By Kenneth R. Harney
The LA Times
August 30, 2009

Reporting from Washington

You might assume that during August, with the Senate and House on their summer break, nothing much happens on Capitol Hill. You know the old saw: Your money is safe when Congress is out of town.

Contract Signings Rise, and Deal-Watchers Exhale
By Elizabeth A. Harris
The New York Times
August 30, 2009

SPRING came late to the Manhattan real estate market this year.

After a nearly moribund stretch at the end of 2008 and the beginning of 2009, brokers are reporting that the number of signed contracts rose in June, July and the first weeks of August, traditionally a slow period.