RAMB
Rising loan defaults challenge FHA
WASHINGTON – Feb. 2, 2010 – The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital to the housing market’s recovery.
About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency’s figures show.
Pending sales stabilize above year-ago levels
WASHINGTON – Feb. 2, 2010 – Pending home sales have leveled from a market swing driven by response to the homebuyer tax credit, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and is 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.
FHA relaxes anti-flipping rules
WASHINGTON – Feb. 2, 2010 – Effective yesterday, the Federal Housing Administration (FHA) started providing mortgage insurance for some home purchases in which the seller bought the property and held it for less than 90 days.
Miami-Dade Pending Real Estate Sales Increase 3.5 Percent in One Month
First-time Buyers and Existing Homeowners Reap Tax Credit Benefits
2009 Year Ending Stats: RAMB Members DEFINITELY List More, Sell More and Make More
...based on 2009 MLX Statistics:
RAMB Members DEFINITELY List More, Sell More and Make More than Miami-Dade members - way more!!
RAMB Members List 35% more (all areas)
60% more in M-D County alone
Administration shifts gears on mortgage modifications
WASHINGTON – Jan. 29, 2010 – Conceding that its initial mortgage relief program has been less than successful, the Treasury Department Thursday announced new rules to simplify and speed the decision-making process for struggling borrowers trying to modify the terms of their distressed mortgages.
HUD and CPSC issue guide on identifying toxic drywall
WASHINGTON – Jan. 29, 2010 – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) issued guidance on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes.
FHA announces policy changes
WASHINGTON – Jan. 21, 2010 – Federal Housing Administration (FHA) Commissioner David Stevens yesterday outlined the new set of policy changes created to strengthen FHA’s capital reserves.
The FHA proposed the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and downpayments for new borrowers; reduce seller concessions to three percent from six percent; and implement a series of measures to increase lender enforcement. U.S.
Impact of tighter FHA rules on home loans debated
WASHINGTON – Jan. 22, 2010 – Tighter lending requirements for loans insured by the Federal Housing Administration may leave some borrowers unable to get mortgages, but economists are divided on the impact they could have on housing’s recovery.
The changes, aimed at strengthening the FHA’s reserves in the face of rising foreclosures, shouldn’t hurt too many borrowers, officials say.
New rules curb closing surprises
McLEAN, Va. – Jan. 19, 2010 – Buying a home should be a joyful experience, but all too often, the mortgage settlement process leaves consumers confused, angry and paying more than they anticipated.
The reason? Closing costs and fees that are significantly higher than the lender’s original estimates.
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Florida Realtors announces Haitian relief
ORLANDO, Fla. – Jan. 15, 2010 – In partnership with the National Association of Realtors® (NAR), Florida Realtors® will make a contribution and collect individual donations to help the Haitian people following this week’s devastating earthquake.
“We have all been deeply touched by the horrific damage and loss of life caused by the earthquake in Haiti.
FHA borrowers get drywall help
WASHINGTON – Jan. 4, 2010 – The U.S. Department of Housing and Urban Development (HUD) announced over the holidays that FHA-insured families experiencing problems associated with toxic drywall might be eligible for assistance to help rehabilitate the properties. In addition, HUD’s Community Development Block Grant (CDBG) Program could help local communities combat the problem.
“We’re instructing our FHA mortgage lenders nationwide to extend temporary relief to allow these families time to remove problem damaging drywall and repair their homes,” says FHA Commissioner David Stevens.
Realtors learn about Chinese drywall
BRADENTON, Fla. – Jan. 11, 2010 – Homebuyers shopping the real estate market have plenty to consider before they commit to a purchase.
There’s the mortgage, financing, property taxes and now, making sure the dream home they want to buy doesn’t have Chinese drywall.
Officials in the local real estate industry are doing what they can to alert homeowners on the much-publicized issue of Chinese drywall.
Do new home-appraisal rules help?
WASHINGTON – Jan. 12, 2010 – More homebuyers will soon find that their mortgage broker can’t select an appraiser, part of a federal effort to ensure that appraisers aren’t pressured to inflate home values.
Effective Feb. 15, mortgage brokers will no longer be able to order appraisals on loans insured by the Federal Housing Administration (FHA). For consumers, that is supposed to mean home appraisals will more closely reflect a home’s value.
New rules could speed short sales of distressed homes
WASHINGTON – Jan. 12, 2010 – The federal government is setting guidelines for short sales of homes, giving lenders a 10-day limit to respond to offers, freeing borrowers from debt and providing financial incentives to lenders.
The new rules seek to address the many criticisms of short sales and figure to play a significant role in South Florida, where distressed properties dominate the market as the housing slump meanders into a fifth year.
“The cloud could be lifted,” said Domenic Faro of the Fort Lauderdale Real Estate firm.
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Wednesday, January 27th
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Real Estate Commissions Highest Since 2001
This just in from a report from Steve Cook on Real Estate Economy Watch:
Real estate commissions have risen for four straight years and they are higher today than they have been since 2001. The average commission in 2009 was 5.29 percent, up over six percent than last year but still below the mythical six percent customary in many markets.
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