Tuesday
March 6, 2012
Home > News & Commentary > [term]

Daily News Articles

  • Home Prices Stabilize Despite Increase in REOs
    03/06/2012

    An increase in distressed properties on the market is no longer chipping away at overall home prices, an “unusual and encouraging” sign, a new report suggests. 

    In fact, the report found that in the top 15 metro areas REOs dramatically increased in February, but those areas still showed average gains or mostly stable home prices compared to the previous month, a new report by Clear Capital shows. Distressed properties typically are known to put downward pressure on nearby home prices. 

  • Mortgage Fraud Cases Rise 20%
    03/06/2012

    The percentage of mortgage fraud activity rose 20 percent in the third quarter compared to a year earlier, a report by the Financial Crimes Enforcement Network finds. Almost 62 percent of the nearly 20,000 suspicious activity reports in the third quarter, which ended Sept. 30, began about four years ago, the report noted. 

    Suspicious activity included loan workout or debt elimination, questionable refinance or loan modification attempts, as well as Social Security number discrepancies on loan applications. 

  • 'Rehab' Loans Surge in Popularity to Fix Up Properties
    03/06/2012

    More borrowers are exploring financing options to cover the costs of rehabbing properties they buy. “Rehab” loans are surging in popularity, according to a New York Times article. 

    “We’re seeing an explosive growth in these loans,” says Ed Brehm with Prospect Mortgage, one of the country’s largest processors of 203(k) loans. The spike in demand is from the higher number of bank-owned properties as well as borrowers who can no longer get home equity loans, he says.

  • Rare Southern Plantations Go Up for Sale
    03/06/2012

    A number of South Carolina’s privately owned historic plantations are hitting the market, a rare occurrence in property sales. Housing experts say that the sluggish economy and cost of maintaining these properties as well as generational changes in ownership are the reasons behind the increase in plantation sales.

    The plantations in South Carolina for-sale range in size from 350 acres to 7,000 acres and are listed from $3 million up to $20 million.

  • The Most Ethnically Diverse Metro?
    03/06/2012

    Houston surpasses other metros in the country in one measure of ethnic diversity, a report from Rice University shows in analyzing census data from 1990, 2000, and 2010. 

    In Houston, the Latino population grew to one-fifth — or 20.8 percent — of the metro’s total population in 1990 and to 35.5 percent in 2010, according to the study. The Anglo population, on the other hand, decreased during that time frame, now making up 39.7 percent of Houston metro residents.

  • Troubled-Home Ordinances on the Rise
    03/06/2012

    In an effort to prevent blight, municipalities increasingly are imposing ordinances that require mortgage servicers to cough up fees, post bond for repairs, and register homes headed toward foreclosure.

    The number of laws mandating registration of vacant or foreclosed property has surged more than 50 percent over the last six months to 980, with California and Florida each approving more than 100 such ordinances. The trend could burden banks, investors and the housing government-sponsored enterprises with millions and possibly even billions in extra costs.

  • Attic-Cleaning Info to Boost Health, Highlight Space
    03/06/2012

    The dust, dander, and mold in home owners’ long-neglected attic could be irritating their family’s lungs and kicking up allergies. “No one thinks about their attic, but it’s a problem area,” says Mike Tringale of the Asthma and Allergy Foundation of America.

  • When Will the Housing Supply Normalize?
    03/05/2012

    The housing supply is expected to normalize in two to four years, Barclays Capital projects, assuming that household formation rates increase to 1.1 million and construction remains slightly above 2011 levels.

    Household formation--which is a reflection of population growth and housing affordability--has drastically dropped since 2007, reaching about 300,000 to 500,000 per year. Historically, the rate is about 1.25 million.  

  • Investors Buy Up Homes in Bulk
    03/05/2012

    Investors aren’t just wanting one home, they may want a dozen. 

    “As the greatest real estate fire sale in the history of the United States rages on, the bulk buy is the dead hot deal of the moment,” Reuters News reports. “In some of the most foreclosure-ravaged parts of the country, it is almost as if the housing market has become the new big box store, with investors wiping out whole shelves at a time.”

  • More Home Owners Stay-Put in Foreclosure
    03/05/2012

    More lenders are allowing home owners in default to stay-put in their homes longer--and even negotiating special arrangements with them, such as the lender paying the home insurance if the home owner pays the utility costs, The New York Times reports. 

    Why the postponement? Banks don’t want the cost of maintaining more homes on their books. Many municipalities are forcing banks to better maintain foreclosed homes, which has been adding to the costs.