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Fannie Mae gets tough on homeowners who walk away - Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for 7 years. Troubled borrowers who do not try in good faith to work out a deal, but have the capacity to pay, are targeted by the policy. "Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," said Terence Edwards, executive vice president for credit portfolio management. Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-23-fannie-mae-walk-aways_N.htm
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Click here to search for homes on the MLSFannie Mae gets tough on 'strategic' mortgage defaults - Borrowers who walk away from mortgages they can afford to pay — making "strategic defaults" — are running increasing risks that they'll be penalized for doing so. Starting in October, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also plans to go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default. Under a bill that's passed the House and awaits Senate action, the Federal Housing Administration would be barred from insuring mortgages for those who previously ditched a mortgage they had the ability to pay. Read full article:
http://www.usatoday.com/money/economy/housing/2010-07-19-defaults19_ST_N.htm
Realtors report: Arizona among top markets for international homebuyers - Arizona is one of the states benefiting as international interest picks up in U.S. homes. The National Association of Realtors 2010 Profile of International Home Buying Activity reports that the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery were among factors cited as influencing international buyers in the recent survey. Those with residency outside the U.S. as well as recent immigrants and temporary visa holders are estimated to have purchased $66 billion of U.S. residential property, accounting for 7% of the residential market. Read full article:
http://www.bizjournals.com/phoenix/stories/2010/07/05/daily29.html?s=industry&i=resi_real_estate
5 states rush plans for $1.5B in housing funds - The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month. Guidelines issued under the U.S. Treasury Department's Fund for Hardest Hit Housing Markets on March 5 gave housing finance agencies in California, Arizona, Florida, Nevada and Michigan just six weeks to come up with plans on how to spend their share of the money. Arizona is getting $125 million.
http://www.azcentral.com/business/realestate/articles/2010/03/15/20100315hardest-hit-housing-funding.html
Housing Experts Say Real Estate is Recovering - According to some of the nation’s top economists, the housing market has turned and better days are on the way for the housing industry. Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital.
http://www.realtor.org/RMODaily.nsf/pages/News2010031502
Ben Hirsch Realty is a company that specializes in residential real estate, management and disposition of Real Estate Owned, foreclosed homes (REO Properties). We match first time home buyers, investors and move-up/move down home buyers with their perfect home! If you are considering selling or purchasing a home or need a Comparative Market Analysis/Broker Price Opinion for a home we are the right choice for you!
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