Shadow Inventory Is Growing at Alarming Rates, more Short Sales and Foreclosures
Well, no surprise here…how do we get out of this? I have to agree with Diana Olick on the investor spin, with lending restrictions as tight as they are we need to get those cash buyers to get in the game and help eliminate some of this inventory. As real estate agents we see such a fight coming from the lenders that are holding the liens on homes we’re short selling when we have an investor wanting to purchase. It’s not what you think, we don’t submit low ball offers to these lenders. They just don’t like the idea of investors…well, I say get over it! ...
Read MoreThe "Super Prime" FICO Scorers More Likely to "Strategic Default"? …LOL
This article hit over the weekend in the Washington Post… It’s enlightening…and some may even find it shocking! Who are the folks more likely to “strategically default”? The “Super Prime” FICO scorers! Yes, the snooty folks that look down on us with the less than 700 scores are 28% more likely to strategically default on their home mortgage. What’s a strategic default? It’s the action of choosing to walk away from your obligation or in this case, the mortgage on a home. Why would an “Elite”...
Read MoreCalifornia Hot Spot for Foreclosures…CNBC Video…Short Sales Stop Foreclosure
Although California remains in the top 20 foreclosure activity, numbers are shifting into new areas. With the HAFA roll out April 5th Short Sales for homeowners that are upside down in equity have a realistic alternative to foreclosure. Email...
Read MoreTax Credit Bill Passed for New Home Buyers…and Move Ups
As promised….here are the details for the home buyer tax credit. It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time. So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on...
Read MoreSenate Overwhelmingly Approves Homebuyer Tax Credit Extension
As predicted, the Senate approved the extension of the Home Buyers Tax Credit until April 2010. The approval is as follows: $8,000.00 for 1st time buyers added $6,500.00 for “Move-up” buyers An increase in qualified incomes were doubled from $75,000.00 to $125,000.00 for a Single purchaser and from $150,000.00 to $225,000.00 for Couples. The extension passed the Senate 98 to 0…a true bipartisan message. The extension is expected to pass through the House with haste and be “rubber stamped” by President Obama by this weekend. Bravo to the Dems and Elephants for...
Read MoreGet this FREE book when you sign up!
