On December 22nd, HUD announced that the Federal Housing Administration’s (FHA) anti-flipping waiver will be extended through the end of the year, 2012.
A December 28th press release stated that the extension permits “buyers to continue to use FHA-insured financing to purchase HUD-owned and bank-owned properties, no matter how long the homeowner has held the title—through December 31, 2012”.
The intent is to accelerate the sale of foreclosed properties. The first waiver, implemented February 1, 2010 has resulted in nearly 42,000 additional insured mortgages on properties which were purchased, often improved or renovated, then re-sold to new owners within a 90 day period.
The waiver extension comes with strict guidelines and conditions designed to prevent predatory practices. Read FHA’s anti-flipping waiver.
The FHA press release emphasized that “the waiver will allow homes to resell as quickly as possible, helping to stabilize real estate prices and revitalize communities experiencing high foreclosure activity.”
A Secret Santa started a trend that is sweeping the nation. It is believed to have started in Grand Rapids, Mich., when a woman approached a Kmart store and asked to pay off someone else’s layaway. The “
October existing home sales were more “treat” than “trick” thanks to a 1.4% month–over-month increase in existing-home sales in October. The uptick in sales prompted The National Association of Realtors, (NAR) to adjust the annual projected sales rate upward by 13.5% from a 4.38 million unit sales pace in October 2010 to a projected 4.97 million sales pace for 2011.
This year’s list of appreciating housing markets holds surprises reminiscent of boom towns and gold rush days. This time it’s “black gold” that is causing the stir. Recent news stories have chronicled the massive oil reserves discovered in North and South Dakota which have transformed the Dakotas into America’s hottest spot for new jobs and homebuilding.
Most sports teams have one thing in common. They all have coaches. Most real estate professionals do double duty as coaches, encouraging clients in their property search and fellow agents in selling properties.
Is this the best time ever to buy real estate? A Google search on the topic revealed a page of articles from experts who state unequivocally that it is. Should buyers wait for the market to hit bottom or could rising interest rates cancel out anticipated savings? This recap is a fresh take on the real estate market with a positive perspective.
On Wednesday, November 2, 2011, the Department of Housing and Urban Development (HUD) announced the immediate suspension of Allied Home Mortgage, “thereby preventing it from originating and underwriting new FHA mortgages.” Government loan insurer Ginnie Mae also suspended Allied, “which eliminated its ability to offer VA, Rural Housing Service and Office of Public and Indian Housing mortgages.”
Is it time to buy? How long will mortgage rates stay low? Will it become easier to qualify for a mortgage—or is it better to rent? Will foreclosed properties become available to rent? How will the recent lowering of loan limits impact houses in lower price categories? Will short sale volume grow or shrink in the fall marketplace?
You probably have noticed that the media provides a steady stream of sobering reports on everything from foreclosures, to the housing market and the economy in general. You may be wondering whatever happened to the elusive “silver lining.” We’d like to share a rare resource—good news from an economist!
Large down payment requirements have made homeownership a challenge for many otherwise qualified home buyers. HUD’s latest announcement includes a $100 down payment on HUD homes with FHA financing where offers are at or above current list price. Note that any offers exceeding appraised value require the buyer to provide the additional funds at closing.