Vacation-home sales pick up steam across the country
Real estate salespersons in vacation spots across the country say the market for second homes is picking up steam as buyers grow more confident in the residential market. The National Association of Realtors reported a 7 percent jump in vacation sales to 502,000 last year, accounting for 11 percent of all volume. The median vacation […]14 years ago
Committee hustles to complete refinance amendments
The U.S. Senate Banking Committee is trying to make a deal on amendments that would allow a bill focused on streamlining refinancings through the Home Affordable Refinance Program (HARP). The bill proposed would help borrowers with Fannie Mae or Freddie Mac loans refinance their loans if they are current on their payments. The concern is […]14 years ago
State warns of another unlicensed loan mod company
The Washington State Department of Financial Institutions (DFI) has received more tips from consumers regarding advertisements for loan modification services. DFI’s investigation has connected these advertisements to a company in California called First American Home Saver, with a toll-free number of 877-473-4855. DFI’s investigation showed that neither First American Home Saver nor the individuals running […]14 years ago
Fed study: Recession easier on renters than owners
The most recent Federal Reserve Survey of Consumer Finance, which breaks down household compensation and net worth on the whole and across various demographic categories, shows that Americans lost both income and wealth from 2007 to 2010.
14 years ago
Tom Kelly: Father’s gift was more than summer vacation
Father’s Day, my parents’ wedding anniversary and the anniversary of my dad’s death are all crammed into the same three-week period. I usually find myself grouping the trio of events together and reflecting on them as a package on each one of those days. Yet, this year, they seemed to be front and center more […]14 years ago
Seattle-area inventory shrinks 43 percent, No. 5 nationally
The number of homes on the market continues to become a shrinking pool . In the Seattle-Bellevue-Everett regional market, the number has reached 42 . 65 percent.
14 years ago
Use eminent domain to take over underwater mortgages?
In a controversial move, a mortgage firm on the West Coast is pushing lawmakers in California and other states to use eminent domain to take over underwater mortgages. Eminent domain is a power that can be used by government to get a court order to seize property — not loans — for the public’s interest. […]14 years ago
Foreclosure buyer blindly acquires $200K mortgage
Foreclosure auctions present many challenges to buyers who don't know what kind of deal they are getting into . Business Insider revealed the story of a Florida couple who acquired a home via a foreclosure auction website, believing they had purchased a great property for just $16,000.
14 years ago
Controversial move puts private investors in lender role
The Federal Housing Administration announced it will begin selling off distressed mortgages in bulk, which would put private investors in the role of lender for thousands of homeowners. Beginning in September, FHA says it hopes to sell 5,000 mortgages each quarter. The move will help the FHA get rid of some of the 700,000 or […]14 years ago
Seattle economy ranked No. 3 among U.S. metro areas
The Seattle-Tacoma-Bellevue metropolitan area economy ranks as third strongest in the U.S., by Policom Corp., an independent research firm, according to NWREporter. Washington D.C., anchored by an expanding federal government, retained its 2011 position atop the list, followed by Des Moines, Iowa, which is buoyed by a growing finance and insurance sector. Policom creates the […]14 years ago
Many consumers shut out in era of cheap money
Fixed-rate mortgages have been at all-time lows for nearly six weeks, increasing homebuyers’ purchasing power and helping to trim homeowners’ monthly mortgage payments-at least for those who qualify. An increasing number of homebuyers and refinancers say they are shut out of the cheaper borrowing conditions due to banks’ tightened lending standards, according to new data […]14 years ago
Lender group asks HUD to reinstate popular investor loan
The Mortgage Bankers Association (MBA) is urging HUD to end its moratorium on allowing investors to take part in the agency’s Section 203(k) rehabilitation loan program. The association concedes that the moratorium was the right course of action when it was implemented in the mid-1990s, but notes that today’s housing market is vastly different. “Communities […]14 years ago
Feds target more lenders in FHA mortgage probe
More lenders United States attorneys are increasing their scrutiny of Federal Housing Administration lenders, having recouped $1 billion in losses for the agency from Bank of America, Deutsche Bank, Citigroup, and Flagstar, and issued subpoenas for information from others. The probes, reported by The Wall Street Journal, indicate that Washington does not want taxpayers to […]14 years ago
Cheap money sends high-end homes soaring from market
A new article suggests that the real estate market is splitting in two, with the high-end segment soaring and the rest of the market continuing to struggle as it inches toward recovery mode. “It’s become a tale of two markets,” Michael Simonsen, CEO of Altos Research, told CNBC.com. “At the high end, well-financed people have […]14 years ago
Tom Kelly: Vacation rentals often get cool reception
The subject of short-term rentals in vacation and resort areas has brought some negative reaction in some regions. Owners who wish to offer their properties for rent have run into huge problems with neighborhood groups and hotel lobbies.14 years ago
Borrowers choosing shorter terms, eye early pay-off
More borrowers are shortening their mortgage terms and are considering paying off their mortgage sooner. Record low interest rates have allowed more borrowers to refinance their loans from 30 years to 15- or 20-year terms. A recent Freddie Mac report shows that 31 percent of recent refinancers shortened their loan terms, which is the second […]14 years ago
Low appraisals continue to hinder home sales
Home appraisals coming in for lower than the agreed upon selling price of a home are making it difficult for some homebuyers to take advantage of the market. About one-third of real estate professionals say low appraisals have caused a transaction to fall through, be delayed, or have to be re-negotiated, according to National Association […]14 years ago
Craig McCaw selling his private island for $75 million
Craig McCaw is selling his magnificent private island in the British Columbia Gulf Islands for $75 million, complete with an 18-hole Jack Nicklaus Signature golf course.14 years ago
Puget Sound home prices, sales continue to climb
Low inventory and plunging mortgage rates are fueling buyer competition for homes close to job centers, according to brokers who commented on the latest market report from Northwest Multiple Listing Service.14 years ago
Closing shock: Good-faith estimates undergo makeover
Some homebuyers arrive to close their home only to discover that the final figures are not what they originally thought. The surprise can sometimes threaten to derail a deal. Lenders are required to provide buyers a good faith estimate of closing costs within three days of receiving borrowers’ mortgage applications. But these good faith estimates […]14 years ago
Regulators delay definition, rollout of ‘qualified mortgage’
The Consumer Financial Protection Bureau (CFPR) is delaying publication of its final “qualified mortgage” rule, which will set standards for lenders to ensure borrowers have the ability to repay mortgage loans they’ve been given. Release of the rule was expected late this summer, but the agency said it’s reopening the process for comment because it […]14 years ago
Lenders check, reject more potential borrowers
Lenders are doing more background checks to verify the information that applicants’ provide, according to a recent article in the Chicago Tribune. In 40 percent of the suspicious activity reports in 2011 submitted to the Financial Crimes Enforcement Network, lenders said they rejected the applicant for a new mortgage, refinancing, or short sale because they […]14 years ago
