6,941 borrowers get loan principal reductions
The Home Affordable Modification Program (HAMP) helped 657,044 homeowners avoid foreclosure in June through permanent loan modifications – up from 633,459 in May, according to Treasury Department statistics. However, while the number has grown, the numbers still fall short of the initial goal to help 3 million to 4 million borrowers through HAMP, which since […]15 years ago
Second homes: The buy-and-rent strategy
Would an extra $17,500 a year in income influence your decision to purchase a second home? Let’s say you have come to the conclusion that there is absolutely no way you could afford a second home at this time in your life. Now, step back and put yourself in renter’s shoes. Would you rent this […]15 years ago
Legislator suggests investors rescue foreclosures
A letter from a member of Congress to the Federal Housing Finance Agency calls for Fannie Mae and Freddie Mac to install a major rental program that could produce revenue out of properties otherwise sitting vacant. Sen. Jack Reed (D-R.I.) is urging the two companies to convert their repossessed properties into rental units and pool […]15 years ago
State receives another ‘loan mod’ scam complaint
The Washington Department of Financial Institutions (DFI) has received a consumer complaint against DLD Consulting, LLC, which purported to offer loan modification services to Washington residents. Consumers report being contacted by phone in which DLD Consulting indicated that it had a special relationship with the consumers’ lender, and that they could get better modification terms […]15 years ago
Same story: NWMLS sales up, prices lagging
A total of 5,180 homes listed by the Northwest Multiple Listing Service sales were closed in July, an increase of 15.3 percent from the same month in 2010 when 4,491 sales closed. “It’s classic good-news, bad-news story,” said Frank Wilson, Northwest MLS director and branch managing broker at John L. Scott Real Estate in Poulsbo. […]15 years ago
Home sales go up as prices drop in King County
The latest local housing numbers show a lot of activity but sinking home prices in King County.15 years ago
Questions remain for real estate in debt ceiling deal
The debt ceiling agreement signed into law this week has no direct impact on real estate tax rules or spending provisions, but the industry isn’t out of the woods yet, because the deal includes authority that could make it easier for Congress to make tax law changes in the months ahead. The next 100 days […]15 years ago
B of A reportedly floats loan forgiveness deal
Bank of America reportedly is in talks with state and federal officials to write down the principal owed on some struggling borrowers’ loans in exchange for a release from the mounting legal disputes against it, according to The Wall Street Journal. Bank of America, the country’s largest bank, has faced a flood of borrowers defaulting […]15 years ago
Realtor group criticizes down-payment requirement
A proposed rule by federal regulators to impose a minimum 20 percent down payment, stringent debt-to-income ratio requirements and rigid credit standards will deny millions of Americans access to safe, low-cost mortgages, according to the National Association of Realtors. NAR expressed dissatisfaction over the “unduly narrow” definition of qualified residential mortgages (QRM) that would be […]15 years ago
Are buyers emerging from ‘frugality fatigue’?
Stocks, interest rates, housing prices...who has been able to time the true bottom?15 years ago
Man tries to sell home he didn’t own
Police continue to search for a 36-year-old man in Campton Hills, Ill., who they say tried to sell a home that wasn’t his. Police say that Daniel Kellogg began to sublet a home he was renting to other renters, pocketing their rental money. Police also allege that Kellogg changed the title of the house to […]15 years ago
Two years later . . . foreclosure families still in homes
In a recent study by the Federal Reserve Board of Governors on post-foreclosure experience of U.S. households, authors found little evidence to confirm anecdotal suggestions that many people end up living in larger households in order to defray living expenses. In fact, the extended foreclosure process seems to allow many to stay in their homes […]15 years ago
College towns no longer just a lure for students
National surveys attempting to determine the best places to live continue to include several college towns. The small-town environment is attractive for its slower pace and the athletic facilities and educational programs offered by the school. College towns also remind people in a variety of age groups of the places where they grew up (or […]15 years ago
Whistler condo? Don’t plan on tax-free exchange
Last week, I spoke with a friend who purchased a Whistler condominium a few years ago because of the strength of the dollar, the buzz of the upcoming Olympics and his love of downhill skiing. While he still enjoyed the Whistler area and the improvements made with Olympics dollars, the economy had taken its toll […]15 years ago
Pendulum continues: Pending sales rise in June
Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of Realtors. The nation’s largest trade association, which has more than 1.2 million members, said its pending home sales index, which is based on contracts signed, increased 2.4 percent to 90.9 for […]15 years ago
