Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties. Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for insurance or appraisals. During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted home loans through the sales. Source: Source Media Note: If you are interested in bidding on a Fannie Mae or other REO property, a pre-approval is the first step. Just give me a call and I can help you get started and guide you throughout the process.
Apartment bargains once dominated the housing market, but those bargains have slowly faded away. As vacancies decrease and rents rise, renters are finding fewer deals. Analysts expect vacancies to decrease even more and rents to continue to rise through 2013, as the economy continues to improve. Rental activity recorded its best start for the year since 1999, according to Reis Inc. Vacancy rates have fallen to mid-2008 levels and rents have increased for the past five quarters, now averaging $991 per month nationwide. Renters are finding the fewest deals along the coasts, such as New York, Washington, D.C., Boston, Los Angeles, San Francisco, Seattle, and San Jose, Calif. These cities are experiencing low vacancy rates. Also, a boost in these cities’ economies is sending rents higher. New York City alone has seen double rent increases compared to the national average and has the lowest vacancy rate in the nation. Source: MSNBC
The housing market is poised for an uptick in home sales during the traditional spring buying season, as employment improves and rates remain low, Freddie Mac said in its April 2011 economic outlook. Overall, Freddie Mac said home sales will increase 5% in 2011 compared to 2010 — a projected 4.9 million home sales. The agency estimates that number will rise 12.2% to 5.5 million homes sales in 2012. The Federal Reserve’s current monetary policy and Treasury note purchase program are keeping rates low, according to Frank Nothaft, chief economist at the agency. On a monthly comparative basis, homes sales are expected to be lower this month than April 2010, as sales last year were inflated by the first-time homebuyer tax credit, Nothaft said. Short-term rates are especially supportive of household borrowing, Nothaft said, adding that he expects adjustable-rate loans to account for 7% of all 2011 sales. This is up from 5% in 2010. Source: HousingWire
With affordability at an all-time high, the number of investors and international buyers taking advantage of bargains has reached a record number in all-cash purchases — and some experts predict that number will only grow higher. A record 33 percent of existing-home sales were made to cash buyers in February, the National Association of REALTORS® recently reported. The proportion of cash deals could hit 40 percent by the end of this year, predicts Thomas Popik, research director for Campbell Communications in Washington, which conducts monthly surveys of 3,000 real estate brokers. But it’s not just investors moving in: Many of these cash deals are also coming from a growing number of international buyers. About 55 percent of international buyers paid cash for their U.S. homes, according to an April 2010 report by NAR. Short sales and foreclosures accounted for 59 percent of last year’s cash sales, according to a report by Morgan Stanley. "You buy the house at a discount with cash. Then you flip it almost immediately to the first-time home buyer who’s using a loan, simply because they were not able to buy at the foreclosure sale," Chang says. Source: Detroit Free Press
All rights reserved.
Source: NewsLetterProOnline.com
Apartment bargains once dominated the housing market, but those bargains have slowly faded away. As vacancies decrease and rents rise, renters are finding fewer deals. Analysts expect vacancies to decrease even more and rents to continue to rise through 2013, as the economy continues to improve. Rental activity recorded its best start for the year since 1999, according to Reis Inc. Vacancy rates have fallen to mid-2008 levels and rents have increased for the past five quarters, now averaging $991 per month nationwide. Renters are finding the fewest deals along the coasts, such as New York, Washington, D.C., Boston, Los Angeles, San Francisco, Seattle, and San Jose, Calif. These cities are experiencing low vacancy rates. Also, a boost in these cities’ economies is sending rents higher. New York City alone has seen double rent increases compared to the national average and has the lowest vacancy rate in the nation. Source: MSNBC
The housing market is poised for an uptick in home sales during the traditional spring buying season, as employment improves and rates remain low, Freddie Mac said in its April 2011 economic outlook. Overall, Freddie Mac said home sales will increase 5% in 2011 compared to 2010 — a projected 4.9 million home sales. The agency estimates that number will rise 12.2% to 5.5 million homes sales in 2012. The Federal Reserve’s current monetary policy and Treasury note purchase program are keeping rates low, according to Frank Nothaft, chief economist at the agency. On a monthly comparative basis, homes sales are expected to be lower this month than April 2010, as sales last year were inflated by the first-time homebuyer tax credit, Nothaft said. Short-term rates are especially supportive of household borrowing, Nothaft said, adding that he expects adjustable-rate loans to account for 7% of all 2011 sales. This is up from 5% in 2010. Source: HousingWire
With affordability at an all-time high, the number of investors and international buyers taking advantage of bargains has reached a record number in all-cash purchases — and some experts predict that number will only grow higher. A record 33 percent of existing-home sales were made to cash buyers in February, the National Association of REALTORS® recently reported. The proportion of cash deals could hit 40 percent by the end of this year, predicts Thomas Popik, research director for Campbell Communications in Washington, which conducts monthly surveys of 3,000 real estate brokers. But it’s not just investors moving in: Many of these cash deals are also coming from a growing number of international buyers. About 55 percent of international buyers paid cash for their U.S. homes, according to an April 2010 report by NAR. Short sales and foreclosures accounted for 59 percent of last year’s cash sales, according to a report by Morgan Stanley. "You buy the house at a discount with cash. Then you flip it almost immediately to the first-time home buyer who’s using a loan, simply because they were not able to buy at the foreclosure sale," Chang says. Source: Detroit Free Press
All rights reserved.
Source: NewsLetterProOnline.com
No comments:
Post a Comment