Federal Retreat on Big Loans Rattles Housing

“We’re looking at more price drops, more foreclosures,” said Rick Del Pozzo, a loan broker. “This snowball that’s been rolling downhill is going to pick up some speed.” For the last three years, federal agencies have backed new mortgages as large as $729,750 in desirable neighborhoods in high-cost states like California, New York, New Jersey, … More Federal Retreat on Big Loans Rattles Housing

For real estate, a giant spring clearance sale

Despite record affordability of homes, buyers are still spooked and staying on the sidelines  ..Existing home sales plunged nearly 10 percent in February to their lowest level in nine years. It was the largest drop since July. Forty percent of those sales were on distressed properties. And new home sales are on track to come … More For real estate, a giant spring clearance sale

So you bought a foreclosed home. Now what?

But now thousands of foreclosures around the country may be invalid because of bank paperwork problems. Should you worry? “Anyone who’s purchased a foreclosed property in the last three years should really be concerned,” says George Babcock, a Providence, R.I., attorney who represents homeowners who have been foreclosed on. “They should call the attorney that … More So you bought a foreclosed home. Now what?

Tax Auction Sales coming up, Call if you need a rep!

Step 1, look at the list of offerings…  http://www.michigan.gov/taxes/0,1607,7-238-43535_55601_55604—,00.html #2: look up the property online/ local gov’t office/ physically inspect in person #3: review the FAQ’s then go bid – OR send us on your behalf. Subdivision plat maps for the entire state are available via the Department of Energy, Labor and Economic Growth (DELEG) … More Tax Auction Sales coming up, Call if you need a rep!

American Land Title Association (ALTA) policy, gives more coverage

ALTA’s expanded coverage policies cost about 10 percent more, but offer significantly more benefits. For example, the policies will pay up to 125 percent of the original insurance amount in case of claims to help account for inflation. Other expanded coverages include: encroachments on the land made by neighbors after the date of the policy, … More American Land Title Association (ALTA) policy, gives more coverage

Detroit area long term prices headed up.

Housing Markets That Will Be Strongest by 2014 By Venessa Wong, Bloomberg Businessweek Aug 4, 2010 Since reaching a peak in 2006, home prices in the Detroit area have fallen 60.5 percent, according to the Fiserv Case-Shiller Indexes. As homes have become more affordable—the median home price in Detroit is lower than median family income—demand … More Detroit area long term prices headed up.

REO bargain hunting ? READ THE FINE PRINT

Some interesting posts I’m passing along… “…REO addendum are very extensive and put a lot of responsibilities and costs on the buyer “…I’ve sold quite a number of REO’s to buyer clients. Prior to showing these properties I explain that if an offer is written, the bank will send us back their addenda, which will essentially … More REO bargain hunting ? READ THE FINE PRINT