When buyers hear the term “short sale,” they typically think about distressed sellers and good deals — especially in markets where prices have ticked upwards. But the word “sale” can be misleading. In fact, many real estate agents have renamed “short sales” as “long-and-drawn-out sales.” Here’s why short sales often take a long time to complete.
Buyers looking for a deal on a foreclosed property have good reason to scroll through the thousands of homes listed by Fannie Mae. In addition to low-down-payment financing and priority status for owner-occupants, the government-controlled mortgage giant has begun offering closing-cost assistance to qualified buyers.
Fannie Mae’s substantial inventory of foreclosed homes is marketed through its HomePath program. Some 31,000 properties are currently listed for sale at HomePath.com. Last year, the agency sold nearly 147,000 HomePath properties, according to recently filed financial statements.
The agency gives an edge to buyers looking for a place to live: When new properties come online, investors are barred from submitting offers for 20 days. During this “First Look” period, owner-occupant buyers (and nonprofit groups) get first dibs. (The First Look logo designates listings still within the 20-day window.)
Lenders are returning to the subprime market – although still at only a fraction of what subprime lending was before the mortgage crisis, BusinessWeek reports.
Some subprime lenders that collapsed during the financial crisis are coming back into business with new nonprime loan offerings.
In a bid to bring transparency in online real estate search to new heights, RealtyTrac has baked a batch of data on unpalatable neighborhood characteristics into its listing detail pages.
Distributed among 108 million addresses, the information — which could be construed as a massive collection of red flags — includes the location and details of environmental hazards such as underground spills, polluters and hazardous waste sites, as well as former drug labs, sex offenders and building permit activity.
Buying costs less than renting in all 100 large U.S. metros, according to the Rent vs. Buy Report from Trulia.
Rising mortgage rates and home prices have narrowed the gap between renting and buying, though rates have recently dropped and price gains are slowing.
Low mortgage rates have kept homeownership from becoming more expensive than renting. In some markets, like San Francisco and Seattle, rents have risen sharply; rising rents hurt affordability relative to incomes, but rising rents make buying look cheaper in comparison.
Trulia says that at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper at the start of 2013.
Employment troubles, large student loan debt, and tight underwriting standards have been major hurdles holding back potential first-time home buyers in their 20s and 30s, the Los Angeles Times reports.
In 2012, Americans who were 30 to 34 had the lowest home ownership rate of any similarly aged group in recent decades at 47.9 percent, according to demographer Chris Porter of John Burns Real Estate Consulting. As comparison, Americans born between 1948 and 1957 had a 57.1 percent ownership rate by the time they were in the 30 to 34 age group.
Studies have shown a strong desire among 20- and 30-somethings to buy a home, but their finances are holding them back from making such a move. As such, more relatives are stepping in to provide assistance with downpayment and closing costs. Twenty-seven percent of first-time buyers received a money gift from relatives last year.
As the foreclosure crisis continues to recede, some parts of the country remain at elevated levels. Five states now account for nearly half of all the completed foreclosures in the nation —Florida, Michigan, California, Texas, and Georgia, according to CoreLogic’s latest foreclosure report.
Foreclosures made up 10 percent of sales in December, while short sales comprised 4 percent of sales, according to the National Association of REALTORS®’ existing-home sales report for December.
On average, foreclosures sold for an average discount of 18 percent below market value in December, while short sales were discounted 13 percent, NAR reports.
Millionaires across the U.S. say commercial and residential real estate is the best alternative-asset investment option for 2014.
One-third of millionaires surveyed in a new Morgan Stanley study plan to purchase real estate this year, Bloomberg reports. And 23 percent say they’ll invest in real estate investment trusts.
Falling in love can be wonderful—and finding the perfect house can make a house-hunter weak in the knees.
A survey by Realtor.com shows that falling head-over-heels for a house is fairly common—69% of respondents reported that they have had a home crush. House-hunters with a “home crush,” as defined in the survey, are drawn to the same house again and again. Realtor.com surveyed 1,082 individuals from Jan. 9 to Jan. 20 who reported having had a home crush.
Managing The Real Estate Details 