There were a lot of year end real estate news stories over the holidays and I want to share with you what I thought were the most interesting. Please click the links below to see the full stories:
- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the December edition of the Obama Administration’s Housing Scorecard. The latest housing figures show continued home affordability….(click here)
- Which local homes sold for the highest price…(click here)
- What information are real estate agents not allowed to tell you…(click here)
- According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, rising mortgage rates helped push first-time homebuyers to buy properties in November, while investors lost some of their enthusiasm for distressed properties last month…(click here)
- The housing downturn that began in 2005, 2006, or 2007, depending on location, has tested the mettle of the economists whose job it is to figure out when and how the crisis will end…(click here)
Due to foreclosures being constantly mentioned in the news, I also wanted to provide information on the foreclosure process:
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:
1. The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
Foreclosure Buying Opportunities
The foreclosure process offers three bargain-buying opportunities, represented by six different property statuses on RealtyTrac.
1. Buying during pre-foreclosure (NOD, LIS)
2. Buying at public auction (NTS, NFS)
3. Buying bank-owned properties (REO, GOV)
For more information contact Jeremy Bowers at Coldwell Banker Preferred at 484 531 5847.