How to Snag a Deal on a Foreclosure or Short Sale
How to Snag a Deal on a Foreclosure or Short Sale
July 4, 2011, Reuters
Opportunities to buy foreclosed — or soon-to-be foreclosed — luxury homes are on the rise. But watch out for the pitfalls that could sour what seems like a sweet deal. “We’re certainly seeing more of those properties coming to market and more of those properties foreclosed on,” says Rick Sharga, senior vice president of RealtyTrac Inc., publisher of the largest database of foreclosure and bank-owned property records.
Sellers Brace for New Mortgage Caps
July 6, 2011, Wall Street Journal
The federal government is readying its first retreat from the mortgage market, with the size of loans eligible for government backing set to decline in October. As an emergency measure three years ago, Congress raised to as high as $729,750 the maximum loan amount that Fannie Mae, Freddie Mac and federal agencies could guarantee.
Obama's Housing Chief: Now's the Time to Buy
July 3, 2011, CNN
Housing prices have hit rock bottom and the economic climate is prime to purchase a home, said Housing and Urban Development Secretary Shaun Donovan. In an interview broadcast Sunday on CNN’s “State of the Union,” Donovan said declining foreclosure rates make him hopeful, adding that it is “very unlikely we see a significant further decline.”
Foreclosures Loom in Shadows
July 4, 2011, News-Press.com
Demand for homes in Lee County is brisk and prices are headed up — that’s usually the sign of a healthy market. But hovering over that cheerful landscape is a cloud of houses that, while they aren’t officially for sale, are headed that way. It’s called “shadow inventory” and experts say it could hold down prices for years before it goes away.