Monthly Archives: May 2011

The Story of A Short Sale That Took 30 Long Months

MELANIE BROWN sits at the breakfast bar of the Teaneck house she will soon surrender to new owners and says the pain of that is piercing, but at least the “mental torture” at the hands of bankers and their computerized … Continue reading

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California’s SB 931 Automatically Wipes Our Second Mortgages in Short Sales

This year the California Association of Realtors® (CAR) has sponsored state legislation (SB 458 – Corbett) that would negate the ability of a junior lien holder to collect any deficiency if they have agreed to a short sale. This is … Continue reading

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The End of the Housing Bust Just Started

AND THE BEAT GOES ON…. AT THE ripe old age of five years, America’s housing bust is still very much alive and kicking. House prices dropped 3.3% in the year to February according to the S&P/Case-Shiller index, the fastest decline … Continue reading

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11 percent of home purchase contracts cancelled because of low appraisal

Sales of previously owned homes fell back 0.8 percent in April, according to a new report from the National Association of Realtors (NAR). The share of distressed homes – bank-owned properties and pre-foreclosure short sales — also dropped last month, … Continue reading

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West Coast foreclosure filings take a temporary drop

Most West Coast states experienced significant drops in foreclosure filings last month, prompting ForeclosureRadar to call the trend “surprising” since banks had months to fix robo-signing issues that slowed the number of filings in late 2010. The only West Coast … Continue reading

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Short sales are hard, but do it anyway

IT’S TIME TO RUN LIKE HELL May 16, 2011: Horror stories abound from potential home buyers and Realtors forced to wait 90 or more days for a response to a purchase offer or being required to fax short-sale applications or … Continue reading

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Why haven’t you strategically defaulted?

May 16, 2011: Nearly twice as many underwater borrowers think it is okay to walk away from a mortgage if they face financial distress than harbored this sentiment a year ago, according to a survey conducted by Fannie Mae. The … Continue reading

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California Home Sales Down in April

May 16, 2011: An estimated 35,202 new and resale houses and condos were sold in California last month. That was down 3.3% from 36,417 in March, and down 6.1% from 37,481 for April 2010. California sales for the month of … Continue reading

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Fannie and Freddie Mac will not write down principal

THE PARTY GOES ON May 13, 2011: Reducing the principal on troubled mortgages may be a part of a settlement offer proposed by state attorneys general to mortgage servicers, but the industry’s largest investors – Fannie Mae and Freddie Mac … Continue reading

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Las Vegas Home Sales Hit Five Year High

CELEBRATE GOOD TIMES… Las Vegas area home sales rose in March from a year earlier, when the homebuyer tax credit was in place, to a five-year high. Almost 5,000 homes sold in the Las Vegas metro area during the month, … Continue reading

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