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April 2010 Archives

California Not Cool

Hanley Wood Market Intelligence’s Builder Market Health Index was released earlier this month, ranking the 100 largest housing markets by health. The index was formulated using projections for employment, household formation, income and home values.

Fannie Gets Paddled in Capitol Hearing

Two former senior executives with Fannie Mae appeared at a hearing before the Congressional Financial Crisis Inquiry Commission earlier this month and used an argument well-known to naughty children everywhere trying to explain away bad behavior: everyone else was doing it.

Freddie Mac: Seller Beware

If you’ve attended any of our Short Sales presentations, you know this, because we talk about it a lot...but just in case you missed it, Freddie Mac is now making it clear that they are aware of and are taking steps to prevent Short Sales fraud.

The Long and Winding Road

An analysis released last week by financial services technology provider Fiserv, Inc. says that residential real estate markets in California, Arizona, Nevada and Florida won’t be back for another 15 years or later.

Foreclosure Freedom Owners Lose Theirs

The owners of Foreclosure Freedom, a loan relief company in Fresno and Orange County, have been sentenced to a year in jail and four years of probation after pleading guilty to grand theft, conspiracy and unlawful foreclosure consulting.

1st Quarter Foreclosures Climb

And you thought April 15 couldn’t get any worse...add RealtyTrac’s U.S. Foreclosure Market Report out last Thursday that shows a 7% increase in foreclosure filings for the first quarter of 2010.

Real Estate Power

BusinessWeek came out recently with a feature on The 50 Most Powerful People in U.S. Real Estate.

You Say Potato

HUD announced this week that it is changing how it defines foreclosed and abandoned properties.

Big Brother is Watching

The FHA warned lenders this week that it is keeping a close eye on how mortgage companies are following the agency’s standards.

Harsh Reality

The foreclosure crisis has hit reality TV! No, not a new show...although “Pimp My Short Sale” might be popular....but the fact that many of the homes featured on the highly rated reality TV show Extreme Makeover are facing foreclosure.

Bittersweet Victory

California state lawmakers passed SB 401 this week, which exempts homeowners who have lost their homes to short sales or foreclosure, or who have received loan modifications, from having to pay state tax.

More MERS Mess

Fannie Mae issued new policy guidelines this week that told servicers they can no longer name MERS as a plaintiff in foreclosure actions on a mortgage loan owned or securitized by the GSE.

Fear Driving Prices Down

A forecast out last week from the University Financial Associates of Ann Arbor says that most metro areas in the country will see prices fall below the lowest levels of the past two decades, due in large part to fear.

Foreclosure Forecast: Stormy

According to a forecast published this week by RealtyTrac, foreclosures are expected to rise to 4.5 million by the end of 2010, from 2.8 million in 2009.

Exempt Us, Already

There’s a rising chorus of pleas to enact state legislation that will exempt debt relief for homeowners selling their homes in short sales. The question is, will the California legislature continue to be tone-deaf?

New Credit Card Scam

As the economy continues to flounder, crooks seem to get more inventive with ways to scam regular folks out of their hard-earned cash. This one showed up in my Inbox recently and appears to be a fairly easy one to fall for:

Top 10 List No One Wants to Be On

U.S. News & World Report released its Top 10 list of America’s Most Underwater Housing Markets last week:

1. Las Vegas, NV
2. Merced, CA
3. Phoenix, AZ
4. Orlando, FL
5. Greeley, CO
6. Bend, OR
7. Minneapolis-St.Paul, MN
8. Memphis, TN
9. Cleveland, OH
10. Grand Rapids, MI

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