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May 2010 Archives

Housing Market Bipolar

Real estate experts are calling the current housing market “bipolar”, citing the rise in sales and prices on one hand and the hike in interest rates and repossessions on the other.

Most Still Not Walking

A Harris Interactive online survey from mid-May showed that 59 percent of those surveyed would not consider walking away no matter how much negative equity they had in their home.

Liar Loans Banned

In a classic case of “too little, too late”, the U.S. Senate voted to ban “liar loans” as part of the financial regulatory reform bill and require lenders to fully document a borrower’s income before approving a loan.

Loophole or Noose?

C.A.R. issued an alert last week, warning consumers of a loophole in California law that allows lenders to sue foreclosed borrowers for the difference between the mortgage and property value.

Mortgage Fraud Mecca

A federal grand jury in Sacramento has returned indictments in two separate California mortgage fraud cases.

Keeping PACE?

Fannie Mae notified single-family sellers and servicers last week that Property Assessed Clean Energy (PACE) Loans have automatic first lien priority over previously recorded mortgages.

Told You So

Last week, DRE issued a Short Sale consumer alert statewide “warning consumers and real estate agents about the perils and potential pitfalls of short sales.”

Stay or Go?

At the end of 2009, almost 40 percent of California homeowners were underwater with their home loans, and 20 percent had negative equity of 25 percent or more.

Rent vs. Buy Debate Heats Up

As the housing market malaise continues, the American Dream of homeownership is facing a more realistic economic paradigm shift. More and more Americans are separating the emotional aspects of home ownership from harsh economic reality and jumping into rentals instead.

More Walking

From last Friday’s Wall Street Journal Real Time Economics blog:

The New Gold Rush?

If California homebuyers didn’t get in on the federal tax credit that expired last Friday, they can still get a $10,000 credit that kicked in on Saturday, May 1 thanks to California lawmakers.

Give Us Our Money

A group of California homeowners is suing Bank of America, alleging that the national lender is intentionally withholding government funds intended to stave off foreclosures.

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