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May 2011 Archives

REOs Sales to Dominate Market till 2017?

A recent article (( http://firsttuesdayjournal.com/reo-resales-in-ca/ )) in first tuesday, a California real estate centric on-line magazine (with views that match mine - most of the time) predidcts REO sales to remain above thier historical 9% until 2017. I bet they are right.

The American Dream - Or Was that Nightmare?

In a recent 'first tuesday' article about the "American Dream" ft wrote: "California’s response to the relationship between homeownership and the health of a community differed from national results, which is not surprising since the state has been hit much worse by the housing crisis than the rest of the country. Seventy-seven percent of Californians report their homes have decreased in value (fact: all have decreased), compared to the 41% nationwide, and 40% say their homes are underwater, compared to the 18% nationwide."

Q1 2011 Foreclosure Stats. It isn't any better. Yet.

firsttuesday online reports that “40% of all California resale activity in the first quarter of 2011 can be attributed to real estate owned (REO) inventory — 3% lower than the same period in 2010. REO resales varied significantly from county to county, from rates as low as 12% in San Francisco County to as high as 61% in Stanislaus County.

Fannie and Freddie Get Their Act Together. Almost. Sortof.

Lance Churchull writes:
"One thing I have wondered about in the past is why the two government-sponsored entities, Fannie Mae and Freddie Mac, found it necessary to have different rules for short sales, but then I remembered that the “G” in GSE stood for government and, of course, the government usually makes things more complicated than they should be. Well, on April 28, 2011, the Federal Housing Financing Agency (FHFA), which has been overseeing Fannie Mae and Freddie Mac since their near financial collapse, decided it would be better if they had uniform rules for delinquent mortgages. The FHFA has directed that Fannie Mae and Freddie Mac align their guidelines for servicing delinquent mortgages they own or guarantee with the stated purpose of creating an updated framework that will establish uniform servicing requirements for how delinquent mortgages are handled, including the short sale process. The director of FHFA said, “Once fully implemented, the enterprises’ aligned policies will require earlier contact, more frequent communication and prompt decisions.”

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