Month: September 2010

Buying a Home? Check out Special Offers from Fannie Mae

Fannie Mae continues to find ways to make home buying easier and less costly for you. Since 2009, this agency has been backing two out of every five single-family loans securitized in the country. Recently, it enhanced two of its initiatives: a direct financial assistance for homebuyers, and a strategy by which homebuyers like you can take a look at…

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Sales of New Homes Vs. Sales of Existing Homes in August

Home buyers continued to take advantage of lower prices as they preferred more affordably-priced pre-owned homes over higher-priced new homes in August. While sales of new single-family homes were unchanged compared to the previous month, sales of existing single-family homes increased by 7.4 percent in August to an adjusted annual total of 3.62 million units. The adjusted annual rate for…

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Multifamily Market Revved Up Housing Starts in August

Builders’ efforts to replenish the supply of multifamily housing units pushed housing starts by 10.5 percent to an adjusted annual rate of 598,000 units in August, based on figures released by the U.S. Commerce Department. Analysts say that the rate was about the same as the rate of housing production before the federal tax credits pushed up housing sales in…

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Bill on Short Sales Could Help Homeowners

Finally, some U.S. legislators recognized the gravity of the problem faced by homeowners desiring to use the process of short sales to solve their financial problems. Since the start of the foreclosure crisis, homeowners, housing counselors and real estate agents have been moaning about the difficulties and uncertainties they bear as they kowtow to what lenders require and as they…

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Lenders Posted Highest Number of Bank Owned Homes in August

Lenders nationwide added 95,364 bank owned homes to their lists in August, the highest monthly total so far since RealtyTrac started tracking bank repossessions in 2006 and higher by nearly two percent than the previous peak of 93,777 units in May this year. The August total was also higher by almost three percent than the 92,858 homes repossessed by banks…

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Florida Topped the Third NSP Funding Round with $208.4 M

The continuing challenges faced by Florida must have prompted the U.S. Housing and Urban Development Department to give the state the biggest share of the $970 million granted by Congress to the states in the third funding round of the Neighborhood Stabilization Program. A total of $208,437,144 was given to Florida, accounting for 21.5 percent or nearly one-fourth of the…

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Why Zero Down Home Loans Are Again Being Offered

Analysts say that the huge number of home loans offered in previous years with no down or low down payments are to be blamed for the foreclosure crisis, as these loans attracted homebuyers who didn’t have the income to sustain the monthly payments. It’s baffling therefore for many that several state agencies are again offering these types of home loans…

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Celebrities Sell Their Homes at a Loss Too

It’s not only ordinary homeowners that are struggling from declining home values;  celebrities too. And they’re losing money not by the thousands, but by the millions. Recent home sales or listings by celebrities showed that they initially priced their homes much higher than their purchase prices, but were forced to reduce their prices to even lower than how much they’ve…

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Florida Third in First-Time Homebuyer Credits Claimed from 2008 to 2010

A total of 149,066 Florida residents claimed first-time homebuyer credits, which were essentially grants, when they purchased their homes through the period January 2009 to July 3 this year, based on Internal Revenue Service records analyzed by the U.S. Government Accountability Office. These credits amounted to nearly $1.084 billion, behind only California and Texas which had totals of nearly $1.951…

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A Surprising Discovery about Home Insurance Policyholders

Almost one-third of American homeowners don’t know the amount of their home insurance coverage and an additional 46 percent don’t know the amount of coverage for their possessions. These are the main findings by Zogby International which conducted interviews from May 26 to June 9 this year with 1,196 Americans who have homeowners, renters or condo insurance policies. The survey…

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Know Your Rights as Property Taxpayer in Florida

You may have received already your property tax assessment due March 31 next year, and you’re asking why it’s still high despite the significant drops in property values. If you feel that your property tax this year should be much lower than the previous years, know how you can file a tax complaint in your county. Know also your other…

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Where Has the $250M for Foreclosed Homes in South Florida Gone?

With the deadline for the allocation of money from the Neighborhood Stabilization Program nearing, housing advocates are wondering whether the more than $250 million given to South Florida to mitigate the effects of foreclosed homes has been spent or allocated. According to the Kirwan Institute’s July report, only 53.5 percent of the NSP funds given to Florida had been allocated…

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Real Estate Sector: Good Things Amid the Bad

Optimists try to find rays of hope in bleak situations and refuse to be discouraged by negative developments. In the real estate sector, optimistic agents and brokers remain confident about their abilities and stay hopeful about sales despite setbacks. At the same time, they keep abreast about realities in the marketplace so they can adjust on time. The U.S. real…

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