Month: October 2010

Home Buying Tips from Experienced Realtors

If you’re feeling unsure about buying a home now, you’re not alone. As headlines proclaim foreclosures, unemployment and an unstable economy, it’s natural that you have some hesitation about pursuing your dream of having your own home. But if your finances are in order and your employment is stable, this time is among the best times to finally buy a…

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Florida Improved Its Closing Cost Ranking

This year, closing costs sharply increased in many states, including Florida, based on a survey conducted by Bankrate. But Florida improved its ranking compared to other states. Last year, Florida was the third highest in closing costs. This year, it dropped to 12th, indicating that Florida has been able to control its home buying costs. This year, the national average…

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Notable Home Sales in South Florida in 2010

Despite the current doldrums in the residential real estate sector in Florida and in all other U.S. states, home sales happen that make people notice because of their sales prices or the circumstances behind the sales. Here are some of the most notable home sales in Florida in 2010: Biggest Home Sale in Palm Beach A seven-bedroom Venetian Mediterranean-style oceanfront…

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Credit Unions Better Than Banks in Providing Quality Home Loans

Credit unions performed better than banks in the quality of home loans given to borrowers in the first three quarters of 2010, according to a study by compliance solution provider Quality Mortgage Services. The study found that almost 50 percent of home loans provided by credit unions were rated excellent, a much higher percentage than the share of bank-provided home…

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Average Price Reductions in 50 Top Cities Remained at Ten Percent

Home sellers in the 50 most populated cities nationwide cut their listing prices by an average of 10 percent in September, unchanged from August, according to Trulia’s study of homes on Multiple Listing Services and on brokers’ listings. The study doesn’t include foreclosure listings. Among the 50 major cities studied, the biggest price reductions occurred in Detroit, where home prices…

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Florida Bank-Owned Homes Surged in Number before Foreclosure Freeze

Despite efforts to help distressed homeowners, more homes in Florida became bank owned in September and in the July to September quarter compared to previous periods. Even the suspension of foreclosures by GMAC and JPMorgan Chase in 23 states including Florida in the last week of September did not have a substantial reduction effect on the total of homes added…

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Biggest Lenders’ Foreclosure Freeze Could Further Increase Short Sales

The suspension of foreclosures by GMAC Mortgage, JPMorgan Chase, Bank of America, PNC Financial Services Group, Goldman Sach’s Litton Loan Servicing and other large lenders that may follow suit could further rev up short sales. As lenders see deeper foreclosure problems, it’s likely they’d give more attention to short sale proposals and be more receptive to purchase offers they previously…

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18 States Work Out Programs to Help Distressed Homeowners with $4.1 Billion

If your state is not among the 32 states implementing the Emergency Homeownership Loan Program, then your state is among the 18 states that were granted $4.1 billion in Hardest Hit Fund money earlier this year. In some of these 18 states, programs to help troubled homeowners are already in place while the others are still waiting for approval from…

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Emergency Homeowner Loan Program for Residents of 32 States

If you’re a distressed homeowner living in the 32 states that did not receive any money from the Hardest Hit Fund established in February, then you might qualify for the Emergency Homeowner Loan Program just launched by the U.S. Housing and Urban Development Department. This program has been funded with $1 billion, to be shared by 32 states and Puerto…

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Are Your Parents Asking You About Reverse Mortgage?

Different families have different parent-child relationship dynamics. Some parents don’t feel the need to inform their adult children about decisions that could impact their children in the future while others see to it that their children know all about their major decisions. What’s more, several others not only keep their adult children updated about their financial decisions; they also ask…

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Foreigners Now Buying Homes Instead of Stocks

A rising number of foreign investors in U.S. stocks are now buying homes after finding out how low home prices have fallen and how they can earn more from buying homes than from tracking stocks. Foreigners are also attracted by the large number of affordable property managers ready to rent out units and collect rent on their behalf. Foreign buyers…

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Nine Things You Need to Know About Flood Insurance

The flood insurance provision of the National Flood Insurance Program has just been extended by Congress to September 30, 2011, so it’s a good time for homeowners who don’t yet have flood insurance to consider why they need to buy a flood policy. 1.  You need flood insurance anywhere you live in the U.S. Each of the 50 states is…

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Foreclosure Paperwork Problem — What Does It Mean to Homeowners?

One of the country’s largest banks, J.P. Morgan Chase, has just announced that it will suspend foreclosures in 23 states where there are a lot of troubled homeowners fighting court-ordered evictions with allegations of faulty documents and forged signatures on mortgage foreclosure papers. Last week, another large bank, Ally Financial, announced the same problem and suspended post-foreclosure processes and evictions…

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