$600M as Housing Aid to Five More U.S. States

September 27, 2010
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The Obama administration revealed that $600 million in financial support for five more states with high unemployment rate that have been thumped by the housing bust.

Ohio got the largest share of funding, at $172 million, followed by North Carolina at $159 million and South Carolina at $138 million. Oregon and Rhode Island are due to receive $88 million and $43 million respectively.

The money will be given to state housing finance agencies. The Treasury Department provided board criteria that should meet the designed mortgage assistance programs.

The assistant Treasury secretary, Herbert Allison, said “The purpose of this is to foster innovation in dealing with what is a highly localized problem around the…

Return of Foreign Buyers to the Big Apple Real Estate

September 1, 2010
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Signs are that a number of foreign buyers are migrating back into the New York real estate market, betting a decline in prices may be about to turn.

According to reports, the dollar’s recent rally, rather than putting off foreign buyers, is encouraging them to jump into the market before it rallies further and drives up prices. According to the DE Capital Mortgage specialist, Richard Martin, “People are thinking it might run away from them because there are these predictions the dollar will even go further.” “We are talking a lot about foreign borrowers lately.”

The luxury end may be starting to swirl in Manhattan, the 23-square-mile island that is the heart…

Free Foreclosure Listings Gets You Started

June 8, 2010
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The current economic struggles have been tricky for many homeowners; the last few years have also created a unique opportunity for real estate investors, first time home buyers and anyone shopping for their next house.

The mortgage companies have an escalating number of homes that have been foreclosed upon and they are entirely willing to make a fast deal and clean up their portfolio. Free foreclosure listings can help a home buyer literally save thousands and thousands of dollars, but only if a person is aware of the following key points.

A lot of the free foreclosure listings are constantly being updated because the homes available are always changing. A house that…

The Four Instant Tips to Avoid Foreclosure

March 5, 2010
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Countless problems and complications and most of them are financially-related was brought upon by the global recession. Mortgage foreclosure is just one of the primary problems faced by the homeowners nowadays and it is possibly the most damaging to the families as it could mean the whole family to end up living on the streets.

Nonetheless, there are still lifelines for those in this predicament of possibly losing their homes. Find out these tips here.

1. Utilize government help to stop foreclosure! In tandem with the current economic situation, President Obama and his cabinet has stepped up efforts to help those struggling with mortgage payments to deal with this situation effectively. Obama’s…

$15.3 Billion More in Aid Sought by Fannie Mae

March 2, 2010
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Fannie Mae is in need of another $15 billion in federal assistance, which brings its total to more than $75 billion. The worse is that the mortgage finance company warned its losses will continue this year.

The salvage of Fannie Mae and sister company Freddie Mac is turning out to be one of the most expensive results of the financial meltdown. The new request means the total bill for the duo will top $126 billion.

The twinge is not yet over. Fannie warned last Friday that it will need even more money from the Treasury, as unemployment remains high and millions of Americans lose their homes through foreclosure.

Fannie Mae reported Friday that…

Deal with your Mortgage Obligations to Avoid Foreclosure

March 2, 2010
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Most people get flooded with debt have credit card bills and mortgage payments as their biggest obligations. While there are simple ways to deal with credit card bills, mortgages can be a bit trickier. It is also more significant to focus more on your mortgage obligations because taking it for granted can lead to the foreclosure of your home.

The best time to renegotiate a mortgage in order to keep away from foreclosure is before the lender can file for a Notice of Default. Lenders often do this to protect their interests in a property even when they do not really want to foreclose. So, if you have reason to believe…

Home Prices Increased In the Seventh Straight Month

March 1, 2010
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The home prices edged up in December, the seventh straight monthly increase and another sign the U.S. housing market continues its rough recovery.

The trend is significant to the nation’s economic recovery. For most Americans, their home is their largest asset, so as values climb homeowners feel richer and more comfortable spending. For homeowners who currently owe more on their mortgages than their properties are worth, rising prices will rebuild equity.

The Standard & Poor’s/Case-Shiller 20-city home price index released on Tuesday increased 0.3 percent from November to December, to a seasonally adjusted reading of 145.87. The index was off about 3 percent from December last year, nearly matching analysts’ estimates.

The index…

Changes to Mortgage Plans Considered by Obama

February 26, 2010
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The Obama administration is anticipated to reveal additional protections to guarantee homeowners are treated fairly and consistently under its mortgage relief program soon.

The policies, outlined in a draft Treasury Department document would address long-standing complaints from housing counselors. They have quoted cases of lenders continuing with foreclosures while homeowners were being evaluated for help. That practice would be forbidden under the new rules.

Government officials acknowledge treatment of homeowners has been a problem under the $75 billion mortgage relief effort.

Borrowers rejected from the program would also have 30 days to appeal the decision. In that period, lenders could schedule a foreclosure sale but will not conduct it. Mortgage companies would be…

Diffident Increase Seen by the Realtors in Sales Activity

February 7, 2010
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The amount of people planning to buy a home increased a little in December, a positive sign heading into the spring home buying season.

The National Association of Realtors stated on Tuesday that its seasonally adjusted index of sales agreements increased 1 percent from November to December to a reading of 96.6. That was a bit lower than the 97.1 level analysts expected, according to Thomson Reuters.

The index has gone up for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time homebuyer tax credit.

The credit had been set to expire November 30 before Congress extended it to April 30. Lawmakers also added a…