Financing | ArmandoMontelongo.com - Part 2

Category: Financing

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Short Sales Pass Foreclosures in January

Short sales surpassed foreclosure deals for the first time in January, according to news reports. Data from Lender Processing Services, as reported by Bloomberg news, said short sales were 23.9 percent of home purchases for the month, compared to 19.7 … Continue reading

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FHA to Increase Mortgage Insurance Premiums

Beginning April 1, borrowers will be paying more for mortgage insurance on loans backed by the Federal Housing Authority, the agency has announced. The premium for up-front insurance on an FHA-backed mortgage will rise from 1 percent to 1.75 percent … Continue reading

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Study Shows Banks Can Make More from Short Sales

Short sales are better financially for lenders than foreclosures, according to data compiled by a New England real estate company. McGeough-LaMacchia Realty Inc., which serves Massachusetts and New Hampshire, looked at MLS data for short sales and sales of REO … Continue reading

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Short Sales Reach Record High in Fourth Quarter

Short sales and similar transactions increased by 12 percent in 2011 and reached a record quarterly high in the last three months of the year, economist Tom Lawler wrote in a recent blog post. Published at the Calculated Risk blog, … Continue reading

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Completed Foreclosures Drop by 24 Percent

Completed foreclosures fell to 830,000 in 2011, a decline of 24 percent from 2010, according to a new report. The CoreLogic Foreclosure Report showed that completed foreclosures dropped from 1.1 million in 2010. It also showed a decline in completed … Continue reading

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Asking Prices Post Year-Over-Year Gains

Home values rose year-over-year for the second month in a row in January, the Housing Tracker blog reported. The median asking price calculated from the 54 metro areas studied at HousingTracker.net was up by 4.2 percent for the year in … Continue reading

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Sellers Must Help Show Value of Improvements

The Federal Housing Administration recently extended a waiver of the so-called “flipping rule,” under which a buyer could not get an FHA-backed mortgage for a house that had been owned by its current owner for less than 90 days. The … Continue reading

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Default Rates Drop for Recent Mortgages

Mortgages loans made in the last two years have the lowest default rates in the last decade, according to a new report. The Lender Processing Services Mortgage Monitor for December showed that while the number of loans dropped by 10.1 … Continue reading

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Tax Break on Short Sales to Expire at End of Year

Time is running out on a federal tax break that helps make short sales possible. Currently, people who sell a house in a short sale – in which the property is sold for less than the amount owed on the … Continue reading

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Demand, Demographics Drive Mortgage Rates Nationwide

Average home loans across the nation vary widely, from $677,299 in Hawaii to $13,192 in Mississippi, according to a new survey. The LendingTree list of average closed home loans in 2011 for each of the 50 states and the District … Continue reading

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