WASHINGTON (AP) — The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans. The policy was put in place in 2003 to deter property “flipping” schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were […]
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Foreclosures Continue to Skyrocket
June 13, 2008 in RESIDENTIAL R.E.
Foreclosures Continue to Skyrocket The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from April and auction notices down 3 percent compared to April. But bank repossessions surged in May, up 7 percent from April and 48 percent compared to May 2007, pushing the total inventory of bank-owned REOs to more than 700,000, according to RealtyTrac, which tracks and sells foreclosures. “May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity and […]
Curb Appeal
June 11, 2008 in RESIDENTIAL R.E., Step 11: Sell It Quick
In this challenging real estate market, curb appeal is particularly important for a home seller. Here are some tips for hiring a landscaper who will do a good job at a reasonable price. Review a portfolio. A neighbor’s recommendation is a good starting point, but it is also worthwhile to examine other jobs the landscaper has done and ask for references. Hiring someone who isn’t reliable, doesn’t finish the job or who uses unhealthy plants is a costly mistake. Consider maintenance. Asking for a low-maintenance design will ensure that even […]
Homes Sales Better Than Expected
June 10, 2008 in RESIDENTIAL R.E.
I always like posting positive signs that we are seeing in the real estate market. There is so much negativity in the news, I think it’s important to take note that there are positives in the market and it’s not all gloom and doom. Here we see an unexpected rise in the number of houses that were put under contract signaling that buyers are itching to come back in the market, they are just picking their spots and continue to be cautious. NEW YORK (CNNMoney.com) — The number of homes […]