FHA rescinds disputed credit policy

by: Linda S

WASHINGTON – June 19, 2012 – The Federal Housing Administration (FHA) told lenders on Friday that it would nix a rule that makes it more difficult for some borrowers to qualify for a mortgage. FHA is trying to boost its reserves and lessen losses from mortgage defaults. As a result, it announced in March that […]

U.S. builder confidence ticks up to 5-year high

U.S. builder confidence ticks up to 5-year high

by: Linda S

WASHINGTON – June 19, 2012 – Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving. The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. It increased from a reading of 28 […]

U.S. builders start more single-family homes

by: Linda S

WASHINGTON (AP) – June 19, 2012 – U.S. builders started work on more single-family homes in May and requested the most permits to build homes and apartments in three and a half years. The increase suggests the housing market is slowly recovering even as other areas of the economy have weakened. The Commerce Department said […]

Jan. pending home sales rise, market on uptrend

by: Linda S

WASHINGTON – Feb. 27, 2012 – Pending home sales are on an upward trend – an admittedly uneven but meaningful trend – since reaching a cyclical low last April, according to the National Association of Realtors®. Today’s national Pending Home Sales Index (PHSI) rose 2 percent compared to December 2011. The PHSI, a forward-looking indicator […]

U.S. government converts first foreclosure to rental

by: Linda S

WASHINGTON – Feb. 28, 2012 – The U.S. government has started selling off its stock of homes in foreclosure. The Federal Housing Finance Agency said Monday that a group of investors purchased the first of 2,500 homes being sold as part of a foreclosure-to-rental program. The government has control over roughly 250,000 foreclosed homes owned […]

Bill to streamline foreclosures moves one step closer to Fla. law

by: Linda S

TALLAHASSEE, Fla. – Feb. 28, 2012 – For the first time since the real estate crash crippled Florida’s economy and battered struggling homeowners, a bill to hasten foreclosures through the courts is headed to the full House and Senate. A narrow 6-4 vote Monday in a specially scheduled meeting of the Senate Banking and Insurance […]

FHA increases buyers’ fees

by: Linda S

WASHINGTON – Feb. 28, 2012 – Acting Federal Housing Administration (FHA) Commissioner Carol Galante announced a new premium structure for FHA-insured single-family mortgage loans: FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will increase by […]

Bank of America: $20,000 short sale incentive to struggling homeowners

by: Linda S

CHARLOTTE, N.C. – Oct. 7, 2011 – Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure. The limited time offer has received little promotion from the Charlotte, N.C.-based bank, which sent emails to select Florida Realtors earlier […]

Wells Fargo: Fla. economy to grow slowly, but still outperform national average

by: Linda S

NEW YORK – Oct. 11, 2011 – Wells Fargo released its Economic Outlook for Florida yesterday, and the news was positive, though not by much. The company says the state is recovering more quickly that the nation in general, but part of the reason is that the state fell so far during the crash. Still, […]

State may expedite Florida foreclosures..

by: Linda S

OVIEDO, Fla. – Oct. 11, 2011 – Retirees Neil and Marilyn Strawbridge haven’t made a mortgage payment so far this year, and yet Bank of America has not sent them even a foreclosure notice. With foreclosures taking an average of 21 months to get through the court system in Florida – longer than in almost […]