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1 in 6 FHA Loans Delinquent

November 19, 2009

Tweet One in six FHA loans are delinquent, and a full 3.32% of them were in foreclosure. This is the highest number since 1979. Based on all the crazy FHA lending that has also taken place, we’d venture that this number is only going to get worse. The share of all types of mortgages with […]

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Housing Market Not As Healthy As Low End Would Suggest

November 18, 2009

Tweet For months now we’ve been hearing of the housing market picking up, starting with the low end. We’ve seen a healthy uptick in volume, and even price increases, but we’ve been skeptical about the durability. The reason being is that home lending by the FHA has filled the vacuum left by the departure of […]

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Fannie Mae To Become Landlord By Renting Back Homes

November 5, 2009

Tweet A “Deed for Lease” program has been released by Fannie Mae whereby owner’s of home unable to qualify for a workout or refinance would turn over the deed to their house in lieu of foreclosure, essentially a deed with lease agreement in lieu. Borrowers would  be able to sign leases for up to 12 months, […]

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Unemployment Benefits and Homebuyer Tax Credit Extended

November 4, 2009

Tweet After weeks of partisan debate, the Senate voted on Wednesday to lengthen unemployment benefits by up to 20 weeks and to extend the $8,000 homebuyer tax credit. The closely watched legislation would extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% would receive an […]

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PIMCO: House Prices Yet To Bottom

November 4, 2009

Tweet PIMCO’s head of mortgage bonds believes prices are going to continue to fall, particularly on the high end. As FHA loans tighten, and foreclosures begin to increase again, home prices will likely resume their fall which will continue to put pressure on household spending. The article also brings to light a statistic that the […]

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Laugh or Cry? 4-Year Old Buys A House

October 22, 2009

Tweet Ah, the great american tax credit. Not a deduction, but a fully refundable tax credit. And when you can get into a house for 3.5% down or less (with seller or other first time home buyer program help) with the government’s help, what did you expect to happen? It seems we’ve come a long way since […]

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When Nobody Else Will Lend, Where Do You Go? Taxpayers

October 18, 2009

Tweet Here’s a story from Clusterstock titled “20 Year Old Buys Home With $183,000 FHA Loan And Just 3.5% Down” which provides a live example of why the housing market on the low end is going gangbusters. Denise Tejada bought a house last month at the age of 20, thanks in large part to a loan […]

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The Seven New Mortgage Laws

October 13, 2009

Tweet Schwarzenegger has signed seven new laws into place designed to make the mortgage market less casino-like. The most interesting one, perhaps is SB 239, which now makes it a felony to commit fraud on a mortgage loan application. We’ve embedded the bill below and it seems this law is not confined to residential since […]

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New FHA Rules Make Life Tough For Condo Sellers

October 7, 2009

Tweet Beginning, October 1st, the FHA has instituted new rules around loans on condos. The full letter is embedded below. The new rules are pretty dramatic, particularly for new condo and vacation-unit developments seeking FHA approval. The rules require at least 50% of the units in the project to have been sold for new product, […]

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Palo Alto Mulls Extending Entitlements

September 11, 2009

Tweet Palo Alto is set to vote on Monday to pass an ordinance automatically granting a one-year extension for project approvals. In exchange, the city would require the projects to meet green building standards. [via Mercury News]

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