Is It a Buyer’s or Seller’s Real Estate Market

Look at the Inventory to Determine the Market

Because this is not a traditional market, the statistics used to determine whether we are in a buyer’s or sellers real estate market are skewed.

Experts consider 6 months of inventory to be a balanced market- over this number and it is considered a buyer’s market, under 5-6 months we have a seller’s market. By viewing the chart below for Contra Costa County,one could make the assumption that we are in a Seller’s market–when in fact with under 3 months of inventory in most cities we are still in a Buyer’s real estate market. Read the rest of this entry

Loan Modification & Foreclosure New Guidelines To Speed Up The Process

To better streamline both loan modifications and foreclosures, a set of guidelines have been imposed on banks which need to be met by mid June. U.S. regulators are looking for a better plan and process to manage the volume of loans in trouble.

One of the biggest changes will be a single point of contact eliminating the frustration of calling your lender only to be told the person you are talking with just got the file and are not yet up to speed.  This is probably one of the reasons it has taken so long to get a file through they system. Read the rest of this entry

New Ways for Bank to Predict If You Are Planning on Defaulting on Your Mortgage

Strategic Default

It is estimated that 26 percent of those who default on their mortgage fall into the category of “strategic default”. Those who engage in the practice can in fact afford the mortgage payments but because they owe more on their homes than the market value they decide to walk away.

Who Is Most Likely to Strategically Default

According to FICO Labs “The strategic default borrower is someone with a good Read the rest of this entry

Will HR 1498 Really Speed Up The Short Sale Process

(April 12) a bill regarding short sales was introduced into the House of Representatives. H.R. 1498, “Prompt Decision for Qualification of Short Sale Act of 2011”, was submitted by Representatives Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) Its purpose is summarized, “To require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.”

HR 1948 “Prompt Decision for Qualification of Short Sale Act 2011”  focus is to get the banks/mortgage servicers to respond to sellers within 45 days with a decision. The intent is to reduce the time it takes to close a short sale and hopefully forestall the property from going into foreclosure. Read the rest of this entry

Owning A Home Still The Best Investment

The results of a recent survey, conducted by the Pew Research Center on the benefits of owning a home, were unexpected due to the downturn in the housing market. 81% of the 2,142 respondents still believe that owning a home is the best long-term investment a person can make.


“Home ownership topped the list of long-term financial goals for Americans, according to the study; respondents rated home ownership, as well as living comfortably in retirement, more important than sending children to college or leaving offspring an inheritance.” Read the rest of this entry

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