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FHFA Announces Future Plans for Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA) released its strategic plan for the conservatorships of Fannie Mae and Freddie Mac. In its report, the FHFA focused on three tenets going forward for the GSEs: maintain foreclosure prevention activities, reduce taxpayer risk, and build a new, single-family securitization infrastructure.  Read More
 

Older Americans Carrying More Mortgage Debt

While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).  Read More
 

Consumer Confidence Slips in Florida

The Wells Fargo Economics Group released a recent report outlining consumer confidence in the Sunshine State. The data from April suggests consumer sentiment slipped in Florida one point to 79 for the month, largely due to increased concerns about current economic conditions.  Read More
 

Potential Mortgage Default Risk Remains High

The American Enterprise Institute's (AEI) International Center on Housing Risk released this week its latest National Mortgage Risk Index (NMRI), a measure of likely loan default rates in the event of another economic crisis. For its March data, the group calculated that under stress, 11.5 percent of recent home purchase mortgages would default, just down from 11.6 percent in February.  Read More
 

U.S. Home Flipping Drops to 3.7 Percent of All Sales

RealtyTrac released its U.S. Home Flipping Report for Q1 2014, reporting that 3.7 percent of all U.S. single-family home sales were flips. Home flipping over all is down, dropping 4.1 percent from the fourth quarter in 2013, as well as declining 6.5 percent from the previous year’s first quarter.  Read More
 

Fannie and Freddie Stress Test Results ‘Not Surprising’

Worst-case scenario: In the event of repeat of the 2008 economic downturn, the federal government’s main mortgage buyers, Fannie Mae and Freddie Mac may need another online slots $190 billion bailout to keep them solvent. So say the results of the inaugural Dodd-Frank Act Stress Test, released by the Federal Housing Finance Agency Wednesday.  Read More
 

Federal Reserve Continues Taper; Reduces Purchases by $10 Billion

The Board of Governors of the Federal Reserve System issued their Federal Open Market Committee statement, commenting that growth in economic activity has picked up recently despite a sluggish first quarter, due in part to adverse weather conditions. The Fed noted that recovery in the housing sector remained slow.  Read More
 

48,000 Foreclosures Completed in March

CoreLogic's latest National Foreclosure Report, utilizing data through March 2014, found that foreclosure inventory is down 5.1 percent from February. The percentage of homes seriously delinquent on their mortgages fell as well to 4.7 percent, the first time the seriously delinquent rate has been this low since October 2008.  Read More
 

Spring Recovery: Dead on Arrival?

Market analysts are dialing back on their expectations for the housing sector this year following reports of continued sluggishness in what should have been the start of a busier season. Sales of both new and existing homes in March fell short of expectations, dashing optimistic projections of a rebound following the end of an unusually harsh winter.  Read More
 

Oil and Gas Industry Help Fuel Loan Growth in South

The Office of the Comptroller of the Currency (OCC) found in a new study that the average loan growth rate has doubled among banks and federal savings associations (FSAs) in the nine states that make up the OCC’s Southern District. The OCC’s findings were from loan growth in 2012 to 2013, and reached 4 percent in 2013.  Read More
 

Mortgage Rates Increase Slightly to 4.33%

The average 30-year fixed mortgage rate came up to 4.33 percent (0.6 point) for the week ending April 24, up from 4.27 percent in the previous week, according to Freddie Mac’s latest Primary Mortgage Market Survey. Last year, the 30-year fixed-rate mortgage (FRM) averaged 3.40 percent, almost a full point lower. The 15-year FRM this week averaged 3.39 percent (0.6 point), moving up from 3.33 percent.  Read More
 

Florida’s Housing Market Is On the Rise

More good news has surfaced in the housing market, this time in Florida. According to Florida Realtors, the housing market reported higher median prices, more new When I pay the cashier with money, we have extinguished our free-credits-report.com /debt relationship. listings, and a stable level of inventory in March. Closed sales of single-family homes statewide totaled 20,081 last month, up 2.8 percent from March last year.  Read More
 

Landlord forced to pay up

A Santa Monica landlord has agreed to pay tenants more than $18,000 and lower their rent by more than half after he was accused of illegally charging market-rate rent, officials with the Rent Control Board said Monday.

The Rent Control Board sued the landlord after he evicted a long-term tenant so that his disabled mother could move into the unit. Rather than move her in, the landlord instead made improvements to the unit and then rented it out for more than double the controlled rent, according to the board’s complaint.

The settlement orders the landlord to reduce the rent from $2,950 per month to $1,254. The new tenants are a couple with a small child. The old tenant who was displaced chose not to participate in the settlement, officials said.

The suit was settled this week. The landlord did not have to admit to any wrongdoing.

Housing and real estate group says Calif. judge’s final decision in lead paint case will hurt home values

The Los Angeles County Boards of Real Estate, which represents private property rights in Los Angeles County, argues that the ruling will send home values “in a freefall” throughout the county, and cause a “ripple effect” resulting in less money for schools, police services and other vital programs supported by property taxes.

The final ruling by Kleinberg affects about 2.6 million homes in Los Angeles County and an estimated 5 million statewide.

“This could precipitate the worst plunge in California home values since the housing crash of 2007,” said Giuseppe Veneziano, president of LACBOR, adding that the ruling will have “frightening consequences.” 

Read More

"Fake Landlord" Scam On the Rise

People look for rental homes and apartments on Craigslist, and give false landlords cash deposits.

By the time they find out they've been scammed, it's too late.

As if finding a place to live wasn't stressful enough. Now realtors and police are cautioning renters of a growing "fake landlord" scam.

"They're meeting people at the vacant properties, letting them in, showing them through taking cash deposits from them when in reality they have no connection to the property whatsoever," explains Michael Sewell of Caldwell Banker Real Estate.  Read More


 

S&P/Case Shiller Records Largest Home Price Gain in Nearly 8 Years

Both the 10- and 20-city composite readings of the S&P/Case-Shiller Home Price Indices saw annual increases of 13.6 percent during the month of October, recording their largest yearly gain since February 2006. October marked the 17th consecutive month home prices have risen on a year-over-year basis, with average home prices nationwide recovering to mid-2004 levels.   Read More
 

Market Analysts Expect Slowdown in Housing Recovery in 2014

The housing market recovery is entering a new phase, according to the analysts at Capital Economics. They say the rapid bounce in home prices seen this year, which was driven by investors and tight supply conditions, will soon start to moderate, and the next stage of the recovery will be characterized by strengthening activity among owner-occupants and mortgage-dependent buyers, as well as a much more moderate pace of house price inflation.
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BEWARE "NOTICE TO APPEAR" Emails

Recently a number of our members began receiving emails like the one below.  It looks official and could temp one to click on the email attachment especailly if you have an open eviction or other law suite in action.

DO NOT OPEN THE EMAIL ATTACHMENT!!!  It contains a virus and will contaminate your computer. 

You may forward this to as many of your friends as you like.

========================================================

Sample Email:

Notice to Appear,

Hereby you are notified that you have been scheduled to appear for your hearing that
will take place in the court of Washington in January 15, 2014 at 09:00 am.

Please bring all documents and witnesses relating to this case with you to Court on your hearing date.

The copy of the court notice is attached to this letter.
Please, read it thoroughly.

Note: If you do not attend the hearing the judge may hear the case in your absence.

Yours truly,
Nancy Tailor
Clerk to the Court.

Even in Buyer's Market, Homeownership Expected to Decline

Looking at ongoing trends, Zillow made four major predictions about the course of housing over 2014, and while the company expects conditions next year to be a bit friendlier to homebuyers, that doesn't mean we'll necessarily see more owner-occupied housing. Zillow also combined data on unemployment, population growth, and its own Home Value Forecast to glimpse into what it believes will be the hottest markets in 2014.  Read More
 

'Boomerang' Buyers Expected to Boost Recovery in the New Year

Based on a poll of borrowers that have been subject to foreclosure, authorities at LoanSafe.org and AfterForeclosure.com say they're confident that 2014 will be the year of the "boomerang" borrower. They say changes in lending guidelines and population shifts make these buyers essential to the recovery of the housing market, particularly since developments that naturally advance housing have been largely disrupted in today's environment.    Read More
 

All-Cash Sales Reach New High In November

All-cash purchases accounted for 42 percent of all residential property sales in November, up from 38.8 percent in October and also up from a year ago to the highest level since RealtyTrac began tracking all-cash purchases in January 2011, the company reported. States with the highest percentage of cash sales included Florida, Georgia, Nevada, and South Carolina--all with more than half of the homes sold last month purchased with cash.   Read More
 

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