November « 2009 « HomeBuyerPower®

Ocean City Maryland Condo auction signals a glut of properties

In today’s Daily Times, mention of a planned Ocean City, Maryland auction tomorrow that the article calls a “new direction”:

“A Baltimore-area developer is auctioning dozens of condominium units from an Ocean City building, evidence that the resort’s real estate market is moving in a new direction.

Up to 80 studio and two-bedroom [...]

Fannie Mae to tighten lending standards

Yet more good news for home buyers planned just in time for Christmas:

“Fannie Mae, the giant mortgage finance company that helps shape lending guidelines, plans next month to raise minimum credit score requirements and limit the amount of overall debt that borrowers can carry relative to their incomes.

Starting Dec. 12, the [...]

Option ARMs: Housing recovery killer?

Many in the main stream press, in this case MSNMoney, are starting to get the real significance of this big issue going forward:

“Nearly all of the 350,000 option-ARM borrowers owe more than when they first bought their homes thanks to the unpaid interest accumulating. And many loans written during the first big wave, [...]

One in Four Borrowers Is Underwater

For a glimpse into the state of the current housing market, the Wall Street Journal is reporting today the following grim stats:

“The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.

Nearly 10.7 million [...]

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey

The latest from the Mortgage Bankers Association describes slowing mortgage applications:

“The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.3 percent compared with the previous [...]

Ten Questions on the Volatile Housing Market

The Wall Street Journal’s take on the current situation in housing is worth a read. A few notable quotes:

“Is the housing market getting better?

It has shown some signs of healing this year, but the much-touted recovery is tentative and fragile.

While the supply of middle-class homes on [...]

Gemcraft Homes declares bankruptcy

The Daily Times is reporting today that Gemcraft Homes, a development firm that has built 16 residential communities across the Delmarva area, has filed for bankruptcy:

“The company was forced into restructuring due to the downturn in the construction and real estate markets, director of advertising Kimberly Kemp said in a prepared statement.

Median home prices fell nationwide in 3Q

Yahoo Finance is reporting today that median home prices fell in 80 percent of US metropolitan areas in third quarter of 2009:

“A real estate group says home prices fell in eight out of every 10 U.S. cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent [...]

Foreclosures: ‘Worst three months of all time’

CNNMoney reports that the number of foreclosure filings hit a record high in the third quarter:

“‘They were the worst three months of all time,’ said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter — whether a default notice, auction notice [...]

Fannie Mae: “Deed For Lease” Program Will Let Thousands Rent Out Homes To Avoid Foreclosure

A new “Deed for Lease” program promises to allow former homeowners to stay in their homes:

“Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.

The new “Deed for Lease” program will allow homeowners to transfer title to Fannie Mae and [...]

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