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From Businessweek, word that lenders are tightening up their guidelines for short sales. “A record one-third of borrowers owe more on their mortgage than their properties are worth, notes research firm First American CoreLogic. The number of underwater homeowners will only continue to rise since values are still falling. And if distressed borrowers can’t [...] From the LA Times, at http://www.latimes.com/classified/realestate/news/la-fi-harney20-2009sep20,0,2560658.story : ” A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers.” “Research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they [...] Mark Hanson has an interesting article about what exactly can be defined as “Negative Equity”? http://mhanson.com/blog It is a very important question, as the answer determines how upwardly mobile the home-owning population really is. “If homeowners can’t sell for enough to pay a Realtor 6%, extract the down on the new property, and pay for moving [...] |
Joe Warth, President & Broker HomeBuyerPower, Ltd. |
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