C.A.R. leadership discusses REO bulk sale pilot program. *
leadership met with federal housing regulators and California’s Congressional Delegation in Washington, D.C., to discuss the Federal Housing Finance Agency’ s (FHFA) bulk sale REO pilot program. Leadership expressed C.A.R.’s strong opposition to the pilot program given the low inventory of homes for sale across California. According to C.A.R. statistics and discussions with California REALTORS®, the state is facing a shortage of available housing, and the lack of inventory has forced many buyers to face multiple offers across the state. Although the pilot program calls for Los Angeles and Riverside counties to be included, federal regulators have stated they do not believe that properties that would sell for a higher price through the current REO broker network should be included in the bulk sales program. Because many REO listings are selling for near or above listing price with multiple bids, C.A.R. hopes the FHFA will refrain from implementing the pilot program in California. * Information re-printed with permission and provided by C.A.R. Newsline --Al Rights Reserved-- |
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| 909.921.4206 |
I've been providing unmatched service since 1991. I have helped hundreds of people just like you to accomplish their real estate goals. Carmen G. Gutierrez D.R.E. Lic.# 01193488 Realtor 909-921-4206 Email: CG@CGHouses.com |
| REAL ESTATE NEWS |
What you should know about the market: As the traditional home- selling season comes to a close, some home sellers who were unable to sell their homes earlier this year may be willing to make better deals with home buyers. Before submitting an offer, buyers should understand the market. A REALTOR® can do a full comparative market analysis of the property to determine its fair market value. When presenting a low offer, it’s important to provide back up. Sellers want to know why an offer is coming in low, so including recent comps and any problems with the property will help to validate the offer. If making a low offer, buyers should consider other elements of the offer that may be attractive to the seller. Having few or no contingencies, and having financials in order from the start are advised |
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| Southern California |
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| Page 2 |
Lawmakers critical of foreclosure-to-rental plan *
The regulator of Fannie Mae and Freddie Mac continues
to gain critics with his agency's housing policies and its
resistance to implement others.
Edward DeMarco, acting director of the Federal Housing
Finance Agency, is getting heat from California
congressional members over a pilot plan to sell 600-plus
foreclosed homes in Riverside and Los Angeles counties
to investors in bulk on condition they will convert them to
rentals. The plan is part of a larger program to sell almost
2,500 properties in Fannie's portfolio of both occupied
and vacant homes in some of the most-struggling areas
of the nation.
The 19 lawmakers, three of whom are from San Diego,
don't want the program in place, saying the move will
further hurt the housing market and increase costs to
citizens. The three from San Diego are Duncan Hunter,
(R-El Cajon); Brian Bilbray, (R-Solana Beach) and Susan
Davis, (D-San Diego.)
"Converting carefully selected REO properties into
rentals might help reduce excess inventory in
appropriately targeted areas, namely those with high
inventory and low demand," the April 4 letter to DeMarco
reads. "...However, counties in California do not reflect
the market conditions required for the GSEs
(government-sponsored enterprises) to benefit from such
a program."
DeMarco says the program will help lift hard-hit
communities from housing stress, according to a Feb. 1
written statement:
This is an important step toward increasing private
investment in foreclosed properties to maximize value
and stabilize communities. I am grateful for the
collaborative effort by the many stakeholders including
institutional investors, nonprofit organizations, and state
and local government officials, who have worked together
on this Initiative.
The California Association of Realtors has lobbied hard
against Fannie Mae's program even before it was made
official. Read more..
The regulator of Fannie Mae and Freddie Mac continues
to gain critics with his agency's housing policies and its
resistance to implement others.
Edward DeMarco, acting director of the Federal Housing
Finance Agency, is getting heat from California
congressional members over a pilot plan to sell 600-plus
foreclosed homes in Riverside and Los Angeles counties
to investors in bulk on condition they will convert them to
rentals. The plan is part of a larger program to sell almost
2,500 properties in Fannie's portfolio of both occupied
and vacant homes in some of the most-struggling areas
of the nation.
The 19 lawmakers, three of whom are from San Diego,
don't want the program in place, saying the move will
further hurt the housing market and increase costs to
citizens. The three from San Diego are Duncan Hunter,
(R-El Cajon); Brian Bilbray, (R-Solana Beach) and Susan
Davis, (D-San Diego.)
"Converting carefully selected REO properties into
rentals might help reduce excess inventory in
appropriately targeted areas, namely those with high
inventory and low demand," the April 4 letter to DeMarco
reads. "...However, counties in California do not reflect
the market conditions required for the GSEs
(government-sponsored enterprises) to benefit from such
a program."
DeMarco says the program will help lift hard-hit
communities from housing stress, according to a Feb. 1
written statement:
This is an important step toward increasing private
investment in foreclosed properties to maximize value
and stabilize communities. I am grateful for the
collaborative effort by the many stakeholders including
institutional investors, nonprofit organizations, and state
and local government officials, who have worked together
on this Initiative.
The California Association of Realtors has lobbied hard
against Fannie Mae's program even before it was made
official. Read more..
| Homeowners: Can't refinance? Mortgage underwater? Here's a new option for you: HARP 2 Refinancing is here!But you must act now! |
President's Obama revised
Home Affordable Refinancing
from foreclosure. HARP2
allows homeowners to
refinance loans, especially if
they owned more than the
home was worth.
The elimination of the loan-to-
value limit is the biggest
change under HARP 2. Here
is a rundown of HARP 2′s
guidelines:
•It is for borrowers whose
mortgages are backed by
Fannie Mae or Freddie Mac,
and originated before June
2009.
• The new HARP program is
extended to the end of 2013.
•There is no loan-to-value
limit anymore for fixed-rate
mortgages.
•Must not have been late for
the last six months and have
no more than one 30-day
late payment in the last 12
months.
•Fees were reduced.
Click here for more
information.
Contact your lender for more
details
Email: LowestRateLoans
@yahoo.com
Home Affordable Refinancing
from foreclosure. HARP2
allows homeowners to
refinance loans, especially if
they owned more than the
home was worth.
The elimination of the loan-to-
value limit is the biggest
change under HARP 2. Here
is a rundown of HARP 2′s
guidelines:
•It is for borrowers whose
mortgages are backed by
Fannie Mae or Freddie Mac,
and originated before June
2009.
• The new HARP program is
extended to the end of 2013.
•There is no loan-to-value
limit anymore for fixed-rate
mortgages.
•Must not have been late for
the last six months and have
no more than one 30-day
late payment in the last 12
months.
•Fees were reduced.
Click here for more
information.
Contact your lender for more
details
Email: LowestRateLoans
@yahoo.com
| CONSUMER ALERT!! Advance Fees for Loan Modifications are Ilegal |
-
Have You Seen Your Refi and Mortgage Options Lately?
Three good reasons to warm up to a refinance this spring. Read
-
Your Top Home Ownership Tax Questions Answered
Which tax benefits do home owners miss? Will you get audited if you take the home office deduction? Find out the answers to these questions and more before Tax Day. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®