Weekly Recap (01/31/11-02/05/11)by Tim Manni
You’ve finally gone to contract on your home, and now you’re sorry you have. How can you get out of the contract?
“A seller is best-advised to be absolutely firm about wanting to sell real estate,” says Joanne Fanizza, an attorney in Farmingdale, N.Y. It’s indeed good advice since, as Fanizza explains, sellers face high hurdles if they want to back out of a contract to sell their home.
“I’ve seen situations where sellers thought, ‘I’m just not going to sell.’ They think the house just isn’t for sale anymore. You can’t do that after you’re in contract,” she warns…
Anton Troianovski of the Wall Street Journal calls it “supreme irony.” I couldn’t agree more.
Last year the Mortgage Bankers Association, a trade group that represents mortgage lenders, walked away from their new, 10-story, glass-walled office building located in the same neighborhood as the White House. Within a year, that same building was not only bought, it was flipped for a $59.7 million profit. Starting to see the irony?
For certain lenders in certain parts of the country the answer is yes, reports AnnaMaria Andriotis of SmartMoney.com. That certainly sounds somewhat surprising considering homeowners across the country have seen their home’s equity stripped by falling home prices. Also, with many lenders still employing strict lending standards on first mortgages, it’s almost odd to hear that others are moving back into lending second mortgages.
Yet as I mentioned earlier, the number of lenders who are increasing their home equity lending isn’t that substantial. They tend to be regional banks that deal in areas of the country much less affected by the downturn…
With all the recent debate surrounding the future of Fannie Mae and Freddie Mac, the question, “What if Fannie or Freddie disappeared from the market” has come up quite a bit. But HUD…I honestly haven’t really been thinking “What would happen if HUD disappeared?”
That is until today.
My friend Peter Miller addressed this topic in his own blog earlier this week…
Yesterday the U.S. Census Bureau released their fourth quarter report on homeownership and vacancy rates. Taking a quick look at the data, it’s apparent that homeownership rates have fallen while rental opportunities are picking up.
Here’s a brief synopsis of the release from Mortgage News Daily (emphasis added)…
Last week, we described mortgage rates throughout the month of January as erratic. Even though mortgage rates have been up and down over the course of the last four weeks or so, the range in which rates have bounced around in has been pretty narrow:
After a fall run-up which saw a 60+ basis point jump in the conforming 30-year fixed rate over an eight week period, the benchmark mortgage product has held in a 10-basis-point gap over the past seven weeks and seems likely to hang there for a while longer…