April 6, 2012
OWNER TO RENTER:
- BOA is instituting a pilot program in Arizona, New York and Nevada that will allow homeowners who are facing foreclosure to stay in their homes as renters. They have to be 60 days delinquent, underwater, have no other liens and have the ability to pay rent. The title is transferred to the bank, the mortgage debt is forgiven and they can lease up to three years at or below current market rates.
- Nar says that prices were down 2.5% in 2011 but that home sales will rise 7-10% in 2012 to the highest level in 5 years based on an uneven but higher sales pattern. In the Northeast, February was down .6% from January, but up 18.4% from a year ago.
- 68% of house hunters contact an agent for a showing as a result of their mobile search.
- Economists predict home price stabilization in 2012, a 2% rebound in 2013, and an appreciation acceleration of 3.5% in 2014. However, Kiplinger notes that how each individual state recovers will depend on how it deals with foreclosures. The process will be severely slowed down in states with judicial review.