September 7, 2012
BITS AND PIECES FROM THE NATIONAL ASSOCIATION OF REALTORS:
- Realty Trac reports that foreclosure activity on homes priced at $1 million or higher has soared 489% between 2007 and 2011. Foreclosure activity on properties worth less has jumped by 105%.
- Heading the list of the top 8 college towns for investors is Boston with a median list price of $334,900, an average rent of $3,084, and an estimated mortgage payment of $1,240. Boston is followed by Princeton, New Jersey, Chicago, Washington, D.C., Houston, Philadelphia, Atlanta and Pittsburgh.
- The Federal Housing Finance Agency (FHFA) is issuing new guidelines effective November 1, designed to more quickly qualify borrowers and speed up the short sale process.
- Home owners with a Fannie or Freddie backed mortgage will be able to sell in a short sale even if they are current on payments if they can prove a hardship (death of a co-borrower, divorce, disability or job relocation over 50 miles).
- Fannie and Freddie will waive the right to pursue deficiency judgments for those who have sufficient income or assets and can make a financial contribution or sign a promissory note.
- Fannie and Freddie will offer up to $6,000 to second lien holders in order to quicken the pace of a short sale.