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Blog, Housing Stats, Legislation and Policies, Mortgage Reform, Real Estate News

Realtors fault low appraisals for sluggish housing market

October 17, 2012 by · Leave a Comment 

The fact is, when I do a listing presentation, I always explain to my sellers that there is a difference between “market value” and “appraisal value.”  Market value represents what a ready, willing, and able buyer would pay for a property.  Appraisal value is self-explanatory.  Because buyers are actively in and out of properties and not merely dependent on MLS photos, I... 

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Updates to FHA Condo Cert Guidelines

September 19, 2012 by · Leave a Comment 

The Federal Housing Administration has agreed to soften the requirements for condo communities to receive certification for federally-insured mortgages.  The policy update is a boon for both Phoenix condo buyers and condo sellers. Buyers will benefit from easier access to mortgage money, while sellers will benefit from a larger potential pool of buyers.  It’s worth noting, however, that the... 

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Will I Be Able to Finance the Purchase of a Phoenix Home?

March 6, 2012 by · Leave a Comment 

Will I Be Able to Finance the Purchase of a Phoenix Home? The question of financing a home purchase in Phoenix – or anywhere else – has gotten a bit more complicated in recent months. It seemed that a few years ago, the only qualification for any mortgage was that prospective mortgagees have respiration and a pulse. Today, with a nationwide slump in the housing market and a wave of defaults... 

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Fannie and Freddie to Step it Up

October 14, 2008 by · Leave a Comment 

According to REAL Trends, Fannie and Freddie notified bond traders last week that each company needs to purchase $20B per MONTH in underperforming mortgage securities.  Their efforts are separate from the $700B bailout deal that was ratified last week.  It will be interesting to watch the 2 companies, themselves laden with under-and-non-performing debt, bloat up even more on subprime paper…   Hopefully... 

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Real estate doom and gloom…NOT!

October 6, 2008 by · Leave a Comment 

With all of the negative press that we’re exposed to throughout the day, we need to remember that the real estate market, at least, is still alive and well.  Since the government’s ‘sudden recognition’ that it was broken, changes have been made to push the industry in a healthy direction.  That is, by making affordable mortgage money available to the masses…at least... 

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US government to take over Fannie and Freddie

September 8, 2008 by · Leave a Comment 

According to the Associated Press, the federal government is set to acquire Fannie Mae and Freddie Mac tomorrow.  The move is designed to supersede the very real possibility that one or both could go bankrupt, leaving the American public in a very expensive and unfortunate predicament.   Here’s the full story:   The Bush administration, acting to avert the potential for major financial... 

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Fannie Mae hammered by $2.3B loss. What now?

August 10, 2008 by · Leave a Comment 

On Friday, Fannie Mae which, with Freddie Mac, holds or guarantees about 1/2 of all outstanding mortgages, declared a $2.3 billion loss.  Analysts had expected a loss of about $0.68/share, a fraction of the reported $2.54, which sent shares of FNMA falling 9% for the day.   The huge blow is largely attributed to a surge in foreclosures.  As if anyone needed confirmation, sub-prime (or Alt-A) holdings,... 

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Critical Housing Bill HR-3221 Passes the Senate – Headed to Congress

July 23, 2008 by · Leave a Comment 

Here’s an important update from our friend Glen Reiley over at Bell Mortgage regarding HR-3221, a bill that will have far reaching consequences in the housing and mortgage lending industries.   —————   Important Legislative Update   It looks like HR 3221 – has passed the Senate and is headed back to the House of Representatives. If passed, the President could... 

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Congress & the President Jockeying for the “Right” Housing Reform Package

May 5, 2008 by · Leave a Comment 

Congress and the President are going round and round over the right mix of reforms to help the flagging housing market.   Nothing has officially been settled yet, but recent moves by Republican Congressmen to back Democrat-proposed legislature could get the President’s attention.   Reforms proposed by Congress include:   $300 billion in FHA insured loans for financially-strapped homeowners A... 

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No Surprise Here…Mortgage Industry Challenges Fed’s Proposal to Tighten Lending Standards on Exotic Mortgages

May 1, 2008 by · Leave a Comment 

The Federal Reserve’s Proposal a few months back to require more stringent verification requirements for new mortgages under so-called ‘exotic’ terms was not surprisingly met with significant resistence by 3 of the leading banking trade groups:  the American Banker’s Association, the Mortgage Banker’s Association, and the Independent Community Bankers Association.   The... 

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