Mortgage Industry Initiated More Than 235,000 Loan Modifications and Repayment Plans in 3rd Quarter
January 18, 2008
Washington, DC (January 17, 2008) – The mortgage industry modified an estimated 54,000 loans and established formal repayment plans with another 183,000 borrowers during the third quarter of 2007, according to a report issued today by the Mortgage Bankers Association. By comparison, foreclosure actions were started on approximately 384,000 loans, but of those foreclosures, 63 percent were cases where the borrower did not live in the home, the borrower did not respond to repeated attempts by the lender to contact them, or where the borrower failed to perform on a repayment plan or loan modification that was already in place.
17 Ways to Get Buyers Inside Your Home
January 16, 2008
Here are some easy, inexpensive fixes that will help create that outside appeal and get you one, giant step further to a sale.
1. Paint or stain the front and garage doors, especially if they show any weathering. These are the first visuals where a potential buyer focuses. If garage doors are metal and dented, they may need to be replaced.
2. Any old, basically abandoned sheds or small structures, must be removed, the area graded and the grass replaced.
3. Change any dated, outside light fixtures.
2008 San Antonio Housing Forecast
January 15, 2008
All Real Estate is Local
Experts at the 23rd Annual San Antonio Housing Forecast held January 7th, 2008, said San Antonio is definitely the place to be. A positive forecast was given by the San Antonio Board of REALTORS®’ Chairman Bob Leonard who stated that 2008 will produce another strong resale (existing homes) year. The San Antonio Board of REALTORS® and the Greater San Antonio Builders Association hosted this year’s forecast at the Omni Hotel in the Colonnade where more than 700 attended.
Bank of America to buy Countrywide
January 12, 2008
Bank of America Corp. said Friday it has agreed to buy Countrywide Financial for $4 billion in stock, a deal that both rescues the country’s biggest mortgage lender and expands the financial services empire of the nation’s largest consumer bank.
The acquisition will make Charlotte-based Bank of America the nation’s biggest mortgage lender and loan servicer.
“Countrywide presents a rare opportunity for Bank of America to add what we believe is the best domestic mortgage platform at an attractive price and to affirm our position as the nation’s premier lender to consumers,” Bank of America chief executive Ken Lewis said in a statement.
New-home starts in San Antonio down 34 percent in 2007
January 11, 2008
New-home building in San Antonio dropped 34 percent in 2007, and local builders will pull back again and stay in “adjustment mode” in 2008, according to the housing research firm Metrostudy. The existing-home market is feeling some pressure, too, with a rising inventory of unsold homes, tempered, though, by rising home prices.
Metrostudy, the Greater San Antonio Builders Association and the San Antonio Board of Realtors released 2007 data and made their 2008 predictions Monday at the annual Housing Forecast at the Omni San Antonio Hotel.
Standard Pacific Homes Exits San Antonio Market
January 9, 2008
Forest City Enterprises Inc. and its joint venture partner Covington Capital Corp. have acquired more than 2,500 single-family home lots in San Antonio from Irvine, Calif.-based Standard Pacific Homes. Through this land purchase, Forest City Land Group and Covington Capital now have a presence in several subdivisions in the city, including Alamo Ranch, Stillwater Ranch, Ashton Park, Indian Springs and Heights of Cibolo.
The land and lots include finished lots as well as future platted lots. Forest City will focus on a range of homes, including some that will serve both first-time homeowners as well as move-up buyers.
The Selling Process
January 7, 2008
Step 1: Choosing a REALTOR®
Selling a home is one of the largest decisions of your life. The first thing to do is to find a Texas REALTOR® you trust.
Ask your friends and relatives who have sold homes recently for their recommendations. Or, you can use the find-a-REALTOR® search to locate one in your area.
Before working with a Texas REALTOR®, you should know that their duties depend on whom they represent.
The REALTOR® who lists the property for sale represents the owner. Your REALTOR®’s sole duty is to ensure that your home sells quickly, easily, and at a suitable price.
The Buying Process
January 6, 2008
Step 1: Choosing a REALTOR®
Buying a home is one of the largest purchases and biggest decisions of your life. The first thing to do is to find a REALTOR® you trust.
Ask your friends and relatives who have bought homes recently for their recommendations. Or, you can use the find-a-REALTOR® search to locate one in your area.
Before working with one, you should know that the duties of the REALTOR® depend on whom they represent.
8 Steps to Getting Your Finances in Order
January 5, 2008
- Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
- Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
Understanding Agency
January 4, 2008
It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company.
1. Seller’s representative (also known as a listing agent or seller’s agent). A seller’s agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.
