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NJ woman who dodged foreclosure locked out of home
Published on 8 Dec, 2009 at 16:04 in Real Estate | Viewed 275 views times | No Comments
A New Jersey woman returned home from Thanksgiving to find her door locks changed just days after she had avoided foreclosure. Bank of America says it made a mistake. Nina Morra was locked out of her fully furnished Trenton home for three days by an inspector hired by the bank, according to reports. The 57-year-old
Owners given one last chance to save home
Published on 3 Nov, 2009 at 21:49 in Real Estate | Viewed 204 views times | No Comments
LOUISVILLE, Ky. – Peter and Gina Fochtman sat stone-faced at the courtroom table. Across from them was the man who could determine their family’s future: an attorney for the bank trying to foreclose on their home. Since they fell behind on payments several months ago, the couple had made dozens of fruitless phone calls and
Mortgage rates lowest since late May
Published on 3 Nov, 2009 at 21:47 in Real Estate | Viewed 133 views times | No Comments
Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47 percent. Low mortgage rates
Home prices post first quarterly rise in 3 years
Published on 3 Nov, 2009 at 21:44 in Real Estate | Viewed 133 views times | No Comments
NEW YORK – A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner. The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second
Bipartisan push to stop real estate fraud
Published on 3 Nov, 2009 at 18:57 in Real Estate | Viewed 135 views times | No Comments
A bipartisan push is under way in the Senate to spend more money to stop mortgage scams. Sens. Charles Schumer, a Democrat, and Jon Kyl, a Republican, proposed legislation on Tuesday that would award up to $200 million to state and local prosecutors to go after real estate fraud. The money would be awarded as
Index shows home prices rose for 3rd month in July
Published on 3 Nov, 2009 at 18:56 in Real Estate | Viewed 115 views times | No Comments
Home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is underway. The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a
US home building shows new weakness
Published on 3 Nov, 2009 at 18:17 in Real Estate | Viewed 120 views times | No Comments
US housing starts grew in September but the pace was softer than anticipated while permits for construction fell sharply, government data showed Tuesday, underscoring ongoing woes in the ailing sector. The Commerce Department said that construction starts on privately owned homes rose 0.5 percent to 590,000 from the revised August estimate of 587,000. It was
New fed guide on commercial real estate loan mods
Published on 3 Nov, 2009 at 17:07 in Real Estate | Viewed 137 views times | No Comments
WASHINGTON — Banks must accurately identify their potential losses when modifying troubled commercial real estate loans under federal guidelines issued Friday. Regulators have warned that rising losses on commercial real estate loans pose risks for U.S. banks, with small and mid-size banks especially vulnerable. Nearly $500 billion in commercial real estate loans are expected to
US bank regulators warn on commercial real estate
Published on 3 Nov, 2009 at 17:02 in Real Estate | Viewed 114 views times | No Comments
U.S regulators on Friday encouraged banks to modify troubled commercial real estate loans, which are seen as a looming danger spot for the banking industry. The regulators issued guidance to financial institutions and said “prudent” loan workouts are often in the best interest of both the borrower and the bank itself. “The financial regulators recognize
