Short Sale Chicago

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FANNIE MAE & FREDDIE MAC. WHO ARE THEY?

Who Are Fannie Mae and Freddie Mac?

Posted By beth On August 31, 2011 @ 12:07 am In Today’s Home Spun Wisdom

Fannie Mae and Freddie Mac are publicly traded companies that guarantee the majority of new mortgages in the U.S. They are key players in the government’s foreclosure-prevention initiative—most notably, the Making Home Affordable program.

Fannie Mae, officially the Federal National Mortgage Association, and Freddie Mac, the Federal Home Loan Mortgage Corp., were taken over by the government in 2008 after billions of dollars in losses and years of mismanagement.

Fannie and Freddie operate in the U.S. secondary mortgage market. They don’t sell mortgages directly to homeowners; they buy mortgages from banks and other lenders, which can use the money to issue new home mortgages.

Fannie was created as a federal agency in 1938 and chartered by Congress in 1968, followed by Freddie in 1970, to increase access to home loans. But they also are publicly traded corporations and—before their taxpayer bailout—had a duty to maximize shareholder return.
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September 2, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

* WHEN IT WILL GET BETTER

Written by: David Lereah   Tue, June 28, 2011 RealEstateEconomyWatch.com Market Activity, Market Commentary

The nation’s housing sector is having trouble lifting itself out of the enormous hole it has been in since the real estate bust began several years ago. Recent data has been disappointing; demand for housing remains soft while the supply for housing remains excessive.

Existing-home sales fell by 3.8 percent in May compared with April to an annualized 4.81 million units. The decline in sales was broad-based across regions, with only the West not exhibiting any change in sales. The months supply of homes available for sale to 9.3 in May from 9.0 in April. Similarly, new home sales fell 2.1 percent in May to 319,000 annualized units.  It is obvious that new home sales have been scraping bottom for the past 6 months. However, compared with one year ago, new home sales are up 13.5%. The months supply for new homes declined to 6.2 in May from 6.3 in April. The number of new homes available for sale has fallen to a new low of 166,000 units. The data extend back to 1963.

On a brighter note, new residential construction rose 3.5 percent in May to 560,000 annualized units but is still down 3.4 percent from one year ago. Total permits registered an 8.7 increase in May to 612,000 annualized units.
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September 2, 2011 Posted by | Uncategorized | Leave a comment

* FORECLOSURES NOW TAKE 20 MONTHS

Foreclosures Now Take 20 Months

Posted By susanne On September 1, 2011 @ 3:12 pm In Consumer News and Advice,Finance and Economy,Foreclosure Process,Real Estate Information,Real Estate News,Today’s Marketplace,Today’s Top Story – Consumer | No Comments

[1]The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.

New data from LPS shows that payments have not been made on the average loan in foreclosure in a record 599 days, or 20 months. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days—also a new record.

At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory, according July Mortgage Monitor report released by Lender Processing Services, Inc.

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September 2, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

* SHORT SALES: A DIGNIFIED SOLUTION

Short Sales: A Dignified Solution for Many Families

by Steve Harney on August 31, 2011 · 17 comments

Occasionally, Steve Harney, our founder and lead content creator, asks us permission to share his personal feelings on a current real estate issue. Today, is one of those times. – The KCM Crew

I am truly excited that the banks are beginning to see that a short sale in many cases is a good alternative to foreclosing on a property. It makes more sense to sell the property at a higher price. At the same time, the banks are creating less vacant REOs (foreclosures owned by banks) which have blighted neighborhoods and negatively impacted  surrounding house values for the last several years

It is also satisfying that so many of my fellow real estate professionals are taking the time to get properly trained to facilitate these transactions to a successful closing. It is a good revenue stream for some agents at a time that has proven to be very difficult for many industry professionals to make ends meet.

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September 2, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | Leave a comment

* SHORT SALES: THE ROAD IS NOW PAVED

Short Sales: The Road Is Now Paved

by The KCM Crew on September 2, 2011

InfoGraphic

September 2, 2011 Posted by | Uncategorized | Leave a comment

* NTERVIEW WITH WILBUR ROSS ON PPIP/PUBLIC PRIVATE INVESTOR PROGRAM

Vodpod videos no longer available.

Notice at 7:58 minute mark: “… we are in the midst of the most massive transfer of liabilities from the private sector to the public sector…”

Interview with Wilbur Ross on PPIP/Public Priva…, posted with vodpod

September 2, 2011 Posted by | Uncategorized | Leave a comment

* ON JOBS IN AMERICA

September 1, 2011 Posted by | Uncategorized | Leave a comment

   

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