Nationally Home Sales and House Construction Increase in August

New house construction and home sales rose in August both year-over-year and compared to the previous month. According to the statistics sales of existing homes rose 7.8 percent in August from July and were 9.3 percent above the pace of August 2011. And all of these gains accompany an overall increase in average home prices […]

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Home Prices Rise Nationwide and Late Mortgage Paymnents Decline

There were two pieces of very encouraging news this week; home prices nation wide are on the rise, and there were fewer late mortgage payments being made. Prices rose by 2.5% in June from a year ago, and by 6% from the previous quarter according to the Wall Street Journal article. The quarterly jump was […]

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Banks are now Demolishing Foreclosures

In an effort to reduce costs and some banks are now demolishing foreclosures. In certain cities around the country banks are donating homes to municipalities that condemn and demolish decaying houses. Improving the Housing Stock by Reducing Inventory The theory is that if you can demolish the lowest prices, homes in the worst condition you effectively eliminate the […]

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Are Foreclosures in Ohio Impacting the Real Estate Market Disproportionately?

foreclosures as a percentage of homes sold

Without a doubt the influx of foreclosures are is putting downward pressure on real estate prices nationwide. However, in Ohio is it a disproportionately higher problem than the rest of the country? We looked over at a post from The Mortgage Reports for some insight and a great graph. It turns out that in Ohio […]

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Foreclosure Home Buyers Beware

Since so many of my buyer clients are interested in distressed homes sales (bank owned and foreclosure properties) I wanted to be sure that everyone is aware of a major change in title insurance. USA Today reports, that Old Republic National Title Insurance, one of the nation’s largest title insurance companies, will no longer write […]

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Banks Suspend Foreclosures and Impact The Real Estate Market

Major US banks including Bank of America, GMAC / Ally, and JP Morgan Chase suspended foreclosures because of irregularities and incomplete records.  Ohio’s Secretary of State Jennifer Brunner asked federal prosecutors to investigate foreclosure irregularities in her state. Ohio has been pushing lenders to do better. On September 17, Ohio Attorney General Richard Cordray announced that […]

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Fire Fighters, Teachers, Police and EMTs can buy a home for 50%

HUD_logo2

Fire Fighters, Teachers, EMT’s, and Police are eligible to purchase HUD homes at a 50% through a  program called Good Neighbor Next Door (GNND). The program allows buyers to use FHA, VA, Cash, or Conventional financing to buy HUD homes in Designated Revitalization areas. Buyers take out 2 mortgages each for 50% of the purchase […]

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The Rich are More Likely to Default on Mortgages

Recent research shows that 1 in 7 American with home loans of more than $1,000,000 have missed 3 consecutive mortgage payments. According to marketplace.org only 1 in 12 of home owners with loans less than $1,000,000 are in seriously deliquent. Large mortgages, called Jumbo loans, often carry a higher interest rate than a conventional loan. […]

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Living Rent Free After a Foreclosure

In a sign of the times, more and more Americans are living in their homes post-foreclosure. An article in RSI media details the growing phenomenon and attributes the situation to the volume of foreclosures that have washed over the banks and the fact that they were not prepared to process them. But the reality is […]

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