Beginning this week, Fannie Mae and Freddie Mac are trying to sell off 150,000 foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a $1,500 bonus.
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In some neighborhoods, these properties undercut the average listing by $100,000.
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Fannie and Freddie already have repaired the biggest problems with the property including roofs, plumbing, and electrical work.
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Buyers who plan to live in the properties get a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the grace period.

“Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them,” says a Freddie Mac spokesperson. “We absolutely have no motivation to be leading a downward spiral in home prices.”
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Source: Smart Money, Anna Maria Andriotis (09/28/2010

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On the heels of the disappointing existing home sales numbers yesterday, sales of new homes reach new low last month.  Other data pointing to a no-recovery is the orders for durable goods lower than anticipated.
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www.paulcantor.info

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The National Association of Realtors released exsisting home sales numbers today and they dropped to 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July.    This is the lowest level since May of 1995.

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www.paulcantor.info

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HVCC and the new  FHA appraisal process continue to have a negative impact on the economy and the housing market.

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We have some stating that inflation may be hitting sooner than expected.  This would mean higher mortgage rates.  Although nobody knows where the bottom of the rate will / have hit, their is no question that mortgage rates are at near all time lows and home owners and home buyers should take advantage of these.  Home affordability is very high.  It is better to buy than to rent.

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Inflation, not deflation, Mr. Bernanke Caixin Online

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www.paulcantor.info

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According to TransUnion in a report issued Tuesday, mortgage delinquencies fell during the 2nd quarter of 2010.  This was the second period in a row since 2006 that the number of home owners 60 days  delinquent  on their mortgages had declined.  Also 90 and 120 day mortgage delinquencies also slowed.    This is a sign that the housing and credit markets are stabilizing.

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www.paulcantor.info

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The worst is over for the housing market according to a Reuter’s article.  It predicts no double dip for housing prices in major US Markets.   A slight increase in values is predicted.  Don’t get the champagne out, unemployment is high, lenders have tightened up guidelines and there is a lot of supply on the market;  it will take some time before we see soaring prices.

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www.PaulCantor.info

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3 cheap ways to make your old kitchen feel new.

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via Richmond-area home sales jump 23% in 2nd quarter | Richmond Times-Dispatch.

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Low mortgage rates and the financial reform act mean that now is the time to buy a home.

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