What You Need to Know About Reverse Mortgages

With today’s retirees living longer than expected, many of them are turning to other sources of income in their golden years. A buzzword among many seniors is “reverse mortgage,” though critics say they’re often too good to be true. So what is a reverse mortgage, and what does it really do?

source; http://www.foxbusiness.com/story/personal-finance/on-topic/need-know-reverse-mortgages-644573935/ ; Kathryn Elizabeth Tuggle

Classic Architecture Perched On A Canyon

$1.2 million, any home buyer should expect a lot of perks packaged into such a price. But this three-bedroom ranch, in the California city of Arcadia, offers none of the baroque bathrooms, elevators and home theaters that characterize many McMansions. Its sellers are betting that buyers will forgo the chintz for a sleek, unembellished example of classic architecture. The stunning view of Big Santa Anita Canyon shouldn't hurt the home's sale, either.

source; http://www.forbes.com/2009/09/23/home-of-the-week-lifestyle-real-estate-arcadia-house.html Francesca Levy,

FHA Announces Several Policy Changes. Adopts HVCC Guidelines

The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve their exposure to risk. The changes, effective January 1, include.


source; http://www.mortgagenewsdaily.com/09182009_drastic_fha_guideline_changes.asp
Adam Quinones

Where Home Prices Are Likely To Rise

Though home prices in many areas still have room to drop, economists say some of the country's real estate markets are showing early signs of repair. A two-year slide in values has eased its stomach-turning pace, and some analysts expect the national market to bottom out by mid 2010.

source: www.forbes.com ; Francesca Levy

http://www.forbes.com/2009/09/14/cities-home-prices-lifestyle-real-estate-homes-cities.html

Buyer power is new reality of housing market

The American dream of homeownership is still attainable. Buyers just have to deal with a new set of realities.

source; http://www.msnbc.co/, associated press

http://www.msnbc.msn.com/id/32739806/ns/business-economy_in_turmoil/

Treasury says millions more foreclosures coming

WASHINGTON (Reuters) - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

source; By Glenn Somerville http://www.reuters.com/

http://www.reuters.com/article/newsOne/idUSTRE5883S620090909

Mortgage Applications, Loan Rates Fall

Mortgage applications fell for the first time since July, according to a report released Wednesday by the Mortgage Bankers Association.
Last week's 2.2% seasonally adjusted decline in applications, compared to the week prior, came despite a drop in mortgage rates. Fixed rate 30-year mortgages averaged 5.15% last week, down from 5.24% a week ago, the MBA said. Applications for loans to refinance and purchase also pushed lower, falling 3.1% and 1.0%, respectively, when compared to the week prior.

source; Kathryn Glass
FOXBusiness http://www.foxbusiness.com/story/markets/industries/real-estate/mortgage-applications-loan-rates-fall/s

Europe's Most Idyllic Places To Live

Last year, the rising dollar meant European property was becoming more affordable. But even now that the globe is fully in recession, Europe's most idyllic locations have yet to lose any of their charm.

source; http://www.forbes.com/, Parmy Olson, 09.03.09, 06:00 PM

http://www.forbes.com/2009/09/03/europe-most-idyllic-places-lifestyle-real-estate.html

AG Settles With Defendant In Foreclosure Rescue Scheme

Attorney General Martha Coakley has settled a suit with Marie Bettie Mereus, a straw buyer who participated in a massive foreclosure scheme targeted at troubled homeowners facing foreclosure.

source; Banker and Tradesman

http://www.bankerandtradesman.com/news134537.html

Unemployment rate jumps to 9.7 percent

WASHINGTON - The unemployment rate jumped almost half a point to 9.7 percent in August, the highest since 1983, reflecting a poor job market that will make it hard for the economy to begin a sustained recovery.

sources; associated presshttp://www.msnbc.msn.com/id/32689068/ns/business-stocks_and_economy/

Government Fears Commercial Real Estate Defaults: WSJ

Federal Reserve and Treasury officials fear the shaky commercial real estate sector could stall an economic recovery, according to a report in The Wall Street Journal.

source:http://www.foxbusiness.com/story/markets/government-fears-commercial-real-estate-defaults-wsj/

Dunstan Prial
FOXBusiness

July pending home sales rise to 2-year high

WASHINGTON - Pending U.S. home sales rose more than expected in July to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

source: www.msnbc.com, associated press

http://www.msnbc.msn.com/id/32641606/ns/business-real_estate/