Short Sale Infographic courtesy of Keeping Current Matters
Month: March 2012
How Home Builders Are Appealing to Multiple Generations
What are home builders thinking about? Multi-generational communities designed to meet the needs of Baby Boomers, Gen X and Gen Y families all living in close proximity.
MarketWatch recently showed how home builders are appealing to the various generational families in the market for a new home and how they are meeting all their different needs.
What are your thoughts on generational living? Can you foresee a time when you may have your parents living with you?
HARP 2.0 Has Arrived
What is the Home Affordable Refinance Program (HARP)?
Announced in the beginning of 2009, HARP is a federal government program created to help 5 million underwater or near-underwater homeowners refinance into a fixed rate loan with a lower monthly payment. However, as of Aug. 31, 2011, only 894,000 borrowers have actually refinanced through HARP.
In October 2011, President Obama announced a makeover to the HARP program with the purpose of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – took effect on March 17, 2012 for eligible borrowers.
How do I find out who holds my mortgage?
There are two eligibility requirements for the HARP program:
1. Your mortgage must be held by either Fannie Mae or Freddie Mac. To “look up” your mortgage, check Fannie Mae. If you can’t find your mortgage there, check Freddie Mac. Your loan must be owned by one of these two choices to be eligible for HARP 2.0.
2. Your loan must have been funded by May 31, 2009.
How do I know if I am eligible for HARP?
You can find out if you are eligible for HARP by contacting me today.
Foreign Buyers Continue Purchasing Cheap U.S. Homes
Foreign consumers purchased $41 billion worth of American houses and apartments during the 12-month period that ended in March 2011, according to the latest statistics from the National Association of Realtors. That’s roughly the same as the previous year showing that foreign buyers continue to see value in U.S real estate.
But add in the $41 billion spent by immigrants who moved here within the last two years and people with visas of more than six months, and the total is $82 billion worth of U.S. residential real estate taken off the market by international buyers, up from $66 billion in the previous year.
The demand for American real estate is so strong that last fall, the National Association of Realtors launched an international version of its property search website. Now, the 4.4 million properties displayed on Realtor.com can be viewed more easily by buyers from practically any place in the world, and in almost a dozen languages.
The top destinations of foreign investors for U.S. real estate purchases are:
1. Florida: 31% of all home purchases in that state are made by foreign buyers, with most coming from Cuba, Haiti, and Colombia.
2. California: 12% of all home purchases (most coming from Mexico, the Philippines, China, India, and Vietnam)
3. Texas: 9% of all home purchases (most coming from Mexico, India, Vietnam, China, and the Philippines)