When you are out shopping for a home are you better off looking for a seller doing a short sale or buying a home that has been foreclosed on by the bank. In a short sale you will deal with the owner of the home but will be at the mercy of the bank but in a foreclosure, you will be dealing directly with the bank trying to sell the home in the open market.
Taylor Bean & Whitaker Customers Still Waiting for Answers. Think Glink has reported for weeks now that former Taylor Bean & Whitaker customers would get answers after the Oct. 31 deadline, by which new loan servicers were to have sorted out who would take what Taylor Bean & Whitaker loans. While there has been some progress made, Taylor Bean & Whitaker customers are still waiting for many answers.
Majority of property owners experiencing higher vacancy rates. Seventy percent of property owners are experiencing higher vacancy rates this year. The vacancy rate has been above 10 percent since June 2009. A recent Rent.com survey looks at how property owners are coping with these trends and encouraging tenants to stay or move to their units.
Property owners are finding creative ways to fill vacancies during the recession. Over 70 percent of property owners have experienced higher vacancy rates over the past year. Recent vacancies are primarily a result of job loss and tenants trying to save money on rent by moving to a cheaper unit or doubling-up with roommates. Property owners are modifying credit policies to fill units during the recession. Owners are also lowering rent, relaxing pet policies and offering unit upgrades. Read the full press release below from Rent.com.
HUD Secretary Donovan and FHA Commissioner Stevens briefed leaders on the FHA's financial outlook today, in coordination with the release of its annual independent actuarial study. The study found the capital reserve ratio to be 0.53 percent of total insurance in force this year, well below the congressionally mandated threshold of two percent. The FHA holds $31 billion in total reserves today. Robert Ryan was introduced as the FHA's first-ever Chief Risk Officer. Ryan will focus on understanding risk to the FHA's insurance fund and develop policy responses that address that risk.
FHA cash reserves fall to the lowest level in history, below the congressionally mandated level. The Federal Housing Administration's mortgage insurance cash reserves fell to the lowest levels in recorded history, 0.53 percent. The FHA announced today FHA cash reserve levels have fallen below the congressionally mandated threshold. The annual independent accounting survey of the FHA came with the assessment that additional action needed to be taken to manage risk to prevent further losses.
Real Living and GMAC Real Estate hope to provide an even higher level of customer service. The real estate companies have announced a merger with plans to target a female audience and for an emphasis on customer service. Real Living and GMAC will rebrand under the Real Living name, with offices across the country. Real Living will focus on female customers, with a plans for an exceptional customer service experience. The Real Living, GMAC merger comes after Brookfield Residential Property Services acquired both GMAC and Real Living.
Today on the Ilyce Glink Show, Ilyce recapped one of the biggest weeks we have seen in at least a year as far as financial news is concerned: new unemployment figures were released, Fannie Mae announced its Deeds for Lease program, the House of Representatives passed a health care reform bill and the $8,000/$6,500 first-time home-buyer tax credits were extended and expanded. Ilyce also took calls from listeners wondering whether or not the tax credits applied to their second home or investment properties. Short answer: The tax credits apply only to the primary residence of first-time or trade-up buyers. Read our Q&A with Ilyce for more information on the tax credit. And, if you're interested in investment properties, consider our new collection of e-books: "The Successful Real Estate Investor's Guide."
Ilyce Glink Show Notes - November 8, 2009. Big news week: $8,000 first time home buyer tax credit was expanded to include trade-up buyers, and extended until June 30, 2010; Unemployment numbers are out and awful: Nationally, unemployment rose to 10.2 percent, 17.5 percent if you include a broader measure of unemployment; Fannie Mae introduced its Deed For Lease program; Five more banks closed, bringing the total for the year to 120; the House passed health care reform. NEW EBOOKS ON INVESTING IN REAL ESTATE ARE AVAILABLE; Get your FREE books and Ebook deal.
Jobs, Foreclosures, The Stock Market And More Thoughts About Our Wacky World.
If we don't have jobs, it's awfully hard to pay a mortgage. More foreclosures may be on the way, according to the one person who I knew correctly called the financial meltdown.
