Monday, April 30th, 2012

 

RIS Media

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he says.

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Monday, April 30th, 2012

 

Article by: JIM BUCHTA , Star Tribune

Fannie Mae and Freddie Mac want lenders to act within 30 days of getting a short sale offer.

The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month.

Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.

If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application. This extension gives lenders more time to determine the value of the property or to get the approval of a mortgage insurer.

The moves are aimed at streamlining the short sale process, which often takes months to complete. Faster response times could help thousands of local homeowners. During March, there were 4,084 short sale listings in the Twin Cities area.

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Monday, April 30th, 2012

 

Article by: JIM BUCHTA , Star Tribune

Fannie Mae and Freddie Mac want lenders to act within 30 days of getting a short sale offer.

The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month.

Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.

If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application. This extension gives lenders more time to determine the value of the property or to get the approval of a mortgage insurer.

The moves are aimed at streamlining the short sale process, which often takes months to complete. Faster response times could help thousands of local homeowners. During March, there were 4,084 short sale listings in the Twin Cities area.

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Monday, April 30th, 2012

 

By Tara Nelson

One of the first things many homebuyers look for are the unmistakable signs of something called ‘pride of ownership.’ As a whole, it’s a relatively intangible concept: there are just homes that have it – reeking of their owners’ love and meticulous care for the property — and homes that, well, don’t.

I’ve watched firsthand as buyers who like a cute home that is in generally good shape literally talk themselves into looking at a more homes once they start to notice one rickety gate, which snowballed into a nitpicky laundry list of little, tiny fixes the seller had left undone. The challenge is that between deciding whether and when to sell, staging, interviewing agents and determining a list price, it can be tempting for homeowners to fall into the trap of deferring maintenance on a home they might sell soon.

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Monday, April 30th, 2012

 

By Tara Nelson

One of the first things many homebuyers look for are the unmistakable signs of something called ‘pride of ownership.’ As a whole, it’s a relatively intangible concept: there are just homes that have it – reeking of their owners’ love and meticulous care for the property — and homes that, well, don’t.

I’ve watched firsthand as buyers who like a cute home that is in generally good shape literally talk themselves into looking at a more homes once they start to notice one rickety gate, which snowballed into a nitpicky laundry list of little, tiny fixes the seller had left undone. The challenge is that between deciding whether and when to sell, staging, interviewing agents and determining a list price, it can be tempting for homeowners to fall into the trap of deferring maintenance on a home they might sell soon.

Click Here For More

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