S&P Proclaims Housing Recovery is for Real

Good news from the Standard & Poor's Ratings Service with regards to the housing recovery—after several starts and stalls, the housing market now seems in full rebound mode. That was the takeaway from S&P's Housing and Commercial Real Estate Roundtable earlier this month. According to Mortgage Daily News, staffers from S&P cited the consistent rise [...]

Orange County Housing Market Starting to Sizzle

If you needed any further evidence the Orange County housing market is gaining steam, a report out this week revealed the number of homes sold in November jumped a whopping 25.3 percent and the average price jumped 12.5 percent as compared to November 2011. The number of homes sold in Orange County was the most [...]

Study Shows Real Estate Market Has Made Big Strides in Last Four Years

The real estate market has come a long way in the last four years. Whenever there is a presidential election, it's commonplace for various industries to take a look at their respective markets and reflect on if things are better off than they were four years ago. The real estate market is no [...]

Mike Kelly’s Weekend Update for Real Estate 10/8/2010

Mike discusses current interest and mortgage rates, local short sales and distressed properties, and the state of the local housing market, and why sales are increasing, in this edition of the Weekend Update. Hi, This is Mike Kelly with First Team Real Estate bringing you my weekend update for real estate in North Orange County. [...]

Calculating the mortgage delinquency impact on FICO scores

Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems. Here are the average hit your credit will take: 30 days late: 40 - 110 points 90 days late: 70 - 135 points Foreclosure, short sale or deed-in-lieu: 85 - 160 Bankruptcy: [...]

By |2016-10-18T02:23:02+00:00April 26th, 2010|Foreclosures, Mortgage News|

California won’t tax forgiven home debt

Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. SB 401 generally aligns California's treatment of taxes on forgiven mortgage debt with that of federal law. For debt forgiven on a loan secured by a "qualified [...]

By |2016-10-18T02:23:02+00:00April 25th, 2010|Foreclosures|

New foreclosure alternatives program

The U.S. Dept. of the Treasury last week announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL). The HAFA program simplifies and encourages short sale and DIL options by: Allowing pre-approved short sale terms before a property is [...]

By |2016-10-18T02:23:03+00:00December 10th, 2009|Foreclosures|