Will HAMP standards address its failure?
The National Consumer Law Center (NCLC) recently released a review of the federal government’s Home Affordable Modification Program (HAMP). The consumer advocacy group not only called for the modification program to be extended past 2013, but also called for lawmakers to release modification standards for mortgage servicers nationwide.
“National loan modification standards can directly address failures in the mortgage market, save millions of homes in the near future, and reduce losses to investors, homeowners, and communities for decades to come,” according to At a Crossroads: Lessons from the Home Affordable Modification Program (HAMP). “But t
International buyers attracted to Treasure Coast real estate
The Treasure Coast is attracting a growing number of international real estate buyers, from Canada to Latin America and Western Europe, buying second homes and rental properties.
Helped by a weaker dollar, they are attracted by home values lower than other parts of Florida and their native countries and a less-crowded area. And with rising property values in traditional hubs for foreign buyers, such as Miami-Dade and Broward counties, the Treasure Coast could be the next hot spot for those clients.
The presence of international buyers has been prominent on the Treasure Coast since at least 2008, when the housing market started to decline and the dollar began losing its value compared to foreign currencies. A research published in August by the National Association of Realtors found that Port St. Lucie and Vero Beach rank No.
Wells REIT Paid $118.5M for Perimeter Center Bldgs.
Wells Core Office Income REIT Inc. acquired two Class A Perimeter Center office buildings totaling 580,432 square feet for $118.5 million, or about $204 per square foot.
Rubenstein Partners LP sold the 96 percent leased assets at 64 and 66 Perimeter Center E in Atlanta’s Central Perimeter submarket. State Farm Mutual Automobile Insurance Co. anchors the properties.
The portfolio consists of 64 Perimeter Center E, a 15-story, 381,432-square-foot structure developed in 1985 with a two-story atrium lobby; and 66 Perimeter Center E, an eight-story, 199,000-square-foot property that was constructed in 1971 and renovated in 1985. Both buildings are in the 400-acre Perimeter Center Office Park.
No brokers were mentioned. For additional information, please refer to CoStar COMPS #2632077.
Confidence Up for Higher Price Homes and Jumbo Mortgages
At the end of the housing bubble, the luxury home market took a major hit when lenders turned their backs on this type of non-conforming lending. It was at that time that the secondary market for jumbo mortgages just about disappeared leaving these home buyers without a means of financing. As the housing market has moved towards recovery over the past year, confidence is up for higher price homes, as well as, jumbo mortgages.
During the height of the housing crisis, lenders did not want to finance high priced homes due to the risk involved. Since that time and without a secondary market, most lenders who offer these loans have kept them within their own portfolios. As time has passed, lenders are now in a better position to lend. In fact, they will welcome a high quality jumbo loan because of its profitability.
Charlotte NC Real Estate Deals, January 9, 2013
We invite you to contact our agents with Talk Charlotte Real Estate to learn more about any of the listings you see here or to find out what else is happening in the world of Charlotte real estate: 888-297-6100
Also check for recent updates to these listings here: Charlotte NC Reduced Price Properties, Latest Listings
Unemployment Rate Reported at 7.8% – Market Update
After MBS prices lost over half a point in price yesterday, it lost another .25 to .375 points this morning. The jobs report was also released this morning and the Unemployment Rate is being reported at 7.8%.
What’s Up on Wall Street?
The Dow Jones Industrial Average increased 3.63 points (0.03%) while the Nasdaq fell 6.18 points (-0.20%). Also, the S&P 500 rose 2.14 points (0.15%).
Current Rates
Here are some of today’s rates:
Federal tax break extended to keep debt forgiven in short sale from counting as income
Florida homeowners have one more year to complete a short sale and benefit from a federal tax break that was set to expire Tuesday.
Tucked into the 157-page legislation that saved the nation from the worst of the fiscal cliff is an extension of the Mortgage Debt Relief Act, which allows borrowers to exclude loan debt forgiven in a short sale, foreclosure or loan modification from counting as income on their taxes.
The act has saved struggling Floridians untold millions since it began in 2007. Tuesday’s approval of the American Taxpayer Relief Act of 2012 extends its deadline to Jan. 1, 2014.
“It’s an enormous relief,” said Sherry Lee, broker/owner of Lee Property Sales in West Palm Beach. “My Christmas and New Year’s was spent consoling sellers and trying to talk them through that process of realizing the act might not be extended and what that means.”
One of Lee’s clients has a short sale contract that will result in $165,000 in forgiven debt.