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Tag Archives: Realtors

Five Star Institute and Fannie Mae Partner for Short Sale Program

The Five Star Institute has announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae's Short Sale Assistance Desk (SSAD). Fannie Mae's SSAD helps expedite the process by allowing real estate agents to reach out to the GSE directly for short sale approval of first-lien, Fannie Mae-backed loans. Agents can access the appropriate forms through multiple listing services. With 107,953 short sales in 2010, such transactions continue in significant numbers this year - 35,406 as of April, according to a federal report.

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Survey Finds REOs and Short Sales Are Major Causes of Legal Disputes

Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to a recent study by the National Association of Realtors. Almost 55 percent of survey respondents listed short sales as the cause of ""a significant number of disputes."" REO-related issues also ranked high on the legal barometer. NAR conducts its ""legal scan"" study every two years, combining legal data and research with survey results from key industry participants.

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Home Prices May Not Have Hit Bottom Yet: Survey

Home prices, which have been sputtering along for much of the year, are likely to dip further by the end of 2011, according to the results of a nationwide industry survey of real estate agents. Factors cited as driving an expected decline include restricted financing for real estate investors, a large gap between the supply of distressed properties and demand from first-time homebuyers, and the shadow inventory of both foreclosed and short sale properties.

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California Law Offers Deficiency Protection to Short Sellers

A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed. Gov. Jerry Brown has signed SB 458 into law, which requires all lenders that agree to a short sale to accept the approved sale price as payment in full of the outstanding balance of all first and secondary mortgage loans. Local Realtors are hailing the new law as a victory for California homeowners and the state's distressed property market.

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Orlando’s Home Inventory Drops

At current the current sales pace, Orlando has a 4.37-month supply of homes. This is the lowest rate reported since December 2005. The average home sold in Orlando in June sold for 95.15 percent of its listing price.

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Sales of HUD Homes in New England States to Resume This Month

Sales of government-owned REOs have been delayed in New England, but HUD says it's working to expedite a fix. Closings in Connecticut, Rhode Island, Maine, and Vermont are expected to begin later this month. In Massachusetts and New Hampshire, REO closings have already resumed. HUD says buyer demand has been so great, it has already exhausted the money that was allocated to cover third-party disposition fees. Contracts will be extended at no cost to the buyer until additional funding is put into place.

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REOs and Shorts Account for 48% of Pending Sales in California

Twenty-eight percent of homebuyers in California who signed their name on the dotted line last month are buying REO properties. At the same time, short sale deals made up some 19 percent of the state's pending home sales in May. These are the latest figures released by the California Association of Realtors. While the state's 48 percent distressed market share is significant by all accounts, some areas of California are nearly fully saturated in distressed sales. In Madera County, REOs and short sales claimed 90 percent of all pending sales last month.

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Florida Realtors Join Governor to Bring Business to the Sunshine State

Florida Realtors president, Patricia Fitzgerald, was in Canada last week with Gov. Rick Scott and other business leaders to encourage Canadian companies to do business in Florida, a move expected to benefit the state's troubled real estate markets. Fitzgerald notes that a large percentage of Florida property sales each year are to international buyers, with Canadians making up 36 percent of all international property sales in the Sunshine State.

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Local Agents Report Fewer Distressed Homes Sold in California in April

California's distressed home sales dropped in April for the second consecutive month, according to the state's local Realtors group. The California Association of Realtors reports that the total share of all distressed property types sold statewide - including REOs and short sales - declined to 48 percent, down from 51 percent in March. The group says bargain hunters and investors were joined last month by homebuyers who are timing their decisions to coincide with the start of the spring season and targeting more non-distressed properties.

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Orlando’s Home Inventory Shrinks to Level of Six Years Ago

According to the Orlando Regional Realtor Association (ORRA), the Florida city's once-monolithic housing inventory was down to 11,480 homes available for purchase last month, a level not seen since 2005. Foreclosures and short sales represented a lion's share 65.49 percent of all home sales in April, although that figure is down 5 percent from March.

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