There is currently a bill working its way through the California legislature that, if passed, will significantly increase the legal liability of individuals who are branch office managers for large real estate companies. Senate Bill 510 (Correa) is sponsored by the California Association of Realtors® (CAR). It came about as a result of recommendations from the Broker Supervision Task Force which was set up by the Real Estate Commissioner in 2009-2010.
Foreclosure Information – June 30, 2009
In the wake of Hurricanes Katrina, Rita, and Wilma in 2005, numerous agencies of the federal government imposed foreclosure moratoriums, which includes HUD, the VA, the Rural Housing Service, Fannie Mae, and Freddie Mac. New foreclosures were held off on, even though foreclosures already going through the court method had been postponed to try to encourage servicers and lenders to function a lot more closely with homeowners to help them save their houses. After all, a foreclosed residence is good company for servicers, but an abandoned, destroyed, flood-damaged home is an opportunity to negotiate loan modifications and other solutions.
Within the event of a disaster, Fannie Mae demands foreclosing servicing organizations to reconsider evicting homeowners, specifically if there’s a lack of available housing. I
Carson City HOAs Promoting Major Bill Collection Legislation
All across the country, struggling homeowners are making tough decisions about what bills they are going to pay. And many times, their homeowners’ association bill is relegated to the bottom of the pile. In Carson City, Nevada, the HOA lobby is making some serious and legislatively-supported moves to make that decision a little more costly. Senate Bill 174 and Senate Bill 254 would, respectively, enable HOAs to collect as much as $1500 in excess of the debt owed if they are forced to turn over HOA dues to debt collection and require homeowners and HOAs to undergo formal mediation and arbitration should homeowners lodge complaints against their HOAs [1]. T
Properties Entering Home Foreclosure Process Expected to Ease Soon
The number of households in Phoenix, Arizona, entering the home foreclosure process might diminish soon, some industry analysts have noted. According to them, signs have been emerging that the foreclosure problem, instead of peaking, is showing signs of flattening. They stated that the market is still in a slump, but subtle signs are there to give the metro area hope.
Data for March showed that foreclosed homes for sale in Phoenix continued to account for a huge percentage of for-sale inventory; with 38% of existing residential transactions completed during the month attributed to distressed sales.
Home Sales Fall as First Time Home Buyers Wait on Sidelines
Existing home sales plummeted 3.8 percent in May according to new information from the National Association of Realtors. Existing home sales are now down 15.3 percent compared to the May 2010 pace. The national median home price for an existing home was $165,500 in May, which is down 4.6 percent year-over-year. Lawrence Yun, eternal optimist and Chief Economist for the NAR commented:
“Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward. The