I’m a little skeptical but the Feds have done a better job with HAMP 2.0. I would think more short sales will put pressure on home values, but that’s only a guess.
Aug. 22, 2012, 10:06 a.m. EDT By AnnaMaria Andriotis
On Tuesday, the Federal Housing Finance Agency announced new guidelines that are supposed to make it easier for home owners to sell their properties in a short sale — when a home sells for less than the borrower owes on the mortgage.
In addition, the new guidelines, which kick in on Nov. 1, allow owners with a Fannie Mae or Freddie Mac mortgage to pursue a short sale even if they haven’t fallen behind on their mortgage payments but have a hardship, such as a job loss or divorce.
Consumer advocates say the changes will help some of the borrowers who’ve been unable to sell the estimated 11 million U.S. homes worth less than the value of their mortgage, according to CoreLogic. However, not all homes would qualify in this new program.
And while the changes provide new hope to distressed home owners, experts say they could negatively affect prices in neighborhoods that get an influx of new short sales. A rise in short sales will result in “downward pressure on home prices until we clear out the majority of these distressed properties,” said Jack McCabe, an independent housing analyst in Deerfield Beach, Fla.
Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
We're sorry, but it seems that we're having some problems loading MLS # P832558 from our database. Please check back soon.
Proprietary OC Housing News home purchase analysis
$579,900 …….. Asking Price
$481,438 ………. Purchase Price
3/9/2012 ………. Purchase Date
$98,462 ………. Gross Gain (Loss)
($38,515) ………… Commissions and Costs at 8%
$59,947 ………. Net Gain (Loss)
20.5% ………. Gross Percent Change
12.5% ………. Net Percent Change
37.8% ………… Annual Appreciation
Cost of Home Ownership
$579,900 …….. Asking Price
$115,980 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$463,920 …….. Mortgage
$106,713 ………. Income Requirement
$2,109 ………… Monthly Mortgage Payment
$503 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$145 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,757 ………. Monthly Cash Outlays
($332) ………. Tax Savings
($717) ………. Equity Hidden in Payment
$135 ………….. Lost Income to Down Payment
$165 ………….. Maintenance and Replacement Reserves
$2,008 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$7,299 ………… Furnishing and Move In at 1% + $1,500
$7,299 ………… Closing Costs at 1% + $1,500
$4,639 ………… Interest Points
$115,980 ………… Down Payment
$135,217 ………. Total Cash Costs
$30,700 ………. Emergency Cash Reserves
$165,917 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
Cost of Ownership AnalysisAre you ready to make an offer, but you are worried the cost of ownership is really more than you can afford? Don't make a mistake that might cost you the family home, your life savings, and your good credit! Get the advice of a seasoned professional. Contact us at firstname.lastname@example.org today! We produce detailed reports showing the cost of ownership based on the most likely transaction price and current financing terms. You will know how much you will spend each month in out-of-pocket expenditures and the true monthly cost of ownership factoring in tax deductions, loan amortization, and opportunity costs on your down payment. In addition, we show you how this cost compares to a rental of equal quality to make sure buying is the right decision for your situation. An OC Housing News Cost of Ownership Analysis will calm your worries and give you peace-of-mind. Let us show you the way! Reports are available for properties in the Southern California MLS coverage area, and are generally delivered within 24-72 hours. If you wish to receive multiple properties, please contact us at email@example.com, and we will prepare the reports for you.
OC Housing News FREE Guides!
Nearby ForeclosuresGain a competitive advantage over other buyers. By locating distressed properties -- before they hit the MLS -- you can discover where tomorrow's REOs and short sales will appear. Most of these properties are not listed on the MLS, but they will be soon. Research properties in advance and get a jump on your competition. Don't miss out on another deal because you couldn't act quickly. Use this tool to your advantage! The red properties are already bank owned. As soon as REO asset managers prepare them for sale, they will be on the MLS. Get ready! The green and blue properties have owners who are not paying their mortgages. They may be offered as short sales, or they may go through foreclosure and become REO. Either way, they will also likely be available on the MLS soon. Find your next home! Be prepared to offer on these properties by researching them in advance or risk losing out to buyers who are have done their homework. Start your research today! To find distressed properties, enter your desired location and press search. Scroll through list by pressing "next."
Comparative Market AnalysisAre you ready to make an offer, but you are worried you will either (1) underbid and miss the property or (2) overbid and pay too much? Don't make a mistake and miss your dream home, or worse yet, overpay for it! Get the advice of a seasoned professional. Contact us at firstname.lastname@example.org today! Are you thinking about selling, but you are worried you will either (1) overprice and fail to sell or (2) underprice and leave money at the negotiating table? We are the experts in real estate valuation. Work with us to set the right prices to sell your property quickly for the largest amount possible. Let us show you what your property is worth today! An OC Housing News Comparative Market Analysis will calm your worries and give you peace-of-mind. See for yourself right now! Reports are available for properties in the Southern California MLS coverage area, and are generally delivered within 24-72 hours. If you wish to receive multiple properties, please contact us at email@example.com, and we will prepare the reports for you.
9392 ENGLAND Ave
5 bd / 3.5 ba
2,130 Sq. Ft.
15740 POINSETTIA Way
4 bd / 2.75 ba
2,465 Sq. Ft.
15512 DALEWOOD Ln
4 bd / 2.25 ba
2,774 Sq. Ft.
15812 BROOKHURST St
4 bd / 2.5 ba
2,339 Sq. Ft.
3 bd / 2 ba
2,645 Sq. Ft.
16226 OSBORNE St
5 bd / 2.5 ba
2,589 Sq. Ft.
8362 HAZELWOOD Cir
4 bd / 3 ba
2,245 Sq. Ft.
16260 South VENUS Dr
3 bd / 2.25 ba
2,020 Sq. Ft.
4 bd / 2.75 ba
2,120 Sq. Ft.
15861 LAS SOLANAS St
4 bd / 2 ba
2,101 Sq. Ft