Problem is, appraisers often tailor their decisions on what a home is worth to match whatever figure mortgage lenders and real estate agents want them to hit. If a home needs to be valued at $400,000 for a deal to close, you can bet that appraisal is going to come in at or above that magic number, whether it deserves to or not.
According to the story, originally written by Thomas Sheeran for the Associated Press, police arrested one homeless man on a code violation for living in a foreclosed home without water in Manteca, Calif. Police arrested another man in Cape Coral, Fla., according to the story, who had been living in a foreclosed home since helping his friend move out of the same residence several weeks earlier.
A federal appeals court late last week ruled that Craigslist is not liable for any discriminatory housing ads posted on its site.
We’ve all wondered about it: Just how bad can this current housing slump get?
Builders today have little confidence that the market for residential condominiums will improve any time soon.
The federal government displays an amazing ability to attack problems long after they’ve largely become too severe to fix. We’re seeing this talent now with the government’s attempts to somehow solve the nation’s mortgage crisis.
The lowly Sunday open house has come back with a vengeance.
No-money-down loans are disappearing. A greater number of mortgage lenders are once again requiring that borrowers come up with a downpayment of at least 5 percent of their home’s sales price.
A long list of state and federal officials are investigating mortgage companies across the country, trying to puzzle out their role in the housing crisis and the record number of foreclosures hitting U.S. homeowners.
The housing slump, and the resulting slowdown in mortgage lending, has been particularly painful for the honest, hardworking mortgage professionals. Thousands have lost their jobs as business dries up.
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