Last week's economic news included readings from Case-Shiller on home prices, pending home sales, construction spending and a post-meeting statement from the Federal Open Market Committee of the Federal Reserve. Consumer sentiment was released along with Commerce Department reports on public and private sector job growth and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims. Home Price Growth Slows in May The Case-Shiller National Home price Index showed slower home price growth in May; this was the 14th consecutive month of slower growth in national home … [Read More...]
A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining. During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure. Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that encourages lenders to accept a short sale because sometimes through a short sale the foreclosure … [Read More...]
Home price growth slowed again in May according to Case-Shiller home price indices. Home price growth slowed for the 14th consecutive month to its lowest rate in 12 years. Case-Shiller's National Home Price Index showed 3.40 percent growth year-over-year in May as compared to April's year-over-year reading of 3.50 percent. Las Vegas, Nevada held its first place position in the 20-City Home Price Index for highest year-over-year home price growth rate at 6.40 percent; Phoenix, Arizona held second place with a year-over-year home price growth reading of 5.70 percent. Tampa, Florida home prices … [Read More...]
Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities that may exist to acquire a property at a discounted price. Get The Money Lined Up First To acquire a property at any part of the foreclosure process requires cash or pre-approved credit. Have the full amount of cash available to pay for the transaction or have a recent pre-approval letter from a reliable lender. The … [Read More...]
An estate sale is the sale of the property owned by a person after a person dies. This sale may include real property, such as a home, and personal property, such as the home's contents. There are two ways to buy property through an estate sale. One way is to buy it from the person who inherited the property. The other way is to buy it from the estate through the executor of the estate. The executor is the person with the legal authority to dispose of the estate's assets according to the last will and testament of the person who died. The executor of the estate may be working with the state … [Read More...]
Last week's economic reports included readings on sales of new and pre-owned homes and weekly reports on mortgage rates and first-time jobless claims. Realtors® Report Sales of Pre-Owned Homes Fall in June Sales of previously-owned homes fell last month according to real estate pros. 5.27 million homes would be sold in 2019 if the current pace of sales was unchanged for all of 2019. Analysts expected a reading of 5.33 million sales based on May's reading of 5.38 million sales. Analysts said that sales of pre-owned homes fell despite lower mortgage rates and the seasonal peak home-buying … [Read More...]
