mortgage

This entire downturn started in the subprime mortgage arena. When will debt relief options actually work for the average consumer. There were people issuing out loans to basically anyone, you didn’t even have to prove you earned the money to ac...

There's no doubt that the mortgage crisis triggered this downturn in the real estate market. The latest news that the gov't stepped in to save Fannie Mae and Freddie Mac caused mortgage rates to drop by nearly 1% yesterday. Problem isn't just the rates, it's also the difficulty with which buyers are having getting approved for loans, as well as general reluctance to buy before the perceived bottom of the market has hit.

Aside from general price destabilization, increasing amounts of short-sale and foreclosure properties, both of which are priced well below market value, affect overall pricing stats as well.

Quoted: Real-estate brokers said the August numbers reflect more willingness on the part of more, but hardly all, sellers to ask less for their houses to increase the odds they will find buyers

A summary of what's happening with the Wall Street bailout, in plain, simple English.

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Quoted: The Oregonian reported Friday morning that it obtained a copy of an internal JPMorgan Chase (“JPMC”) memo titled “Zippy Cheats & Tricks” that provides step-by-step instructions on how to enter false data into a loan approval system called ‘Zippy.’ (Hat tip to Calculated Risk.) In essence, an in-house guide to committing mortgage fraud. Here are pertinent excerpts of the Oregonian report:

A book by a friend of mine in my TEC group. I've ordered it but haven't read it yet.

We are definitely seeing a trend of younger, first-time buyers getting in on purchases in this market. There are some amazing deals to be had in lower-priced areas with inventory and very motivated sellers, and buyers that have been sitting around and watching have already seen deals that are good enough to get them buying.

Another trend that I think we'll start to see as foreclosures increase are good deals from bank-owned properties. I'm seeing these mostly in the outskirts of the city and outside of King County.

Quoted: Last month, the county had a 5.9-month supply of homes for sale. A six-month supply is considered a balanced market, favoring neither buyers nor sellers.