Fannie Mae Gives 3.5% Discount on REO Home Purchases

February 3, 2010 by · Leave a Comment
Filed under: REO News 

This is pretty big news.  That is a pretty decent discount on a purchase on real estate listed on HomePath.com.   That kind of discount should get some inventory moving from Fannie Mae.  I was browsing through the inventory and if you are looking at the areas with the most exposure to subprime loans you are going to find some steep discounts on top of the 3.5% that Fannie is offering.

Housing Wire – Fannie Mae will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice.  The discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010.

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New York City’s REO Inventory Increases by Six-Fold in Two Years

January 19, 2010 by · Leave a Comment
Filed under: Real Estate News 

The number of REO properties in New York has grown at an overwhelming rate, according to a recent report by the Furman Center for Real Estate and Urban Policy, a joint network of the New York University (NYU) School of Law and the Robert F. Wagner Graduate School of Public Service at NYU.

The report looked at the outcomes of New York City properties over the last 15 years, paying particular attention to trends in recent years. Although only a small portion of properties entering foreclosure ended up as bank-owned, the increased rate at which these properties entered REO status was staggering. From December 2006 to December 2008, the number of bank-owned properties in the city jumped from 290 to 1,830 and dropped slightly to 1,750 in September 2009.

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San Francisco Home Prices Fall 41% on Foreclosures

May 21, 2009 by · Leave a Comment
Filed under: Real Estate News 

This headlines says it all.  Bottom line is that home prices are too expensive and until they come to a realistic level then we will continue to have turn-over in the real estate market through the foreclosure market.  Heck, if the S.F. price fall some more, I might even consider moving their (But I still am not happy with there state state setup, it really adds up).   

News (Bloomberg):

San Francisco Bay Area home prices fell 41 percent in April from a year earlier as foreclosures accounted for almost half of all sales, MDA DataQuick said.

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