PRICE DROPPED on this gorgeous Fruit Heights home. Beautiful new kitchen with granite counters, stainless appliances, Italian tile flooring, formal living, great room with fireplace, 6 bedroom, 3.5 bath, new updated carpet & paint in the family room with a fireplace in basement, walkout, large deck, unique playhouse in backyard!!
The Federal Housing Finance Agency announced a new policy to speed up the process that mortgage servicers use to handle short sales, deeds-in-lieu, and deeds-for-lease for mortgages that are backed by Fannie Mae and Freddie Mac.
The FHFA, the regulator of Fannie and Freddie, says the new policy includes a revised timeline that will require mortgage servicers to respond to a request for a short sale offer within 30 days. Servicers also will be required to make a final decision on the short sale offer within 60 days.
For any short sale offer still under review after 30 days, banks will be required to provide weekly status updates to borrowers regarding the pending short sale offer.
The new policy, which will roll out in stages starting in June, aims to “prevent foreclosures, keep homes occupied, and help maintain stable communities,” says Edward DeMarco, the FHFA’s acting director. “These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”
The FHFA also says that by the end of the year there will be additional announcements from Fannie and Freddie that are aimed at addressing borrower eligibility and evaluation, simplifying documents, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.
Source: Federal Housing Finance Agency
Home affordability is at its highest level on record, according to the National Association of REALTORS®. With fallen home prices and mortgage rates near all-time lows, several housing markets are showing signs of a turnaround and becoming known as good housing buys.
Forbes.com recently highlighted the best places to purchase a home right now, based on REALTOR.com February housing data (including listing, sales, and inventory trends) and jobs data for 146 metro areas. Here are the top six places to make the list:
1. Tucson, Ariz.
Median list price: $170,000
Price drop from housing peak: 45.1%
Inventory: Down 23% year-over-year
2. Austin, Texas
Median list price: $229,500
Price drop from housing peak: 2.9%
Inventory: Down 19% year-over-year
3. Kansas City, Mo.
Median list price: $134,150
Price drop from housing peak: 8.8%
Inventory: Down 21% year-over-year
4. Baltimore
Median list price: $239,500
Price drop from housing peak: 22.3%
Inventory: Down 25.5% year-over-year
5. Fort Worth, Texas
Median list price: $160,000
Price drop from housing peak: 4.7%
Inventory: Down 26.5% year-over-year
6. Salt Lake City Utah
Median list price: $195,000
Price drop from housing peak: 19.4%
Inventory: Down 31% year-over-year
See all top 10 cities to make the list at Forbes.com.
Source: “The Best Cities to Buy a Home Right Now,” Forbes.com (April 12, 2012)
Bank of America announced it is refining its short sale process to streamline its approval process and reduce the wait in accepting offers and making it to closing. The changes are expected to trim the bank’s decision time in half -- from 45 days or longer to 20 days, Inman News reports.
Starting April 14, the bank says it will permit its short sale specialists, using a third-party platform called Equator, to complete document collection, valuations, and underwriting at the same time, which is expected to help speed the process.
Bank of America also announced starting April 14 that real estate agents will be required to submit five documents in short sale transactions to be considered by the lender. These required documents include:
Source: Bank of America and “Bank of America Streamlining Short-Sale Procedures,”” Inman News (April 10. 2012)
More home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon.
Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy.
"Conditions are coming together to encourage people to want to buy homes," says Doug Duncan, Fannie Mae’s chief economist. "With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice."
Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys.
Coupled with that, 48 percent of Americans say they expect rents to continue to climb, and 44 percent say they expect their financial situation to improve in the next year.
Source: “More Americans Think It’s Time to Buy a Home,” MSN Real Estate (April 9, 2012)
Give this recipe a try and let us know if you love it or hate it - (Sandy already loves it, but Betsy has yet to taste it - thanks, Sandy!)
Chocolate-Hazelnut Icebox Cake
Filling & Cake
· 1 1/2 cup chocolate hazelnut spread
· 1/3 cup hazelnut-flavored liqueur
· 2 cups heavy whipping cream
· 18 whole chocolate graham crackers
· 2 Tbsp unsweetened cocoa powder for dusting
Hazelnut Cream
· 1/2 cup heavy whipping cream
· 2 Tbsp hazelnut-flavored liquour
· 2 Tbsp powdered sugar
· Chopped toasted hazelnuts (optional)
· Chocolate flowers (optional)
Directions:
1. For filling, combine chocolate hazelnut spread and liqueur in bowl. Beat on medium speed with electric mixer until well blended. Gradually add cream; increase speed to medium-high and continue beating until soft peaks form.
2. For cake, arrange 4 1/2 crackers in single layer in square baking pan. Top with 1 cup of filling. Spread filling evenly over crackers. Repeat layers 3 more times, ending with remaining filling (There will be more filling on top than in the inner layers). Cover and refrigerate for 8 hours or overnight.
3. When ready to serve, prepare hazelnut cream. Beat cream on medium-high speed with electric mixer until soft peaks form. Add liqueur and powdered sugar. Continue beating until stiff peaks form.
4. Sprinkle cake with cocoa powder. Cut into servings. Top each serving with hazelnut cream and garnish with hazelnuts and chocolate flowers if desired.
Recipe courtesy of The Pampered Chef © 2012
SALT LAKE CITY -- Homebuyers in Utah with a low credit score or minimal savings can receive down payment assistance through two new programs announced by state officials Monday.
Unlike previous plans, the new assistance will be available to both first-time and repeat homebuyers. Previously, only first-time homebuyers could qualify, said Grant Whitaker, president of the Utah Housing Corporation.
One of the programs, called the HomeAgain Loan, allows people to qualify for a second mortgage of up to 6 percent of the purchase price, Whitaker said. The maximum price is $320,000.
The other program, called the Score Loan, will help people with a credit score of 620 or higher to qualify for a second mortgage of up to 4 percent of the purchase price.
Currently, a credit score of at least 660 is the typical minimum score, Whitaker said, which can cause problems for a young couple without a long credit history or somebody who was forced into a short-sale that hurt their credit rating.
"It's the right time, right now, to be buying a house," Whitaker said during a news conference in front of a home for sale in the Rose Park area of Salt Lake City.
The Utah Housing Corporation was established in 1975 by the Legislature as an independent public corporation that helps low- and middle-income people obtain mortgages. Tax dollars are not used to finance or operate the corporation.
Ideally, the programs announced by the corporation will help spur the state's economic recovery, Gov. Gary Herbert said. Although Utah's unemployment is dropping and state revenues have been climbing in the past couple of years, there is still "some blood in the marketplace" because of an excess inventory of houses that has reduced prices and caused more foreclosures.
By helping buyers secure down payments, Herbert said the state is addressing one of the biggest difficulties in a purchase.
"The biggest challenge isn't making the monthly payments. It's more difficult to get the down payment," Herbert said. "This helps them over a big hurdle."
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Online: www.utahhousingcorp.org
One of our family’s traditions around Easter is a visit to the American West Heritage Center near Logan for Baby Animal Day!!! Kids absolutely love it! If you are looking for a great family activity Easter weekend—try this one!! For information go to www.awhc.org.
· There will be baby bears, lambs, ducks, chicks, piglets, calves, goats, rabbits, and the residents of Turtle Town · The candy cannon goes off at 12 & 2pm · Pony and train rides from 10-5 · Gunfights @ 11:30 and 3:30 · Price is $8 for adults, $6 for ages 3-11 · Bring a can of food for the Cache Food Pantry and receive $1 off · While you are there, why not try some of the great BBQ or Kettle Corn for lunch! Baby Animal Days: April 5th-7th 10am - 5pm
