Rates Are Up!
Friday, June 21, 2013
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Real Estate Information Archive
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Foreclosed on? Settlement 1.5 Billion Lost to "Independent Consultants"
Thursday, February 28, 2013
Remember that Big settlement of 8.5 Billion dollars that the big ten banks had to pay for the mortgage mess providing 3.8 Billion back to homeowners who were fraudulently foreclosed on between 2009-2010 ? Did you know as part of the settlement the banks spent 1.5 Billion of the 3.8 Billion dollars on "independent consultants" to figure out how to get the money to the foreclosed homeowners?
After complaints to Ben Bernake that the process was taking way too long, the OCC/Fed is working out how payments are made through the servicers and not using the "independent consultants" after 1.5 Billion dollars! Most of the consulting dollars went to Promontory Financial Group. Guess who runs Promontory Financial Group: the former chairman of the OCC: Gene Ludwig.
More details of the 1.5 Billion loss can be found in this Forbes article.
Check Your Credit Report
Tuesday, February 12, 2013
Recent reports by the FTC are finding that between 10 and 21% of consumers have inaccuracies in their credit reports costing them higher interest rates for any purchases that need credit! That could be 42 Million people! A recent 60 Minutes program brought this to light last Sunday and here is an article from Business Insider that discusses the specifics.
One of the most important issues that came to light is that it is difficult to dispute errors on your report and it is a lengthy process. Be sure and check your free credit report from all three credit agencies at annualcreditreport.com.. If you find an error, take action to remedy the mistake as soon as you can and have patience.
If you’re purchasing a home in the Mt. Hood area this could impact your monthly payment substantially. With the new CFPB Consumer Finance Protection Bureau rolling out their guides for low risk mortgages your credit score will become even more critical in getting the best interest rate for your purchase.
Tight Lending Requirements and Credit Scores
Tuesday, September 18, 2012
Now that housing is starting to stand on its wobbly legs after years of uncertainty, Lawrence Yun, chief economist of NAR, the National Association of Realtors, is asking for some loosing up on lending standards to keep this housing recovery on its way. Here is an except from an article from NAR on credit scores and lending practices. You can see that most recent loans only go to buyers with the most stellar credit. In 2011, around 75% of loans purchased by Fannie Mae and Freddie Mac, had credit scores of 740 or above!
Mt. Hood Vacation Home Tax Deductions
Thursday, June 14, 2012
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Tax Deductions for Vacation Homes
Tax deductions for vacation homes vary greatly depending on how much you use the home and whether you rent it out. Read
.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
Were you Foreclosed on in the Mt. Hood Area?
Friday, February 10, 2012
If you had your bank loan from Bank of America, Wells Fargo JP Morgan Chase, Citigroup, or Ally Financial and were foreclosed on between 2008 and 2011 you might be eligible for a settlement of up to $2000 through a recent foreclosure settlement.
If your loan was owned or backed by Fannie Mae and Freddie Mac: they are not part of this deal. Call your bank, listed above to start your initial contact.
Check additional Mt. Hood Foreclosure info here.
Negative Equity in Oregon
Sunday, January 8, 2012
This map shows the negative equity state by state.
Lowest Interest Rates in History
Monday, October 31, 2011
Today's rates brings the greatest time to purchase a home or cabin in history! Check out this chart showing how low rates are just over the past 20 years. The yearly average has been 8.74% and we are below half that rate right now.
Mt. Hood Real Estate Sales for September 2011
Monday, October 17, 2011
Real estate sales for Mt. Hood were excellent in September with nine closings for the month. These sales were likely put together in July and August for a September closing. Here are the numbers from the multiple listing service showing year to date results for Government Camp, Welches, Brightwood, and Rhododendron.
Foreclosures and Short Sales on Mt. Hood
Tuesday, September 27, 2011
Ever wonder about what percentage of total sales are foreclosures or short sales in Welches, Government Camp, Rhododendron and Brightwood? As of today there have been 69 sales on the mountain. Twenty five of those sales were REO/bank owned properties and four were completed short sales. That's a total figure of 42% of total sales.
Foreclosures and Bank Owned Properties on Mt. Hood
How does the Portland Metro area compare to our area? Here are numbers for the first two quarters.
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