Great Inventory News
June 24, 2011 by admin
Filed under foreclosures, Positive Real Estate
According to CoreLogic the current residential shadow inventory nationwide has dropped 0.2 million units, representing a five-month supply of houses yet to hit the market. This is a significant decrease from the shadow inventory a year ago which was estimated to be 1.9 million housing units, also considered to be a five-month supply. Corelogic says this is because of “fewer new delinquencies and the high level of distressed sales.”
Additionally, theFederal Housing Finance Agency (FHFA) says that prices rose 0.8 percent in April over March for the first time in almost a year.
Related articles
- Shadow Inventory Falls 18% from Peak (nocohomes.wordpress.com)
- CoreLogic: Shadow Inventory Declines to 1.7 Million Homes (johnmurphyreports.com)
More related Positive News
EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE
The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year.
“I am pleased to join Secretaries Donovan and Geithner in announcing this expansion of the Obama Administration’s Making Home Affordable program,” said FHFA Director James Lockhart. “The higher LTV refinancings will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates. The Enterprises are also incenting these borrowers to combine a lower mortgage rate with a faster amortization schedule, which will enable them to get ‘above water’ on their mortgages more quickly. This program could assist many homeowners who otherwise would have difficulty refinancing due to declining house prices,” Lockhart said.
