The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market. About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according to report [...]
Struggling state and local housing agencies could receive much needed aid to help them continue offering mortgages to low- and moderate- income borrowers, under a program that would provide as much as $35 billion. The measure would involve the administration purchasing the debt that these housing agencies rely on for financing. The Treasury Department, along with [...]
Existing-home sales in Philadelphia’s eight-county area fell just 0.6% this August, compared to the same month last year, casting some hope for those with homes sitting on the market. The drop was the smallest year-to-year decline in several months and according to Prudential Fox & Roach HomExpert Market Report, 4,703 homes were sold in the [...]
Many families who poured hard-earned money into renovating their homes, are now facing the harsh reality of drastically declining home values. Expert Matt Russo estimated that real estate value has dropped 18-22% in areas all around the Delaware Valley, especially in the suburbs and valleys. So what can you do, besides wait for the economy [...]
In a tough economy, homes are certainly not selling as quickly as they once did, but with a little expert advice on home staging, you can boost your home’s value and attract more potential buyers. Put these tips to work, and your house will be flying off the market in no time. For more advice, [...]
As interest rates fell below 5% last week, applications for US mortgages jumped to their highest level since late May. Low mortgage rates combined with high affordability and the $8,000 tax credit for first-time buyers have helped stabilize the housing market, but the tax credit deadline set to end November 30 masks uncertainty about the [...]
Applications to refinance fell 7.4% last week, and home applications fell 10.3%, but total applications were still at one of their highest levels since early June, as buyers hurried to take advantage of the $8,000 first-time home buyer tax credit before the November 30th deadline. Average rates for 30-year fixed rate mortgage rose to 5.08%, [...]
As more homebuyers see a new home as a place to live rather than an investment, small has become the new big. Last year, the average size of a new single-family home decreased for the first time in nearly 14 years. According to the Census Bureau, a new home averaged 2,215 square feet last year, [...]
In Atlantic City, home buyers paid an average of $23,082 less than the list price, ranking it among the best cities for negotiating home prices, according to a report released today by Zillow.com. Although the practice of haggling is becoming more difficult due to a strong summer selling season, most home buyers are still paying [...]
Since the start of Obama’s $75 billion Home Affordable Program, about 12% of eligible borrowers have begun trial modifications, according to the Treasury Department. Lenders have offered trial modifications to more than half a million borrowers, but not all who were eligible have enrolled. Mark Zandi from Moody’s Economy.com, said modification progress has improved since earlier [...]
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