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Real Estate News From Around The Country

In the News Today:

 

The first item focuses on President Obama’s recent speech in Phoenix. The writer believes that trying to curb or change the mandate for Fannie Mae and Freddie Mac is wrong. Could this be related to the recent headlines outlining the biggest profit margin in recent years for both of these government funded programs?

 

Second it is good to see some of the hardest hit states and cities begin a turnaround! Detroit decimated first by the automobile crisis and then double whammied by the foreclosure fiasco is like the Phoenix rising from the ashes.

 

Commentary: Solving the Wrong Problem

 

Freddie Mac

Freddie Mac (Photo credit: Wikipedia)

 

President Obama is trying to solve the wrong problem by calling, as he did in his speech in Phoenix, for the end of Fannie Mae and Freddie Mac as we know it. To be sure, Fannie and Freddie were not the hallmarks of responsibility in the mortgage meltdown, but have gotten a bad rap. For all their housing expertise, they missed all the signals of the housing bubble (but then again so did Federal Reserve chairman Alan Greenspan and his successor Ben S. Bernanke who dismissed it when the first signs of the meltdown emerged). Instead of suggesting replacing Fannie and Freddie to restore the nation’s housing markets, the president should be proposing to return them to their original charters. » Read More

 

California Dominates Turnaround – Detroit Claims Spot

 

California markets dominate Realtor.com’s list of Turnaround Towns for the second quarter of this year, claiming the top four spots on the list and six of the top 10. While California may take the most spots on
the top 10 list, Realtor.com says Detroit’s presence on the list is “most noteworthy.” The top 10 “Turnaround Towns” are determined by an algorithm that relies on data including inventory levels, median list prices, median number of days on market, and search and listing activity on Realtor.com. » Read More

 

Court Rules Borrowers You Can Fight Banks 

 

Homeowners who are denied a modification under the Home Affordable Modification Program (HAMP) even after completing a trial period plan (TPP) have legal standing to sue their lender, the 9th U.S. Circuit
Court of Appeals in San Francisco ruled Thursday. Reversing a lower court dismissal, the “panel held that the district court should not have dismissed the plaintiffs’ complaints when the record before it showed
that the bank had accepted and retained the payments demanded by the TPP,” the court opinion stated. » Read More

 

Administration: Time to Reform Housing

 

English: President Barack Obama confers with F...

 

Newly initiated are on the decline, reaching their lowest numbers since December 2005 in June, according to the latest Housing Scorecard from the Obama administration. Meanwhile, the administration continues to add to the tally of homeowners helped through its Making Home Affordable Program, bringing the total to more than 1.7 million as of June. Looking forward, the administration says it will focus on forming a
new housing finance system. » Read More

 

 

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About the author

Sherry Fields Written by Sherry Fields: Working in real estate for over 12 years, Sherry Fields is certified in Foreclosures, Short Sales and Negotiations along with many support computer platforms on the web. She has been helping her clients buy & sell homes by building relationships so that they can buy and sell with confidence. You can find her at Twitter, LinkedIn, ActiveRain Facebook and

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