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Ask the New York Appraiser

August 24th, 2012 3:26 PM
New home sales rose in July to a seasonally adjusted annual rate of 372,000 units.  According to a joint release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, this was an increase of 3.2 percent from sales in June.  The June rate was adjusted upward from the 350,000 originally reported to 359,000 units.   July sales were 25.3 percent higher than in July 2011 when the rate of sales was estimated at 297,000 units.

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Posted by Richard Binkowski on August 24th, 2012 3:26 PMLeave a Comment

March 21st, 2012 3:22 PM
The Obama administration on Tuesday announced another initiative to allow more homeowners to refinance, this time by dropping fees on federally insured mortgages that have prevented some borrowers from taking advantage of ultra low rates over the past year.

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Posted by Richard Binkowski on March 21st, 2012 3:22 PMLeave a Comment

November 29th, 2011 11:34 AM
Congress has reinstated the loan limits and the cap for Federal Housing Administration-insured loans for two years at 125%  of local area median home prices, up to a maximum of $729,750 in the highest cost markets. 

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Posted by Richard Binkowski on November 29th, 2011 11:34 AMLeave a Comment

October 26th, 2011 11:31 AM

The Home Affordable Refinance Program (HARP), is the only program that designed for owners whose mortgages are worth more than the value of their homes, is being changed so that more Fannie Mae- or Freddie Mac-guaranteed mortgages could be refinanced. but, it will require homeowners to be current on their payment, and, it’s only for loans sold to Fannie or Freddie and, SOLD by May 31, 2009.

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Posted by Richard Binkowski on October 26th, 2011 11:31 AMLeave a Comment

May 31st, 2011 8:09 PM
Homeownership is very much on the downturn according to the U.S. housing index. Due to the worst housing and economical recession since the depression homeownership has declined from a peak of 69.2% in 2004 to 66.4% current.  Homeownership is now at a level since 1998 and could very well decline to a level seen in the early 1980's or lower.  As a result renting has seriously increased as homeowners see little reason to stay in their homes that they cannot sell or refinance.       

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Posted by Richard Binkowski on May 31st, 2011 8:09 PMLeave a Comment

Buyers that have purchased a foreclosed homes from Fannie Mae may be eligible for a 3.5% closing cost reimbursement, plus a low down payment, if the offer to purchase the property is made between 4/11/2011 and 6/30/2011

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Posted by Richard Binkowski on April 13th, 2011 10:21 AMLeave a Comment

March 23rd, 2011 11:57 AM
Property sales dropped close to 17 percent in February followed by a dismal January. Include a 10% February fall in existing home sales and very low mortgage applications and you get a double dip in housing.

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Posted by Richard Binkowski on March 23rd, 2011 11:57 AMView Comments (1)

The House of Representatives has voted to kill the Federal Housing Administration's short refinancing program. The FHA Refinance Program Termination Act, was approved by the House, with 18 Democrats joining 238 Republicans in favor of ending the program.

The programs allows underwater borrowers who are current on their loans to refinance into an FHA-insured mortgage if their lender agrees to write off at least 10 percent of their principal -- has gotten off to a slow start. Taxpayers may be on the hook for up to $8 billion to reimburse lenders for a share of their potential losses on the loans.

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Posted by Richard Binkowski on March 13th, 2011 9:01 PMView Comments (1)

February 28th, 2011 10:20 AM
In regard to the big bank bail outs known as T.A.R.P....  these major banks accepted billions of dollars from the government to save themselves from failing.  When they took this money they were instructed by the O'Bama administration to help homeowners keep their homes with a modification of their loan terms.  This program is currently known as the H.A.M.P. or home affordable mortgage program.  Heres what the banks did.  They took billions in goverment money.  They contacted homeowners in default of their mtg. loans and told them they qualified for a HAMP modification.  They then told homeowners that they would be on a 3 month trial period and pay a reduced mortgage amount based on a lower prevailing interest rate.  If homeowners made their payments on time for 3 months they could expect their mortgage to be modified permanently. The banks then took the payments for well beyond the 3 months and in most cases over 1 year.  Heres the devious part.  After a year or so the banks contacted the homeowners and told them sorry but you didn't qualify for the HAMP program, but thanks for all your money.  Oh, and by the way Mr. and Mrs. homeowner, you owe us the difference between what you were paying and what your original Mtg. amount was including all late fees etc.  Homeowners were then given letters threatening them with immediate foreclosure.  So the banks took the government money, pretended to fulfill their HAMP obligation, and finally took homeowners money well past the 3 month trial period.  At the very least they could have told homeowners after the 3 month trial period expired that they didn't qualify for HAMP saving them thousands of dollars. And finally these crooked banks hired Robo signers to move the foreclosure process along more quickly even though the people hired had no authority to do so.  Many Robo signers have come foward and have admitted that they didn't even look at the foreclosure papers.  What a disgrace!  And big bank credit card policies are just as corrupt.  But thats another blog for another time.   

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Posted by Richard Binkowski on February 28th, 2011 10:20 AMView Comments (1)

February 25th, 2011 1:30 PM
Some of the largest banks such as Bank Of America, Wells Fargo, Chase and Citi Bank have been found guilty by a federal judge regarding the mortgage servicing scandal known as M.E.R.S. or "robo signings"  Additionally some state attorney's generals are asking for civil fines as well as modifications for borrowers facing foreclosure of their homes.  The O'Bama administration would like to see these banks reduce the principle on homeowners mortgages as well as reduced interest rates.  The administration is hoping that the settlement can get the stalled real estate market back on tract. Not fair you say...... more on that later 

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Posted by Richard Binkowski on February 25th, 2011 1:30 PMLeave a Comment