Real Estate

Home Flippers get FHA Financing Waiver Extension through 2012

condo - BSN

(Best Syndication News) - The US Department of Housing and Urban Development (HUD) announced that FHA would extend the waiver of their anti-flipping regulation through the end of 2012. This extension of the anti-flipping waiver is intended to speed up the resale of foreclosed properties.

The FHA anti-flipping rule typically prohibits insuring a mortgage on a home that is sold within 90 days. The FHA-insured financing would not qualify for property-flippers. However, with the temporary waiver, these short-term homeowners could renovate and flip the property for a profit while being able to get FHA-insured financing. The home flipper could qualify for FHA-insured financing and could buy HUD-owned properties, bank owned properties, and private sale properties.

Housing and Economy Forecast by NAR – Outlook Optimistic for 2012 and 2013

old house - BSN

(Best Syndication News) - The National Association of Realtors (NAR) is forecasting a positive economic recovery for the next two years. The economy will not be back to the pre-recession levels, however the trends are looking better for housing and employment. The unemployment numbers will still remain high, the report suggested. The NAR said there were slight gains in the real estate marketplace, but there is still a ways to go.

The number of newly constructed homes crumbled during the recession and hit a low in 2009, with an ever so slight increase in 2010 and 2011. The NAR forecast predicts a slight increase again in new home construction, but anticipates that 2013 will be around half the volume of 2005. The NAR based their forecast on the population growth of 3 million each year, but mentions that it has slowed down to 2 million in 2011.

August 2011 Home Sales up 7.7 percent

Median Housing Price Going Down - BSN

(Best Syndication News) - The National Association of Realtors announced that existing home sales increased by 7.7 percent in August on a seasonally adjusted annual rate. There were 5.03 million homes sold in August 2011 compared to 4.24 million sold in August 2010, which is an increase of 18.6 percent.

The report found that real estate investors helped with the increase. There were 22 percent of the home purchased by investors. First time homebuyers are also a factor with 32 percent of the homes being purchased by these people.

All cash transactions were also a trend. Cash buyers attributed 29 percent of the existing home sales. The majority of cash buyers are real estate investors. According the organization, financing properties continues to be tight and there are still many appraisal problems to meet financing requirements.

FHA Mortgage Loan Limits reduced for Metropolitan Singe-Family Properties starting October 1, 2011

House - BSN

(Best Syndication News) - The Federal Housing Administration (FHA) single-family mortgage loans will have new lower limits starting on October 1, 2011. The lower loan limits were initially planned to take effect in January 2009, but because of the housing market problems, Congress delayed the change by enacting the Economic Stimulus Act of 2008 (ESA).

The single-family loan limit reduction was outlined in the Housing and Economic Recovery Act of 2008 (HERA). The loan limits will be reduced where real estate properties are at the highest in metropolitan areas nationwide. Limits in most other parts of the country would remain unchanged.

FHA Multifamily Property Loans reach Record Numbers

Going up chart - BSN

(Best Syndication News) - The demand for Federal Housing Administration (FHA) insured loans for multi-family apartments to refinance and rehabilitate these properties have reached historic loan activity. The FHA has endorsed $10.5 billion in multifamily loans, which is the second time that they have exceeded the $10 billion threshold.

The increase in multifamily homes is seven times higher than just three years ago. The FHA has endorsed almost 1,100 multifamily loans this year. Because of the large demand for multifamily loans, the government agency has updated underwriting and program guidance to speed up processing for the new loan applicants.

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