Housing Market Not Rebounding

Tax Implications of Short Sales, Foreclosures and Other Debt Forgiveness

Finance Expert Blasts Fed

Increasing Jumbo Loan Defaults According to this Bloomberg article, Moody’s Reviews $143 Billion of Jumbo-Mortgage Bonds (Update1), Moody’s Investor Services is currently reviewing a $143 billion pool of jumbo mortgage (mortgage loans in excess of $417,000 in most places, or $729,750 in more expensive areas) backed bonds with likely credit downgrades due to “the rapidly [...]

Fannie Mae and Freddie Mac Need More Government Aid According to this Bloomberg article, Fannie, Freddie Overseer May Seek More Treasury Aid (Update2), the annual dividend payments owed by Fannie Mae and Freddie Mac (Government Sponsored Entities, or GSE’s) to the US treasury exceed the total earned by both GSE’s, and as a result, the [...]

Former Bank Executives Want to Buy Failed Banks

FHA Will Tighten Underwriting According to this Inman News article, FHA will tighten up in 2010, “The Obama administration is moving to tighten underwriting standards on FHA-backed loans by increasing the amount of upfront cash homebuyers must bring to the table, raising minimum FICO scores for new borrowers, and reducing maximum seller concessions from 6 [...]

Middle Tennessee Residential Property Foreclosure Activity Report Residential Real Estate Market Sales Activity – Foreclosures, Pre-foreclosures and Short Sales Compared to Regular Listings Counties & Cities/Towns Covered: Rutherford County Tennessee: Murfreesboro TN, Smyrna TN and La Vergne TN (LaVergne TN) Williamson County Tennessee: Brentwood TN and Franklin TN Month & Year Nov-09 Start Date 11/1/2009 [...]

Middle Tennessee Residential Property Foreclosure Activity Report Residential Real Estate Market Sales Activity – Foreclosures, Pre-foreclosures and Short Sales Compared to Regular Listings Counties & Cities/Towns Covered: Rutherford County Tennessee: Murfreesboro TN, Smyrna TN and La Vergne TN (LaVergne TN) Williamson County Tennessee: Brentwood TN and Franklin TN Month & Year Oct-09 Start Date 10/1/2009 [...]

IndyMac-OneWest Harming HomeownersAccording to this PissedConsumer review of IndyMac Bank (now OneWest), the FDIC’s generous shared-loss deal with OneWest (the bank/investor that purchased the defunct IndyMac) is causing serious problems for financially distressed homeowners who are former IndyMac mortgage, equity loan and equity line borrowers. In my blog posts FDIC Hurting Distressed Homeowners and FDIC [...]

FDIC Hurting Homeowners: Case 1In my previous blog post, FDIC Hurting Distressed Homeowners, I discussed some current FDIC actions that are hurting distressed homeowners. Based on this information and other information posted on my blog (see Our Phony Real Estate Market), I believe that the recent government actions (shared-loss agreements with banks that take over [...]

23% of Homeowners UnderwaterAccording to this Wall Street Journal article, One in Four Borrowers Is Underwater, First American CoreLogic, a real-estate information company based in Santa Ana, Calif, reports that 23% of US homeowners who have mortgages owe more than their homes are worth (i.e. underwater). See below for the state by state analysis of [...]

Housing Will Decline In 2010According to this CNBC article, Housing Slump May Worsen Next Year, Not Get Better, in 2010 the housing market will get worse, not better. Their premise is that due to the first time home buyer tax credit (and the recent extension and expansion), “Sales of existing homes will peak in the [...]

Housing Faces Upcoming ChallengesAccording to this Real Estate Economy Watch article, The Last Days of the Homebuyer Tax Credit, there are 2 upcoming issues that will hurt housing.Permanent Expiration of the Housing Tax Credit – According to the article, “This is it. No more extensions. When April 30 comes and goes, the tax credit for [...]

SHORT SALE – Spring Hill TN Single Details Photo Gallery View Rooms 37174-Spring Hill () FOR SALE Exit Realty Network Jim McCormack Email Jim Work: 615-494-5963 Cell: 615-796-6898 More Photos(15) AugustaTraceDr2981-37174-Exterior-Front Quick Links Virtual Tour Request More Info Email Listing More Photos(15) Details Address: 2981 Augusta Trace Dr Type: Residential Style: Single Story Bedrooms: 3 [...]

SHORT SALE – Nolensville TN Single on Acreage Details Photo Gallery View Rooms 37135-Nolensville () FOR SALE Exit Realty Network Jim McCormack Email Jim Work: 615-494-5963 Cell: 615-796-6898 More Photos(20) Quick Links Virtual Tour Request More Info Email Listing More Photos(20) Details Address: 3008 McCanless Rd Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 2.5 [...]

SHORT SALE – La Vergne TN Townhome Condo Details Photo Gallery View Rooms FOR SALE $69,999 Exit Realty Network Jim McCormack Email Jim Work: 615-494-5963 Cell: 615-796-6898 More Photos(9) 6031 Cullen Drive La Vergne TN – Exterior Front Quick Links Virtual Tour Request More Info Email Listing More Photos(9) Details Address: 6031 Cullen Dr Type: [...]

Real Estate FictionAccording to this Realtor.org (NAR) article, Headed in the Right Direction, things are looking up for real estate. The article quotes, Lawrence Yun, chief economist of the NATIONAL ASSOCIATION OF REALTORS (NAR), as saying “With home sales heading up and inventories shrinking, prices are stabilizing. These are the key conditions needed for housing [...]

The Unsustainable US EconomyThe US economy is not sustainable. It is like a house built on an unstable foundation. I will make this a short bullet point post.Nearly the entire US economy was and still is based on consumer spending (think credit cards, car loans, etc.) and real estate, which was fueled largely by debt.The [...]