Multiple Listing Services of Long Island recently reported that there were 2,368 closings in December 2012 — a 25.7% jump over November’s figure of 1,885 and 7.5% higher year over year when there were 2,202 closings in December 2011. There were also 1,928 pending sales in December, compared to 1,838 in November (a 4.9% increase), […]
With the Mortgage Debt Forgiveness Act about expire at the end of 2012, real estate professionals have limited time to conclude short sale closings. According to RealtyTrac, short sales from borrowers who had overdue payments in the third quarter of 2012 increased by 22 percent year-over-year, while short sales from borrowers who made their payments […]
Fannie Mae announced on Friday that its Housing and Community Development division will now be called Multifamily Mortgage Business, or Multifamily. According to its press release, the new name parallels the government-sponsored entity’s Single-Family Mortgage Business, more clearly conveys what the business does and emphasizes the multifamily mortgage business platform. The Associated Press reported on […]
Beginning April 5, the government plans to launch a new program that will allow homeowners to sell their homes for less than they owe and pay them to help cushion the loss. So far, the government’s Making Home Affordable Program focused on helping homeowners keep their homes and prevent foreclosure through loan modifications or refinancing. […]