You can better understand temporary FHA condo rules released a few weeks ago through FAQs the agency has released. The temporary rules ease concentration and owner-occupancy requirements and make changes to pre-sale rules and to the agency’s spot loan approval process.
Commercial real estate will see negative absorption, higher vacancies, and declining rents, NAR’s latest commercial analysis shows. Financing still poses the main challenge to stabilization. The market for commercial mortgage-backed securities (CMBS) has improved, but volume is insufficient to match maturing debt. Read more in an NAR Research commentary.
Despite a slow market and a slight decrease in the resale value of most remodeling projects, the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale. On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. The annual survey is conducted through a partnership with Remodeling Magazine and REALTOR® Magazine, and is based on value estimates provided by REALTORS® around the country. Read the full report.
Short sale procedures for loan servicers are standardized in guidelines released earlier this week under the federal government’s Making Home Affordable loan modification initiative for troubled home owners. The guidelines create a path for a short-sale or deed-in-lieu of foreclosure for eligible borrowers for whom loan modification isn’t a viable option. The guidelines provide $1,500 in federal funds to help borrowers relocate, $1,000 to help servicers offset their processing costs, and up to $1,000 to investors to secure release of subordinate liens. For each $3 an investor pays to secure the release of a lien, the investor receives $1 in assistance. The guidelines prohibit a reduction in agreed-upon commissions (if they’re not more than 6 percent) and take effect April 5, 2010, but can be implemented by servicers at any time. Fannie Mae and Freddie Mac are expected to follow this release with their own rules based on these guidelines. Read an NAR summary. Read the entire guidelines. The guidelines will be covered as part of a Webinar next week, Today’s Changing Short Sales Environment.
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