A large majority of Americans believe home prices will stabilize over the next 12 months, according to the latest national housing survey from Fannie Mae. Nearly four out of five Americans (78 percent) believe housing prices will hold steady or increase over the next 12 months, up from 73 percent a year ago. But nearly two-thirds (61 percent) still believe that the economy is on the wrong track, which is unchanged from last year.
The survey also finds that younger Americans, Hispanics and African-Americans have more positive views about owning a home than the general population. Almost six out of 10 Americans between the ages of 18 and 34 say buying a home has potential as an investment, while 34 percent of Hispanics and 35 percent of African-Americans say they expect to purchase a home within the next three years, compared to only one in four (23 percent) of all other Americans.
from CRS member connect on-line newsletter
Fannie Mae “Five Step” Guides
Fannie Mae recently released three “Five Step” guides offering information to current homeowners, those considering the purchase of a home, and homeowners at risk of default. Each guide include: “Actions to Take Before Buying a Home”, “How Housing Counselors Can Help”, and Protect Yourself from Mortgage Modification Scams”. Find the guides at www.FannieMae.com/kb/index?page=home&c=fivesteps
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HUD’s “First Look” Program
Nonprofit groups and state and local governments participating in the Department of Housing and Urban Development’s (HUD’s) Neighborhood Stabilization Program will receive preferential opportunity to purchase REO’s from the agency’s inventory. The program, called “First Look”, grants these organizations the opportunity to purchase REO properties during the period from conveyance of the property to 14 days, when they are listed per HUD procedures. “First Look” buyers also will receive a 10-percent discount off of the appraised value. The program is effective through May 31, 2013.
Great information from the Calif. Association of Realtors Sept.2010 magazine
Fannie Mae has launched a new website to help homeowners who are behind on their mortgage payments or are facing foreclosure.
Knowyouroptions.com features practical information and resources homeowners need to avoid foreclosure and either stay in their home or sell it. Resources include a list of local foreclosure prevention events, housing counselors, Fannie Mae resources, credit score information, forms, videos, calculators and more. The site also provides important tips for recognizing and avoiding foreclosure scams. For more information, visit www.knowyouroptions.com.
from CRS Member Connect on-line newsletter.
