News for Prescott AZ -

Tuesday, May 15, 2012

Newsdesk | May 15, 2012

Top News
Study: Many households have a negative net worth
USA Today - The U-M report showed: Many families fear more mortgage troubles ahead. About 1.7% of families surveyed in 2011 said it is "very likely or somewhat likely" that they will fall behind on their mortgage payments...
Ally's mortgage unit files for bankruptcy
CNN Money - $15.8 billion bailout in 2009, as part of its efforts to rescue the troubled auto industry and housing market. The company, which started as the finance unit of automaker General Motors (GM Ally also said it is looking at a possible sale or other strategic...

Market News
Real Estate Weekly: Remodeling jobs on the rise
MarketWatch - There’s more remodeling going on these days, with kitchen and bathroom projects still the most popular improvements, according to a survey released this week by the National Association of Home Builders.
Shadow Inventory: 46 Months to Clear Distressed Housing Supply - It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data. The agency’s latest estimate came in one month shy of the liquidation...
NAR Finds Income to Qualify for Mortgage Well-Below U.S. Median - decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the U.S. The national median...

Technology News
Lenders are using a variety of tools to prevent mortgage fraud
Los Angeles Times - Don't even think about fudging on your application for a mortgage by inflating your income a tad, checking the box to indicate you're going to live there when you're really not or exaggerating your job description.  Not long ago, people could get away with lies like these to obtain financing. Not anymore.
Can An App Change the Way We Read? - It’s easier than ever to receive information online. News aggregation sites, Google Reader and Twitter offer ways to catch up on reports, breaking news and daily deals essential to those in the commercial real estate industry. However, modern...


Other News
Make Sure Selling Incentives Don't Break the Rules
Realtor Magazine - Some housing deals are coming with sweet incentives for the real estate agents who can bring in a buyer, everything from big bonuses to fancy cars. But if you’re not careful, you might get in trouble for steering, some real estate professionals warn. 
CUs have best reputation of any sector--survey
CUNA News Now - Credit unions were rated No. 1 in a new survey in which 5,000 consumers were asked to rate the reputation of 34 business sectors. Consumers were randomly asked in the...
Florida Reviving, Distressed Properties to Remain Issue in 10 Years - of investor interest it is drawing and how quickly some of its markets are climbing out of the housing market slump. For example, the National Association of Realtors recently cited data from Move Inc. showing the top 10 turnaround markets. Miami was listed...





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