Posts Tagged ‘Freddie Mac’

Naples FL Real Estate and Beyond: Mortgage Lender Has Optimistic Outlook for 2013

Thursday, April 4th, 2013

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Freddie Mac, one of the key mortgage lenders, has released it’s outlook for the real estate market.

Here is an overview of key points from the lender’s March 2013 U.S. Economic and Housing Market Outlook issued.

  • Compared to 2012, expect home sales to be up 8 to 10 percent for 2013. Expect housing starts to increase to 950,000 units for 2013, compared to 780,000 in 2012.
  • In 2012, real estate added $1.5 trillion to balance sheets, and residential mortgage debt outstanding increased by 0.1 percent in the fourth quarter of 2012, indicating household de-leveraging might be drawing to a close.
  • Because of sequestration spending reductions, expect the unemployment rate in 2013 to average about 7.8 percent, essentially flat for the year or about 0.25 percentage points higher than it otherwise would have been.
  • Regardless, the housing wealth effect is taking hold in the broader market which should translate into the healthiest spring home buying season since 2007.

You can see the complete Freddie Mac report here.

For information about the local Southwest Florida real estate market, please contact a John R. Wood Agent or visit the John R. Wood Market Data Archive page!

Naples,Bonita Springs, marco Island, Estero FL Real Estate

Naples,Bonita Springs, marco Island, Estero FL Real Estate

source: The RE Bloggers

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Posted in National Real Estate Market News | No Comments »





Naples, Florida Real Estate: Short Sales & Foreclosures

Friday, August 24th, 2012

Over the last several months, there have been positive changes in the ways banks are handling distressed properties. Just recently the FHFA announced new guidelines to streamline the short sale process, which we covered in an earlier blog. FHFA acting Director Edward J. DeMarco states, “These new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities.”

Also, in a DSNews article, both Fannie Mae and Freddie Mac reaffirmed their desire to proceed with short sales rather than foreclosures.  “Short sales have become an increasingly important tool in preventing foreclosures and stabilizing communities. We want to help as many homeowners avoid foreclosure as possible. It is vital that servicers, junior lien holders and mortgage insurers step up to the plate with us,” states Leslie Peeler, SVP, National Servicing Organization, Fannie Mae.

Freddie Mac had this say:

“These changes will make it clear that Freddie Mac servicers have the authority to approve short sales for more borrowers facing the most frequently seen hardships. These changes will further empower the industry to minimize foreclosures and help Freddie Mac in its mission to minimize credit losses and fortify a national housing recovery,” states Tracey Mooney, SVP Single-Family Servicing & REO at Freddie Mac.

For the homeowner, this could mean an easier process for selling or buying a distressed property!

For questions on the short sale or foreclosure process, contact a John R. Wood Agent now!

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 quotes courtesy of KCMblog.com

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Posted in Buying a Naples Florida Home, Florida Short Sale News | No Comments »





Naples Florida Real Estate: New Guidelines to Speed Up the Short Sale Process

Thursday, August 23rd, 2012

Just this past Tuesday, the Federal Housing Finance Agency (FHFA) announced the issue of new guidelines that will more quickly qualify borrowers and speed up the short sales process.

Home owners with a mortgage backed by Fannie Mae or Freddie Mac will be able to sell their home in a short sale even if they are current on their mortgage, assuming they can prove a hardship.

Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home).

The new FHFA guidelines also permit mortgage servicers to speed up the processing of short sales for borrowers with eligible hardships without needing additional approval from Fannie Mae or Freddie Mac.

The new guidelines also include:

  • Military service members who are being relocated will automatically be eligible for short sales, even if they are current on their mortgages.
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments for borrowers who short sale who have sufficient income or assets and can make a financial contribution or sign a promissory note.
  • Freddie Mac and Fannie Mae will offer up to $6,000 to second lien holders in order to quicken the pace of a short sale. “Previously, second lien holders could slow down the short sale process by negotiating for higher amounts,” according to the FHFA.

The new guidelines will go into effect November 1, 2012.

 

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

source: realtor.org

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Posted in Florida Short Sale News | No Comments »





Naples Florida Real Estate & Beyond: Mortgage Rates Hit All-time Low at 3.66%

Friday, June 22nd, 2012

Just yesterday Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing both the 30-year fixed and the 5-year ARM registered at new average record lows.

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 21, 2012, down from last week when it averaged 3.71 percent. Last year at this time, the 30-year FRM averaged 4.50 percent.
  • 15-year FRM this week averaged 2.95 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.69 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent this week, with an average 0.6 point, down from last week when it averaged 2.80. A year ago, the 5-year ARM averaged 3.25 percent.
  • 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.5 point, down from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 2.99 percent.

Are you ready to buy/invest in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Mortgage Rates Decrease Again to New Record Lows

Friday, June 8th, 2012

For the 6th straight week, average rates on 30-year and 15-year fixed mortgages this week fell to record lows. Mortgage buyer Freddie Mac says the average rate on the 30-year loan dropped to 3.67%, which is down from last week’s 3.75%. This is the lowest since long-term mortgages began in the 1950s.  The 15-year mortgage, a popular refinancing option, declined to 2.94% – down from 2.97% last week.

A Federal Reserve survey issued Wednesday showed the economy growing moderately in most regions of the country this spring as companies continued hiring. In April, sales of both previously occupied homes and new homes rose near two-year highs. Builders are gaining more confidence in the market, breaking ground on more homes and requesting more permits to build single-family homes later this year.

Mortgage applications rose by 1.3% during week ending June 1, according to the Mortgage Bankers Association.

 

Are you ready to buy/invest in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

 

 

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Posted in Mortgage Rates Naples Florida, Mortgages in Southwest FLorida | No Comments »