Will FHA need a bailout? California signs Homeowner Bill of Rights into law and much more. Here are the real estate headlines you may have missed this week:
California Homeowner Bill of Rights signed into law(via HousingWire)
California Governor Jerry Brown signed into law yesterday the Homeowner Bill of Rights to help struggling Californians keep their homes. This law aims to avoid foreclosure where possible to help stabilize California’s housing market and prevent the other negative effects of foreclosures on families, communities, and the economy. The new law will generally prohibit lenders from engaging in dual tracking, require a single point of contact for borrowers seeking foreclosure prevention alternatives, provide borrowers with certain safeguards during the foreclosure process, and provide borrowers with the right to sue lenders for material violations of this law.
The U.S. housing bust is over (via The Wall Street Journal)
The U.S. finally has moved beyond attention-grabbing predictions from housing experts that housing is bottoming. The numbers are now convincing. Read Full Story
Close to a bailout? FHA’s mortgage delinquencies soar (via CNNMoney)
Increasingly, FHA-insured loans are falling into foreclosure or serious delinquency, moving in the opposite direction of loans guaranteed by Fannie Mae and Freddie Mac or those held by banks, which are all showing signs of improvement. Read Full Story
Two U.S. agencies try to get lenders to ease tough mortgage rules (via The Los Angeles Times)
The Federal Housing Finance Agency and the Federal Housing Administration say many lenders’ underwriting restrictions go beyond what the agencies themselves require. Read Full Story
Homeowners offered new earthquake policy options (via San Francisco Chronicle)
The California Earthquake Authority, hoping to increase the small percentage of people who have quake insurance, has introduced a line of policies called Choice that gives homeowners more coverage and premium options. Read Full Story
Fannie Mae: Optimism on homeownership improves in June (via The Wall Street Journal)
A survey by Fannie Mae last month found that 73 percent of Americans believe it is a good time to buy a home, edging up from 72 percent of respondents in May. Read Full Story
Rents increase as vacancies dry up (via The Wall Street Journal)
Despite the sluggish economy, average rents increased in all 82 markets tracked by Reis Inc., a real estate data firm. Average rents are now at record levels in 74 of those markets and now top $1,000 a month on average in 27 of them, including Miami, Seattle, San Diego, Chicago, and Baltimore. Read Full Story
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About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
