Thanksgiving has passed us by so in case these stories did too, here are the real estate headlines you may have missed this week:
Real estate contracts: Clauses that could scuttle a deal (via Los Angeles Times)
Most real estate sales contracts include the basics, such as the agreed-upon sales price and a closing date, but they also contain a number of clauses, any of which can trip up the buyer or seller and scuttle the deal. Read Full Story
Drop in U.S. mortgage delinquency rates led by California, Arizona (via Los Angeles Times)
The national mortgage delinquency rate – the percentage of borrowers 60 days or more late on their payments – fell to 5.41 percent in the third quarter from 5.88 percent in the same period in 2011, said TransUnion, one of the three major credit reporting companies. Read Full Story
How the U.S. mortgage settlement can help military members (via San Diego Union-Tribune)
The national mortgage settlement between 49 states and five of the nation’s largest banks includes protections for service members. Under the settlement, participating banks have agreed to provide consumers relief, everything from granting short sales to modifying mortgages to make them more affordable for homeowners. Read Full Story
FHA gives those who defaulted on homes another chance (via Los Angeles Times)
The FHA, which backs nearly 8 million loans, is helping rebound buyers recapture the American dream, boosting the housing market in the process. But that’s touched off a fierce debate about the financial and ethical wisdom of bankrolling borrowers who contributed to the last housing bubble – and the potential cost to taxpayers. Read Full Story
Housing affordability in California drops as prices increase (via Los Angeles Times)
The CALIFORNIA ASSOCIATION OF REALTORS® estimated that 49 percent of home buyers in the third quarter could afford a median-priced house in California, a decline from 51 percent last quarter. 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.
