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“The government shutdown is here. Whether it’s not being able to get a new Social Security card or visit a national park, Americans will immediately feel the effects. But there’s one bright spot of the economy that stands to be affected as well: housing.”
“There is some foolish money swirling in the real estate market. In particular, there is a growing flood of small time investors trying to enter the market at a turning point and others are simply looking for a quick way to make a buck. It is amazing how many people are waiving inspections just so they can win a property. Some people are going to get a dark reality check when they are hit with major unexpected repair bills. To bring this back to frothy California, the euphoria of 2005 and 2006 is back in the air. People are trying to tap out equity to leverage into additional real estate. Keep in mind many of these people have no idea about real estate investing and many wouldn’t know how to use a tape measure or a hammer if it hit them over the head. Emotions are stronger than fundamentals in the current marketplace. Take a look at some shifting trends.”
“With the housing market percolating again, particularly in Fairfield County, Warren Buffett’s real estate arm has jumped into the stew after taking over Prudential Connecticut Realty this week.”
“PHILADELPHIA (CBS) — With the real estate market on the upswing, many people buying homes have opted to obtain an FHA mortgage.”
“A New Brunswick-based nonprofit lender is buying hundreds of troubled mortgages in the nine counties most impacted by Hurricane Sandy with the goal of keeping residents in their homes and revitalizing vacant properties.”
“CLEVELAND (AP) — Just before dinner on a warm fall afternoon recently, Cecelia Smith mounted a riding mower, steered it into the empty lot beside her tidy yellow house in the city’s Slavic Village neighborhood, and roared into her weekly chore.”
“By 9 a.m. Thursday _ just 24 hours after the state began taking applications for a principal-reduction program _ more than 12,000 Floridians with underwater mortgages applied for the aid.”
“Congress enacted the Dodd-Frank Act three years ago to remedy lending excesses that took root before the financial meltdown.”
“The home price recovery continues, despite a moderate slowdown in August, driven by rising mortgage rates and declining home affordability, CoreLogic (CLGX) claims in a new report.”