Archive for March, 2013

Florida is on Fire

Blogger: 
Lesley Deutch's picture
The Florida housing market is booming. Home buyer traffic and sales are climbing rapidly throughout the state, leading to increasing home and land prices.

In the last two weeks, I had 14 meetings and visited over 20 communities throughout the state, and here is what I found:

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Bring Down the Gavel on the Judicial Foreclosure Process

Blogger: 
Adam Artunian's picture
It is clear that the judicial foreclosure process has interfered with the housing recovery. Designed to protect homeowners, it has done the opposite (unless you consider allowing people to live for free a good thing). Now, those who live in judicial foreclosure states are going to pay more for their mortgages than those who do not.

In light of higher foreclosure costs and delays in judicial states, the FHFA (the regulatory body for Fannie Mae and Freddie Mac) is proposing additional fees on loans made in judicial foreclosure states. The FHFA has selected Connecticut, Florida, Illinois, New Jersey, and New York (all judicial states) for the new fees, as the total carrying cost of loans in these states far exceed the national average. The fee would be charged to lenders as a one time upfront fee for every loan Fannie or Freddie acquires, resulting in homeowners paying a higher effective mortgage payment.

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