Deeds and Leases

Bloomberg News, sent from my iPad. U.S. Home Prices ‘Bouncing Around’ Bottom, Economist Case Says Jan. 25 (Bloomberg) — U.S. home prices have reached a bottom and may be set to rise in the first half as buyers take advantage of increased affordability, said Karl Case, the economist who co-founded the S&P/Case-Shiller home price index. [...]

The New York Times Business Day Two States Sue Bank of America Over Mortgages By ANDREW MARTIN and MICHAEL POWELL Published: December 17, 2010 The two states contend the bank misled customers about their eligibility for modifications on their home mortgages.

        2009 was dismal, but we have turned the corner. That is the crux of the market report issued this week by the Westchester Putnam MLS. I generally let this document speak for itself because I frankly am not in love with it. Not because anything in it is wrong – not [...]

Do not get me started. They are plenty dumb. I have always found it amusing that an under trained underwriter in Kansas will rip apart an appraisal performed by a professional in NY, when they have never been here, and know absolutely nothing about NY. That’s bad, but this story is far worse. I read [...]

This article from the Appraisal Institute is really quite significant, since for the past year it has been almost impossible to obtain low down payment mortgages unless you went to the FHA. The mortgage insurers (those that have not gone bankrupt), are seeing a loss in revenue due to the rise of FHA financing which [...]

 Earlier this week I came across DSNews.com. What a fantastic resource. I have included a link to the right –>.  If you are interested in the goings on in the distressed real estate market (and who isn’t, even if it is just a perverse voyeuristic interest), it is definitely worth checking out. I have commented [...]

This is an intriguing article that suggests a financially viable way to convert failed/foreclosed condominium projects into cooperatives. At its most conservative it allows the lenders to be made whole. At best, there is some profit, which is better than a warehoused white elephant! I am curious to see what kind of reaction lenders and [...]

Yes folks the government in its infinite wisdom insists on confusing the public with acronyms guaranteed to put you to sleep.  That isn’t to say that the underlying organization is bad, it is just that the government seems to have to make it more difficult than it has to be. By now you know what [...]

With a nod to JD Supra, this is an excellent summation of the new Condo FHA guidelines. While spot approvals are allowed, and the right of first refusal is gone, the reality is in Westchester it will be HARDER to get approvals in most cases. Why? The environmental restrictions. Any complex near a highway, busy [...]

The Appraisal Institute  http://www.appraisalinstitute.org has issued a new “Myths & Realities” document that does a superb job of clarifying the HVCC and debunking many myths about it. A few of the most interesting ‘myths:” Lenders do NOThave to use Appraisal Management Companies (AMC’s) and may hire appraisers directly. Correspondent Lenders CAN hire their own appraisers, [...]