ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/27/2011 EVENING EDITION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/27/2011 EVENING EDITION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/27/2011 list has been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016170392

These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Foreclosure filings fell dramatically during the first half of the year as processing delays at the banks, which are strapped with excess inventory of repossessed homes, continued to skew the numbers — and falsely raise hopes that the housing market is staging a recovery.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Foreclosure filings plunged 29% compared with the same period a year ago and were down 25% from the last six months of 2010, according to the latest report from RealtyTrac, an online marketer of foreclosed properties.

Through June 30, 1.2 million U.S. homeowners — or one in every 111 households — received a foreclosure filing, according to RealtyTrac.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

The deceleration in defaults continued as the year wore on with second quarter filings — at 608,235 households — marking the lowest quarterly total since the end of 2007, when the mortgage meltdown was still in its youth.

RealtyTrac’s CEO, James Saccacio, sounded a sour note, however, contending that the drop-off in filings can be traced not to economic improvement or a pick-up in the housing market, but to processing delays brought on by the robo-signing scandal in which it was discovered that bank employees were signing foreclosure documents without following proper protocols.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

“[That’s what is] pushing foreclosures further and further out — we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later,” Saccacio said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

“This casts an ominous shadow over the housing market where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number,” said Saccacio.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

In the past, banks acted rapidly, often sending out notice of default a few weeks after not receiving a check. These days, they wait much longer, according to Rick Sharga, a spokesman for RealtyTrac.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/27/2011 EVENING EDITION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/26/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/26/2011 PM VERSION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/26/2011 list has been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016160284

These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

How would a debt default by the federal government impact the home mortgage market?”

We can only guess about the extent of the impact, but it would range somewhere between ugly and catastrophic. Ugly might be a doubling of interest rates and a drop of 50 percent in loan volume. Catastrophic would mean an almost complete shutdown.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

About 95 of every 100 home loans being written today are placed into mortgage-backed securities that are sold in the market with guarantees by Fannie Mae, Freddie Mac or Ginnie Mae. These are federal government guarantees, the value of which would drop like a rock with a default.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

At best, the securities market would immediately demand a sizable rate premium on new guaranteed mortgage-backed securities to compensate for the added risk. This would immediately translate into sharply higher interest rates charged to new borrowers.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

At worst, the markets for these securities would stop functioning altogether as investors retreated to the sidelines to await further information on which government obligations would be honored and which would not. That could be a long wait, as the systems the government uses to make payments have no provisions for allocating funds when there isn’t enough money to pay all claims, and there are no contingency plans for this contingency.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

“If a default had the horrendous consequences you describe, and these induce Congress and the Obama administration to agree finally on an increase in the debt ceiling, how long would it take financial markets to return to normal?”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Markets would never return to a state where U.S. government obligations are viewed as riskless. We will pay for this loss of grace forever.

CONTACT YOUR US HOUSE OF RERESENTATIVES AND US SENATORS TODAY!!!! OUR FUTURE AS A NATION DEPENDS ON IT

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/26/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/25/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/25/2011 PM VERSION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/25/2011 list has been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016130792

These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Value-engineering a home is a tricky operation, since it is easy to remove critically important features and amenities that could be deal-breakers for potential buyers. Here are some ways to value-engineer your home to cut prices down while keeping design standards high.

1. Bring the fireplace inside. Historically the wood-burning fireplace was a brick chimney located on an outside wall extending to the roof. As the fireplace evolved into a gas or electric appliance, projecting the firebox outside the wall can only be justified if the room becomes too small by not doing so.

2. Larger pantries. In the kitchen, drywall pantries are less costly than cabinetry pantries, and larger, walk-in pantries can justify much less cabinetry. Wire shelving is far more cost-effective than cabinetry for storage of kitchen supplies.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

3. Smaller porches. People love having a porch in front of their house, but (evaluate the costs of) two or three porch sizes — small, medium or large.

4. Master bath options. The oversized soaking tub takes up a lot of space, and many buyers would prefer to do without it. The most common solution is to include a 42-by-60-inch tub-shower combo with a separate shower as an option — although vice versa can work as well. The extra space (could be used as) a linen closet.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

5. Foundation alternatives. We are seeing slab foundations creep north into traditional basement markets. By adding storage space over the garage and in attic roof trusses, storage space can be delivered more cost-effectively.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

6. Straight-up walls. By minimizing foundation jogs and covering most or all of the first floor with second-floor space, the cost per square foot will be minimized. Eliminate two-story and vaulted space and minimize second-floor setbacks, except to provide interest in the elevation.

7. Option the powder room. This is aggressive cost-cutting, but we are seeing this more often even in mid-price models. Use the space as a closet, and rough in the plumbing for a future installment as a home improvement project.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

8. Straight-run stairs. During the heyday housing market almost all stairs had at least one turn or angle, generally with a landing included. Straight runs are more cost-effective and can turn at the base or top of the steps with a one-step landing for interest.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

9. Simplified roof systems. Try to reduce the number of roof truss profiles to two or three, and keep roof pitches reasonable for transport and assembly costs. Use bearing walls where possible to avoid large girder trusses.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

10. Window count and placement. (Evaluate whether the home design is) over-windowed. Do secondary bedrooms have one or two windows? Does the master suite have two or three? Given a choice of locations, windows on the front wall/street facade will add perceived value.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/25/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/22/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/22/2011 PM VERSION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/22/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016130792

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Value-engineering a home is a tricky operation, since it is easy to remove critically important features and amenities that could be deal-breakers for potential buyers. Here are some ways to value-engineer your home to cut prices down while keeping design standards high.

1. Bring the fireplace inside. Historically the wood-burning fireplace was a brick chimney located on an outside wall extending to the roof. As the fireplace evolved into a gas or electric appliance, projecting the firebox outside the wall can only be justified if the room becomes too small by not doing so.

2. Larger pantries. In the kitchen, drywall pantries are less costly than cabinetry pantries, and larger, walk-in pantries can justify much less cabinetry. Wire shelving is far more cost-effective than cabinetry for storage of kitchen supplies.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

3. Smaller porches. People love having a porch in front of their house, but (evaluate the costs of) two or three porch sizes — small, medium or large.

4. Master bath options. The oversized soaking tub takes up a lot of space, and many buyers would prefer to do without it. The most common solution is to include a 42-by-60-inch tub-shower combo with a separate shower as an option — although vice versa can work as well. The extra space (could be used as) a linen closet.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

5. Foundation alternatives. We are seeing slab foundations creep north into traditional basement markets. By adding storage space over the garage and in attic roof trusses, storage space can be delivered more cost-effectively.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

6. Straight-up walls. By minimizing foundation jogs and covering most or all of the first floor with second-floor space, the cost per square foot will be minimized. Eliminate two-story and vaulted space and minimize second-floor setbacks, except to provide interest in the elevation.

7. Option the powder room. This is aggressive cost-cutting, but we are seeing this more often even in mid-price models. Use the space as a closet, and rough in the plumbing for a future installment as a home improvement project.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

8. Straight-run stairs. During the heyday housing market almost all stairs had at least one turn or angle, generally with a landing included. Straight runs are more cost-effective and can turn at the base or top of the steps with a one-step landing for interest.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

9. Simplified roof systems. Try to reduce the number of roof truss profiles to two or three, and keep roof pitches reasonable for transport and assembly costs. Use bearing walls where possible to avoid large girder trusses.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

10. Window count and placement. (Evaluate whether the home design is) over-windowed. Do secondary bedrooms have one or two windows? Does the master suite have two or three? Given a choice of locations, windows on the front wall/street facade will add perceived value.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/22/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/21/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011 PM VERSION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016118187

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Mortgage rates were little changed this week, remaining near their lows for the year on mixed economic and housing data, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

A separate survey by the Mortgage Bankers Association showed a jump in applications to refinance last week, and that demand for purchase loans was stronger than at the same time a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Freddie Mac’s survey showed rates on 30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, virtually unchanged from 4.51 percent last week and 4.56 percent a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.

Rates on 15-year fixed-rate mortgages averaged 3.66 percent with an average 0.7 point, compared to last week’s 2011 low of 3.65 percent and 4.03 percent a year ago.

The 15-year fixed-rate loan hit an all-time low in records dating to 1991 of 3.57 percent in November, before climbing to a 2011 high of 4.29 percent in February.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.27 percent with an average 0.5 point, down from 3.29 percent last week and 3.79 percent a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

This year, rates on 5-year ARMs have ranged from a high of 3.92 percent in February to 3.22 percent during the week ending June 30 — an all-time low in Freddie Mac records dating to 2005.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

One-year Treasury-indexed ARM averaged 2.97 percent with an average 0.5 point, up slightly from 2.95 percent last week but down from 3.70 percent a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/21/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016118187

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

After stumbling in April and May, existing-home sales continued to slip in June compared to the month before, according to the latest monthly report from the National Association of Realtors.

Completed sales of existing single-family homes, townhomes,  condominiums and co-ops dipped 0.8 percent to a seasonally adjusted  annual rate of   4.77   million in June from 4.81 million in May, the  report said. Sales fell 8.8 percent compared to June 2010, the scheduled  closing deadline for a federal homebuyer tax credit program.

Lawrence Yun, NAR’s chief economist, said in a statement that there was “an unusual spike” in contract cancellations last month.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

“The  underlying reason for elevated cancellations is unclear, but with  problems including tight credit and low appraisals, 16 percent of NAR  members report a sales contract was canceled in June, up from 4 percent  in May, which stands out in contrast with the pattern over the past  year,” Yun said.

• ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

The national median price for existing homes rose 0.8 percent  year-over-year last month, to   $184,300. Distressed properties,  typically sold at a discount, made up 30 percent of sales in June, down  from 31 percent in May and  from 32 percent in June 2010, the report  said.

Home sales in the metro Birmingham area declined 13 percent in June compared to a year earlier, as prices held steady or increased slightly, according to a report from the Birmingham Association of Realtors.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

A total of 987 homes sold last month in Jefferson, Shelby, St. Clair and Blount Counties, according to the report. That is down from 1,135 homes sold in those counties during June, 2010. The median sales price last month was $154,245, virtually unchanged from the $155,000 median price in June, 2010. The average sales price last month was $192,735, up 4 percent from an average of $184,427 a year before.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Of the homes sold last month, 266 were foreclosure sales. That represents 27 percent of total sales.

Birmingham area home sales fell 23 percent in May, with average selling prices rising 10 percent.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

The Birmingham Association of Realtors said Friday total residential sales in May were 863. That is down from 1,120 a year ago. The average selling price was $184,581, up from $166,910 a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/21/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/20/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011 PM VERSION

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016108432

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

The most  important economic news each month, by far, is the  early-month count of jobs  created or lost in the prior month.

All markets  were poised for better figures in this morning’s report  for June, but the  actual was jaw-dropping: only 18,000 jobs gained,  April-May revised down  44,000, and hourly earnings fell 0.1 percent.  The one surprising reaction: the  Dow is off only 110 points. Stunned,  drunk, or both.

Enough of  that. Find some entertainment in deals cooking all over  the place.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

My take:

• We’re  going to get a National  Football League labor deal, maybe this  weekend, which is a great thing for  those of us stuck in a market with a  losing Major League Baseball team. Even if  the area’s NFL team is just  as bad, at least we won’t have to face it until  September. It’s sort  of like the stock market.

  ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

• We’re  going to get a federal budget deal before the Aug. 2  deadline — messy,  half-baked, but a deal and real progress toward  repaired U.S. finances.

  ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

• There’s  no deal, yet, but the first sensible Fannie-Freddie  legislation is in Congress,  to preserve and combine them as a public  utility like Ginnie Mae, no more “public-private  partnership” with  stockholders and management running off with the store.

  ACTIVE REAL ESTATE FORECLOSURES FOR SALE

• Iceland sold $2  billion in bonds in the open market this week at  low interest rates. Back in  business less than three years after its  banks defaulted on $85 billion in  debt, and only three months after  telling the United   Kingdom and Holland  to go fish with their claim  for $5.8 billion in their citizens’ losses on  deposits in failed  offshore Icelandic banks. There is life after default and  devaluation!

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Speaking of the economy, President Barack Obama held separate meetings Wednesday with top congressional Democrats and Republicans as part of ongoing talks on a measure that would raise the nation’s debt ceiling by August 2 to avoid a government default.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

With time running out to reach an agreement, the possibility of a comprehensive deficit-reduction deal sought by Obama appeared less likely, with the president and Congress instead being forced to focus on a narrower goal of increasing the government borrowing limit in the next 13 days so it can pay its bills after August 2.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011 PM VERSION

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/20/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016108432

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

The recent  exit of Wells Fargo from the reverse mortgage industry will become a  critical point in time for lenders and mortgage companies with plans to service  the financial needs of seniors.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Wells Fargo, the nation’s largest reverse mortgage lender,  was the kingpin in the industry in more ways than one. It had 26.2 percent  market share, according to the latest data from Reverse Market Insight, the  largest network of reverse mortgage professionals and a money-making operation.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

With Wells gone, now all of the reverse mortgage industry’s  big-name players have left the business this year. Financial Freedom, Bank of  America and Seattle Mortgage preceded Wells Fargo’s exit. Like the others,  Wells Fargo indicated it was closing the reverse component to focus on its core  mortgage business, or “forward” mortgages.

The bottom line is that anyone over the age of 62 who wishes  to tap the equity in their home without making a payment to repay the debt will  now have to show the ability to pay the property taxes and homeowners insurance  needed to stay in the home. While seniors have never had to qualify to obtain  the “conforming” Home Equity Conversion Mortgage (HECM) insured by  FHA, the writing is now on the wall if the industry has any hope of succeeding.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

The concept is not new for jumbo reverse mortgages.  Atlanta-based Generation Mortgage targets owners with homes appraising between  $500,000 and $6 million. Borrowers are required to show that they have the  means to pay the taxes and insurance on their home. Unlike the popular HECM (Home Equity Conversion Mortgages),  the jumbo reverse mortgage requires no mortgage insurance, but the interest  rate on the program is higher.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE 

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Reverse mortgage funds can be distributed either in a lump  sum, regular monthly payments, line of credit or in a combination of those  options. When the house is sold, or the last remaining borrower dies or moves  out of the home, the loan amount plus the accrued interest is repaid. The  borrower can’t owe more than the value of the home.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/20/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/19/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016102600

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Is the  Federal Housing Administration taking a back-door exit away from condos or Could the  agency be tightening its rules in order to cut loan volume in the months ahead,  potentially putting thousands of unit sellers, buyers, homeowners associations  and realty agents in a mortgage-money squeeze?

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

FHA adamantly  denies that it’s doing anything of the sort, and insists that new rules rolled  out at the end of last month represent prudent responses to the serious risks  the agency’s insurance funds confront.

But condo  industry executives and community managers say FHA’s tougher regulations have  a wet-blanket effect on associations’ ability — and willingness — to  get their projects approved for financings by the agency. Without an entire  project certified, potential buyers of units cannot obtain FHA-backed loans,  which in turn makes it more difficult for current unit owners to sell and could  depress property values.

<img title="Flickr image courtesy of rvaphotodude" src="http://www.inman.com/files/imagecache/article-photo/files/imagefield/flickr_rvaphotodude_CONDOS_1.jpg&quot; alt="Flickr image courtesy of rvaphotodude.” />

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

FHA’s low down payment  minimums — 3.5 percent — and relatively generous credit and debt ratio  policies have made it the go-to financing source during the past several years for  moderate-income buyers who previously would have sought conventional mortgages.  With high-cost-area mortgage limits of $729,750 — at least until Oct. 1, when  they are scheduled to drop — FHA has even become a player in some upper-end  condo communities.

The biggest  complaint about the new FHA rules, said Lewis, is the requirement that anyone  who signs an application for certification or recertification of a project must  assume full responsibility under federal law for the accuracy of every piece of  information contained in the submission.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Condo  boards, unit owners and managers also are upset by other rules from FHA, including:

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

1. A requirement that no more than 15 percent  of all units in the project are no more than 30 days delinquent on their condo  assessments, including bank-owned (REO) units, which are notorious for nonpayment of fees.

2. A requirement that not only must condo  boards carry fidelity insurance on their officers, but that management  companies must carry policies as well.

3. A variety of technical rules that may  hamper condo conversions and so-called gut rehabs.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

In  response, FHA officials argue that most of the agency’s rules track similar  requirements in the conventional financing marketplace. Asked  whether a calculated phasedown of FHA’s condo volume lurks behind the toughened  rules, Lemar Wooley, a spokesman for the agency, said “that is not the  case. FHA is committed to continuing its mission of providing affordable,  sustainable homeownership opportunities while managing and mitigating risk. Our  new condo guidance is consistent with that commitment.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/19/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 07/17/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/17/2011

Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/17/2011 list has  been posted.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7016092712

These  are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

are  ripe for the picking. Don’t Let them pass you by. ACT NOW!!

I hope you have an awesome day, packed with smiles while searching for your active Birmingham AL Real Estate Dream.

Tough decisions loom as US hits debt ceiling

Mid-July is normally the center of the Silly Season  news-drought, in which media give front-page treatment to “Man Bites  Dog.”

This year, that dog is plumb-near bit to death.

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Newsies this week overread Federal Reserve Chairman Ben  Bernanke’s  testimony and Fed minutes, finding all sorts of hints that were not   there. The Fed is “open to stimulus if necessary,” but so it is,   always. At this moment, the Fed is confused, sticking to “better in  second  half,” its members divided, and both consumer price index (CPI)   and producer price index (PPI) core inflation popped to 0.3 percent in  June.  The Fed chairman must be prepared to fill hours of air time with  no content,  and Bernanke rose to the occasion.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

The  economic data are just above stall speed. The National  Federation of  Independent Business (NFIB) small-business survey in June was the  same  as May, at recession threshold, and June retail sales had no gain.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA

Top administration and congressional officials are expected to continue working this week on a measure to raise the federal debt ceiling by up to $2.5 trillion, embracing a version of a fallback plan designed by Senate Minority Leader Mitch McConnell to avoid a potentially catastrophic default.

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At the same time, GOP leaders are planning a series of votes on a proposed balanced budget amendment to the Constitution and sharp caps on future spending.  The bills have no chance of clearing Congress or winning the approval of President Barack Obama, but would allow Republicans to demonstrate their preference for steps favored by their party’s conservative base.

The maneuvering will take place against a backdrop of heightened anxiety as fears rise that Washington will not be able to pay its bills starting next month.  If Congress fails to raise the current $14.3 trillion debt ceiling by August 2, Americans could be hit with rising interest rates, a plummeting dollar, and increasingly jittery financial markets, among other things.

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL –  07/17/2011