October 7th, 2008
Real Estate Press Releases from around the Nation
AVERAGE MONTHLY HOUSING COST AT $793
(Washington DC) HUD reports the median monthly housing cost for a U.S. Family has risen 128 percent in the last 20 years from $348 to $798, while the portion of family income spent on housing went from 19 percent to 22 percent.
Payments to Principal and interest on mortgages represented about two-thirds of monthly housing costs for owners with mortgages. The second highest cost was utilities.
TAX CREDIT WEB SITE RECEIVING 10,000 VISITORS PER DAY
(Washington DC) The National Association of Home Builders recently stated that more than 100,000 visitors have hit a new Web site that gives consumers information about how to receive the Bush administration’s housing tax credit. The site, www.federalhousingtaxcredit.com has received 116,000 unique visitors. The site is dedicated to informing consumers how to take advantage of the temporary $7,500 tax credit fro the purchase of a first home.
BUYER SUES LENDER FOR DAWDLING ON SHORT SALE
(Solana Beach, California) A real estate company, acting as a property buyer, filed a lawsuit against a lender for dragging its feet on completing paperwork on a short sale that resulted in the buyer losing the property. The lender had approved the sale but failed to do the paperwork. The buyer is asking that the foreclosure be suspended.
One Comment
That is just amazing.
I have recently dealt with a few short sales, and it is true that some of the banks are falling short. In one of my most recent short sales, I called day after day only to get conflicting information, or no responce. The sale will be closing Friday, but it took a lot of persistence.It is getting better, and real estate Agents are getting better at dealing with these issues. It is best to work with someone in the field that has experience in the area of short sales.An experienced agent should have a check list, and be able to navigate the transaction to a timely close.
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