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Fannie Mae to Rent Foreclosed Homes

March 2, 2010

Thousands of borrowers on the brink of foreclosure will soon have the option of renting their homes from Fannie Mae under a new program announced in early November.

Under the new “Deeds for Leases” program, Fannie Mae will allow borrowers facing foreclosure to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that, as part of the latest effort to help troubled borrowers while keeping a glut of foreclosed properties from hitting the housing market.

But the new government-sponsored program is unlikely to help many distressed homeowners. In the first half of the year, Fannie Mae repossessed 57,000 properties, compared to only 1,200 properties that were leased back to owners.

Fannie Mae has hired an outside management company to administer the program. To qualify, borrowers have to live in the home as their primary residence and prove they can afford the monthly rent. The rent cannot be more than 31 percent of their pretax income.

Source: The Associated Press

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Mortgage Delinquencies Reach a Record High

March 1, 2010

About one in seven homeowners with a mortgage was at least one payment behind or in foreclosure in the third quarter of 2009, according to the Mortgage Bankers Association. This is up from about one in 10 a year ago and translates into about 5 million households that are delinquent.

The 14.4 percent rate in the third quarter was the highest rate since the MBA bagan reporting such data in 1972. driven by rising job losses, prime fixed-rate loans made to borrowers with good credit accounted for 33 percent of all new foreclosures in the third quarter, compared with 21 percent a year ago, the MBA said.

“Job losses continue to increase and drive up delinquencies and foreclosures,” said Jay Brinkman, the MBA’s chief economist. “Prime fixed-rate loans continue to represent the largest share of foreclosures started and the biggest driver of the increase in foreclosures. The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve.

The MBA said loans backed by the Federal Housing Administration are also showing signs of trouble. More than 18 precent of FHA borrowers are at least one payment behind or in foreclosure. The association expects foreclosures to peak in 2011.

Source: Mortgage Bankers Association

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Oldsmar Real Estate

March 1, 2010

0304-0607-0904-2553_tnAre you looking for a Realtor to help you buy or sell real estate in Oldsmar, Florida?

Consider calling Chris O’Connor with Charles Rutenberg Realty for all of your home buying and selling needs in the Tampa Bay area. With close to 30 years of calling Tampa Bay my home I can comfortably say that I know this market inside and out.

And Oldsmar, FL is one of my preferred markets!

Whether you’re looking for a luxury waterfront condo or a small 2-bedroom starter home…I’d love to help you find your next home or investment property.

Are you thinking about selling your home? You’re going to need a Realtor with experience, knowledge, ethics, discipline and a track record of successfully listing and selling real estate in both traditional sales and short sales. Please consider calling Chris today at 727-804-5319 to discuss your Oldsmar real estate needs.

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