Top 10 Turnaround Housing Markets
Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.
Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.
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The Consumer Financial Protection Bureau plans to issue new rules that would limit certain fees that lenders require consumers to pay when they purchase a home. Among these fees the agency hopes to ban would be a fee sometimes referred to as “origination points” that buyers pay at closing.
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Fannie Mae, which backs the most loans in the country, announced that it would not need taxpayer aid to cover losses for the first time since the federal government took control over the mortgage giant in 2008. Fannie posted a profit in the first quarter of the year, reporting a net income of $2.7 billion compared to a $6.5 billion loss they reported in the first quarter of 2011.
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Home buyers and refinancers are looking at cashing in on record-low interest rates, sending mortgage applications higher for the week. Mortgage applications for purchasing a home increased again last week, rising 3.4 percent for the week ending May 4, the Mortgage Bankers Association reports in its weekly survey. Overall, mortgage applications rose 1.7 percent this week compared to the prior week. Applications for refinancing, which make up the biggest bulk of mortgage applications, increased 1.3 percent.
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Builders have struggled to compete with distressed homes that sell at big discounts, so one major home builder has found a way it also can cash in on the discounts. For the past year, Beazer Homes USA has been buying up distressed homes and turning them into rentals, hoping that one day these renters will become home buyers. The home builder has been purchasing distressed properties in Phoenix and Las Vegas and renovating the homes before they rent them out.
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REALTOR® Magazine, an online and print publication of the National Association of REALTORS®, has received three awards for Media Innovation from the Association Media & Publishing EXCEL Awards. The EXCEL Awards honors the best and brightest in association media and publishing.
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