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Default Borrowers Could Score Free Homes in Some States

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Want a free house? Just stop making payments on your mortgage for five years. That’s the unsettling message lenders fear that courts in Florida, New Jersey and New York will send to default borrowers if judges uphold these states’ statutes of limitations on foreclosing. According to a recent New York Times article, “there are tens of thousands of homeowners who have missed more than five years of mortgage payments” and their lenders could end up missing the opportunity to seize their homes because of a failure to complete the foreclosure process within the states’ required time-frames. Lenders say several factors have caused the long delays in foreclosing including 69 federal changes to mortgage modification programs, the need for a judge to sign off on foreclosures in these states, and an overwhelming inventory of homes with delinquent mortgages.

To learn more, read the entire article.

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Downtown Chicago Apartment Tower Sells for Record Price

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Related Midwest closes record deal on a once-distressed Wacker Drive apartment tower. Check out the impressive per-unit-price they cleared here.

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Engineers and Baby Boomers Help Boost 12 Hottest Real Estate Markets

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The top 12 real estate markets in the country right now all seem to haveone thing in common according to a recent article posted by Real Estate News. They are all home to young engineers or baby boomers headed toward retirement. According to the article, strong housing demand seems to follow young math and science professionals who generate better-than-average salaries at technology companies and seasoned professionals who are looking to make a housing change because of retirement. Sitting at the top of the list of the hottest real estate markets is Oakland, CA.

Read the full article for the entire list.

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Boomerang Buyers Look to Re-Enter Housing Market

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Boomerang buyers are putting the recession behind them and looking to rejoin the housing market this year. See which cities interest them most.

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CFPB Delays Mortgage Disclosure Rule until Oct. 1

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The Consumer Financial Protection Bureau has announced a two-month delay in the effective date for the TILA-RESPA Integrated Disclosure rule. Instead of taking effect on August 1st as planned, the impending rule—which requires two new disclosure forms, the Loan Estimate and Closing Disclosure—will not roll out until October 1st of this year. CFPB Director Richard Cordray released a statement on Wednesday saying, “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks.” The new disclosure forms are expected to give homebuyers more time to review and understand the cost of their home mortgage.

To learn more, read the entire article.

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Chicago Delinquency Rate Falls to Lowest Level Since 2007

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Chicago’s mortgage delinquency rate for commercial properties has shrunk to a record low for the first time since 2007. See what’s behind the drop.

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16 Ways to Revive Your Stagnant Property Listing

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If you’ve done everything you can think of, but your property
listing still isn’t attracting offers, Stacie Staub, guest
contributor for Inman News, may have the marketing boost your listing
needs. As a broker associate and the Director of Marketing for LIVE
Urban Real Estate, Staub has helped real estate agents bring new life
to stale listings with her innovative ideas. In her latest article, she
shares 16 of her best tricks of the trade including listing the
property as a sale/possible lease to attract a wider audience that may
end up loving the property so much they buy it anyway.

Read the entire article
for more marketing tips.

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America’s Top 10 Most-Searched Neighborhoods in 2014

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One Chicago ZIP code made Realtor.com’s top 10 list of America’s most-searched neighborhoods in 2014. Tell us below which one you think it is.

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Apartment Investors Capitalize on Hot Seller’s Market

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Apartment investors that scooped up multifamily real estate at a bargain during the recession are cashing in on their investments. According to a recent article published by commercial real estate leader CoStar, a number of private owners and REITS have netted gains since January 2015, in large part due to the sale of their multifamily properties. Luis Mejia, CoStar’s director of U.S. research, explains why now is such a good time for apartment investors to sell. “With the possibility of interest rates increasing, which could eventually push cap rates up, and the potentially negative effect of supply on prices, a number of investors see selling as a viable portfolio strategy,” he said.

To learn more, read the entire article.

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Are You Ready for a Wave of Boomerang Buyers?

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Short sales and foreclosures forced them out of their homes during the housing crisis, but industry reports say nearly half of those 7.5 million Americans will make their way back to homeownership over the next several years. In fact, as many as 500,000 are expected to do so in 2015. Are you ready to cater to these “boomerang” buyers who will likely approach home buying with more caution than typical buyers? According to Marc Gould, vice president of business specialties for the National Association of REALTORS®, this group will require special attention. In a new article for RISMedia, he advises agents to start assembling a strong support team of real estate attorneys, mortgage brokers, and inspectors that can help this more cautious group feel confident in their purchasing decision.

To learn more, read the entire article.

Image credit: Nan Palmero

 

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