Michael Dunn - Blog - Michael Dunn

Recent Blog Posts by Michael Dunn
Avoid Foreclosure Finding a new home. Don't let your clients believe that it will be better to let the foreclosure happen, because after they lose their home, they will still need to find a new place to live. All too often, the price they will need to pay in rent will be almost as high if not higher than their current mortgage payment. Remember: The owner of the property needs to make his mortgage payment, too, so he's ... Posted by Michael Dunn @ 12:28 PM on 11/16/2010		More
3 New Anti-Foreclosure Strategies Here are three programs that are considered promising replacements for the government’s Home Affordable Modification Program (HAMP), which has failed to stop foreclosures.· Fannie Mae and Freddie Mac would be encouraged to refinance loans for some 30 million borrowers with high-interest rate mortgages. The new mortgages would be folded into a new round of mortgage-backed ... Posted by Michael Dunn @ 12:29 PM on 11/04/2010		More
Mortgage Activity Falls Mortgage Activity Falls Applications for mortgages to purchase homes decreased 6.7 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly index.The unadjusted Purchase Index decreased 6.6 percent from the previous week and was down 29.4 percent compared to the same week a year ago.This week’s report was not adjusted for the Columbus ... Posted by Michael Dunn @ 2:14 PM on 10/20/2010		More
Coldwell Banker Real Estate Released Home Listing Report MOST EXPENSIVE AND AFFORDABLE U.S. HOUSING MARKETS Newport Beach, Calif., Tops Most Expensive Housing Market List; Detroit is Most Affordable Market PARSIPPANY, N.J. (Sept. 22, 2010) – Coldwell Banker Real Estate LLC today released its Home Listing Report, a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most ... Posted by Michael Dunn @ 8:29 AM on 10/13/2010		More
Recipients of First Tax Credit to Begin Payback Borrowers who took advantage of the original 2008 home buyer tax credit must begin paying the credit back this year. The Inspector General for Tax Administration (TIGTA) says 950,000 owe money.The required payments are amortized over 15 years – $500 per year. If the property is sold, the credit must be paid at closing.The TIGTA says the IRS has the incorrect purchase date in its database ... Posted by Michael Dunn @ 12:06 PM on 09/10/2010		More
30 Year Mortgage Rates Rise Average interest on 30-year fixed mortgages rose for the first time since June, lifting to 4.35 percent this week from 4.32 percent last week and 5.07 percent a year ago, reports Freddie Mac. Rates for 15-year fixed loans held at 3.83 percent, the record low set last week. Also, the five-year adjustable-rate mortgage averaged 3.56 percent, compared to 3.54 percent last week and 4.51 percent a year ... Posted by Michael Dunn @ 12:04 PM on 09/10/2010		More
Kitchens Remain among Most Popular Remodeling Projects 1]RISMEDIA, August 26, 2010—(MCT)—Kitchens have long been among the most popular remodeling projects. But with fewer clients requesting kitchen upgrades during this recession, one kitchen designer has turned the economic slowdown to her advantage. “If I couldn’t remodel as many client kitchens as usual, I decided to remodel my own showroom. That way, I’d be ready to show ... Posted by Michael Dunn @ 6:44 PM on 08/26/2010		More
Red-Ink Fears Prompt Mortgage Backer to Raise Fees The country's most popular federal mortgage-insurance program is set to raise fees to borrowers in a bid to avoid burning through its dwindling reserves as home prices come under renewed pressure.Opinion: Homeownership Isn't for EveryoneAccess thousands of business sources not available on the free web. Learn MoreThe move reflects new threats facing the Federal Housing Administration, a New Deal-era ... Posted by Michael Dunn @ 12:31 PM on 08/24/2010		More
Four Proposals for Reforming Fannie and Freddie The government is wrestling with what to do about Fannie Mae and Freddie Mac, which have needed a combined $148 billion since the government bailed them out two years ago.There are many ways to restructure the system. Here are four that have the most support:1. Fully private system. Eliminate Fannie and Freddie and let private lenders take over. The problem is that the market for mortgage securities ... Posted by Michael Dunn @ 9:00 PM on 08/10/2010		More
Interesting Article- "Buy and Bail" Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home.Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s “underwater,” ... Posted by Michael Dunn @ 10:05 AM on 08/10/2010		More
Top 10 Metros With Predicted Price Climbs Housing prices are about to turn around, predicts financial services technology firm Fiserv.David Stiff, chief economist at Fiserv, says home prices will fall 32.9 percent from 2006 through early next year. But by early 2014, he believes they will climb an average of 7.2 percent from 2010 levels, with some areas skyrocketing.Fiserv believes these 10 metropolitan areas will see the most growth in the ... Posted by Michael Dunn @ 2:34 PM on 08/09/2010		More
5 Real Estate Scams you need to know about Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their ... Posted by Michael Dunn @ 10:39 AM on 07/22/2010		More
10 Most recession-Proof U.S. Cities 10 Most Recession-Proof U.S. Cities The most recession-proof cities didn’t see home prices surge in the first place, says the MetroMonitor, a quarterly report released by Brookings Institute's Metropolitan Policy Program. MetroMonitor identified 21 large metro areas that have enjoyed robust economies and stable labor and housing markets in the last few years. "Most of these cities have ... Posted by Michael Dunn @ 9:14 AM on 07/07/2010		More
Single Buyer Choosing Suburbia Over Cities Some 52 percent of single home buyers in April chose suburban locations over urban and rural areas, according to a survey by Coldwell Banker of 1,000 single buyers.· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they ... Posted by Michael Dunn @ 3:17 PM on 06/22/2010		More
Home buyer tax credit extended for members of the military and certain other federal employees! First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: Extends deadlines for purchasing and closing on a home. Authorizes the credit ... Posted by Michael Dunn @ 10:39 AM on 05/12/2010		More
Top 10 Cities with Climbing Home Prices Home prices aren’t tanking everywhere. In some cities they have bounced pretty high off the bottom, according to a report in Forbes magazine.Altos Research examined data for every U.S. city with at least 100 homes on the market – about 8,000 cities. It identified these 10 cities as having the biggest price increases from the previous year.1. Lexington, Mass., +36 percent2. Bay Village, ... Posted by Michael Dunn @ 12:36 PM on 02/25/2010		More
Bankers: The End of Foreclosure Crisis is Near Bankers: The End of Foreclosure Crisis is Near The Mortgage Bankers Association is seeing signs that the foreclosure crisis is ending. “The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” says Jay Brinkmann, MBA’s chief economist, in a published statement.Brinkmann said that normally there is a large spike in short-term mortgage ... Posted by Michael Dunn @ 1:54 PM on 02/22/2010		More
Home Price Reductions Level off The share of homes on the market with price reductions declined to an average of 21 percent as of Feb. 1, according to Trulia, which has been tracking the information since April 2009.This is a significant decrease compared to November 2009, when 26 percent of homes had at least one price reductionThe total dollar amount cut from home prices dropped to $22.6 billion as of Feb. 1, down from $28.1 billion ... Posted by Michael Dunn @ 1:38 PM on 02/19/2010		More
Fannie, Freddie Go After Bad Loans Accountants at Fannie Mae and Freddie Mac are auditing mortgage files to uncover loans with improper documentation about a borrower’s income, and then forcing banks and savings and loans to buy the loans back.Freddie required lenders to buy back $2.7 billion of loans in the first nine months of 2009. Fannie Mae won’t disclose its figures, but the mortgage trade publication Inside Mortgage ... Posted by Michael Dunn @ 9:31 PM on 02/02/2010		More
2009 Is over! REAL ESTATE MARKET UPDATE!! Well, 2009 is over. What does that mean? For the Albuquerque residential real estate market, there are some very positive signs that we have hit bottom. There are some who are suggesting that there may be a “double bottom” but that remains to be seen. The last five years. Here are some numbers that might be encouraging. Let’s go back to ... Posted by Michael Dunn @ 11:07 AM on 01/22/2010		More
Mortgage Modification Plan Falls Short Only 65,000 people – about 7 percent of those who applied – have successfully navigated President Obama’s plan to help borrowers who are in trouble, the Treasury Department said last week.About 49,000, or 5 percent, have dropped out of the program because they don’t qualify. Most of the remainder are still waiting.Bank of America, the largest company in the program, has completed ... Posted by Michael Dunn @ 10:40 PM on 01/20/2010		More
FHA to Toughen Down Payment Rules The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.The FHA also will increase ... Posted by Michael Dunn @ 10:10 PM on 01/20/2010		More
FED:It's time the Market Stands on its Own (Home Loan interest Rates Could Rise) April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed believes mortgage rates will rise about three-quarters of a percent to about 6 percent, Boston Fed President Eric Rosengren said Saturday.Fear of a worldwide perception that the U.S. government is simply printing money to ... Posted by Michael Dunn @ 8:54 PM on 01/14/2010		More
Record Number of Foreclosures in 2009 Total foreclosures in 2009 reached 2.8 million, a 21 percent increase over 2008 and a 120 percent rise compared to 2007, according to foreclosure sales Web site RealtyTrac in a year-end report released Wednesday.RealtyTrac also reported that fourth quarter foreclosures decreased 7 percent from the third quarter, although they were up 18 percent compared to 2008. December 2009 foreclosures were ... Posted by Michael Dunn @ 6:35 PM on 01/14/2010		More
Builders Moving Toward Better Times Builders Moving Toward Better Times Lots of signs point to a recovery in the construction industry. With help from a federal tax break, both Lennar Corp. and KB Home posted fourth-quarter profits – the first time since 2007 that either has been in the black.KB Home CEO Jeffrey Mezger said in a statement: "There are indications that housing market conditions may be stabilizing in some regions, ... Posted by Michael Dunn @ 6:28 PM on 01/14/2010		More

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