Category Archives: Area Info

FHA 90-day anti-flipping rule waived…

The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days.  That rule already has been waived for certain transactions, including REOs.  Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors.  This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties.

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Going to sell the house? Don’t wait for ‘spring’ in February…

The busiest season for home sales traditionally begins the day after the Super Bowl. But putting off getting the word out about your property would probably be a mistake, some experts say.

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House Flipping Makes a Comeback…

Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.

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Gov’t unveils rules to speed up “short sales”…

The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages.  Homeowners will even get $1,500 to help cover their moving costs.

To read the full story, please click here.

If You Don’t Buy a House Now, You’re Stupid or Broke…

Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again

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State ruling to cut most property taxes…

State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.

To read the full story, please click here.

Housing starts decline in California…

Homebuilders pulled permits for 2,815 total housing units in October, a decline of 6 percent from September and 33 percent from October 2008, according to the Construction Industry Research Board (CIRB).  Permits for single-family homes totaled 2,017, down 9 percent from the previous month and 14 percent from the same period last year.  Permits for multifamily units totaled 798, an increase of 5 percent from September, but a 57 percent decline from a year ago.

During the first 10 months of the year, permits were pulled for 29,901 units, down 46 percent from the same period last year when 55,632 permits had been issued. Single-family units were down 30 percent while multifamily units were down 64 percent.

CIRB is forecasting permits will be pulled for just 36,000 total units in 2009, the lowest total on record.

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