Galloway and Collens, PLLC
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Real Estate Transactions Archives

Short sales increasingly popular

New housing data indicates that short sales are become more and more common as an alternative to possible foreclosure. A short sale occurs when a property owner sells for less than the amount owed on their mortgages. A short sale may enable a property owner to preserve their credit rating and avoid a default on their mortgage.

Housing prices improve in Detroit

Detroit is one of only three metro areas to show a rise in home prices, according to the Case-Shiller index released recently. The report shows that in January of 2012, home prices were up by 1.7% over the previous year. Experts say that it is difficult to draw conclusions from this set of data because of the large percentage of short-sales that are occurring in the metro area. Although for the last seven months prices have increased in Detroit, overall they are still below prices from the 2000.

Experts see signs of improving real estate market

Despite unfavorable housing data for 2012, market-watchers are saying there are signs of an improving real estate market. Experts from prominent ratings agency Moody's told reporters this week that even though some indicators are down, optimism is up.

Wall Street investment banks consider the landlord business

What if, instead of re-selling a foreclosed property, the bank decided a renovate it and become a landlord? This could become the norm, as more and more investment banks have begun bidding on large pools of foreclosed properties and converting them in to rental housing.

Fees on mortgages set to increase

Each mortgage contains a small hidden fee, known as the guarantee fee, or "G-fee." The fee has been silently included in mortgages for more than 30 years, and Congress has recently mandated an increase. It is not clear at this time when the increase will take effect, but it analysts anticipate that it will also cause interests rates to rise slightly.

Mortgage assistance extended to investors

Many people who bought investment properties during the housing boom will now enjoy the some of the same assistance from the government as people who bought houses to live in. The Obama administration has decided to extend mortgage assistance to first time investors who bought more than one home before the housing bubble burst.

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