Sales of homes increased in November

The sales of homes were increased in November among the large development over the past five months representing a regular improvement into 2011 according to the National Association of Realtors.

The Pending Home Sales Index which is an advance looking pointer increased based on agreements signed in November which improved in October. The information reveals agreements and not finishings which generally happen with a interval of one or two months.

The elevated housing affordability is increasing the sales activity traditionally. The outstanding affordability situations, balanced development in economy are serving to get buyers. However additional gains are required to attain standard level of home sales. The existing home sales and new home sales are expected to increase in 2011.

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Foreclosure list increases but price decrease

The Mortgage survey report for November confirms that the number of bank owned homes maintain to go down as loan servicers holdup foreclosures in the stir of government inquiry and offending loans are increasing.

It is almost 2.2mn home loans are 90 days or more days unpaid but are not so far in foreclosure. The report also confirms that the one third of loans are 90 days or more delinquent and the borrowers not paid the amount in a year.

The Foreclosure inventories are increased for fifth month as foreclosures continued and sales of home are decreased. The record of foreclosed homes consisting of huge loans was seven times more when compared to 2 years ago and six times more for agency main loans.

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Foreclosure crisis decreasing Florida economy

The foreclosure crisis was lashing down the economy of the Florida state for four years which decreases the value of homes and reducing family investments. There are indications that the surge of new foreclosure cases may start to retreat.

The state will start to generate new jobs and small developments are planned for Florida economy in 2011. However the industry professionals are forecasting only slight development and it could get bad before they get recovered above the next year.

The Florida economy which was decreasing for the past two years is projected to start rising over next year by 3% according to an evaluation. However the dispute is that foreclosures are continue the real estate based Florida economy to get better.

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Banks wrongly foreclose not mortgaged homes

The banks in United States have go through homes that are not mortgaged or mortgaged by a different lender or were a consumer of the bank in difficulty but were existing on their expenses. This will happen in many cases countrywide in United States.

The evaluators of the mortgage process declared these types of occasions are proof that the mortgage foreclosure business is imperfect and wishes to be improved.

Daily minor mistakes are happen to people demanding to save their homes. They are charged wrong total of money, mistakenly rejected loan modification, requested to give away papers four or five times.

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Home values will decrease more in 2011

The Home values will decrease more in 2011 prior to striking a depression according to the recent study by a real estate research company. The research company trusts that growing inventory and reduced quality of foreclosed homes will make the home values decrease.

The Real Estate Owned or REO are homes that are going to need the buyer to spend money to make the homes livable. The homes that contain copper pipes are stripped out, crack in top, windows are absent. This is presently the environment of the REO in many homes.

It is judged that there will be no actual improvement will happen on next 4 years later the market become constant and unemployment turn down.

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Construction of homes increased in November

The construction of homes in US was increased to 3.9% on November when compared to October announced in a statement by the U.S. Department of Commerce.

Regardless of increase in home construction the activity remains 45% less than the verge of 1mn units yearly that is believed strongly. The permits which determine future demand was decreased to 4% to the lowest stage since April 2009.

The builders broke land on 555,000 units increased to 6.9% leap in construction of single family homes but the construction of multifamily homes was decreased to 9.1% oppositely in November.

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Foreclosure filings decreased in November

The number of foreclosure filings decreased to a two year low in November according to a recent survey. Totally 262,339 US properties received default or public sale notices or were detained in November decreased to 21% from October and 14% when compared to last year.

The Default notices were decreased to 31% when compared to last year and were at stages equal to where they were in July 2007. In legal states where courts supervise foreclosures, default notices are decreased to 43% when compared to last year.

The robo signing inquiry obliged lenders and servicers temporarily stopped on various foreclosures whereas they rushed to restore their internal events and revise or resubmit doubtful formalities.

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Restore foreclosure prevention program by Congress

The US government should restore its foreclosure prevention program because so far it has not take effort to stop foreclosure announced in a statement by Congress supervision group.

The foreclosure prevention program will not at all have reached necessary to put an substantial knock into foreclosure crisis announced in that statement. The statement names the Treasury Department should set objectives and seize banks that manage mortgages responsible for worsening to total loan modifications properly.

The borrowers are permitted to apply for loan modifications online and call for a system to watch cases and occur when borrowers fall back on their payments on modified mortgages was suggested in that statement.

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Federal agencies conflict on mortgage assistance

The two federal agencies are accused with placing housing policy at chances over a new program intended at helping borrowers whose homes are in foreclosure or value less than what is payable on the mortgages.

The Federal Housing Administration considers the program which started in September could prevent a huge amount of foreclosures by permitting various borrowers who are present on their mortgages to refinance into more reasonable mortgage with a little balance and lesser interest rate.

However the Federal Housing Finance Agency is anxious that the program could turn into an expensive and logistical confusion if its range is extended.

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Foreclosured homes sold at discount price

The foreclosured homes are sold at discount price of 32% when compared to homes not in foreclosure in third quarter. The discount home sales increased to 29%when compared to last year.

The Foreclosure home sales are reduced due to expiration of home buyer tax credits. The foreclosure processing controversy robo signing also set a curb on demand. The discount on bank owned properties was increased and discount on defaulted homes or properties line up for sale was increased.

The abduction of home was decreased to 9% in October. The real estate experts said that the lenders are willing to negotiate prices on foreclosed properties.

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Rate of mortgage delinquency will drop

The rate of mortgage delinquency will decline to 4.98% by the end of next year from 6.21% at the end of 2010. The rate would still top historical levels of 1.5% to 2% according to the recent survey of a real estate company.

The real estate company which evaluated nearly 27mn records of the selected customers at random. The company expects that the decline could sustain the real estate market.

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Fed released property appraisal guidelines

The latest and absolute version of property appraisal guidelines was mutually released by Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision and National Credit Union Administration.

The new version of guidelines set a standard for appraisal independence. The lenders can swap information with appraisers but they cannot openly or ultimately force, control or else support an appraiser or people who carry out an appraisal to misstate or misrepresent the worth of the property.

The Banks not inform evaluator of projected estimate of worth. Banks cannot give minimum value requirement for assets required to grant loan. Banks not attach evaluators payment to mortgage sanction. Banks not blacklist an appraiser if their appraisal not meet expected thresholds are the additional rules.

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Sales price of foreclosure houses decreased

The sales of foreclosured houses are about 25% of all US residential sales in the third quarter. The normal sale price of a foreclosure house was $169,523 or 32 percent less than the average price of assets not in foreclosure.

The properties that are sold in few state of foreclosure were nearly 188,748 during third quarter. This was 25% less than house sold in the second quarter and about 31% less than sold in the third quarter of last year.

The top 10 states with the highest percentage of foreclosure house sales are Nevada, Arizona, California, Florida, Massachusetts, Michigan, Georgia, Oregon, Idaho and Illinois.

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