WSJ VIDEO REPORT: It's a tale of two cities. In Coachella, Calif., foreclosed homes are left to deteriorate and drag down housing prices. But in neighboring Indio, city officials have threatened banks with legal action if foreclosed houses are not maintained. Nicholas Casey reports.
Is this something we should do the the Treasure Valley?
By JAMES R. HAGERTY (WSJ)
The median price for a single-family house fell 14% to $169,000 in the first quarter from a year earlier, the National Association of Realtors reported.
The trade group said first-time home buyers accounted for half of all purchases in the quarter, and many of them zeroed in on foreclosed homes. That dragged down the median, the Realtors said.
By RUTH SIMON (WSJ)
The Obama administration on Thursday laid out additions to its housing-rescue plan that are designed in part to make it easier for financially troubled homeowners to sell houses that are worth less than their mortgages.
The newest initiative creates a standardized process and adds incentives for so-called short sales, in which a borrower -- with lender approval -- sells the home for less than the amount owed.
By RUTH SIMON and JAMES R. HAGERTY (WSJ)
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.
The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.
For instance, fewer will qualify to take advantage of a key component of the Obama administration's plan to stabilize the housing market. Under the plan, announced in February, as many as five million homeowners whose loans are owned or guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac can refinance their mortgages, but only if the mortgage loan is a maximum of 105% of the home's value.
(This is great news for Idaho Home Owners that need to refinance!)
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