May 2009

The much anticipated and hotly contested homebuyer tax credit is officially back on, though with some big changes. Borrowers applying for an FHA loan will… Read More »Homebuyer Tax Credit Modified to Require Down Payment

The seasonally adjusted delinquency rate for mortgage loans on one-to-four unit residential properties increased to 9.12 percent during the first quarter, the Mortgage Bankers Association… Read More »Foreclosures and Delinquencies Hit New Record Highs

So much for loss mitigation… Between 65 percent and 75 percent of modified mortgages may re-default after 12 months, according to a new report from… Read More »Three Out of Four Loan Modifications May Re-default

Troubled bank and mortgage lender BankUnited was shut down today by the Office of Thrift Supervision and placed into FDIC receivership. It was the 34th… Read More »BankUnited Failure Largest This Year

More than half (55 percent) of those surveyed by real estate search service Trulia indicated that they were at least somewhat likely to purchase a… Read More »55 Percent of Americans Interested in Buying a Foreclosed Home

The Southern California median sales price slipped for the first time this year after holding steady for the first three months of 2009, DataQuick reported… Read More »SoCal Median Home Price Slips to Early 2002 Levels

Earlier this week, HUD Secretary Shaun Donovan mentioned that the first-time homebuyer tax credit could be used as a down payment, but that may no… Read More »Is the FHA Scrapping Homebuyer Tax Credit for Down Payment?

Since the Making Home Affordable Program was launched in early March, more than one million borrowers have refinanced and 55,000 loan modification offers have been… Read More »Making Home Affordable Preliminary Results; Program Expanded

The first-time homebuyer tax credit can now be used as a down payment, according to a mortgagee letter released by HUD today. It can be… Read More »Homebuyer Tax Credit Can Now Be Used as Down Payment