Fannie Mae recently announced the launch of KnowYourOptions.com, a new consumer education Web site outlining the choices available to homeowners struggling to meet their mortgage obligations. The online resource, which offers information in both English and Spanish, provides guidance on how borrowers can contact and work with their mortgage servicer to find solutions. Key features [...]

The Federal Housing Administration (FHA) recently provided details on its “FHA Short Refinance” program that will enable lenders to provide additional refinancing options to underwater homeowners. Beginning Sept. 7, the FHA is offering eligible underwater non-FHA borrowers the opportunity to qualify for a new FHA-insured mortgage. Participation in FHA’s refinance program is voluntary and requires [...]

The Obama Administration recently announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs–the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an [...]

Calif. median home price: June 2010: $311,950 Calif. highest median home price by C.A.R. region June 2010: Santa Barbara So. Coast $914,760 Calif. lowest median home price by C.A.R. region June 2010: High Desert $125,620 Calif. First-time Buyer Affordability Index – First quarter 2010: 66 percent Mortgage rates: Week ending 7/29/2010 30-yr. fixed: 4.54 Fees/points: [...]

MeterRead (http://zerogate.com/) is a money-saving, eco-friendly iPhone app that makes it easy to read a home’s electric meter and provides feedback on energy use with each reading. Monitoring the kilowatt-hours of power that have been used since the last reading will encourage homeowners to save power and money. It’s $2.99 well spent.

A new report shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity. The report by RealtyTrac® also showed nine of the 10 metro areas with the highest foreclosure rates experienced declines. Four states—Florida, California, Nevada, and Arizona—accounted for the top 20 metro foreclosure [...]

A coalition of the U.S. Dept. of the Treasury, the U.S. Dept. of Housing and Urban Development (HUD), and the Advertising Council recently launched a national public service advertising (PSA) campaign to raise awareness among struggling homeowners of the Making Home Affordable Program. The campaign encourages qualified homeowners struggling to make mortgage payments to seek [...]

Commercial and multifamily mortgage loan originations rose 1 percent in the second quarter of 2010 compared with the second quarter of 2009 and 35 percent on a quarter-to-quarter basis, according to a survey by the Mortgage Bankers Association (MBA). The one percent overall increase in commercial/multifamily lending activity during the second quarter was driven by [...]

Construction spending rose 0.1 percent in June compared with May to a seasonally adjusted annual rate of $836 billion, according to a report released Monday by the U.S. Census Bureau and the Dept. of Commerce. The June figure is 7.9 percent below the June 2009 estimate of $907.7 billion. Residential construction spending declined 0.8 percent [...]

Part of the financial reform bill signed into law by President Obama includes the creation of a Consumer Financial Protection Bureau, which will write new rules and monitor problems and abuses in areas such as residential real estate settlements, credit scores, “truth in lending,” and equal credit opportunity. Before the Bureau can begin implementing new [...]