In the Loop

Multiple contracts pecking order

Since multiple contracts have become the norm in this market, esp. leading up to Nov. 30th deadline. A colleague told me her buyer contract was one among 32 contracts for a single home foreclosure in the $300's range! Hellooo..

So, the pecking order: 1) CASH (is king), 2)Conventional loan, 3) FHA, and 4) VA. Though, sometime stroke of luck do show up, like showing a large EMD drawn from a gov credit union helped...my buyer's win the bidding war.

Short sale is a better approach than foreclosure

According to a report, short sales could be most effective approach in loss mitigation. 

Larger view here.

Mixed news on housing

Credit Suisse data shows that recovery in housing is on the way, while Fitch data shows $134B of option ARM to recast by 2011.

Sellers: if you 'really' want to sell your house, renovate it

In other words, get your place move-in ready. Spending to sell. It's worth it.

Switching places: prime with subprime

Delinquencies among prime borrowers rose 5.8% in Q2 vs. 1.8% for subprime. Trouble for prime borrowers?

Reconstructing American Home Values

Wachovia foreclosed 1/4 Comstock's holdings

Even builder got foreclosed: Comstock's $77.2M debt redux. Still have Eclipse condo in the bag.

Subprime lenders 2nd act

The same cos. that led to subprime blowup, will receive up to $75B from the Feds.

Dreaming real estate collapse?

Nightmare about house of your dreams..

Housing no longer drags, says Fed's Lacker

Jeffrey Lacker, Richmond Fed Reserve, on his view about U.S. economy & housing.