What a stunning weekend here in Wilmington! Beach time has arrived.
The markets have been all a-giddy of late over the improved economic trends, evidenced by recent reports on housing, manufacturing and retail sales are on the upswing. Has the recession finally hit its bottom? We would like to think so.
More Houses gain Multiple offers
Markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
When you begin to see people willing to fight for a property, that’s a good sign!
Pending Home Sales in the South
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate recently approved a version of the latest foreclosure-prevention plan.
The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.
The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.
The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.
…until next week in The Week in Review
Tina
