Real Estate Directory

Expert: "Feb will be best month ever for mortgages!"

After a major set of cuts recently by the Fed, the Mortgage Genius thinks this is setting Feb. to be record breaking for the financing industry. 

Vince Farrell, managing director of Scotsman Capital, says "I think that with 30-year fixed mortgage where it is right now, 50% of all conventional mortgages are resetable or refinanceable, and I think that’s a big deal.

"As recently as last summer, rates on 30-year fixed loans were about 6.5 percent, and once the Fed actually settles out at the end of the week, we’ll probably only be in the low fives, which will be a two to three year low," according to Spencer Rascoff, chief financial officer of Zillow.

Tacoma Real Estate

Seattle-Tacoma property

Just 36 miles south of Greater Seattle, Tacoma is the sixth largest container port in the US. Known throughout the world for its historic waterfront, museums eclectic downtown areas. Tacoma Homes are often historical in nature as well as many having been built in the 1950's.

Tacoma's history and its neighborhoods go back to its earliest settlements. From the time Old Town and New Tacoma united to form the City of Tacoma in 1884, neighborhoods have served as the foundation upon which Tacoma has been built. Seattle Real Estate

2 Million Foreclosures

From Inman NY 08:

2 Million Foreclosed Homes!

Communities will be ravaged....An Economists view of the current real estate crisis, how it happened and how to fix it.

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Countrywide Financial Saved 80,000 from foreclosure

Thru implementation of  loss mitigation initiatives, Countrywide reports they saved 80,000 borrowers from foreclosure. Fully 69% of the company's efforts to save borrowers were thru loan mods.

“Countrywide is proud of the progress made toward helping our customers sustain homeownership,” said Steve Bailey, senior managing director, Loan Administration at Countrywide. “Home retention efforts in the second half of the year increased 148-percent compared to the first six months, and we anticipate helping even a greater number of borrowers in 2008.”

Countrywide has partnered with some of the nation's largest home retention programs—the Homeownership Preservation Foundation, the HOPE NOW Alliance, the Neighborhood Assistance Corporation of America, the Association of Community Organizations for Reform Now, and the California Reinvestment Coalition. 

Tougher Mortgage Laws Help consumers

Seven states have started an Internet-based system to supervise mortgage brokers. It maintains a uniform application for mortgage brokers and a database that regulators can use to keep track of brokers who try to work in another state after being banned elsewhere. Consumers will have access by 2009. The States are:
Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, and Rhode Island  42 state agencies — including those in Washington, D.C., and Puerto Rico — have committed to join by the end of 2009.