Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $2,500 to $30,000 – at the completion of a qualifying short sale.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of 2012 and close by Sept. 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
Initially, the program will be offered on mortgages that are owned and served by Bank of America. Currently, the percentage of loans that qualify for the program is 8 percent nationwide.
http://www2.realtoractioncenter.com/site/R?i=9SkYMMUWJORJ5pAdh1CeLQ
The Washington Post
With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals.
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http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2
Construction spending during March was estimated at a seasonally adjusted annual rate of $808.1 billion, 0.1 percent above the revised February estimate of $807.3 billion. The March figure is 6 percent above the March 2011 estimate of $762.6 billion, according to the U.S. Census Bureau of the Department of Commerce.
Residential construction was at a seasonally adjusted annual rate of $244.1 billion in March, 0.7 percent above the revised February estimate of $242.5 billion.
http://www2.realtoractioncenter.com/site/R?i=dpflze4Bc-h9Tmqu-MbNsQ
CNNMoney
Even as some mortgage standards have eased, hitting a needed appraisal value is proving a frustrating blocker for buyers and sellers and those looking to refinance.
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http://money.cnn.com/2012/03/30/real_estate/mortgage-denied/index.htm?iid=HP_River
Wall Street Journal
For homeowners who have been waiting for interest rates to fall even further before refinancing, it might be time to pull the trigger on a deal. Rates are moving up – and could stay higher for a while, experts say.
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http://online.wsj.com/article/SB10001424052702303812904577295762407392928.html?mod=WSJ_RealEstate_LeftTopNews
