Throughout the housing crisis, one of the biggest stumbling blocks faced by real estate agents, buyers and sellers alike has been the appraisal process. Would the appraised value be lower than the agreed sales price, and if so, how much lower would it be? It’s thought that thousands of potential transactions have been derailed due to lower-than-expected appraisals.
There’s some good news for military servicemembers on the horizon, after Capitol Hill lawmakers agreed on new legislation that would extend foreclosure protection to enlisted personnel who bought their homes after they went on active duty. Known as the Family Home Protection Act (H.R. 1842), the bill takes over from where the old Servicemembers Civil Relief Act left off.
Underwater homeowners have been given a tremendous boost by rising home prices over the last 12 months, with more than 1.7 million borrowers regaining equity by the end of 2012. This means that there are now 38.1 million homeowners with equity in the US, according to the latest report from CoreLogic.
The foreclosure crisis played havoc with real estate markets across the nation, yet some markets were clearly worse hit than others. Now, those areas that suffered the most are leading the nation in refinancings as homeowners look to reduced their monthly mortgage payements and hold onto their homes.
Australian non-bank lender Pepper has just announced another strong move to consolidate its position as top pan-European loan servicing and real estate manager by acquiring the loan business of Celeris in Spain for €290 million. The newly acquired business will trade as the Pepper Finance Corporation after the buy.