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Fannie Mae, Freddie Mac freezing foreclosures for holidays

Fannie, Freddie and major lenders are freezing foreclosures for the holidays, but come January, evictions will resume, and there is no promise of leniency after a prolonged halt on evictions.




freezing foreclosures

Freezing foreclosures for the holiday season

According to Fannie Mae, they will be freezing foreclosures by halting evictions during the holidays, along with Freddie Mac, Citigroup, and JPMorgan Chase, as has been true in recent years. The freeze applies to homeowners in a single-family property and in apartments with up to four units that are financed by a mortgage from Fannie Mae or Freddie Mac.

Fannie and Freddie will freeze foreclosures from December 19th through January 2nd, 2013, and Chase will suspend all evictions from December 19th through January 1st, 2013.

“The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,” said Terry Edwards, an Executive Vice President in Fannie Mae’s credit management division, in a statement. Edwards urges struggling homeowners to call Fannie as soon as possible.

Although evictions will be halted, freezing foreclosures does not stop the filing of foreclosure documents, and evictions will continue immediately after the freeze is lifted.

Superstorm Sandy victims see relief

After Superstorm Sandy hit, Fannie and Freddie announced a suspension in evictions for 90 days for borrowers with loans backed by either government-sponsored entity. The Federal Housing Administration also announced a foreclosure freeze on federally insured homes in areas of Connecticut, New Jersey, New York, and Rhode Island that were hit by the storm.

The takeaway

Although housing is showing signs of improvement, foreclosures continue to remain elevated, at nearly three times their pre-recession levels. Homeowners continue to struggle, and as has been offered during the holidays in recent years, Fannie Mae, Freddie Mac, and major lenders are hitting the pause button on evictions so homeowners can relax for a moment, but struggling homeowners must remember that evictions resume in January, and after a foreclosure freeze, lenders may not be as forgiving.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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  1. LorenSan

    December 5, 2012 at 10:38 am

    @benbalsbaugh yep, it has. Seems like the right thing to do.

  2. LorenSan

    December 5, 2012 at 10:38 am

    @tomroyce Hey Tom hope all is well in your neck of the woods:-)

  3. LorenSan

    December 5, 2012 at 10:46 am

    @TomRoyce it has been an interesting year with many things to be thankful for, thanks for asking Tom:-)

  4. LorenSan

    December 5, 2012 at 11:31 am

    @tomroyce 🙂

  5. JamesFestini

    December 5, 2012 at 7:21 pm

    I am sure those demons at Flagstar are exempt

  6. jtwoodward

    December 6, 2012 at 10:57 pm

    Maybe they will consider doing the sensible thing and green light write downs for owners who want to stay.

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Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?



Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.



aging housing inventory

aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.



zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub,, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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