Forbes Magazine recently published the top ten cities it believes will continue to decline in prices.
The top 10 cities likely to continue to fall in values were as follows:
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Much of the feedback lately is that only those home owners behind on payments can get assistance from their lender. However, banks are now stating, even if subtly, that going behind on payments may not be a prerequisite for getting a loan modification. Take for instance the two statments taken from these lenders websites.
The point is simple. If you can make your payment…make it. If you cannot make the payment, or feel you will not be able to in the future, then contact your loan servicer as soon as possible.
Housing Market Faces New Rules for Appraisals
The housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.
Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.
Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)