This is a Sponsored post written by me on behalf of Fannie Mae. All opinions are 100% mine.
While the economy is slowly beginning to improve, things are still difficult for millions of Americans. This is especially true for people who are struggling to make their
mortgage payments and avoid foreclosure. Whether you are having trouble staying ahead of your payments or have a close family member or friend dealing with economic hardships, almost everyone has been personally impacted by the housing market meltdown.
When you are dealing with financial hardships, it’s easy to feel like there is no way out. However, there are solutions to help you avoid foreclosure. One of the best resources for information on how to deal with a tough housing situation is www.knowyouroptions.com. It’s a free website created by Fannie Mae providing consumers with options if they are struggling to make their monthly mortgage payments.
Many people can refinance their homes thanks to programs like the federal Home Affordable Refinance Program or modification programs with their lender. Banks and other lenders want to stop the rising tide of foreclosures and are interested in working with mortgage holders to keep them in their homes. Forbearances and repayment plans are possible to help homeowners catch up with their payments and get back on track.
Homeowners who are struggling with their mortgage payments owe it to themselves to check out KnowYourOptions.com to find out more about the different options available to them. They can also learn how to avoid scams which are targeting people dealing with home mortgage problems. A growing number of businesses are preying on homeowners desperate to keep their homes. Fannie Mae has put together information on how to avoid a scam and what to do if you feel like you have been the victim of a scam.
Don’t just take my word for it. Head over to KnowYourOptions.com today to find out more for yourself.
The quarterly numbers for real estate sales in Manhattan were released this week, painting a dark picture of the current market. While even the most uninterested layman could probably tell you that housing sales have fallen, the latest reports indicate that sales of Manhattan apartments and co-ops have fallen by as much as 58%. This is a dramatic drop, especially when one takes a look at the deeply troubled auto industry, where sales are off by approximately 45%.
New construction and luxury apartments on Park Avenue, Fifth Avenue and Central Park West in particular have been hit hard by the housing slump. Compared to a year ago, sales of apartments that are priced over $10 million have plummeted by a whopping 87%. While there
were eight co-ops that closed for over $20 million in the first quarter of 2008, only one managed to close for that amount in the same quarter of this year.
A representative from Advantage Home Rates says: “Not only have the price dropped and there are very few buyers in the market now, but out of those few buyers, very few actually qualify for mortgage loans, as the requirements for mortgage loans have tightened, often requiring minimum down payments of 30% or more.”
The price of luxury California real estate continues to drop — not terribly surprising for anyone who follows the market. However, looking at property that has a history of celebrity ownership can give us a better glimpse into just how the market is doing. After all, these high-profile sales catch the attention of more than just real estate aficionados.
One recent listing that caught our eye was the return to market of a home that had previously been owned by actress Denise Richards. This contemporary ranch home is located in the exclusive area of Hidden Hills, CA and has been listed for $3,495,000. Back in May of 2006, Richards purchased the property for $4,000,000. While she originally listed it higher in an attempt to make a profit, her final sale was a loss at $3,800,000. That was October of 2007. Will this property sell for the current asking price of $3,495,000 or has the market fallen even further than the current owner realizes? We’ll have to wait and see.
A representative from Sunwise Realty said: “We have recently seen a lot o foreclosures in the luxury housing market. The rich were not so effected initially with the economy and the housing slump, but it seems it has catched on with them as well. The number of luxury home foreclosures have been increasing in the market.”
