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Lender communication has always been a key difficulty in handling short sales, exacerbated by agents on both sides of too many transactions who have no idea how to work a short sale. Lenders — notably major banks — have spent a lot of time working to improve their processes to accomodate the huge number of borrowers in default and to comply with recently announced HAFA guidelines Continue reading
Approximately 6 million homeowners nationwide have missed at least two mortgage payments, and as many as 10 to 12 million foreclosures are possible in the next three years. This new program aims to help. Continue reading
Don’t wait until it’s too late to admit you can’t keep up with your mortgage payments. Call me! Continue reading
Warren Buffet has made a lot of money by being right in his forecasts more often than he has been wrong. Bloomberg News reported yesterday on his recent report to Berkshire Hathaway shareholders. Continue reading
Two months of consecutive decline is worrisome, and even Austin and Central Texas participated in this weakness. As always, I the movement of the Austin Metro real estate market on my AustinMarketDashboard, and the decline is visible there, as is the usual price weakness that accompanies weak demand. Average home prices in Austin have now been below the long-term trendline for more than a year. Continue reading
In my opinion, continued artificial support will only make the correction worse when it does happen, so we should allow the market to seek its own course, with minimal external manipulation. Continue reading
Even though Austin is in far better shape that many other places, these Fannie Mae and Freddie Mac will continue to struggle for a long time to come. Continue reading
Are we really over the crest or just in a trough between waves? Continue reading
If you or someone you know is going through this devastating situation, please have them call me. I would love to help them get past this and begin to put their financial lives back together. Continue reading
Austin is still in a much better place than the states that saw the most serious declines in home values over the past couple of years. Here too, though, this problem will likely get worse before it gets better. Continue reading
Bill Morris on Austin Real Estate 