MARKET RECOVERY: 2012

March Pending Home Sales Rise, Market Recovering

  ^[1]Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.
The index is now at the highest level since April 2010 when it reached 111.3.

New Rules Aim to Speed up Short Sales

  ^[1](MCT)—The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month.

Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.
If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application.

HELPFUL HINTS: HOW TO CLEAN YOUR GUTTERS

Home Trends: How to Clean and Repair Gutters

  ^[1]Cleaning roof gutters is a small task that can prevent big problems. Every spring and fall, thoroughly cleaning your home’s gutters will keep them working like they should. Leaves can build up and clog the downspouts, which can cause water damage to your roof and fascia (board behind the gutter).

FAQ'S OF REAL ESTATE

Real Estate Q&A: Is 2012 the Year to Buy?

 (MCT)—QUESTION: With the market up and down and with elections on the horizon, my husband and I are unsure about whether we should buy a home. We don’t want to wait too long and have prices go back up. What are your thoughts on buying in 2012?