Shared Fannie Mae Tells Lenders to Hire Appraisers Who Know The Market.
	Published Floodlight – Nineteenth Century Club.
	Reviewed De-Javu New Orleans and Vegetarian Restaurant (5/5) on Yelp.
	Reviewed Deja Vu New Orleans and Vegetarian Restaurant (5/5) on Yelp.
	Shared “Foreclosures Drop 45%”.
	Shared Pregnant Women Have Trouble Getting Mortgages.
	Published It’s not ALL about Bar-B-Q.
	Shared Uptick in Home Sales? Probably Temporary.
	Shared 32 Months Later It’s Still Great Advice: To Sell House, Cut Price.
	Reviewed Barton’s Car Care (5/5) on Yelp.

Weekly summary of real estate news, Memphis comments, and other interesting stuff – July 25th is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

No related posts.

	Checked in 2 times. (MAAR) Memphis Area Association of Realtors Otherlands Coffee Bar & Exotic Gifts
	Shared Condo Shadow Inventory.
	Shared NAHB versus the EPA – it’s getting ugly and it impacts YOU.
	Shared Bill and Hillary Clinton Close to Buying Bedford Hills, NY Home.
	Checked in at Target
	Shared Mortgage Volume at Lowest Level in 13 years.
	Shared Time, Time, Time is on Your Side as long as you own a time machine.
	Checked in at Bronte Bistro
	Shared HUD announcement: FHA Seller concession to be cut in half.
	Checked in at Moe’s Southwest Grill

Weekly summary of real estate news, Memphis comments, and other interesting stuff – July 18th is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

No related posts.

The Memphis Area Association of REALTORS® (MAAR) reports an 8.5% increase in MLS sales last month compared to June, 2009, with  1152 vs. 1062 residential units.  Year to date, the is a 4.2% increase.  The June increase was expected due to the time limitation of the homebuyers’ tax credit, which had a closing deadline of June 30.  That deadline has now been extended until September 30, so expect a bit of skewing of closed sales for  3 more months.  Of course we are all pulling for a housing recovery, but I expect unit sales to start dropping off as most of the tax credit purchases have now worked through the system.   Median price rose 3.9% to $161,000. Pending sales are at  1477 vs. 1753 in May.

And for our $1 Million+ properties, there were 4 sales in June, and 13 year to date.  Based on that total, the  151 $1M + properties currently listed represent a 69.7 month supply.  Are they still building them?

Remember there are 2 different sales reports:  This one reflects MLS (multiple listing service) sales.  The final report for June will be released in August and reflects the numbers from recorded deeds – which, of course, picks up MLS and non-MLS sales.

photo credit: Justin Shearer

Memphis: June 2010 home sales up from 2009 is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

No related posts.

	Shared Australian Homes Cost Nearly Twice As Much As USA Homes.
	Shared Help Ashley Dupre – New Yorks Newest Real Estate Agent.
	Shared Pending Sales For May 2010 DOWN 30 PERCENT.
	Checked in at City Hall
	Published Getting geared up for Elvis Week.
	Published Boat Living.
	Published Fairgrounds update.

Weekly summary of real estate news, Memphis comments, and other interesting stuff – July 11th is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

No related posts.

In the wake of the housing meltdown, strategic defaults, or walkaways, continue to be a popular way to dispose of a home whose value has dropped  significantly below the mortgage balance.  Those using this option can usually afford their house note, but choose to move on to housing that offers more value for their money.   Sites like http://www.youwalkaway.com assist walkaways:   “We won’t judge your reason, we just want to help you find solutions. Use the law to your advantage. “

The LA Times reports that Fannie Mae (Federal National Mortgage) will pursue deficiency judgments on certain types of  defaulted mortgages and will take steps to keep walkaways from getting new mortgages for 7 years.  While mortgage deficiency judgments are illegal in some states, most allow this practice.  I discussed the prospect of  walkaways being held accountable for their debts in an April Post “Strategic defaults or foreclosure hell?”.

Strategic defaults have been in the news for quite a while now.  In May, CBS’s 60 Minutes did an extensive report.

I have concerns that banks and FNMA will, get deficiency judgments, then turn the debts over to collection agencies for pennies on the dollar.  And we all no how collection agencies operate.

At the root of this issue is the easy money of the early and mid-2000’s, when you could buy a home, or refinance it at greater than market value, with acquisition costs of zero or less (that’s right, buyers were getting money back at closing).  I looked up the purchase information for a recent walkaway owner:  80% first mortgage, 20% second mortgage, and 6% in seller’s concessions.  Absolutely no equity in a sinking asset – nothing to keep this person, and hundreds of thousands just like him, from strategically defaulting with the slightest of provocation.

photo credit: Creative Commons License Respres

Fannie Mae to seek deficiency judgments against walkaways is a post from: Memphis Real Estate Buzz This Feed is for personal non-commercial use only. If you are reading this post outside of your RSS feed reader, you are looking at a website guilty of violating federal copyright law. #memphisrealestatebuzzscraper

Related posts:

1. So you want to buy a Short Sale?
2. In the aftermath of the housing bubble