Infotube.net: Homes for Sale - For Sale By Owner (FSBO) - Real Estate Listings

Mortgage giant Fannie Mae announced that it is willing to play “Let’s Make a Deal” with homeowners who are behind on their mortgage payments.

According to CNBC, Fannie Mae will give homeowners, who are in default on their loan, the option of renting the home and staying put for up to one year.  To be eligible, the homeowner must sign over the deed to the property.

Thank you for visiting InfoTube.net homes for sale and rent website.  We offer free home marketing assistance and thousands of great deals on property.  Check us out!!!

The worst housing market since the Great Depression is taking a huge toll on senior citizens in this country.  The crash in housing values, especially in retirement haven’s such as Nevada, Florida, California and Arizona, is robbing these long, hard working Americans of their retirement and adequate health care.

While most people believe that seniors have no mortgage on their homes, the reality is that hundreds of thousands of retiree’s owe money on their homes.  Even for those lucky enough to own their house outright, the unprecedented drop in home values means they have less equity to live on or exchange for a move to retirement housing or health care facilities.

• According to the AARP, 25.5 million people over the age of 50 have a mortgage on their home.  More than 680,000 (which represents 30 percent of all distressed property) baby boomers are deliquent on their mortgage or are in the process of foreclosure. 
• Many seniors have little saved, other than the equity in their homes.  36 percent of all retiree’s state that their savings and investment nest egg is less than $25,000, excluding home equity and benefit plans.
• Seniors banked on rising home prices and leveraged their primary asset through equity loans and reverse mortgages.   Those that leveraged assets to afford retirement owe an average of $150,000 on their houses.
• Retirement communities and long term care facilities are suffering from the housing market, too.  Seniors usually sell their homes to finance admission into senior housing facilities.   Dire market conditions often mean no sale at all, or one at substantially discounted prices.  Many people are left with no choice or options, forcing them to cancel plans to move to housing that fits their changing needs.

Although seniors and retiree’s are often overlooked in the news, the housing and stock market crash have taken a huge toll on their lives and well being.   Most have worked all their lives to build secure nest eggs for their golden years, only to discover that half a lifetime of work and savings vanished in the blink of an eye. 

Click Here to Read More from USA Today

Thank you for visiting InfoTube.net homes for sale or rent website.   Property owners can place a FREE home listing on our site and reach thousands of buyer’s searching for their dream home.  Good luck on your home sale and please let us know if we can assist you with marketing it successfully.

Stanford Kurland

If you aren’t bothered by morals or ethics, it is so easy to make money.   If you don’t think so, just ask the executives who ran Countrywide Financial.   

Countrywide, in case you forgot, is one companies responsible for the financial crisis.  The huge, subprime lender, that was once a Wall Street darling, made billions of dollars by putting people into home loans that they knew the borrower could not afford, then resold these bad loans to unsuspecting investors. 

It seems that Stanford L. Kurland, former President of Countrywide, along with his ex-Countrywide team of executives, are back to making money in the lending and real estate business.  They opened a brand new company called PennyMac.   PennyMac is located in spacious headquarters, in the same Los Angeles suburb where Countrywide once flourished.  (Obviously, these smug operators don’t even feel the need to leave town…)

So you ask, what kind of business is Kurland and PennyMac into now??   Surely, they would never be allowed to profit from the slimy mess they helped create???    Wrong.  Their new business buy’s delinquent home mortgages for ”pennies” on the dollar, that the US government took over from failed banks and lenders.  They are also busy snapping up foreclosures at cents on the dollar, and then reselling them for big profit.

In case you are wondering how well PennyMac and the old Countrywide team are doing… Mr. Kurland is happy to inform you that his new business is “off-the-charts good??”, as he leaned back in his leather executive chair, while the financial markets plummeted.

Are you mad?  We sure are.   I would love to give Kurland and his team a “A Penny of our thoughts!!!    If you have something to say, you can send an email to service@pennymacusa.com or call Toll-Free (866) 545-9070.

Thank you for visiting InfoTube.net, a Free Homes For Sale Website for owners, builders and real estate professionals.   Click here to view thousands of home listings seen no where else on the internet.

InfoTube homes for sale

With news of the financial crisis and the possible federal bailout of US lenders looming over our heads, it comes as no big surprise that August existing home sales were dismal.

In brief, the numbers provided by the National Association are as follows:

• Existing home sales were down another 2.2 percent in August, bringing the drop to 9.7 percent compared to 2007 levels.
• The average sales price of an existing home fell to $203,100 compared to $224,400 one year ago.
• The inventory of existing homes on the market fell in August to a 10.4 month supply.   A slight uptrend from the 10.9 month supply on the market in July.

Falling inventory levels are a bit of good news among all the bad news.   But keep in mind that the slight dip in inventory is not due solely to a growing number of sales.  Cancelations, listing expirations and owners who chose to withdraw their property from the market until activity picks up, also decrease the total number of homes on the market.

The current 10.4 month supply means we are still in a buyers market.   An inventory of 5-6 months is usually a sign of a balanced market, with an equal number of buyers and sellers.

To read the report from the National Association of Realtors, click the link.

Thank for visiting InfoTube.net.   You can leave anonymous questions or comments by clicking the link below.