AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Al Capone's Palm Island Home Sold for $7.43 Million (House of the Day)http://realestate.aol.com/blog/2013/06/19/al-capone-palm-island-home-sold/http://realestate.aol.com/blog/2013/06/19/al-capone-palm-island-home-sold/http://realestate.aol.com/blog/2013/06/19/al-capone-palm-island-home-sold/#commentsFiled under:


By Sean McCaughan

Apparently Al Capone's Palm Island abode has sold, after being on the market for almost a year (just like Billy Joel's and Rosie O'Donnell's places, both of which recently sold as well) for $7.43 million according to realtrix team The Jills.

The house, from which Capone (pictured at left) supposedly planned the St. Valentine's day massacre and died of syphilis years later, has a plethora of original details including an impressive waterfront pool. Also included in the historic Mediterranean revival compound constructed in 1928 is a two-story guest house, a two-story pool house (or 'casino' if you will), seven bedrooms, and a tall masonry wall encircling the property. No word yet on who the new owners are.

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See more on Curbed:
German Power Plant Goes Incognito as a Garden Hedge
Composer John Philip Sousa's Former Home Relisted for $28.9M
Here, Have a Look at Atlanta's Most Utterly Insane Beds

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]]>al caponeal capone homecelebrity real estateflorida homesflorida real estategangstergangster homesHouse of the Daypalm islandpalm island real estateCurbed2013-06-19T07:30:00+00:00Getting a Mortgage After a Divorce: Difficult, Not Impossiblehttp://realestate.aol.com/blog/2013/06/18/getting-mortgage-after-divorce/http://realestate.aol.com/blog/2013/06/18/getting-mortgage-after-divorce/http://realestate.aol.com/blog/2013/06/18/getting-mortgage-after-divorce/#commentsFiled under: , ,

Bride and groom figurines standing on two separated slices of wedding cakeGetting a mortgage is challenging enough -- with strict underwriting requiring detailed explanations, sourcing of monies and debt ratios -- but adding a divorce to the picture makes it even more difficult for a borrower. The good news is that despite most divorce situations, many can still successfully get a mortgage.

What to plan for: By providing your mortgage company with the most accurate and true picture of your circumstances -- starting with the loan application -- you're helping them to find the best way to structure your loan for a favorable credit decision. The lender will also look at your divorce decree for any other undisclosed/non-credit report financial obligations such as child support, alimony/spousal support paid or received.

If you receive income in the form of child support or alimony: This income can be used for qualifying for the mortgage, so long as there is a six-month history and the income is poised to continue for the next three years, determined by child support or an alimony agreement detailing the terms of the obligation for the party paying the debt.

If you pay alimony or child support: This reduce your borrowing ability as debts reduce income, and income is needed to offset a mortgage payment.

If you are divorced even as long as 20 years ago: There is no statute of limitations on mortgage loan underwriting, so the full divorce decree will be required no matter how many years you have been divorced.

If you own a house and are on a mortgage with an ex-spouse: As long as the divorce decree awards the other party with the home, and the other party is willing to provide supporting evidence that they make the mortgage payments on that home -- by providing 12 months of bank statements and/or canceled checks -- the total mortgage payment on that home can be omitted from the decision-making process on your new mortgage, which can improve your ability to qualify.

If you and your ex make the mortgage payment from the same joint bank account and the divorce decree awarded the other party with the property: You are both 50-50 responsible because the money is "co-mingled" funds from the same place to pay the obligation. There is no way to support your position that one person is responsible for making the payment because it's coming from a joint account.

If the ex-spouse is responsible for making the mortgage that you are also on: Explore the possibility of having the ex-spouse refinance you off the mortgage obligation.

If your ex-spouse is refinancing you off a mortgage loan: A final closing statement called an HUD could be required by the lender you're working with for procuring your loan to omit the payment from the other house.

If you have a joint consumer credit such as credit cards, installment loans, auto loans or even student loans: Unless you can prove the other party is for responsible for the credit obligation (with 12 months of canceled checks or bank statements), those liabilities will be factored into your ability to qualify.

Tips If You're Not Yet Divorced

It's so important to create a marital settlement agreement prior to being divorced. This is a precursor to getting a divorce that could be a great asset in helping you qualify for home financing. Navigating the financial questions that inevitably come up during the separation or divorce can easily be taken care of by having a clear delineation in writing on whose property is whose.

Consumers planning a divorce in the future would also benefit by separating their finances. This means having separate bank accounts, and paying any obligations from these separate accounts. If you are trying to get a mortgage, or will be trying to get a mortgage, consider having a conversation with mortgage professional upfront, who can guide you through the complexities in the underwriting process during a divorce.

More on Credit.com:
The Biggest Mortgage Mistake You Can Make
The Ultimate Guide to Credit Scores
Getting a Divorce? Here's How to Protect Your Credit

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Using a Credit Card for Mortgage Payments

 

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]]>divorce settlementgetting a mortgagerefinancingCredit.com2013-06-18T12:48:00+00:00May's Housing Starts Fall Short of Predictions but Hit 5-Year Highhttp://realestate.aol.com/blog/2013/06/18/may-housing-starts-5-year-high/http://realestate.aol.com/blog/2013/06/18/may-housing-starts-5-year-high/http://realestate.aol.com/blog/2013/06/18/may-housing-starts-5-year-high/#commentsFiled under: , ,

temporary street signs in front of new construction homes in San Ramon, California, Housing starts rose less than expected in May, likely reflecting labor and material constraints, but the overall trend remained consistent with strength in the housing market. Though permits for future home construction fell, that followed a surge in April, which hoisted them above the 1 million-unit mark. The pullback last month reflected a drop in the volatile multifamily sector, but permits for single-family construction touched their highest level in five years.

The Commerce Department said on Tuesday housing starts rose 6.8 percent to a seasonally adjusted annual rate of 914,000 units. April's starts were revised up to show a 856,000-unit pace instead of the previously reported 853,000 units. Economists polled by Reuters had expected groundbreaking to rise to a 950,000-unit rate last month.

Builders, who are ramping up construction to meet demand for housing against the backdrop very low inventory, have been complaining about labor shortages and increased material costs. Sentiment among single-family homebuilders hit a seven-year high in June, a report showed on Monday, amid optimism over current and future home sales.

Lean inventories are pushing up home prices, which are in turn boosting consumer confidence and spurring consumption, helping soften the blow on the economy from tighter fiscal policy and slowing global demand. The Federal Reserve has targeted housing as channel to boost growth, through monthly purchases of $85 billion in government and mortgage-backed securities.

Though residential construction only accounts for about 2.5 percent of gross domestic product, housing has a wider reach on the economy. Analysts estimate that for every single-family home built, at least three jobs lasting for a year are created. Starts are expected to top a 1 million-unit pace this year.

Last month, groundbreaking for single-family homes, the largest segment of the market, rose 0.3 percent to a 599,000-unit pace. Starts for multifamily homes increased 21.6 percent to a 315,000-unit rate. Permits to build homes fell 3.1 percent last month to a 974,000-unit pace. Permits for multi-family homes dropped 10 percent to a 352,000-unit rate. Permits for single-family homes rose 1.3 percent to a 622,000-units, the highest since May 2008.

(Reporting by Lucia Mutikani; editing by Neil Stempleman.)


Previous stories on housing starts:
oHousing Starts Drop but Building Permits Soar

U.S. Housing Starts Surpass 1 Million in March
U.S. Housing Starts Rise, Permits at 4 1/2-Year High
U.S. New-Home Sales Jump to Highest Since July 2008

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Pros and Cons of Buying a New Construction Home

 

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]]>homebuilder confidenceHomeBuildershousing markethousing recoveryhousing startsmultifamily home startsnew constructionsingle family homesReuters2013-06-18T11:49:00+00:00When a Landlord Can Put Your Life in Dangerhttp://realestate.aol.com/blog/on/landlord-neglects-repairs-endangers-tenants/http://realestate.aol.com/blog/on/landlord-neglects-repairs-endangers-tenants/http://realestate.aol.com/blog/on/landlord-neglects-repairs-endangers-tenants/#commentsFiled under: , ,

My Next Move: Bad Management


After a long and arduous apartment search in Brooklyn, Megan Isenstadt and Benjamin Sirota finally found the place of their dreams. The apartment in a cute brownstone building came with its own issues -- but so do most places in New York City. Sometimes their windows wouldn't shut all the way and wood slats in the floor would have to be nailed back down. But they loved their new home and the other tenants in the building. But their dream apartment soon became a nightmare -- and so did the building management.

When the boiler broke in the basement of the building, Isenstadt and Sirota's living situation quickly deteriorated. They soon realized that one thing to watch out for when searching for a new apartment is how responsive the landlord will be to tenants' issues. When their landlord wasn't responsive at all to the broken boiler, they found themselves living in an apartment where their lives were possibly in danger. See their story in the video above.

See more on dealing with landlords:
When You Can Force Your Landlord To Listen To You
Tenants: Keep Your Landlord in Check
Tenants' Rights When Landlord Breaks Rental Agreement

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stairs to basement of Isenstadt and Sirota's apartment building

 

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]]>carbon monoxide poisoninglandlord disputeslandlordsMyNextMoverenters-rulestenants rightsAOL Real Estate Editors2013-06-18T10:30:00+00:00Arnold Schwarzenegger, Maria Shriver's Former Home Sells for $12.9 Millionhttp://realestate.aol.com/blog/2013/06/18/arnold-schwarzenegger-maria-shrivers-former-home-affair/http://realestate.aol.com/blog/2013/06/18/arnold-schwarzenegger-maria-shrivers-former-home-affair/http://realestate.aol.com/blog/2013/06/18/arnold-schwarzenegger-maria-shrivers-former-home-affair/#commentsFiled under: ,

Schwarzenegger, Shriver home in Pacific Palisades
By Eve Bachrach

Arnold Schwarzenegger, Maria ShriverListed for: $13.9 million.
Listed on: Feb. 16, 2013 (though it's been on and off the market since 2008).
Sold for: $12.9 million.
Size: Nine beds and 9½ baths in 10,000 square feet. The estate sits on 2.5 acres.
Location: 14209 Evans Road, Pacific Palisades, Calif.

The Lowdown: The nine bedrooms aren't all under one roof -- there are two guest suites plus a guesthouse in addition to six bedrooms in the big house. Which is perhaps relevant when you consider that this house was owned by Arnold Schwarzenegger and Maria Shriver "during the time period in which the housekeeper he carried on an affair with became pregnant," according to Forbes.

There are "magnificent public rooms, including step-down living room with high-beamed ceilings/projection room, and gourmet kitchen with commercial appliances" inside, and a pool and tennis court in addition to landscaped gardens out. If the 2.5 acres of "park-like grounds" isn't enough for you, the house has direct access to an actual park, Will Rogers State Historic Park.

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See more on Curbed:
German Power Plant Goes Incognito as a Garden Hedge
Composer John Philip Sousa's Former Home Relisted for $28.9M
Here, Have a Look at Atlanta's Most Utterly Insane Beds

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]]>arnold schwarzeneggerarnold schwarzenegger affair homearnold schwarzenegger homecelebrity real estateMaria Shriverpacific palisadespacific palisades homepacific palisades real estateCurbed2013-06-18T09:00:00+00:00Tom Hanks Lists 'Legendary Villa' in Pacific Palisadeshttp://realestate.aol.com/blog/2013/06/17/tom-hanks-lists-pacific-palisades-home/http://realestate.aol.com/blog/2013/06/17/tom-hanks-lists-pacific-palisades-home/http://realestate.aol.com/blog/2013/06/17/tom-hanks-lists-pacific-palisades-home/#commentsFiled under:


By Erika Riggs

At first glance, the Pacific Palisades home is classic -- a comfortable mansion appropriately priced for the area, but it doesn't look like the home belonging to an actor like Tom Hanks.

That's because the home at 956 Corsica Drive in Pacific Palisades, Calif., is just one of three properties the veteran actor owns in the area with wife Rita Wilson. The couple bought a more spectacular (and star-worthy) contemporary home three years ago for $26 million. They also own another property that they picked up in 2010 for $1.45 million, and a prime Malibu Colony home that they bought in 1991.

The couple bought this home earlier in their acting careers in 1988, right on the heels of Hanks' Oscar nomination for "Big." Hanks was just coming into his own as a Hollywood star, after his roles in "Splash," "The Money Pit" and "Dragnet." Today, a string of popular movies include his name on the credits. Hanks and Wilson appeared in "Sleepless in Seattle" together in 1993.

Hanks' Pacific Palisades home is described as a "legendary villa" hidden behind privacy walls and hedges. Built in 1929, the classic house has decorated archways and frescoed ceilings with chandeliers. The highlight of the home is the many loggias and patios -- each surrounded by lush greenery and gardens.

The Spanish-style home measures 6,289 square feet with four bedrooms and 5.5 baths. The master suite includes a fireplace, private beauty salon and opens up to a terrace with ocean views.

See more on Zillow:
Kristen Stewart Buys New Place in Los Feliz
The One-Time Hideaway of Kristen Stewart and Robert Pattinson for Sale
Report: Ellen and Portia Buy in Montecito

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]]>celebrity homespacific palisadespacific palisades real estateSpanish revival hometom hanksZillow2013-06-17T17:04:00+00:00Homebuilder Sentiment Highest in 7 Years in Junehttp://realestate.aol.com/blog/2013/06/17/homebuilder-sentiment-june-highest-7-years/http://realestate.aol.com/blog/2013/06/17/homebuilder-sentiment-june-highest-7-years/http://realestate.aol.com/blog/2013/06/17/homebuilder-sentiment-june-highest-7-years/#commentsFiled under:

Homebuilder sentiment highest in 7 years in June
By Leah Schnurr

NEW YORK, June 17 -- The majority of U.S. homebuilders view conditions in the industry as favorable for the first time since the start of the housing crisis seven years ago, with an industry report showing confidence in the sector surged in June.

At the same time, a separate report on Monday showed manufacturing growth in New York state picked back up but the improvement was undermined by weakness in new orders and employment that suggested activity in the sector remains sluggish.

The National Association of Home Builders/Wells Fargo Housing Market index surged to 52 in June from 44 in May, handily topping forecasts for 45. It was the biggest one-month gain since 2002.

Readings above 50 mean more builders see market conditions as favorable than poor. It was the first time the index has been above that dividing line since April 2006 and was its highest level since March of the same year.

"Another good sign that the recovery continues," said Jed Kolko, chief economist at Trulia, an online real estate marketplace.

Confidence among homebuilders has strengthened in the last year and a half, alongside a recovery in the broader housing sector. The index is 23 points higher than where it was in June of last year.

Rising prices, tighter inventory and improved sales have all helped the housing market get back on its feet. In the stock market, the data pushed the housing index up 2.1 percent. Homebuilders Toll Brothers and Pulte Group gained more than 3 percent, while Lennar rose over 1 percent.

Cheap mortgage rates have helped lure in buyers, with borrowing rates kept low by the Federal Reserve's bond-buying stimulus program, while real estate purchases by investors have also helped soak up the excess demand left in the wake of the housing market collapse.

A recent spike in rates has raised concerns about the headwinds that might pose to the recovery, though mortgages still remain cheap by historical standards.

"The pent-up demand is there," said Sam Bullard, senior economist at Wells Fargo Securities in Charlotte, N.C.

Analysts are looking to the Fed's policy-setting meeting later in the week for insight into when the central bank may start to slow its $85 billion a month in bond purchases.

Homebuilders felt even more optimistic for the coming months with the gauge of single-family sales expectations for the next six months accelerating to 61 from 52. The single-family home sales component rose to 56 from 48, while prospective buyer traffic climbed to 40 from 33.

Builders could still face a hurdle if the recovery in the market convinces current homeowners and lenders that are holding foreclosures that it's the right time to sell, said Daren Blomquist, vice president at RealtyTrac.

That would give "the builders more competition, particularly in markets where existing home prices are still well below the average price of building a new home," he said.

U.S. stocks held on to gains following the data, though investors were mostly focused on expectations the Fed will reinforce its commitment to supporting the economic recovery at its meeting over Tuesday and Wednesday.

Separately, the New York Fed's "Empire State" general business conditions index rose to 7.84 from minus 1.43 in May, topping expectations for zero. A reading above zero indicates expansion.

But many of the details of the report deteriorated, including gauges of new orders and employment that fell to their lowest levels in five months.

"Sentiment may be improving but actual output isn't improving," said Michelle Meyer, senior economist at Bank of America Merrill Lynch in New York.

"This report suggests manufacturing activity is sluggish and that we are seeing that in the U.S. and the rest of the world."

While the housing recovery has been gaining traction, manufacturing activity in contrast has softened, hurt by belt-tightening in Washington and less demand overseas.

Areas of the economy that are directly tied to the impact of the Fed's quantitative easing, including housing and stock markets, are seeing encouraging growth, said Bullard.

"Anything on the production side of the economy, including manufacturing, is falling back on the fundamentals. Right now the fundamentals, especially for the global picture, are still fairly soft," he said.

The most recent look at the sector on a national basis from the Institute for Supply Management showed manufacturing contracted in May to a four-year low.

Monday's regional report poses the risk that ISM's index could fall even further below the 50 mark when the June report is released at the beginning of next month, said Amna Asaf, economist at Capital Economics.

The economy overall is thought to have hit a soft patch in the second quarter and growth is forecast to slow from the 2.4 percent pace seen in the first three months of the year.

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See more on underwater mortgages:
Underwater Borrowers Becoming Accidental Landlords
2 Million Underwater Homeowners Rose From Negative Equity in 2012, Report Says
Strategic Default Has a Hidden Cost You Might Not Be Willing to Pay

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]]>home buyinghomebuilder confidencehousing markethousing recoveryReuters2013-06-17T13:30:00+00:00N.J. Homeowner Sets Home on Fire Trying to Kill Bedbugshttp://realestate.aol.com/blog/2013/06/14/nj-homeowner-burns-bedbud-infested-house/http://realestate.aol.com/blog/2013/06/14/nj-homeowner-burns-bedbud-infested-house/http://realestate.aol.com/blog/2013/06/14/nj-homeowner-burns-bedbud-infested-house/#commentsFiled under:

roof of philadephia home that caught fire in attempt to eliminate bed bugs, shown in screen grab from WTXF-TV

Bedbugs have been the source of much anxiety and even dispute for landlords, tenants and homeowners alike -- but the source of a fire? Well, that's exactly what happened to a homeowner in Woodbury, N.J., whose home caught fire twice in one day: According to news accounts, the homeowner accidentally set the second floor of his home on fire Thursday while trying to rid the home of the pests.

The Philadelphia Inquirer quoted a Gloucester County, N.J., spokeswoman as saying that the male owner, who was not named in reports, used a space heater, hair dryer and heat gun in an attempt to rid a second-floor bedroom of the bedbugs. According to the U.S. Environmental Protection Agency, high heat may kill bedbugs: But in this case, all it did was start the first fire. That blaze was quickly put out. The cause of the second blaze was unknown but WPVI-TV in Philadelphia reported that it nearly gutted the structure.

The Associated Press reported that the homeowner was hospitalized with unspecified injuries. CBS Philadelphia also reported that three firefighters were injured while fighting the fires at the home.

Bedbugs Do's and Don'ts: Though high heat can kill bedbugs, according to the Environmental Protection Agency, raising indoor temperatures with heat-emitting devices like space heaters simply "won't do the job." Special equipment that sustains very high temperatures are required for the successful eradication of bedbugs.

Woodbury Fire Marshall Joseph Buono told WPVI-TV that quick "Internet remedies" for killing bedbugs are a "catastrophe in the making." Homeowners should instead call a professional bedbug exterminator. The EPA adds that homeowners should avoid discarding bedbug-ridden mattresses or furniture to avoid spreading the infestation. Instead, have them professionally fumigated.


More about bedbugs:
Tenant Faika Shaaban Awarded $800,000 for Bedbug Infestation
Did Norah Jones Bring Bedbugs Home?
Bedbug Killers Brainstorm at Chicago Conference

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]]>bedbug firebedbugsDIY bedbug eradicationfighting bedbugsnj homeowner burns bedbug infested housewoodbury new jerseyAOL Real Estate Editors2013-06-14T12:10:00+00:00Mortgage Rates Rise Again, To Nearly 4%http://realestate.aol.com/blog/2013/06/13/mortgage-rates-rise-sixth-straight-week/http://realestate.aol.com/blog/2013/06/13/mortgage-rates-rise-sixth-straight-week/http://realestate.aol.com/blog/2013/06/13/mortgage-rates-rise-sixth-straight-week/#commentsFiled under: ,

Mortgage contract and fountain penBy Marcy Gordon

WASHINGTON -- Fixed U.S. mortgage rates rose for the sixth straight week, putting the average rate on the 30-year loan just shy of 4 percent. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 3.98 percent. That's up from 3.91 percent last week and the highest since April 2012.

The average rate was last at 4 percent or higher in March 2012. The rate on the 15-year loan advanced to 3.10 percent from 3.03 percent. That's also the highest since April 2012.

Concerns that the Federal Reserve will scale back its bond purchases have pushed rates higher. Still, mortgage rates remain low by historical standards. Cheap mortgages have helped sustain a housing recovery that began last year, encouraging more Americans to buy homes or refinance existing loans.

Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note. The yield on the 10-year note climbed as high as 2.29 percent this week from a low of 1.63 percent last month. It has since declined to 2.20 percent in early trading Thursday.

The Fed's $85-billion-a-month in bond purchases have pushed down long-term interest rates. As speculation has grown that the Fed will slow those purchases, investors have driven rates up. That has decreased the value of bonds with lower yields. Fed policymakers hold a two-day meeting next week that will be closely watched for signals that the Fed may soon slow the bond purchases.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for 30-year mortgages was unchanged at 0.7 point. The fee for 15-year loans also was steady at 0.7 point.

The average rate on a one-year adjustable-rate mortgage held at 2.58 percent. The fee for one-year adjustable-rate loans was unchanged at 0.4 point. The average rate on a five-year adjustable-rate mortgage rose to 2.79 percent from 2.74 percent. The fee edged up to 0.6 point from 0.5.

See more on mortgage rates:
Home Mortgage Rates at Highest Level in a Year
Are No-Cost Mortgages Always the Best Deal?
10 Mortgage Misconceptions

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Understanding Home Mortgage Basics

 

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]]>15 year fixed rate mortgage30 year fixed rate mortgageadjustable rate mortgagesFreddie Machome buyingmortgage ratesmortgage rates risingThe Associated Press2013-06-13T14:19:00+00:00Home Repossessions Picked Up in May, RealtyTrac Reportshttp://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/http://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/http://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/#commentsFiled under: ,

foreclosure on doormat of photo illustrationBy Alex Veiga

LOS ANGELES -- Lenders stepped up action last month against homeowners who had fallen behind on their mortgage payments, taking possession of more homes and initiating the foreclosure countdown clock on many others. Completed foreclosures jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, foreclosure listing firm RealtyTrac Inc. said Thursday.

The monthly pick up reflects a rise in homes entering the foreclosure process last year. Many of those homes wound their way through the often lengthy process and ended up becoming bank-owned properties. Home repossessions, however, were down 29 percent from May last year, reflecting the long-term downward trend.

Banks also started the foreclosure process on more homes last month. Foreclosure starts rose 4 percent from April, but were down 33 percent versus May last year, the firm said.
The increases come as the U.S. housing market continues to gain strength, propelled in part by growing demand for homes at a time when there's a thin supply of available homes for sale in many markets.

That dynamic has helped push home prices higher. They climbed nationally on an annual basis by 12.1 percent in April, the biggest gain since February 2006, according to data provider CoreLogic.
The combination of a tight inventory of homes for sale and rising prices makes for an opportune market for banks.

"Home prices are rising and demand is stronger, so they can recoup more of their losses when selling a bank-owned home, and in most cases should be able to sell relatively quickly," said Daren Blomquist, a vice president at RealtyTrac.

The prospect of more bank-owned homes hitting the market also is good news for homebuyers struggling with the short supply of available homes. But not so great for homeowners, Blomquist said. "For homeowners who are current or own their homes outright, this could slow down the recent rapid rise in home price appreciation, which could mean the value of their home does not go up as quickly in the short term," he said.

That's an unwelcome development, particularly for homeowners who are underwater on their mortgage, or owe more than their home is worth. As of the end of March, 19.8 percent of all U.S. homes with a mortgage were underwater, according to data provider CoreLogic. Rising home prices have helped drive that number down from 21.7 percent at the end of last year, and returned roughly 850,000 homes to a state of positive equity in the first three months of this year.

All told, 38,946 homes were taken back by lenders last month. Repossessions increased on a monthly basis in 33 states, including North Carolina, Oregon and Wisconsin. At the current pace, the nation is on track to finish the year with about a half million completed foreclosures, down from 670,000 last year, Blomquist said.

Foreclosure starts totaled 72,698 homes. They increased on a monthly basis in 26 states and rose on an annual basis in 14 states, including Maryland, Connecticut, Hawaii and Arkansas.
Florida led the nation last month with an overall foreclosure rate nearly three times the national average. Rounding out the top three were Nevada and Ohio.

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See more about repossessions and foreclosures:
What's Behind the Foreclosure Surge in New York, New Jersey
Why Buyers Should Consider Foreclosures or Short Sales
Here's What You Can Buy With Your Foreclosure Settlement

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]]>completed foreclosuresforeclosure processforeclosuresforeclosures fallrealtytrac foreclosure reportrepossessionsThe Associated Press2013-06-13T10:17:00+00:00Magician Penn Jillette Lists Candy-Colored Mansion (House of the Day)http://realestate.aol.com/blog/2013/06/13/magician-penn-jillette-penn-teller-home/http://realestate.aol.com/blog/2013/06/13/magician-penn-jillette-penn-teller-home/http://realestate.aol.com/blog/2013/06/13/magician-penn-jillette-penn-teller-home/#commentsFiled under:

Penn Jillette home, Las Vegas
curbed logoBy Amy Schellenbaum

Yes, the hot-pink music sanctuary, red-striped bathroom, and overall Easter-basket color scheme is all a bit insane, but remember: This is Vegas, and craziness is relative.

There's no elaborate fake backyards or gold pleather sofas? Well, this seven-bedroom home -- put on the market for $2.1 million by magician Penn Jillette (of the illusionist duo Penn & Teller) -- is definitely a winner, then. See the listing on Realtor.com.

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See more on Curbed:
German Power Plant Goes Incognito as a Garden Hedge
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Penn Jillette Both Praises And Dumps On Trump

 

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]]>celebrity homescelebrity real estateHouse of the Dayluxury homesluxury homes for salemagicianspen tellerpen teller magicianspen and tellerpen jillettepen jillette homewacky homesCurbed2013-06-13T06:00:00+00:00What Comes With the World's Most Expensive Mobile Home?http://realestate.aol.com/blog/2013/06/12/elemment-palazzo-luxury-mobile-home/http://realestate.aol.com/blog/2013/06/12/elemment-palazzo-luxury-mobile-home/http://realestate.aol.com/blog/2013/06/12/elemment-palazzo-luxury-mobile-home/#commentsFiled under: ,




If you're planning a road trip and want a mobile home that screams style, consider getting yourself an eleMMent Palazzo -- that is, if you're able to part with $3 million for it.

The world's most expensive mobile home, as described in the GeoBeats video above, has a beautiful state-of-the-art interior. It's equipped with a large master bedroom, a driver's seat that resembles an airplane cockpit and even a rooftop terrace that's presumably equipped to accommodate all your s'more-making needs. If anything is bound to silence the chorus of are-we-there-yets, this has got to be it. To see more of the moving mansion's amenities, check out the video above.

See more on mobile homes:
RV Living: How to Make it Without a House
Tricycle House in China Gives New Meaning to Mobile Home
Looks Like Rubbish, Feels Like Home

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eleMMent Palazzo mobile home

 

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]]>eleMMent Palazzomobile homemotor homerecreational vehiclesrvAOL Real Estate Editors2013-06-12T15:45:00+00:00Losing Money on a Timeshare?http://realestate.aol.com/blog/2013/06/12/losing-money-timeshare-taxes/http://realestate.aol.com/blog/2013/06/12/losing-money-timeshare-taxes/http://realestate.aol.com/blog/2013/06/12/losing-money-timeshare-taxes/#commentsFiled under: ,



By Stephanie Auwerter

Q: I bought a timeshare in 2004 for $27,500 and sold it for $7,500 in 2013. Will I be allowed to take a capital loss? -- Gary P., Ohio

A: Sorry. As is the case with a home, car, or boat, timeshares are nearly always treated by the IRS as a personal asset, says Gil Charney, tax research analyst at H&R Block. Thus, losses aren't deductible.

On the other hand, had you sold your timeshare at a profit, the IRS would take a much greater interest in the deal: You'd be taxed on the gain. People paying full retail price, however, rarely profit, since prices typically drop on the resale market.

Buyers can find better values there, says Lisa Ann Schreier, author of Timeshare Vacations for Dummies. But buyer beware: Get proof that taxes and maintenance are paid, and that the title is clear.

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Most Charitable States in America
Home Decor: From Gatsby to Mad Men
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]]>home buyingselling a homeselling a timesharetaxestimeshareCNNMoney2013-06-12T11:00:00+00:00Rising Home Prices Keep Lifting Underwater Mortgages, Report Sayshttp://realestate.aol.com/blog/2013/06/12/rising-home-prices-lift-underwater-mortgages/http://realestate.aol.com/blog/2013/06/12/rising-home-prices-lift-underwater-mortgages/http://realestate.aol.com/blog/2013/06/12/rising-home-prices-lift-underwater-mortgages/#commentsFiled under: ,

More homeowners got out from underwater on their mortgages in the first quarter as a recovery in housing lifted prices, a report from CoreLogic showed on Wednesday. There were 9.7 million properties underwater -- whose owners owed more on the mortgage than the homes were worth -- during the quarter, down from 10.5 million in the previous three months, the data analysis firm said. That amounts to 19.8 percent of all properties with a mortgage, down from 21.7 percent.

Underwater, or negative equity, rates spiked in the aftermath of the housing crisis as prices tumbled, but the recovery in the sector over the past year has helped improve some homeowners' standings. In the past year, 1.7 million borrowers have regained positive equity, the report said.

"We are still far below peak home price levels," CoreLogic Chief Executive Officer Anand Nallathambi said in a statement, "but tight supplies in many areas coupled with continued demand for single family homes should help us close the gap." An additional 2.1 million properties were considered to be in near-negative equity in the first quarter, meaning they had less than 5 percent equity.

Nevada had the highest percentage of properties in negative equity at 45.4 percent. Rounding out the top five were Florida, Michigan, Arizona and Georgia. These five states combined accounted for 32.8 percent of negative equity in the United States.

(Reporting by Leah Schnurr; editing by Lisa Von Ahn.)

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See more on underwater mortgages:
Underwater Borrowers Becoming Accidental Landlords
2 Million Underwater Homeowners Rose From Negative Equity in 2012, Report Says
Strategic Default Has a Hidden Cost You Might Not Be Willing to Pay

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]]>home equityhome priceshome prices risenegative equityunderwater homesReuters2013-06-12T10:12:00+00:00Investors Backing Out of 'REO-to-Rent' Markethttp://realestate.aol.com/blog/2013/06/12/investors-reo-market/http://realestate.aol.com/blog/2013/06/12/investors-reo-market/http://realestate.aol.com/blog/2013/06/12/investors-reo-market/#commentsFiled under: ,

house for sale sign in front yardBy Diana Olick

For the past three years they have been swarming over the hardest-hit housing markets, buying distressed properties in bulk and pushing prices higher by double digits. The idea for these investors was not to buy and flip, but to hold and rent. Now some investors say that they have priced themselves out of the market.

"Higher prices are reducing returns on investment, and investors are responding by cutting back on their purchasing plans until conditions sort out," said Chris Clothier, a partner in MemphisInvest.com and Premier Property Management Group, which commissioned a national survey of investors conducted by ORC International. "Fewer foreclosures, rising property values and competition from hedge funds are making it tough to find good deals on distress sales."

Nearly half the investors surveyed said that they planned to cut back on purchases of homes in the coming year; in a survey last August, just 30 percent said they planned to cut back. Only 20 percent of investors said they plan to increase purchases, compared with 39 percent who said they would last August. All this could have a significant impact on the housing recovery.

"If the investors gets sidelined -- along with first-time buyers who are already sidelined -- this housing market falls apart quickly," says Mark Hanson, a California-based housing and mortgage analyst. Hanson points to still-high levels of negative equity, which has kept many homeowners stuck in place.

Connecticut-based Carrington Mortgage Holdings, a hedge fund that had been buying distressed homes, recently stopped. "We think the market is a little bit too frothy," said Carrington's Rick Sharga in an interview last month. Home prices are now up 12 percent from a year ago nationally, according to CoreLogic, but have risen far more greatly in formerly distressed markets where investors originally focused their purchases.

"The general consensus right now is that the bargains are drying up when it comes to buying foreclosed properties," adds Sharga. That is largely due to a lack of distressed homes for sale. The number of foreclosure sales in the first quarter of this year fell 22 percent from a year ago, according to RealtyTrac, a real estate website. The number of short sales, when the home is sold for less than the value of the mortgage, also fell, as rising prices provided less incentive for banks to agree to such deals. Some claim banks are actually holding onto repossessed homes, waiting for prices to rise higher.

Investors accounted for 19 percent of home sales in April, according to the National Association of Realtors, down from 24 percent in all of 2012. Investors include individual buyers as well as large hedge funds, but the hedge funds have been getting much of the attention, credited with juicing prices in the hardest hit housing markets like Phoenix and Las Vegas. Their so-called REO-to-Rent strategy (Real Estate Owned-to-Rent) has evolved into a new asset class, with two of the companies that engage in the practice going public this year as real estate investment trusts (REITs).

"Institutional investors play an extraordinarily small part," says Laurie Hawkes, president and COO of Phoenix-based American Residential Properties, which went public in May. "If you look at the number of dollars that are absolutely invested at this point, it's probably between 12 and 15 billion. On a house basis, that's about 120 thousand houses. If you think about the houses that have moved into the rental market due to subprime, it's about 5-6 million households, so if you do that math, it is a very small percentage."

Hawkes says she sees no shortage of opportunity in the space, since the rental market has grown so large and the costs for investors are still lower than replacement costs. Rents are still rising along with home prices nationally, but they are falling in the markets where investors initially set their sights.

"Single-family rents in the cities surrounding Phoenix proper -- where all the 'investors' bought all the foreclosures -- have plunged 25 percent in the past 5 months," says Hanson, who recently visited the market, meeting with rental agents and investors. Hanson also points to a high vacancy rate among investor rentals. Still, over half the investors surveyed by ORC International said they plan to hold them for at least five years. One third said they would hold for 10 years or more.

"Investors aren't going to dump a lot of properties into a market and run the risk of losing money or devaluating the rest of their portfolios," he says.

See more on CNBC:
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]]>distressed propertieshome buyinghome pricesreal estate investorsREOREO-to-rentCNBC2013-06-12T10:00:00+00:00Director Jules Stewart, aka Kristen Stewart's Mom, Buys Hollywood Home (House of the Day)http://realestate.aol.com/blog/2013/06/12/director-jules-stewart-kristen-stewart-mom-home/http://realestate.aol.com/blog/2013/06/12/director-jules-stewart-kristen-stewart-mom-home/http://realestate.aol.com/blog/2013/06/12/director-jules-stewart-kristen-stewart-mom-home/#commentsFiled under: , ,

Jules Stewart home
By Erika Riggs

She may be a longtime script director in Hollywood, but as it often goes, the well-known in Tinsel Town aren't usually known for their careers but their connections. And Jules Stewart has the ultimate connection to the A-lister set: She's Kristen Stewart's mother.

Being the "Twilight" star's mom means that she's also fair game for the tabloids. TMZ, among others, recently reported Jules Stewart's conflict with a neighbor over whether Stewart owns "wolves" as pets. A connection to "Twilight," perhaps? Stewart says they are wolf-hybrids and recently got a restraining order against the upset neighbor.

Perhaps that dispute led Stewart to buy a new home for herself and her pack. According to property records, she paid $990,000 at the end of April to buy an "East Coast traditional" off Valley Vista Boulevard in the Sherman Oaks district of Los Angeles.

Described as the "ultimate in casual living," the 2,308-square-foot home has the standard must-haves for a celeb home: pool, spa, a generous-size master suite and updated kitchen. The home won't need any updates, as the property includes recent upgrades to the roof, water heater, and exterior and interior paint.

Stewart, who made her directorial debut on the B-movie "K-11," also owns a home in Malibu, which she purchased for $4.8 million in 2011, and an apartment in Pasadena.

See more on Zillow:
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]]>california real estatecelebrity real estateCelebrityRealEstatehollywood homes for salejules stewartkristen stewartkristen stewart homekristen stewart momluxury homessherman oaks homes for saleZillow2013-06-12T06:00:00+00:00Top 10 U.S. Rental Marketshttp://realestate.aol.com/blog/on/top-rental-markets-america/http://realestate.aol.com/blog/on/top-rental-markets-america/http://realestate.aol.com/blog/on/top-rental-markets-america/#commentsFiled under:



This time of year, scoring a rental can be a battle. Spring and summer are traditionally the hottest times of the year for rentals, and apartments can fly off the market in no time. Of course, as in all things real estate, location determines how hot the rental market is. Realtor.com looked at the 10 hottest rental markets in America based on its rental search data. Click through the gallery below to see them. (Text on all slides courtesy of Realtor.com).

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]]>best rental marketsrenters-rulestop rental marketsAOL Real Estate Editors2013-06-11T13:30:00+00:00Why It's True: You Should Own, Not Renthttp://realestate.aol.com/blog/2013/06/11/why-own-not-rent/http://realestate.aol.com/blog/2013/06/11/why-own-not-rent/http://realestate.aol.com/blog/2013/06/11/why-own-not-rent/#commentsFiled under: ,

By Jeff Brown

The "American Dream" means owning a home rather than renting. And despite the huge losses millions of homeowners suffered in the past decade, the dream is still alive and well. But what, exactly, do people value the most in owning over renting? A study by Fannie Mae shows that most renters aspire to own someday, though they feel it may be more difficult to buy than in the past. The strong appeal to owning is rooted in the sense of control.

A full 90% of renters said they expected to own at some point in the future. Of those renters surveyed, 84% cited "having control over what you do with your living space" as a reason owning is better than renting. "Having a sense of privacy and security" was cited by 80%, "having a good place for your family or to raise your children" by 78% and "living in a nicer home" by 71%. Many also cited the presumed financial benefits of owning over renting, with 78% citing "having the best investment plan," 70% saying "building up wealth" and 69% saying "saving for retirement."

More from TheStreet.com: Housing Market Rises Halfway Back to Normal

Still, renting did seem to offer some advantages over owning, with 57% citing "living within your budget," 52% "having less stress" and 50% "making the best decision given the current economic climate." This last figure reflects the especially high hurdles facing would-be homeowners today, including high down payment requirements and tough loan-approval guidelines. A decade ago, loans were easy to come by and buyers had to put little or nothing down.

"Renters who prefer to own perceive potential financial hurdles, and many of them think it would be difficult for them to get a mortgage today," Fannie Mae reported. "Compared to the owners they aspire to become, renters are more likely to have fewer assets, higher debt stress, and less income."

More from TheStreet.com: Where Are All the Baby Boomers Going?

Asked their primary reason for renting now, 49% of those aged 18 to 34 cited making themselves "financially ready to own." Of those aged 35 and older, 26% cited that reason. In the younger group, 15% said they rent because it is more affordable than owning, while 23% of the older renters cited that reason. In comparison, all the other reasons for renting were relatively unimportant. Renting as a protection against a possible decline in home prices, for instance, was cited by just 1% of those 18 to 34, and 3% of those 35 and older.

So do renters' survey responses reflect a sound understanding of the benefits of owning over renting? For the most part, yes. There's no doubt owning is preferable for anyone who values control. Not many landlords will let tenants change paint colors, let alone knock down the wall from the kitchen to dining room.

More from TheStreet.com: 5 Overvalued Housing Markets

Financially, owning is preferable so long as one will stay put long enough. Generally, it takes four or five years for a home's price to rise enough to offset the various costs of buying and selling, such as transfer taxes and real estate agent's commission. Over longer periods, owners build equity from appreciation and the gradual reduction of mortgage debt.

But homes have not proven to be terrific investments. On average, prices grow at about the inflation rate of around 3% a year -- while alternatives such as stocks earn much more. So when those renters do look to buy, the best move is to buy the least expensive home that satisfies their needs and to invest the savings in some other way.

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]]>american dreamamerican dream of homeownershiphome buyingowning a homeowning vs. rentingTheStreet.com2013-06-11T12:00:00+00:00Las Vegas' Most Absurd Home for Sale? (House of the Day)http://realestate.aol.com/blog/2013/06/11/las-vegas-absurd-home/http://realestate.aol.com/blog/2013/06/11/las-vegas-absurd-home/http://realestate.aol.com/blog/2013/06/11/las-vegas-absurd-home/#commentsFiled under:



Las VegasBy Amy Schellenbaum

At this fine hour, on this most auspicious day, and without further ado, here Curbed presents the most over-the-top house in Las Vegas. And, as it's no secret that Vegas is the uncontested grand dominion of baffling and over-the-top mansions, it's probably safe to say that this 6,872-square-foot palace, on the market for $5.25 million, reigns as one of the most bonkers listings on Earth. Oh, where to start? The bathtub area that even Liberace might tone down? The windowless room with the red carpet and disco ball? The gold couch? The bathtub? The chandeliers? The frescoes that cover every wall and ceiling? Happy Friday, fresco fans.

UPDATE: Commenters pointed out that the current owners of this so-called residence are using the place as a party rental -- Yelp reviewed it -- a good thing for all the local vampire revelers and the members of the Liberace fan club.

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See more on Curbed:
German Power Plant Goes Incognito as a Garden Hedge
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]]>absurd homeshouse of the daylas vegas real estatelas vegas real estate marketluxury real estatemcmansionmcmansionsCurbed2013-06-11T06:00:00+00:00Fast Growth of Mortgage-Service Companies Stirs Concern for Consumershttp://realestate.aol.com/blog/2013/06/10/mortgage-servicers-growth-raises-concern/http://realestate.aol.com/blog/2013/06/10/mortgage-servicers-growth-raises-concern/http://realestate.aol.com/blog/2013/06/10/mortgage-servicers-growth-raises-concern/#commentsFiled under: ,

headquarters of Fannie Mae When Nationstar Mortgage Holdings Inc. tried to buy the rights to collect payments on $122 billion of mortgage loans earlier this year, housing finance giants Fannie Mae and Freddie Mac were not happy. Nationstar had just won the rights to collect payments on a separate $215 billion mortgage portfolio, and Fannie and Freddie worried it would have trouble digesting another big deal, sources familiar with the matter said.

The two finance companies, which guaranteed many of the loans against default and have to approve their transfer, feared there could be unnecessary foreclosures on loans if Nationstar's systems couldn't cope. Fannie and Freddie shared their concerns with Nationstar and the seller of the mortgages, lender Ally Financial, the sources said. Ally ended up selling the majority of the portfolio to a Nationstar rival, Atlanta-basedOcwen Financial Corp.

It is unclear whether Fannie and Freddie threatened explicitly to stop Nationstar from acquiring the business, and whether Ally had other reasons to pick Ocwen's bid, such as a better price. But the intervention shows how uneasy some mortgage industry players are with the rapid growth of servicing companies such as Nationstar, Ocwen, and Walter Investment Management Corp. It also reflects the much more cautious atmosphere in the home mortgage business after the dramatic housing bust in 2007-2009.

"We are very concerned about how these servicers are dealing with customers," said Leslie Peeler, head of Fannie's national servicing organization.

Fannie and Freddie say they have not been able to identify major issues at these servicers but in at least one case its concerns about the pace of expansion were great enough for Fannie to delay the transfer of a portfolio of mortgage servicing rights. Fannie receives daily reports on the performance of the servicing companies, including such things as how quickly customers' calls are answered, but declined to discuss the details or comment on individual cases.

State regulators and the Consumer Financial Protection Bureau, a relatively new federal agency that monitors mortgage servicing among many other aspects of consumer banking, have also expressed concerns. The seven largest non-bank mortgage servicers accounted for $1.40 trillion in mortgage servicing at the end of the first quarter, an increase of 69 percent in just three months, according to Inside Mortgage Finance. The total market is worth about $10 trillion.

The firms say they can handle the new business they are taking on, and have added the systems and staff to cope. And many of the banks that are selling these operations have struggled with mortgage servicing -- they have lost paperwork and have improperly signed documents, and have agreed to pay out billions of dollars in settlements and homeowner relief linked to misconduct in the foreclosure process.

"The banks have done such a terrible job that I don't think anyone is crying tears," as they scale down in the servicing business, said Ira Rheingold, executive director and general counsel of the National Association of Consumer Advocates, a Washington D.C.-based organization.

Servicers get paid by loan owners, typically banks or investors, to collect mortgage payments and handle delinquencies and foreclosures. For a $100,000 loan in good standing and guaranteed by Fannie Mae or Freddie Mac, the servicer might get paid about $250 a year.

Many banks, still suffering from the aftermath of the housing bust and financial crisis, are deciding that fee is not enough given the reams of paperwork and the costs involved. New rules will also force them to use more capital to support their servicing businesses, which has been a big spur for recent deals. Independent mortgage servicers do not have to follow bank capital rules, and are more willing to take on staff and build systems because servicing is their main business.

The independent companies say they have large cost advantages over banks -- for example, when a consumer falls behind on a $100,000 loan, the average servicer can end up spending more than $875 a year to collect payments on it, while Ocwen will spend closer to $260, its Chief Financial Officer John Britti said in a recent presentation.

Ocwen's cost advantages have helped it to grow fast -- its portfolio more than doubled from the fourth quarter of 2012 to the end of the first quarter of 2013, and the company is now servicing more mortgages, as measured in dollars, than banks like Citigroup Inc and U.S. Bancorp.

Nationstar, which is majority-owned by hedge fund Fortress Investment Group, has increased its servicing book nine-fold since 2009, yet reduced 60-day delinquencies by more than 30 percent, it said. The company's systems can handle 6 million loans, far more than the 2.5 million it will have after it completes a deal to acquire loans from Bank of America, said John Hoffman, a spokesman for Nationstar in Lewisville, Texas.

"We have both the capacity and the processes in place to handle those kinds of transfers," Hoffman said.

For its part, Ocwen believes its technology helps to make servicing rights transfers "operationally seamless, although some borrowers naturally will have questions about the change in servicers," said Paul Koches, a spokesman at Ocwen, in an e-mailed statement to Reuters. Ocwen serviced $439.25 billion in the first quarter of this year, more than double the $193 billion in the fourth quarter of last year, according to Inside Mortgage Finance.

Walter, which traces its roots back to 1958, when it was the financing arm of a U.S. homebuilder and natural resources company, did not respond to requests for comment. The firm's vice chairman Denmar Dixon told investors in January that transfers come with risk but that the company had the proper people, systems and processes to minimize those concerns.

Stock investors are more than happy with these companies -- Nationstar's shares have almost tripled since its initial public offering in March 2012. Shares in Ocwen and Walter have more than doubled over the same period. Even Steve Eisman, an investor who profited handsomely from shorting the housing market before it crashed, said in a presentation last month that he thought Ocwen was an attractive investment.

State regulators have been paying close attention to cases where the transfer of home loans to the mortgage servicers were problematic to compensate for the comparatively light federal oversight of these companies, said John Prendergast, vice president for supervision at the Conference of State Bank Supervisors.

"It's a considerable issue because the regulators have seen instances where it didn't go so well," Prendergast said.

In December, New York regulators ordered Ocwen to accept an independent monitor to oversee its servicing practices, in exchange for allowing the company to acquire two more portfolios.

The CFPB said in February it was concerned about home loan servicing transfers, and issued a bulletin advising home lenders about their obligations to protect consumers during the process. Officials from the CFPB declined to comment, other than to say they have "a handful" of mortgage "experts" and are still staffing up to administer new mortgage servicing rules that will apply to the industry starting in 2014.

Consumer advocates can point to cases where individuals had major issues after loans were transferred. When the mortgage of Ester Villalpando, a 54-year-old homeowner in San Antonio, Texas, was transferred to Ocwen in the fall of 2010, for example, she said she did not get a booklet of coupons that she needed to send with her monthly mortgage check.

Ocwen would not accept her checks, and initiated foreclosure proceedings for non-payment, she said. When she tried to get a loan modification later, she kept getting conflicting information from the servicer. "It has just been a nightmare," she said. Ocwen declined to comment on the case.

What is not clear yet, given the recent rapid changes in the industry, is whether banks or independent payment collectors generate more complaints per borrower.

(Reporting by Jessica Toonkel in New York, additional reporting by Rick Rothacker in Charlotte, North Carolina; editing by Dan Wilchins, Martin Howell.)

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Understanding Home Mortgage Basics

 

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]]>Reuters2013-06-10T15:15:00+00:00