Real Estate News Today Issue #6

7 Years Later, Foreclosures Still Jam Courts, Far Fewer Mortgage Borrowers 'Deeply Underwater', Homeownership Rate Among Real Estate Agents 14.8 Points Higher Than Average, Slow Progress Cleaning Up Mortgage Mess & Rising Mortgage Rates Could Dissuade New Home Buyers 

7 Years Later, Foreclosures Still Jam Courts    
Seven years into the foreclosure crisis, the court system designed to resolve these cases remains jammed.  Even after federal regulators tightened the guidelines for home repossessions and lawmakers in Florida took steps to relieve the system last year, foreclosure hearings continue to struggle with the same issues that plagued the process during the downturn...

Far Fewer Mortgage Borrowers 'Deeply Underwater' 
The company reported Thursday that 9.3 million properties, or 19% of all homes with mortgages, were "deeply underwater" in December, meaning borrowers owed at least 25% more on their mortgage than the home was worth. That's down significantly from 26% of all homes with mortgages, or 10.9 million properties, last January, RealtyTrac reported.

Homeownership Rate Among RE Agents 14.8 Points Higher Than Average   
Real estate agents are famous for extolling the virtues of homeownership, but do they practice what they preach? Why, yes they do, according to an analysis by Trulia. The homeownership rate of agents is 84.9 percent, 14.8 percentage points higher than the average rate for people in all occupations combined, according to the listing portal. 

Slow Progress Cleaning Up Mortgage Mess    
Like tens of thousands of homeowners trying to lower their monthly payments, Tate, 43, and his wife were thrilled when they got a letter from Bank of America in January confirming that their loan modification had been approved. The new mortgage payment on the Tate's Plano, Texas, home would save them about $250 a month. However... 

Rising Mortgage Rates Could Dissuade New Home Buyers      
A sharp rise in mortgage rates over the last few weeks means it may be too late for some homeowners to benefit from a refinance.  This just as thousands were gaining equity in their homes and finally becoming eligible. 

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