Posts from December 2009

NAR – Home Sales Up for October/November ’09

Home resales are expected to have risen to their highest level in nearly three years in November, as an extraordinary level of federal support has pulled the housing market back from the worst downturn since the Great Depression.

Economists project home sales rose 2.5 percent to a seasonally adjusted annual rate of 6.25 million, up from 6.1 million in October, according to Thomson Reuters. If accurate, it would be the third-straight increase and the best month for home sales since February 2007.

The National Association of Realtors’ report is scheduled for release at 10 a.m. EST Tuesday.

HUD Unveils it’s New Settlement Cost Booklet for Borrowers

As the industry approaches the deadline for applying the new Good Faith Estimate and HUD-1 Settlement Statement forms, HUD has made good on its promise to provide a revised Settlement Cost Booklet that lenders and brokers will be required to provide to consumers within three days of applying for a real estate mortgage loan. The new 49-page booklet has 13 sections, including careful explanations to the borrower for what each one of the line item represents on the new HUD-1 and GFE forms. Click here to see the HUD’s new Settlement Cost Booklet.