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Sales of existing homes rose again last month for the fourth consecutive month across the US, lending support to economists who argue a recovery is near and prices have bottomed out.
CNNMoney reports the gain was the largest on record for existing-home sales. |
Weston prices are now more affordable after months of straight decline that caused the region to tremble with prices rolling back to what they were back in 2004 . However, after months of declining values experts agree that there is a pent up demand that is now out there picking up the good deals. |
| Bank of America easing the short sale process ! |
Bank of America, known for being one of the most difficult banks to deal with in a short sale, has said that it has eased its policy related to short sales to facilitate more of them, instead of letting properties slip into foreclosure, according to a report in American Banker.
Previously, this bank required that 10 percent of the proceeds from a property’s selling price go towards paying a second or an equity line, however, now they will accept a 5% of the net proceeds in a short sale.
Short sales contracts, while not all that attractive either, can result in losses to a bank of 30% less than in foreclosures. With moratoriums drying up for some borrowers and defaults surging, banks seem to be getting a bit more flexible or they stand to lose big money.
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