Entries in Home Buyer (13)


Many Hesistant to Buy Homes Despite Lower Mortgage Rates, Prices

Stockbyte/Thinkstock(NEW YORK) -- Mortgage rates are low and housing prices have dropped, but many consumers are still very reluctant to buy.

Drops in sales of new and existing homes fell last month, but so have average prices.  Yet, comparisons between the two are difficult to make.

"These prices are reflecting smaller homes with more modest amenities," says David Crowe of the National Associated of Home Builders.

Local housing markets also vary a great deal, with some faring better than others.

"There are markets in the country that are beginning to recover," says Crowe.  "States like Texas and Oklahoma are doing okay."

Despite improvements in some markets, prices are being dragged down in places where there are many foreclosures.

Copyright 2011 ABC News Radio


Banks Call for Larger Down Payments; Average Jumps to 22 Percent

Photo Courtesy - Getty Images(NEW YORK) -- Down payments on homes have gone up sharply in the past three years, according to a new survey by the real estate website Zillow for The Wall Street Journal.

The survey tracked nine cities and found that the average down payment rose to 22 percent last year, which is double the average amount paid three years ago.  The new percentage also marks the highest average for down payments since 1997, when data were first recorded.

Lenders are insisting that buyers have more skin in the game -- being that larger down payments lead to fewer delinquencies and late payments.

Higher borrowing costs and rising mortgage rates could put more downward pressure on home prices.

Copyright 2011 ABC News Radio


Notaries Plead the Fifth Amid Accusations of Fraud in Foreclosures

Photo Courtesy -- ABC News(ANNAPOLIS, Md.) – Problems with notaries are just the most recent in a string of legal issues with foreclosure documents.

The recent accusations against notaries have caused 18 present and past notaries to plead the fifth in foreclosure cases, reports The Daily Record.

The most common problem being uncovered with the notarized documents are the certifications that say the notary witnessed a signature, even when they didn’t.

The fraudulent notaries have been an issue for home buyers as foreclosures have been dismissed due to the false documents. Such notaries, however, have yet to face prosecution.

Copyright 2011 ABC News Radio

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