PAUL RYAN FAVORS DISSOLVING FANNIE MAE & FREDDIE MAC

A Mitt Romney administration plan for a future housing finance system likely shuns any form of a government guarantee based on the Paul Ryan, R-Wisc., pick as candidate for vice president.
Ryan, as head of the House Budget Committee, released a plan that was passed by the House last year to slash spending across nearly every sector of the government, excluding the military. The plan received renewed attention after Romney selected Ryan as his vice president over the weekend from Democrats looking to target long absent specifics from the Romney campaign and Republicans hoping to recharge its base.

The selection also gives markets much needed insight into how Romney may proceed with the long-awaited reform of the government-sponsored enterprises. The long-term outlook of the Ryan plan involves a complete wind-down of Fannie Mae and Freddie Mac and an end to the $188 billion in bailouts so far.
The Ryan budget would “privatize the business of government-owned housing giants, Fannie Mae and Freddie Mac, so they no longer expose taxpayers to trillions of dollars’ worth of risk.”

The Obama administration released three options last year Congress could pursue, which includes various degrees of government support to the future mortgage market, including a completely private option. But that was where the process stopped outside of roughly 15 bills passed by the House, each largely duplicative of the conservatorship agreements.

“Taxpayers’ exposure to Fannie and Freddie, once an implicit guarantee, has now become an explicit obligation to cover its debts,” Ryan wrote in his plan. “The housing-finance system of the future will allow private-market secondary lenders to fairly, freely and transparently compete, with the knowledge that they will ultimately bear appropriate risk for the loans they guarantee. Their viability and profitability will be determined, not by political favoritism, but by the soundness of their practices and the value of their services.”

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. For more on the Team, visit www.maryneilson.com  

Direct:  239-243-5989   Email:  mary@maryneilson.com

FORECLOSURES FALL TO 2007 to 2007 LEVELS

Bank repossessions of foreclosed homes have fallen back to pre-recession levels, the real estate analytical firm CoreLogic is reporting.

A total of 60,000 U.S. foreclosures were completed in June, a rate comparable to the pace of completed foreclosures in 2007, according to the monthly CoreLogic National Foreclosure Report. The figure represents a 25 percent annual decline from the June 2011 figure of 80,000 homes lost to foreclosure.
CoreLogic President and CEO Anand Nallthambi called the report “welcome news pointing to an emerginghousing market recovery.”

Foreclosure inventory down 100,000

Fewer homes have also entered the foreclosure process over the last year, with the result that the foreclosure inventory – the total number of mortgaged homes in the foreclosure process – has fallen to 1.4 million, down from 1.5 million in June 2011. The current figure represents 3.4 percent of all mortgaged homes.

However, that figure could rise again in the coming months, according to Mark Fleming, CoreLogic chief economist, who noted that sales of foreclosed homes have been slowing over the past two months.

The rate of completed foreclosures actually held steady in June, according to today’s report. The May rate of bank repossessions was revised downward to 60,000 units, identical to the current figure, down from 63,000 originally reported last month.

States with highest, lowest foreclosure tallies
Five states accounted for nearly half of all the homes lost to foreclosure over the past year, with California (125,000), Florida(91,000), Michigan(58,000), Texas (56,000) and Georgia (55,000) making up 48.5 percent of the total.

The states with the highest rates of homes in foreclosure, as a share of all mortgaged homes, were Florida (11.5 percent), New Jersey (6.5 percent), New York (5.1 percent), Illinois (5.0 percent) and Nevada (4.8 percent).

The states with the fewest homes lost to foreclosure over the past 12 months were South Dakota (39), District of Columbia (81), Hawaii (449), North Dakota (565), and Maine (625). The states with the lowest foreclosure rates were Wyoming (0.6 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.2 percent).

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. For more on the Team, visit www.maryneilson.com  

Direct:  239-243-5989   Email:  mary@maryneilson.com

CAPE CORAL FLORIDA POOL HOME BANK APPROVED PRICE $125,000 HURRY

Fantastic location in southeast Cape. Immaculate and move in ready. 3 bedroom, 2 bath pool home. Huge, zodiac, solid surface breakfast bar and countertops. Kitchen open to living & dining area for a wonderful roomy feel. Both baths updated with solid surface vanity tops. Master bath has pool access. Lovely electric fireplace stays. Heated in ground pool under screened cage. Pavered pool patio and walkways. Lush, well kept landscape with curbing.

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. For more on the Team, visit www.maryneilson.com  

Direct:  239-243-5989   Email:  mary@maryneilson.com

VA Loan Limits Reinstated, VA ARMs Made Permanent

As of the week of Aug. 6, the President  is expected to soon sign a bill that will reinstate the higher VA loan limits and will make the VA ARM programs permanent.  Both the House and Senate passed the “Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012″.
Among other things, this bill will restore the higher loan limits for VA guaranteed loans through 2014 (these limits had expired at the end of last year). In addition, the bill will make the current ARM programs under VA permanent.

Adjustable Rate Mortgages (ARMs) are especially useful loan products for active duty military. Since military families tend to move often, an ARM or hybrid ARM can be a very reasonable choice. The VA does not allow lenders to charge veterans a prepayment penalty, and so the risk is low for the homebuyer if they move or chose to refinance.  Authority for the ARMs was set to expire on Sept. 30, 2012.
The legislation, sponsored by Rep. Jeff Miller (R-FL) and supported in the Senate by Sen. Patty Murray (D-WA), should be signed by the President in the next few days.

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. For more on the Team, visit www.maryneilson.com  

Direct:  239-243-5989   Email:  mary@maryneilson.com

Breaking News: Mortgage Debt Relief Act Extension Update

The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through Dec. 31, 2013.

The Senate was unable to act on the bill before adjourning for its August break and the party conventions. The Senate reconvenes on Sept. 10. Chairman Baucus (D-MT) had expressed a wish to finish this package before the election in order to provide certainty about the extension (or not) of more than 50 provisions. Nonetheless, it is not known if the package would also be considered in the House before the election.

In addition to the mortgage cancellation relief provision, the package also includes a relief provision to limit the impact of the Alternative Minimum Tax (AMT) in 2012 and 2013. The 15-year cost recovery for leasehold improvements is renewed (it had expired Dec. 31, 2011) and extended through Dec. 31, 2013.  The provision that permits the costs associated with brownfields environmental cleanup was NOT included in this extender legislation.

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. 

Direct:  239-243-5989   Email:  mary@maryneilson.com

CAPE CORAL REAL ESTATE HOMES CHOOSING A HOME INSPECTOR FORT MYERS FLORIDA CONDOS GATED COMMUNITIES

What would you ask your home inspector?
As a home inspector, I can tell you that I appreciate a phone interview very much.  The questions that make the most sense to me regard:

• Experience.  How long has the inspector been in business?  What did he do before becoming a home inspector? 
• Methodology.  What does he do?  How does he do it?  Does he differ in any ways from other home inspectors out there?  What kinds of inspections are done?  Any cool tools?  What are the inspector's perceived strengths?
• Qualifications.  Most states have requirements, but even if a state doesn't - are there any relevant associations, awards, qualifying entities associated with the inspector?  Is the inspector involved with continuing education?
• Final product.  What do buyers get for their money?  How is the final product conveyed?
• Post-inspection counseling.  This is crucially important!  I want to be the go-to guy after the inspection when there are questions, or my clients want to do repairs, remodeling or whatever!
• Can he speak the language well enough to educate?  If not, the final report is likely to be just as weak as his speech.
• Pricing.  Certainly that is a consideration.  But what do you get for your money?
• Any personal experiences the buyer feels are important!  Life experience is a cruel, yet effective, teacher!  Don't be afraid to bring up past experiences.  They count for a lot.

The best way to choose a home inspector is to seek recommendations and have a look at the company website, and if you like what you see there give the company, or individual, a call!  Recommendations can come from any trusted source - friends' experiences, family, consumer websites, other home inspectors, realtors, or other real estate professionals.  Have your questions lined up before any conversation.

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. 

Direct:  239-243-5989   Email:  mary@maryneilson.com

CAPE CORAL HOMES FORT MYERS HOMES CONDOS VISIT THE CENTURY 21 MARY NEILSON TEAM WEBSITE POWERED BY HOMES.COM CAPE CORAL FLORIDA REAL ESTATE FORT MYERS

Learn more about The Mary Neilson Team.  
Go to: www.maryneilson.com

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. 

Direct:  239-243-5989   Email:  mary@maryneilson.com

GULF ACCESS SAILBOAT WATERFRONT POOL HOME CAPE CORAL FLORIDA

1990 Sq Ft, Immaculate 3/2/2 home on direct, sailboat gulf access canal, along Mid Point Bridge, w/captain's walk & 7K boat lift. Approx.6 min,idle speed,from house to River then out to the Gulf of Mexico. Boat lift will handle 32-36' boat w/12' beam(extra wide lift) Tropical, mature landscaping, for privacy around pool w/stamped concrete deck & pool bath. 3 sets of French doors leading to screened lanai. All bedrooms have walk-in closets. Kitchen has granite counters,& includes all SS appliances. Both bathrooms also have granite counters. Chair rails throughout house, except for 2 bedrooms & 2nd bath. Crown molding in living/dining areas, and master bedroom. City water and sewer!!! Close to shopping centers, restaurants, hospital and Fort Myers. Approx. 30 min. to Fort Myers Beach and Sanibel. Bring your pickiest buyers.

Call The Mary Neilson Team for all your Fort Myers, Cape Coral, Fort Myers Beach, Estero and Bonita Beach real estate needs.  Foreclosure and short sale experienced. 

Direct:  239-243-5989   Email:  mary@maryneilson.com