The Delaware State Housing Authority’s getting $6 million dollars in federal funds to stop foreclosures. The money, made available by HUD, will be used to offer forgivable loans of up to $50 thousand dollars through the Emergency Homeowers’ Loan Program to help unemployed and under-employed homeowners make mortgage, insurance and property tax payments. Interested homeowners can get more information by calling DSHA or going to http://www.DeForeclosureHelp.org

There are a record number of foreclosures on the New Castle County Sheriff Sale list for this coming Tuesday –  363 up from 312 in June and 166 in May!!!    If someone you know is having difficulty paying their mortgage – there are options available!   Please have them contact me for solutions. View the 33 pages of foreclosures here:      
http://www2.nccde.org/sheriff/sales/default.aspx

Fannie Mae is getting tough on Strategic Defaulters:

http://www.fanniemae.com/newsreleases/2010/5071.jhtml

The New Castle County Board of REALTORS held its annual awards celebration at the Clarion Hotel-The Belle on May 25, 2010.   This year I was recognized as receiving a Lifetime Award to the  Million Dollar Club.   I am humbled.  

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors ®. Existing-home sales “ including single-family, townhomes, condominiums and co-ops “ dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.  

Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, plunging far deeper than expected after lawmakers gave buyers extended time to use a tax credit. The National Association of Realtors says sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million in December, from an unchanged pace of 6.54 million in November.

Regionally, existing-home sales in the Northeast dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. The median price in the Northeast was $241,700, up 3.2 percent from December 2008.

Starting December 12, the automated system that Fannie Mae  uses to approve loans will reject borrowers who have at least a 20 percent down payment but whose credit scores fall below 620 out of 850. The previous cut-off was 580.

Fannie Mae announced a Q3 loss of $18.9 billion,  up from a loss of $14.8 billion last quarter. How’s that for a recovery! ;-(

http://tinyurl.com/ykkray5

Expected to be signed by the President by Friday!