This week’s C.A.R. Mortgage Update contains information about mortgage rules for condo owners,
foreclosure filings, new foreclosure-prevention projects, and current mortgage rates.
Tougher mortgage rules often leave condo sellers in a bind
The condominium segment of the market accounts for a large number of foreclosures because of its
popularity among investors and first-time home buyers. Due to the rising number of foreclosures in these
communities, many lenders are looking more closely at the makeup of the entire condo complex prior to
extending loans to prospective buyers or to owners wanting to refinance.
New lending guidelines often require higher fees and larger down payments of condominium buyers.
Because of the challenges associated with financing condos, some condo owners are finding it difficult to
sell their units.
To read the full story, please click here:
http://www.latimes.com/business/la-fi-condos29-2009apr29,0,1238189.story
To view additional articles about mortgages, please visit the following:
Foreclosure filings in record jump
To read the full story, please click here:
http://money.cnn.com/2009/04/30/real_estate/March_Hope_Now/index.htm?postversion=2009043011
Foundation backs foreclosures project
To view the full story, please click here:
http://online.wsj.com/article/SB124113036635174911.html
Mortgage rates rise, shy of record low
To view the full story, please click here:
http://www.msnbc.msn.com/id/7148582/
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