The News: Dec. 30

Flipping houses gets easier, foreclosures get harder

Ready to ring in the new year? If you're one of the lucky ones taking a year-end vacation, enjoy it! If you're a working stiff laboring through the last Friday of the year ... here's some news!

This story from CNNMoney describes the increasing difficulties lenders are facing when it comes to foreclosing on a home. In some states, delinquent borrowers are remaining in their homes for an average of three years:

Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.

Our second story comes from the Riverside Press-Enterprise, which reports on the Federal Housing Administration extending a waiver on anti-flipping regulations. This will help investors, but the real winner could be run-down neighborhoods.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Acting Federal Housing Administration Commissioner Carol J. Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can,” she said.

That's all we've got for today. Happy New Year!


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