Real estate news update: 5-13

Written by Federal Title | 13 May 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

More U.S. sellers cut prices as tax credit ends
CNBC: Sellers slashed a total $25 billion in April from asking prices. The average discount on reduced homes held at 10 percent from the original listing.		From Hamptons to Tahoe, summer home sales rise
Business Week: The price of properties in countryside, coastal, and ski resort locations, often used as second homes, fell by more than 12 percent in 2009.
How to tap banks for real estate loans
Forbes: Right now, holders of cash are royalty. Some banks will lend, but only if the borrower puts down 30% or 40% and can prove the property is gushing cash.
States: Let taxpayers pay your mortgage
CNN Money: Giving people free money to cover their home loans is just one way that states like Florida plan to use $1.4 billion the federal government is sending their way.
How to gauge your home's worth
Forbes: Foreclosures have driven sale prices down, and there are fewer non-foreclosure sales to use as comparables. Additionally, homes may be sold below their value.
Demand grows for FHA mortgages
The New York Times: FHA has taken on a bigger role in the mortgage industry, it has seen its default rate rise and its reserve fall below levels mandated by Congress.

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Headlines compiled by Strategic Research.

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