Could the weak housing market be bottoming out? Might this be the best time for a killer housing deal? Some housing experts are saying “yes,” pointing out that home prices are down 34% since 2006 and interest rates are historically low. Chief economist for PNC Financial Services, Stuart Hoffman, believes the decline in foreclosures and hopeful job growth will help home prices begin to climb by 2013. Other economists are even more optimistic, and predict higher home prices this summer. “People can now see the light at the end of the tunnel…,” according to one economist.

Read full article here: Buying A Home Won’t Get Much Cheaper

“America’s Loan Modification Guru,” Anna Cuevas asks, “Which comes first, divorce or foreclosure?” Using Nevada, the state with the highest divorce and foreclosure rates as an example, Cuevas says, “There is no particular order.” The financial distress of foreclosure can lead to divorce, or trying to maintain two homes after a divorce can lead to foreclosure. She suggests you “fight for your dreams,” during the loan modification process, taking time to keep your marriage healthy and staying free of blame and hostility. “You may end up with both your home and a stronger marriage…,” according to Cuevas.

Read full article here: High Price of Foreclosure: Your Marriage

National foreclosure research firm RealtyTrac is reporting the lowest national foreclosure activity in the first quarter of 2012 since the fourth quarter of 2007. Good news, however, states using a judicial foreclosure process, including South Carolina, have seen activity increase from 10-26% over the last year. Dorchester County, South Carolina, leads the pack with one in 117 homes facing distress. RealtyTrac CEO Brandon Moore, believes “There are hairline cracks in the dam…it will eventually burst, and everyone downstream should be prepared for that to happen, both in terms of new foreclosure activity and new short sale activity.”

Read full article here: Q1 foreclosure activity down nationally, up for South Carolina

Nonda Karvelas, co-owner of Emerson’s Ale House is eager to open a second location in Des Plaines. Unfortunately, the Metropolitan Square location has been foreclosed on, which has complicated things. “One day we’re sitting at a table shaking hands and lease is going to get written up, then the next week, nothing; no response,” said Karvelas. He remains hopeful that they will be able to work out the terms in a timely manner, and he can open what he describes as an “English pub with a contemporary feel.” Potential customers are also eager for the Ale House to open.

Read full article here: Metropolitan Square Foreclosure Stalls Ale House Move

Commercial real estate information company CoStar Group, reports an increase in the CMBS cumulative default rate for fixed-rate deals of 25 basis points, from the end of 2011, according to Fitch Ratings. Newly defaulted loans were up in April. Office loans were the highest with 49% by balance, followed by retail loans, with 29% by balance. The company suggests following closely “performing balloons”, or loans whose balloon date has past, but are current in their interest rate. Multifamily, and industrial delinquency rates are down.

Read full article here: Office Loans Jacking Up CMBS Defaults

If it seems too good to be true…Hannia and Manuel Escobedo of Brownsville, Texas worked with Freedom Companies, Inc., in an effort to modify their mortgage and reduce their payments. Freedom Companies initially charged the couple $1,995 and also told them to start making their mortgage payments directly to them. When the bank notified them of foreclosure, they scraped together money from family and friends; no one is sure where the money they sent to Freedom Companies went. Freedom Companies has been charged with similar scams, and attorney Kayla Dreyer warns homeowners to be aware of disreputable companies claiming to help with loan modifications.

Read full article here: Brownsville Couple Fighting Back After Loan Modification Scam

The town of Bluffton, South Carolina, has received a federal grant for a six-home affordable housing project. Great news, except they can’t come up with a price, which is holding things up. The grant sets income restrictions, which means the town will pay more than they will receive, leaving them to figure out where the subsidies will come from. Town officials are considering a “soft second mortgage” program, which the homeowner would pay if they sell the home before paying off the first mortgage. The situation is complicated, but officials say they know what they’re doing.

Read full article here: Bluffton must solve home-price mystery

“I’m sick of living in boxes, not knowing what’s gonna happen next,” says Dawn Kyle of Glen Burnie, Maryland.  Kyle has been working toward a loan modification since 2009 and says it’s been very stressful. She has received conflicting information, from eviction notices to reprieves. Mortgage officials claim Kyle has not completed the proper paperwork, but she says she has the records. Kyle may benefit from the recent federal foreclosure settlement, entitling her to $2,500 for pain and suffering. She’s currently in a holding pattern, awaiting news on her loan modification. “I just want what I was promised,” she said.

Read full article here: Homeowners wait in limbo on loan modifications

After the wettest April on record, British mortgage lenders are concerned that the availability and high cost of flood insurance could cause additional problems for the slow housing market. The Association of British Insurers has estimated that around 200,000 homeowners who are at risk for flooding may be unable to get insurance next year. A government spokesman said, “We’re mindful of those on lower incomes living with the risk of flooding. That’s why we’re considering ways to keep flood insurance affordable for those who might struggle most with premium increases.” Existing arrangements will end in June 2013.

Read full article here: House sales warning over flood risk

Not in my backyard! Steve Lonegan is the New Jersey state director of Americans for Prosperity and he is urging residents to let their representatives know they are against the “New Jersey Foreclosure Transformation Act” now making its way through the state Legislature. Lonegan claims the bill will allow the state to purchase foreclosed homes and then turn them into taxpayer-subsidized units for “sex offenders, drug addicts, ex-cons and homeless people…all funded by billions of new state debt.” He believes it’s not about helping those in need, but rather an “outrageous social engineering plot.” The Act has already passed two committees.

Read full article here: Opinion: Foreclosure measure is social engineering plot