Housingwire.com reports that Bank of America is ready to start a pilot program for select homeowners who are facing foreclosure.

The program basically has the bank take over ownership of the home, and rent it back to the owner turned tenant at market or below market rate rent.  The owner would be allowed to rent the home for up to 3 years.

This is a pilot program and designed to test the effectiveness of this “rent back” theory.  If successful, we will likely see it appearing in more markets.  Only 1,000 people will intially be allowed to participate.

To read the entire artcile, visit:  http://www.housingwire.com/article/bofa-offers-distressed-homeowners-chance-stay-homes?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

For more information on this program

Just Rented!

14 Woodbury Ave. # 2 just rented for $1,550 / month.

This 2 BR apartment is huge, at over 1,300 SF, and features hardwood floors throughout.  It also offers an updated kitchen with dishwasher, 2 BR’s, and sun room, and private washer /dryer.

For more information about this particular property, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=50a44df6-3df1-4e94-b04c-bd44602f3bf7&Report=Yes

For questions on this property or any other property in Norwalk, CT visit www.ToddTurcotte.com and send Todd and email!

New Listing!

10 Wall St. # 209 was just listed for $1,100 / month.

This studio apartment features soaring ceilings, exposed brick, and wood beams.  It also comes with the creature comforts renters are looking for with an in-unit washer / dryer and dishwasher.  This apartment is located in an historic building that features coded entry and a 5-star restaurant!

For more information about this specific property, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=12cac41c-9af5-4819-8065-c221f058109d&Report=Yes

For information on every property for rent or for sale in Norwalk, visit www.ToddTurcotte.com

Just Reduced!

16 Oakwood Ave # 2 was just reduced to $1,695 per month.  This 2 BR, 1.5 bath townhouse is conveniently located near the Merritt 7 buildings, and close to the Route 7 connector.  The apartment also has a spiral staircase that leads to a loft!

For more information about this particular rental, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=b64e91ec-f11a-41af-a040-0d1d26060d9a&Report=Yes

For information on every proper

Local rental rates have been on the rise lately.  While that is great news for landlords, it isn’t so great for their tenants.

In lower Fairfield County, the rental rates have risen about 3% in the past year, and are expected to continue.  All signs point to rental demand increasing while the rest of the housing market stays stagnant for the most part.  Consider some of the larger developments in Norwalk like Waypointe and 95/7 District.  These developments have revised plans to increase more residential rental units and decrease the amount of commercial and retail space they plan on building.  They wouldn’t shift resources and space towards residential rentals if they didn’t expect the demand to increase (and ultimately their cash flow).

With rental prices increasing, buying a home or condo starts to make more sense.  By most accounts the price of housing has just about hit bottom and the monthly payment on a condo or house is less than it would cost to rent a comparable property in many cases.  If this trend continues (and rents keep rising) it should help the purchase side of the housing market.

For more info about buy vs. rent affordability, see this article from HousingWire.com:  http://www.housingwire.com/article/trulia?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

For information on local real estate, and to ask Todd any questions, visit www.ToddTurcotte.com

Trulia.com just published an artcile about foreclosure myths for 2012.  Most of the public have heard about at least one of these points, if not all 5.

Whether you are in the real estate market (buying or selling a home) or not, it is good to have a basic idea of what is going on in the nation and local real estate markets.  These real estate trends might not affect you today, but what if you need to move out of town for a job in 1, 2 or 3 years?  Knowing what is happening today, and what will likely happen in the future will help you know what tmore accurately

New Listing!  38 Chapel St. # B was just listed for $1,100 per month.

This 1 BR apartment is located on the 2nd floor of the building, and offers off-street parking, a large living room, gas heat, central air, and washer / dryer inside the apartment!

For more info about thi

New Listing!  5 Elmcrest Terrace # 2 was just listed for $1,795 / month.

This 2 BR condo features a granite and stainless steel kitchen, an updated bath, good closet space, hardwood floors, dishwasher, washer / dryer in unit, and more!

For more information about this specific Norwalk condo rental, visit:

http://cmls.paragonrels.com/publink/default.aspx?GUID=9d6ba271-2a18-42f6-9e58-d556429fc613&Report=Yes

For information or questions on any property in Norwalk, visit www.ToddTurcotte.com and send Todd an email!

Just Reduced!  1 Thames St. in Norwalk was just reduced to $249,900!

This 3 BR home offers nearly 1,200 SF, a sun room, 1 car garage, huge back deck, and a yard!  This home is waiting for your own decorative flair to make this home into your own!

For more information about this specific property, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=643ab25c-2897-48e9-864e-460085618d65&Report=Yes

For more info on Norwalk, CT real estate, email Todd by visiting www.ToddTurcotte.com and clicking “contact me.”

Just Reduced! – 5 Elmcrest Terrace # 7 was just reduced to $229,000!

This 1 BR condo in Norwalk was built in 2005.  It has a full granite kitchen, updated bath, and full basement with direct access for storage!

This condo is a short sale.

For more information about this particular property, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=746808e2-6c4d-4368-9969-f456c7b2cfee&Report=Yes

To search every condo listing for sale in Norwalk, CT visit www.ToddTurcotte.com and search listings!