Bank of America is considering a program that would let under-water homeowners remain in their homes.

The program would be one of the first of its kind at such a large scale.  Under the program, the bank would let the owner short sell their home, and then lease it back from the new owner.  The new owner would be an investor, who would give the previous owner (and current occupant) the option to stay in the house and rent it from them.

This would make it easier on families who currently have to locate because of foreclosure.  This may also be beneficial to investors who could pick up an income producing property with a tenant already in it (avoiding a vacancy).  Of course this would only be beneficial if the previous owner (and current occupant) paid rent on time and kept the property in good condition.

For more info, see this article from Housingwire.com: http://www.housingwire.com/2011/12/09/bofa-developing-foreclosure-rental-programs-to-deal-with-distressed-properties?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

You can contact me with any buying or renting questions, www.ToddTurcotte.com/contact-me

Mortgage rates dropped to 3.99% for a 30-year fixed loan this week.  Rates for a 15-year fixed are down to 3.27%.

These rates are appealing, even to last year’s low rates.  The average 30 year fixed rate from a year ago was 4.61%.  What does that mean for your wallet?

You’d be paying $143 less per month on a $400,000 loan with 4% interest, than the same loan with 4.61% interest (both 30 yr. fixed loans).

For more on the latest rate cha

http://www.housingwire.com/2011/12/08/mortgage-rates-dip-below-4-%e2%80%94-again?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

Just Reduced!  40 Stuart Ave. # C was just reduced to $2,450 / month.

This 3 BR, 2.5 Bath townhouse is just 4 years young!  The condo features H/W floors, Granite counters, Stainless Steel appliances, and a 2 car-garage.  It is centrally located in Norwalk and convenient to I-95 and the Merritt.  It is also just minutes to all SoNo has to offer.

For more info about this specific Norwalk condo rental, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=aeb4cbd2-ac0e-4d17-8050-7f65081cd784&Report=Yes

For any questions, or info on Norwalk real estate, visit:  www.ToddTurcotte.com

New Listing!  8 1/2 Ells was just listed for sale.

This home features 4 BR’s, 2 baths, 1,500+ square feet, and a 1 car garage.  This is a potential short sale.  For more info on this specific property, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=db2ea7cc-7467-4b0c-9060-5310b871208c&Report=Yes

For info on every property in Norwalk, and to contact me with any questions, visit: www.ToddTurcotte.com

Just rented!  24 Ferris # 10 just rented for $1,325 / month.

This Norwalk apartment went quickly, as it offers 2 BR’s as well as Washer / Dryer in the unit, and off-street parking!

For more info about this specific Norwalk apartment, visit:  http://cmls.paragonrels.com/publink/default.aspx?GUID=52bf524e-93ad-4a5d-837a-c0cfb71f7ef2&Report=Yes

For more info on Norwalk real estate, visit: www.ToddTurcotte.com

Fannie, Freddie, and several other mortgage lenders have announced that they will take a break from foreclosures on the days right around Christmas and New Years.

This doesn’t mean they are stopping anything entirely, just that they won’t make anyone physically move during those few days around Christmas and New Years.  This is surely welcome news for those facing foreclosure, especially those who were getting ready to vacate.

This also might just be an attempt at spinning some positive PR, as many employees will be off for the Holidays and mortgage lenders won’t have the physical manpower to keep foreclosure proceedings moving forward for those few days.

For more info on this CNN Money article, visit:  http://money.cnn.com/2011/12/01/real_estate/fannie_mae_foreclosure/index.htm

For more info on real estate in lower Fairfield County, visit: www.ToddTurcotte.com

Just Reduced!  126 Washington St., # 201 was just reduced to $1,850 / month.

This 1 BR condo in the heart of SoNo features soaring 14+ foot ceilings, an updated kitchen with SS appliances & D/W, a walk in closet, and updated bath!  Washer / Dryer in unit.

For more info about this SoNo rental, visit:

http://cmls.paragonrels.com/publink/default.aspx?GUID=5793de0b-b355-4d0e-a097-7c480a8aee1e&Report=Yes

For info on every rental in Norwalk, visit: www.ToddTurcotte.com

U.S. home prices were mostly flat in the third quarter of 2011 according to the Federal Housing Finance Agency.  However, home prices are down 3.7% compared to the third quarter of 2010.

On a positive note, some states that have experienced the worst housing markets after the bubble (ie. Florida) saw modest price increases over the quarter.

To read the entire article from Housing Wire, visit: http://www.housingwire.com/2011/11/29/fhfa-home-prices-mostly-flat-in-third-quarter-and-down-from-year-ago?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

For more info on Norwalk real estate, visit www.ToddTurcotte.com

In an article from Housing Wire, author Jon Prior explains that 30% of FHA mortgages that go through the modification process, end up defaulting again within one year.

This is a staggering number, and gives further ammunition to those who believe the modification process isn’t worth the cost.  Imagine any business or service provider that failed at a 30% rate.  They wouldn’t be in business for very long.  The only silver-lining is that this 30% rate or re-default has actually decreased from years past.

To read the entire article, visit:  http://www.housingwire.com/2011/11/18/30-of-fha-mortgage-modifications-redefault-within-a-year?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader

For info on Norwalk area real estate, visit: www.ToddTurcotte.com

President Obama has reinstated the higher FHA loan limits that recently expired on October 1st.  FHA can now insure loans up to $729,750 from the previous amount of $625,500.

The increase might not seem significant, but it is particularly inportant in areas where real estate is more expensive, like Fairfield County.  For example, San Francisco (another expensive real estate market) home sales of $500,000+ dropped 20% in October compared to a year ago.

The move is contradictory to the goverment’s long term plan of reducing the FHA market share.  In the short term, however, this move adds more flexibility to loan officers who are having a difficult time securing financing from cautios private lenders.

To read the full article from Housing Wire, visit:

http://www.housingwire.com/2011/11/18/obama-signs-extension-for-higher-fha-loan-limits?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29&utm_content=Google+Reader