New rules favor flipping to move foreclosures - Flipping used to be a dirty word in residential real estate, but not anymore. A recent HUD policy change is encouraging flipping to foster more sales of foreclosure homes that were badly damaged by the previous owners or others. Area realtors are praising the move, saying it should help the still-struggling existing home market. The department amended its regulations to prohibit flipping on properties to be financed with FHA-insured mortgages. According to the policy, a mortgage would not be eligible for FHA insurance if the purchase contract was executed within 90 days of the prior acquisition by the seller. The 90-day prohibition has been waived for one year starting Feb. 1.
http://www.eastvalleytribune.com/story/151342
Nab a real estate deal - while you still can - How much do buyers stand to lose by waiting? Besides the loss of the tax credit, the biggest game-changer facing buyers is a potential jump in mortgage rates. If the Fed moves ahead with its plan to stop buying mortgage-backed securities at the end of March, the rate on a 30-year fixed mortgage is expected to increase nearly a percentage point from today's 5.18% to 6.1% by the end of 2010, according to the Mortgage Bankers Association. On a $300,000 fixed-rate mortgage, that's an extra $174 per month.
http://money.cnn.com/2010/03/02/real_estate/real_estate_deals.moneymag/index.htm
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