February 2012

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.  “There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski.  “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate…

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.  Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.  However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.  Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower…

Heart of Montana Realty is pleased to welcome Susan Byorth to our office. Susan, who spent 20 years in science and environmental education, is looking forward to assisting clients in their search for answers in the world of Southwest Montana Real Estate. She will draw from her experiences as director of both the Birch Creek Center and Field Campus of University of Montana Western and her time as program manager for MSU’s Science Outreach Program to help her guide her clients through understanding property assets, the transaction process, contract negotiations and marketing.