Renovation-Radio.com: National Public Radio (NPR) Reports On The Tens Of Millions Of Americans Who Could Benefit From Current Low Rates For A Refinance But Cannot Qualify (Audio)

Just because mortgage rates are at historic lows doesn’t mean homeowners can qualify to refinance. Most Americans can’t because their credit scores aren’t perfect, their houses have lost value or they’ve lost income.

As a result, tens of millions of Americans have been effectively blocked from saving hundreds of dollars a month by refinancing.

“We would avoid more foreclosures, people would be happier and I think the economy would get a lot better” if everybody could access the low rates, Riccio says.

That’s basically what some economists are proposing — at least for some 30 million Americans. The premise of the idea is that because of the financial crisis, the federal government has already guaranteed 60 percent of existing home mortgages.

For more:  http://www.npr.org/2010/11/11/131249862/refinancing-plan-could-face-political-hurdles

Renovation-Radio.com Housing Market Update: National Public Radio (NPR) Discusses What It Will Take To End The “Housing Bust” (Audio)

National Public Radio (NPR) discusses the potential end to the housing crisis with economist Mark Zandi explaining what it will take for the bust to end — and sketches out housing’s profound influence on the broader economy.

If you want to know when the bust will end, Zandi says, look at foreclosures and short sales. Those typically occur at a big discount to prevailing prices, so they push overall prices down.

At the moment, almost a third of all houses being sold are foreclosures and short sales. The housing bust won’t really be over until that percentage falls sharply. Zandi says that’s likely to happen by the end of next year.

For more:  http://www.npr.org/blogs/money/2010/11/02/131017239/the-tuesday-podcast-the-end-of-the-housing-bust

National Public Radio (NPR) Interview: Author Michael Hudson Talks About His Book “The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America — and Spawned a Global Crisis.” (Audio)

"The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America - and Spawned a Global Crisis" is a book that fills in the back story to the housing crisis and mortgage mess.

As 50 states jointly investigate the mortgage industry amid allegations of improper foreclosure practices, a new book released this week chronicles the rise and fall of the subprime mortgage business. Guest host Jacki Lyden speaks with author Michael Hudson about his book “The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America — and Spawned a Global Crisis.” NPR Senior Business Editor Marilyn Geewax also joins the conversation.

Renovation-Radio.com: Research Into The History Of The Average Western Home (NPR Audio)

Bryson’s research into the history of the average Western home yielded some unexpected finds — as recently as 200 years ago, the rooms of a common house might have been barely recognizable.  Take, for instance, the long history of the hall, which Bryson refers to as “the most demoted room in the house.”

“Hall denotes important spaces in the wider world,” Bryson says. “Hall of Fame, Carnegie Hall, that kind of thing. And yet in our own homes it’s this dinky room, where we just take off our shoes and hang our coats and hats.”

Renovation-Radio.com: NPR Reports On Record Foreclosures In 2010 Which Sell For 26% Less Than Homes Not In Foreclosure (Audio)

Nearly one in four homes sold in the second quarter of this year were foreclosures, according to the research firm RealtyTrac. The company estimates banks will take over a record 1.2 million homes this year — up from a million last year. Those foreclosed homes sold for 26 percent less compared to homes not in foreclosure.

Renovation-Radio.com: Government Is Looking To Simplify Mortgage Loan Application Process (Audio From NPR)

The government is looking into ways to make the process of obtaining a mortgage simpler and easier for consumers to understand. The focus right now is on the disclosure form used by lenders.

Renovation-Radio.com: National Public Radio (NPR) Airs “Volatile Housing Market Baffles Homeowners”

Tax credits for buyers, mortgage help for homeowners and new rules for lenders haven’t stopped the slide in the housing market. Some economists argue the best way to balance the market in the long term is to let it crash in the short run. Many homeowners and prospective homeowners are unsure if it’s time to buy, to rent, or to wait.

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