Posts Tagged ‘foreclosure’

Freddie Mac Temporarily Suspends Foreclosures In Texas, Louisiana Disaster Areas Hit By Hurricane Ike

Monday, October 13th, 2008

Freddie Mac today announced it is ordering servicers to suspend all foreclosure sales on properties with Freddie Mac-owned mortgages in the federally declared disaster areas caused by Hurricane Ike in Texas and Louisiana. Freddie Mac is one of the nation’s largest investors in residential mortgages.

“Freddie Mac is taking this step because the extensive damage Hurricane Ike caused has made it difficult for our servicers to get the information they need to make case-by-case decisions about forbearance or other workout options,” said Ingrid Beckles, vice president of servicing and asset management at Freddie Mac.

The suspension will extend from October 8 to December 31, 2008 and include mortgages that were in default prior to Hurricane Ike.

Servicers will be required after the suspension ends to consider individual circumstances in determining whether additional foreclosure relief should be extended or whether to proceed with foreclosure.

Today’s announcement only applies to properties with Freddie Mac-owned mortgages in Texas or Louisiana counties, municipalities or parishes that were declared federal disaster areas and where federal aid in the form of individual assistance is available.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world’s capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Credits: Au.Sys.Con

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Posted in Texas Real Estate Daily News | No Comments »

Texas Realty Prices Double in a Decade, According To David Lewis, Founder Of Lewis Realty Advisors

Wednesday, September 3rd, 2008

The last 10 years have been a decade of growth and significant realty value increases in Texas with many properties more than doubling in value, according to Lewis Realty Advisors, one of the oldest and most respected Texas-based real estatevaluation and consulting firms.

Job growth and the strength of the state’s economy boosted demand — and the prices — for office space, retail centers, manufacturing buildings and residential properties over the last decade.
“In many ways, 1998 was the launching pad for probably the most noteworthy era of growth for real estate in Texas. This 10-year period is one for the record books in terms of real estate prices,” said David M. Lewis, founder of the Houston-based firm. “There are exceptions, but for the most part, values are up significantly.”
Prime office buildings in urban areas have not only doubled from 10 years ago, but they sell quickly when offered at market value.
“Houston and other Texas cities have become popular with investors who believe the state’s flourishing energy industry creates a very compelling narrative for real estate investing in the Lone Star State,” Lewis said.
Higher energy prices have elevated the domestic rig count to its highest point since 1985. This has increased the demand and prices for office space and industrial space.
Texas has been leading the nation in job growth, and that has translated into higher prices for residential properties. Urban infill sites that can be used for high-rise residential construction in Dallas and Houston have risen sharply in value, doubling or even tripling in price in the last 10 years, Lewis reported.
Prices for suburban land have risen more than 10 percent per year in some parts of Texas as home builders searched for subdivision sites. But suburban land prices have flattened out recently as home builders have cut back on home starts.

ABOUT LEWIS REALTY ADVISORS: Lewis Realty Advisors has been providing real property appraisal, consulting and commercial development services for almost 50 years. The firm has assisted private property owners and governmental agencies in litigation for eminent domain, environmental contamination, construction and title defects, taxation and foreclosure litigation.

Credits: Market Watch

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Posted in Texas News, Texas Real Estate Daily News | No Comments »