The New York Times

New online help from Fannie Mae
Since the start of the housing downturn, the number of Web sites and foreclosure-prevention companies claiming to offer help to struggling borrowers has greatly increased.  While some of the businesses are legitimate, others are fraudulent and offer services that consumers may be eligible to receive free of charge.

KEEP THIS IN MIND

• This month, Fannie Mae – the government-sponsored entity that helps set lending standards for most mortgages—started a Web site, knowyouroptions.com.  The site contains elements distinguishing it from those aiming to prevent foreclosure.  All of the information on the site is available in Spanish or English.
  
  
• KnowYourOptions.com provides video explanations of what users might accomplish in each of the tabbed section of the site.  In the “Take Action” section, for example,” struggling homeowners are advised that the first step to take in seeking help with their mortgage is to contact their mortgage company. 
  
  
• Other features of the site include contact information for mortgage companies and loan counselors, calculators to determine if the borrower is eligible for assistance, and information on commencing short sales or deeds-in-lieu of foreclosure.
  
  
• Another helpful Web site for consumers is www.hopeloanportal.org, which allows struggling homeowners and housing counselors to submit financial documents to mortgage companies and track the status of their efforts to avoid foreclosure. Hope LoanPort was created by Hope Now, a consortium of 12 mortgage companies and 250 counseling agencies.

To read the full story, please see the article here: www.nytimes.com

In Other News...

Sacramento Bee

Buying an older home? REALTORS® giving $2,000 for certain energy-efficiency improvements
The Sacramento Association of REALTORS®, aiming to overcome consumer reluctance about buying older, energy-guzzling houses, has launched a program to give qualified buyers $2,000 to help make energy-efficiency improvements.  Here is the full story www.sacbee.com

WHAT YOU SHOULD KNOW ABOUT THE REAL ESTATE MARKET

• In the second quarter of 2010, 64 percent of first-time buyers could afford to purchase an entry-level home in California, according to the First-time Buyer Housing Affordability Index published by the CALIFORNIA ASSOCIATION OF REALTORS®. 
  
  
• The median price of an entry-level home in California was $266,750 in the second quarter of 2010, with an estimated monthly payment of $1,470, including taxes and insurance.
  
  
• The minimum household income needed to purchase an entry-level home in California in the second quarter of 2010 was $43,960.