Real Estate

Possibility of Drop in House Prices Increases First-Time Buyers

A research released on Monday showed that the decline in the hose prices have attracted a lot many fresh or first-time buyers to the property market.

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Housing Repairs Firm Rok Announces Insolvency

Rok Plc, a building and social housing repairs firm, announced on Monday that it plans to go into administration. Under this procedure, the company avoids liquidation, but deals with its insolvency by handing operations over to an interim Chief Executive, or Administrator, who acts on behalf of creditors. Trading in its shares has also been suspended.

PricewaterhouseCoopers had been working with the company's banks ahead of loan refinancing talks. It is now being drafted in as the Administrator.

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Halifax Reports Trend in Housing Prices, Suggests Cooling Market

Fears of a cooling UK housing market are mounting after the release of a Halifax report, which stated that Britain’s house prices have fallen 1.2% in the last 3 months.

Halifax, a mortgage lender, painted a muddled picture of the British housing market. While the average price of homes fell by a staggering 3.7% in September, October saw them rise by 1.8%, to £164,919.

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South Carolina Bemoans Paperwork Problems in Foreclosures

South Carolina has seen an increasing number of foreclosures in the recent past. Courts across the state say that the higher rate of foreclosure-as much as one in four-is due to bank lawyers having incomplete paperwork.

An additional factor is the growing number of challenges to the authenticity of signatures on foreclosure documents. Judges report delaying cases where lawyers representing lenders were unaware that borrowers were still attempting to save their homes from foreclosure.

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Fannie Mae Announces Further ‘Rep Tape’ for Mortgage Borrowers

Fannie Mae has just announced an 11th-hour inspection of finances, which will change guidelines for the process of closing a mortgage.

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