2011 was a year of pain, a year of gain.  Pain for people who lost homes or couldn’t qualify for loans.  Gain for those who could get loans or paid cash because of great rates and inexpensive houses.  Here are our top stories from 2011 that document some of this.

Rates Approach 1950′s Low – If you want to refinance your mortgage loan and you can qualify, this is a great time to do it!  Mortgage rates are approaching the lowest rates in history – the 3.94 percent average that was recorded in the 1950′s.

One in Four Homes Underwater – While I do not believe my family is underwater in the value of our home, after almost nine years of living here, we are only at the “break even” point.  That is absent any real estate agent fees that would be paid if we chose to sell.  That is if there is no further job loss.  That is barring any major medical problem and falling behind on payments.

Living in Small Spaces – People are downsizing to do more with less – lower utility bills, lower heating bills, etc.  Or perhaps they have lost their house and have converted a shed to live in on the back of their parents’ property.

Flipping Not Often Successful – If you decide to take on buying a house to flip, do so with your eyes wide open.  You must do a market analysis first and then get a solid estimate on what the repairs will cost (including the time investment).

What is Loan Fraud? – Loan fraud is one of the many reasons this country has been in a foreclosure crisis for the last few years.  But what is loan fraud?  It is when the truth does not prevail on a loan application… perhaps something is “whited out” or income is reported incorrectly.  Maybe a buyer says they will be occupying the house, but their intention is to rent.  This is all loan fraud.

Home Ownership After Foreclosure – As the job market slowly recovers, people again want to buy their own home.  The question arises about when they will be able to do this.  While foreclosures stay on a credit history for at least seven years, it could take only three years to qualify again to buy a home.

After looking at some of these highlighted stories, I’m pretty glad to say goodbye to 2011. So long!!