Motorcycles in a garden and classic cars parked nearby were among the props a brokerage firm used to try and lure prospective buyers into purchasing properties at a SoHo luxury building Tuesday night.
East Egg Realty, one of the brokers marketing the Soho Mews at 311 West Broadway, was hoping that the appearance of a ritzy lifestyle — including professional stylists at your beck and call — would help them meet their goal of selling two townhouses and two penthouses in the Mews complex, where sales have been hit hard by the recession.
“It was really about bringing its best features to life,” said Leslie French co-founder and president of East Egg, "and “continuing the positive flow of the sales of the building. At the end of the day, it’s been a tough market for everyone.”
Read more: Broker Pitches Ritzy Lifestyle to Go Along With SoHo Luxury Units...
Lower Home Prices Are Spurring Sales In Utah
About one quarter of all real estate transactions in Park City involve distressed properties.
That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.
Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.
"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.
Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.
"Comparatively, Summit County isn't doing too bad," she said via email.
Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors.
Click Here To Read: Lower Home Prices Are Spurring Sales In Utah...
That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.
Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.
"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.
Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.
"Comparatively, Summit County isn't doing too bad," she said via email.
Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors.
Click Here To Read: Lower Home Prices Are Spurring Sales In Utah...
Friday, July 30, 2010
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Conan O'Brien Sells Central Park West Co-Op for $25 Million
Conan O'Brien has reportedly sold his Central Park West apartment for $25 million.
David Zaslav, the chief executive of Discovery Communications, bought the seven bedroom, eight-and-a-half bathroom duplex on the 17th and 18th floors of the Majestic, the New York Times reported.
Read more: Conan O'Brien Sells Central Park West Co-Op for $25 Million...
David Zaslav, the chief executive of Discovery Communications, bought the seven bedroom, eight-and-a-half bathroom duplex on the 17th and 18th floors of the Majestic, the New York Times reported.
Read more: Conan O'Brien Sells Central Park West Co-Op for $25 Million...
Home Foreclosures Still Hit Utah Metro Areas
More than 75 percent of major metropolitan areas in the U.S. are posting high foreclosure rates, according to a midyear report from foreclosure listing service RealtyTrac.
The Provo-Orem area was Utah's hardest-hit metro in the first half of 2010, with about 3,000 foreclosure-related filings by the end of June, the RealtyTrac report said. That number is an 8.37 percent improvement from the last half of 2009.
Salt Lake City was 36th on the list, with more than 8,000 properties undergoing foreclosure. That amounts to about two homes for every 48.
Click Here To Read: Home Foreclosures Still Hit Utah Metro Areas...
The Provo-Orem area was Utah's hardest-hit metro in the first half of 2010, with about 3,000 foreclosure-related filings by the end of June, the RealtyTrac report said. That number is an 8.37 percent improvement from the last half of 2009.
Salt Lake City was 36th on the list, with more than 8,000 properties undergoing foreclosure. That amounts to about two homes for every 48.
Click Here To Read: Home Foreclosures Still Hit Utah Metro Areas...
Thursday, July 29, 2010
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Home Prices Falling Despite Low Mortgage Rates
The fine bloggers over at Calculated Risk have a good article today about the future of housing prices. In essence the article asserts that there have been declines in home values in both May and June that have yet to fully show up in many measures of home prices.
This premise is based upon data from Campbell Surveys that shows prices for short sales fell 6.3%, move-in ready foreclosures fell 6.8 percent, and non-distressed properties dropped 4.6 percent.
The decline can likely be traced to several factors. First is the collapse in demand for homes following the expiration of the first time home buyer tax credit at the end of April (the overall weakness of the economy also plays a part in the lack of demand). The next factor is the massive overhang of houses on the market and in the hands of banks and lenders. Finally, the sheer volume of foreclosed and distressed homes negatively affects the price of homes.
Click Here: Home Prices Falling Despite Low Mortgage Rates...
This premise is based upon data from Campbell Surveys that shows prices for short sales fell 6.3%, move-in ready foreclosures fell 6.8 percent, and non-distressed properties dropped 4.6 percent.
The decline can likely be traced to several factors. First is the collapse in demand for homes following the expiration of the first time home buyer tax credit at the end of April (the overall weakness of the economy also plays a part in the lack of demand). The next factor is the massive overhang of houses on the market and in the hands of banks and lenders. Finally, the sheer volume of foreclosed and distressed homes negatively affects the price of homes.
Click Here: Home Prices Falling Despite Low Mortgage Rates...
What Recession? Fifth Avenue Home Sells for $40 Million
A deep-pocketed buyer has paid an eye-popping $40 million for a Fifth Avenue mansion — the biggest home sale in the city since the start of the recession.
But the 19,500-square-foot Duke Semans townhouse at 82nd Street, close to the Metropolitan Museum of Art, could be considered a bargain.
It sold for $10 million below asking price, the New York Post reported.
Read more: What Recession? Fifth Avenue Home Sells for $40 Million...
But the 19,500-square-foot Duke Semans townhouse at 82nd Street, close to the Metropolitan Museum of Art, could be considered a bargain.
It sold for $10 million below asking price, the New York Post reported.
Read more: What Recession? Fifth Avenue Home Sells for $40 Million...
As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike
The rate of seriously delinquent mortgages backed by the Federal Housing Administration (FHA) declined slightly from May to June, but the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 35% year-over-year.
According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.
Click To Read Here: As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike...
According to the FHA June single-family operations report, the total volume of mortgage in-force increased more than 24% to 6.4m in June compared to the same month one year ago. The total value of unpaid FHA mortgages was $865.5bn in June, up 30.3% from $663.8bn one year ago and up 3.3% from $837.8bn in May.
Click To Read Here: As FHA Mortgage Volume Increases From 2009, Serious Delinquencies Spike...
Obama Signs Bill Eliminating HVCC
When President Barack Obama signed the Dodd-Frank Act this week to reform the financial markets, the Home Valuation Code of Conduct (HVCC) was officially set for elimination in 90 days.
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
Mortgages After Financial Reform: 5 Ways They’ll Change
The financial reform law includes tough new mortgage regulations, to stop the deceptions (and self-deceptions) that have driven millions of homeowners into foreclosure. Here’s how the market will change in 12 to 18 months, when the new rules start to take effect:
Click Here To Read: Mortgages After Financial Reform: 5 Ways They’ll Change...
Click Here To Read: Mortgages After Financial Reform: 5 Ways They’ll Change...
Wednesday, July 28, 2010
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Former Homeowners Ponder When To Re-enter Real Estate Market
In hindsight, Scott Feldman's decision to sell his first home in late 2006 could have been a case study in a textbook called "How to Time the Real Estate Market."
Feldman, who works at a private equity firm, sold his two-bedroom apartment on Manhattan's Upper East Side for $879,000, about 40 percent more than what he paid for it in 2003.
But whether Feldman's return to homeownership proves as financially savvy remains to be seen. After weathering the recession in a rental unit, he bought a five-bedroom house in a New Jersey suburb last spring for 30 percent below the original asking price.
"We probably overpaid for it -- but we're happy here," Feldman said, adding that he and his wife's decision to buy had less to do with calling a market bottom than settling into a community their two young children, nearing school age, could grow up in.
Click Here: Former Homeowners Ponder When To Re-enter Real Estate Market...
Feldman, who works at a private equity firm, sold his two-bedroom apartment on Manhattan's Upper East Side for $879,000, about 40 percent more than what he paid for it in 2003.
But whether Feldman's return to homeownership proves as financially savvy remains to be seen. After weathering the recession in a rental unit, he bought a five-bedroom house in a New Jersey suburb last spring for 30 percent below the original asking price.
"We probably overpaid for it -- but we're happy here," Feldman said, adding that he and his wife's decision to buy had less to do with calling a market bottom than settling into a community their two young children, nearing school age, could grow up in.
Click Here: Former Homeowners Ponder When To Re-enter Real Estate Market...
Remember Jumbo Loans? They're Back!
Amid all the double-dip discussions in the housing market is an odd ray of hope on the high end.
With little to no fanfare, it appears jumbo loans are not only getting cheaper, they're getting easier to obtain.
After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.
A quick check on Bankrate.com shows the 30-year fixed jumbo at around 5.50 percent, and Citibank last week reported applications for jumbos up 30 percent just over the last 60 days.
"It is the overall weak economy driving the 10 year lower, which is the proxy for most mortgage loans," says FBR's Paul Miller. "This is still probably the best of the best getting loans at these low rates, but Jumbo activity is still very, very low." Miller says it's good for the market, but only "marginally better," as banks are desperate to find good loans to put on their books.
Click Here: Remember Jumbo Loans? They're Back!...
With little to no fanfare, it appears jumbo loans are not only getting cheaper, they're getting easier to obtain.
After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.
A quick check on Bankrate.com shows the 30-year fixed jumbo at around 5.50 percent, and Citibank last week reported applications for jumbos up 30 percent just over the last 60 days.
"It is the overall weak economy driving the 10 year lower, which is the proxy for most mortgage loans," says FBR's Paul Miller. "This is still probably the best of the best getting loans at these low rates, but Jumbo activity is still very, very low." Miller says it's good for the market, but only "marginally better," as banks are desperate to find good loans to put on their books.
Click Here: Remember Jumbo Loans? They're Back!...
How Financial Reform Could Affect You
Once signed into law by President Barack Obama, how will the new financial reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act affect consumers?
One of the most prominent features of the bill is the creation of a Consumer Financial Protection Bureau within the Federal Reserve. Its mission will be to oversee consumer financial products offered by banks, mortgage companies, credit cards, debt-settlement firms, loan providers and payday lenders. It will have the authority to craft regulations, launch investigations and act on consumer complaints. The following is a sample of other ways the bill may—or may not—act on average Americans.
Click Here to Read: How Financial Reform Could Affect You...
One of the most prominent features of the bill is the creation of a Consumer Financial Protection Bureau within the Federal Reserve. Its mission will be to oversee consumer financial products offered by banks, mortgage companies, credit cards, debt-settlement firms, loan providers and payday lenders. It will have the authority to craft regulations, launch investigations and act on consumer complaints. The following is a sample of other ways the bill may—or may not—act on average Americans.
Click Here to Read: How Financial Reform Could Affect You...
Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?
With the expiration of the first-time buyer tax credit on April 30, there are now two main props keeping the housing market afloat. One is the growing percentage of home sales financed by Federal Housing Administration (FHA) loan guarantees. The other is the refusal of banks to put on the market foreclosed homes over $300,000.
In this article, we will take a look at the second factor. A future report will examine the role of the FHA in keeping the market from collapsing.
Click Here to Read: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?...
In this article, we will take a look at the second factor. A future report will examine the role of the FHA in keeping the market from collapsing.
Click Here to Read: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market?...
Housing: Right Back Where We Started?
With all the gloom and doom in the present conversation about the national housing market, you’d think we were recovering from a complete financial meltdown instead of the expiration of the first-time homebuyer’s tax credit.
Funny coincidence about that—these days, it seems like everyone, from the analysts to the big builders, is talking about how July 2010 looks a whole lot like April 2009, when the market was just emerging from the darkest days of the financial meltdown.
This morning, the National Association of Home Builders/Wells Fargo Housing Market Index–a monthly yardstick for investors and market-watchers that gauges whether CEOs of homebuilding companies are feeling like raising a glass of champagne or downing a stiff drink–showed that builder confidence in the market had fallen to its lowest level since April of last year.
Click Here To Read: Housing: Right Back Where We Started?...
Funny coincidence about that—these days, it seems like everyone, from the analysts to the big builders, is talking about how July 2010 looks a whole lot like April 2009, when the market was just emerging from the darkest days of the financial meltdown.
This morning, the National Association of Home Builders/Wells Fargo Housing Market Index–a monthly yardstick for investors and market-watchers that gauges whether CEOs of homebuilding companies are feeling like raising a glass of champagne or downing a stiff drink–showed that builder confidence in the market had fallen to its lowest level since April of last year.
Click Here To Read: Housing: Right Back Where We Started?...
Pricing Your Home To Sell In Today's Market
With no federal tax credit to entice buyers, today's home sellers have to get even more serious about making a deal.
That means pricing aggressively -- low enough to compete with foreclosures in some markets. It's a conversation that stings, said Summer Greene, a real-estate agent for a Better Homes and Gardens Real Estate brokerage office in Fort Lauderdale, Fla.
"It's like telling them that their children are ugly," she said.
Click Here to Read: Pricing Your Home To Sell In Today's Market...
That means pricing aggressively -- low enough to compete with foreclosures in some markets. It's a conversation that stings, said Summer Greene, a real-estate agent for a Better Homes and Gardens Real Estate brokerage office in Fort Lauderdale, Fla.
"It's like telling them that their children are ugly," she said.
Click Here to Read: Pricing Your Home To Sell In Today's Market...
Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company
Beverly Hills is joining a list of high-profile cities that are welcoming a new generation of building. Irontown Housing Company, Inc., a 25-year-old Utah housing company, has changed the face of construction by providing customers custom, quality built, energy efficient homes while saving time, money and the earth.
Irontown Homes is scheduled to deliver a custom home to Beverly Hills on July 14th. The home features exquisite hand hewn cabinetry and built-in woodwork throughout, exposed ceiling beams, hardwood doors and case moldings, custom painting, majestic fireplace, exotic granite countertops, custom granite showers, and upgraded insulation. Also included are Pella windows, tile roof, GE Monogram appliances, Moen fixtures, imported tile flooring, home automation, and double-layered security system.
Eight individual modules will be craned onto the foundation in one day and the finishing will be done within a few weeks on site. Every Irontown Home is 95% finished when it leaves the factory.
Click Here To Read: Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company...
Irontown Homes is scheduled to deliver a custom home to Beverly Hills on July 14th. The home features exquisite hand hewn cabinetry and built-in woodwork throughout, exposed ceiling beams, hardwood doors and case moldings, custom painting, majestic fireplace, exotic granite countertops, custom granite showers, and upgraded insulation. Also included are Pella windows, tile roof, GE Monogram appliances, Moen fixtures, imported tile flooring, home automation, and double-layered security system.
Eight individual modules will be craned onto the foundation in one day and the finishing will be done within a few weeks on site. Every Irontown Home is 95% finished when it leaves the factory.
Click Here To Read: Beverly Hills Partially Closes Sunset Boulevard To Welcome A Million-Dollar Prefabricated Home From Utah Company...
National Home Prices Show Strong Growth Over Last Year
Despite record unemployment and REO levels, US housing prices through June 2010 showed significant improvement nationwide. Housing prices in the US Midwest showed double digit increases year-over-year, posting the strongest gains in the country. See the following article from HousingWire for more on this.
House prices rose in June across the US in both the rolling quarter and the previous-year data, according to real estate asset valuation data provider Clear Capital.
National prices rose 5.2% over the previous three-month period and 8.8% since June 2009. The quarterly and yearly growth seen in June builds on already positive data, after prices climbed 6.8% in May from the year before.
Click To Read: National Home Prices Show Strong Growth Over Last Year...
House prices rose in June across the US in both the rolling quarter and the previous-year data, according to real estate asset valuation data provider Clear Capital.
National prices rose 5.2% over the previous three-month period and 8.8% since June 2009. The quarterly and yearly growth seen in June builds on already positive data, after prices climbed 6.8% in May from the year before.
Click To Read: National Home Prices Show Strong Growth Over Last Year...
5 Real Estate Scams You Need to Know About
Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction.
Click Here To Read: 5 Real Estate Scams You Need to Know About...
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction.
Click Here To Read: 5 Real Estate Scams You Need to Know About...
Home Sales Around St. George Driven By Bargains
Foreclosures and short sales are driving around 70 percent of property sales around St. George in southern Utah, real-estate officials say.
The redrock town near national parks and wide-open public lands has been battered for nearly two years by a recession that put a halt to rapid development with some speculation.
Officials say sales of new and existing homes picked up in Washington County for a second month in May to 361 -- up by 51 sales over the same month last year.
But officials expect a dip in market activity this summer now that a federal tax credit for home buying has expired, followed by a slow recovery that could keep home prices low for two or three years before they rise again.
"The key there is that we stopped falling," said Allen Carter, owner of Southern Utah Title.
Click Here To Read: Home Sales Around St. George Driven By Bargains...
The redrock town near national parks and wide-open public lands has been battered for nearly two years by a recession that put a halt to rapid development with some speculation.
Officials say sales of new and existing homes picked up in Washington County for a second month in May to 361 -- up by 51 sales over the same month last year.
But officials expect a dip in market activity this summer now that a federal tax credit for home buying has expired, followed by a slow recovery that could keep home prices low for two or three years before they rise again.
"The key there is that we stopped falling," said Allen Carter, owner of Southern Utah Title.
Click Here To Read: Home Sales Around St. George Driven By Bargains...
Top iPhone Apps For Home Improvement
With the invention of the many high-tech gadgets, the market has been inundated with a variety of apps. Whether your interest is beauty, games, or the stock market – there is an app perfect for you. For the husband marking off their honey-do list or the wife wanting to revamp a boring kitchen, there are many home improvement apps for your iPhone. The top home improvement apps for the iPhone not only put information at your fingertips, they are easy to use and provide useful data for anyone needing help with their project.
Click Here: Top iPhone Apps For Home Improvement...
Click Here: Top iPhone Apps For Home Improvement...
Falling Jumbo Rates Raise High End Sales
Will suddenly affordable jumbo loans unlock the move-up market and kindle demand for unsold upscale properties?
High end sales have been picking up through the spring and early summer, even in the wake of the demise of the tax credit, whose impact was felt almost exclusively at the lower end of the market. The moribund economy and lenders who have re-entered the jumbo market have driven down jumbo rates to five-year lows that are giving hope to homeowners who have been unable to sell since the 2006 crash.
Click Here To Read: Falling Jumbo Rates Raise High End Sales...
High end sales have been picking up through the spring and early summer, even in the wake of the demise of the tax credit, whose impact was felt almost exclusively at the lower end of the market. The moribund economy and lenders who have re-entered the jumbo market have driven down jumbo rates to five-year lows that are giving hope to homeowners who have been unable to sell since the 2006 crash.
Click Here To Read: Falling Jumbo Rates Raise High End Sales...
Utah Home-Building Industry Begins Recovery, Says University of Utah Eccles School of Business Report
Economists and researchers at the Bureau of Economic and Business Research (BEBR) at the University of Utah’s Eccles School of Business report that the number of permits issued for new single-family homes in Utah turned positive in July 2009—following 39 consecutive months of decline—and has recorded steady increases for the past 10 months. These findings indicate that Utah’s home-building industry is in the early stages of recovering from the worst contraction in more than 70 years.
The data, released in the quarterly BEBR publication Utah Economic and Business Review, showed a 110 percent increase in first-quarter 2010 single-family new home permits compared with Q1 2009 numbers.
Click Here To Read: Utah Home-Building Industry Begins Recovery...
The data, released in the quarterly BEBR publication Utah Economic and Business Review, showed a 110 percent increase in first-quarter 2010 single-family new home permits compared with Q1 2009 numbers.
Click Here To Read: Utah Home-Building Industry Begins Recovery...
Foreign Buyers Focus On Homes In Four States
Though a tiny portion of the U.S. market, foreign buyers are purchasing homes here, according to a new report from the National Association of Realtors.
People who live in another country invested $41 billion in residential property in the U.S., representing 4% of the $907 billion overall market in the 12 months ending March 2010, according to the report, based on a survey of Realtors.
If you add in people who are recent immigrants or temporary visa holders, the total rises to $66 billion, or 7% of the residential market, according to the report. Read the full NAR report on Realtor.org.
The survey found foreigners buying property in 39 states, but a bit more than half were in four states: Arizona, California, Florida and Texas.
Click Here: Foreign Buyers Focus On Homes In Four States...
People who live in another country invested $41 billion in residential property in the U.S., representing 4% of the $907 billion overall market in the 12 months ending March 2010, according to the report, based on a survey of Realtors.
If you add in people who are recent immigrants or temporary visa holders, the total rises to $66 billion, or 7% of the residential market, according to the report. Read the full NAR report on Realtor.org.
The survey found foreigners buying property in 39 states, but a bit more than half were in four states: Arizona, California, Florida and Texas.
Click Here: Foreign Buyers Focus On Homes In Four States...
Biggest Defaulters on Mortgages Are the Rich
No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
Read On: Biggest Defaulters on Mortgages Are the Rich...
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
Read On: Biggest Defaulters on Mortgages Are the Rich...
Appeal Your Property Tax Bill
Owning a home is an expensive proposition. There’s maintenance, landscaping, utilities, renovations, and, of course, taxes. It’s your civic duty to pay the latter, but it’s also your right not to yield a penny more than your fair share.
It’s possible to trim your property tax bill by appealing the assessed value of your home. But making a case against your real estate assessment, the basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days, but the process can stretch out for months if you’re forced to file a formal appeal.
Click Here to Read: Appeal Your Property Tax Bill...
It’s possible to trim your property tax bill by appealing the assessed value of your home. But making a case against your real estate assessment, the basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days, but the process can stretch out for months if you’re forced to file a formal appeal.
Click Here to Read: Appeal Your Property Tax Bill...
Selling A Condo? Better Hope It's On The 'Approved' List
Question: I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA's "approved" list. That strikes me as somewhat discriminatory, so my question is, does the FHA have such a list? And if it does, how come my condo isn't on it and how does it get on it? Thanks. W.F.
Answer: The Federal Housing Administration does indeed maintain a roster of approved condominium and townhome associations. Because of new rules which went into effect in February, if your development does not appear on the FHA's roster, your potential buyer will not be able to use an FHA-insured mortgage to purchase your unit.
Continue Reading Here: Selling A Condo? Better Hope It's On The 'Approved' List...
Answer: The Federal Housing Administration does indeed maintain a roster of approved condominium and townhome associations. Because of new rules which went into effect in February, if your development does not appear on the FHA's roster, your potential buyer will not be able to use an FHA-insured mortgage to purchase your unit.
Continue Reading Here: Selling A Condo? Better Hope It's On The 'Approved' List...
Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House
One might think that with the collapse of the housing market and the global economy, realtors and banks might have some idea how to handle a short sale transaction. A short sale, after all, is when a homeowner sells their home for less than they owe on the mortgage in order to avoid foreclosure. Frank writes that he would like very much to move into the house he signed a contract to buy back in November, but the seller's realtor forgot to submit documents to the seller's bank, leaving the house vacant to be vandalized and deteriorate for months on end.
Read More Here: Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House...
Read More Here: Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House...
Thursday, July 15, 2010
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Homes Getting Smaller and Other Trends
Two new sets of research provide plenty of insight about how we’ve gotten used to living and also offer a glimpse of what we might want next.
The first set of findings, released this month by the Department of Housing and Urban Development, shows most American households have gotten downright comfortable—that is, except for the 1 percent of homes that don’t have indoor plumbing.
There is a cautionary note contained in the 2009 American Housing Survey, however. Only 36 percent of U.S. homes have a working carbon monoxide detector.
Click to Read: Homes Getting Smaller and Other Trends...
The first set of findings, released this month by the Department of Housing and Urban Development, shows most American households have gotten downright comfortable—that is, except for the 1 percent of homes that don’t have indoor plumbing.
There is a cautionary note contained in the 2009 American Housing Survey, however. Only 36 percent of U.S. homes have a working carbon monoxide detector.
Click to Read: Homes Getting Smaller and Other Trends...
Utah Chief Wants to Burn Homes
The Ogden Fire Department wants to burn vacant homes in the Ogden River Project area for training purposes and is asking the city council to allocate $564,000 to complete demolition of the dwellings.
Funding for demolition and debris removal could come from Business Depot Ogden lease revenues, said Fire Chief Mike Mathieu. About 40 vacant houses within the river project boundaries are owned by Ogden Riverfront Development Company, a firm managed by developer Gadi Leshem.
Mathieu said in a memo to the city council that it is imperative that the homes be demolished as soon as possible because they pose a significant fire hazard. In the last two-and-a-half years, the fire department has responded to 17 structure fires in the river project area, he noted.
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Funding for demolition and debris removal could come from Business Depot Ogden lease revenues, said Fire Chief Mike Mathieu. About 40 vacant houses within the river project boundaries are owned by Ogden Riverfront Development Company, a firm managed by developer Gadi Leshem.
Mathieu said in a memo to the city council that it is imperative that the homes be demolished as soon as possible because they pose a significant fire hazard. In the last two-and-a-half years, the fire department has responded to 17 structure fires in the river project area, he noted.
Click To Read More: Utah Chief Wants to Burn Homes...
How Utah Came To Own A Half-Built City In The Desert
At one time, there was a café and a beauty parlor next to Tammy Smith’s remodeling store in Coral Canyon, Utah. Today, her business, Bliss Design Center, is one of the only shops left in the retail district of this new development located 20 minutes up the highway from the city of St. George, in the southwest corner of Utah.
Over the past year and a half, the stores closed down one by one, Smith said on an impossibly bright and warm Monday last month. Customers were scarce. Wide roads sat almost empty. Many of the homes that were supposed to bring life to this slice of desert — and customers to Smith's store — are either for sale, in the process of being foreclosed upon, or simply never got built at all.
Like many Western boomburgs in the wake of the recession, Coral Canyon is struggling. Unlike others, however, big chunks of this subdivision belong to the state government.
Click Here To Read: How Utah Came To Own A Half-Built City In The Desert...
Over the past year and a half, the stores closed down one by one, Smith said on an impossibly bright and warm Monday last month. Customers were scarce. Wide roads sat almost empty. Many of the homes that were supposed to bring life to this slice of desert — and customers to Smith's store — are either for sale, in the process of being foreclosed upon, or simply never got built at all.
Like many Western boomburgs in the wake of the recession, Coral Canyon is struggling. Unlike others, however, big chunks of this subdivision belong to the state government.
Click Here To Read: How Utah Came To Own A Half-Built City In The Desert...
The World According To Fannie Mae: More Updates To Its Appraisal Policies
Fannie Mae has updated its appraisal policies. Most of the appraisal related issues are effective September 1st. Here's an overview.
Inclusion of interior photographs in the appraisal report.
On or after September 1st, interior photos of the following must be provided: kitchen; all bathrooms; main living area; examples of physical deterioration, if present; examples of recent updates, such as restoration, remodeling and renovation, if present. This falls into the category of "about time."
Click Here to Read More: The World According To Fannie Mae: More Updates To Its Appraisal Policies...
Inclusion of interior photographs in the appraisal report.
On or after September 1st, interior photos of the following must be provided: kitchen; all bathrooms; main living area; examples of physical deterioration, if present; examples of recent updates, such as restoration, remodeling and renovation, if present. This falls into the category of "about time."
Click Here to Read More: The World According To Fannie Mae: More Updates To Its Appraisal Policies...
Real Estate Community On Fire Over LeBron James' Housing Options
What piece of prime South Florida real estate is fit for a king?
LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.
According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.
Read more: Real Estate Community On Fire Over LeBron James' Housing Options...
LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.
According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.
Read more: Real Estate Community On Fire Over LeBron James' Housing Options...
Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’
Tom Barrack is one of the biggest real-estate deal-makers in the world. His investment firm, Colony Capital LLC, has raised $16 billion from pension plans and other big investors to buy properties like gaming company Station Casinos Inc., Michael Jackson’s Neverland Ranch, and possibly even Walt Disney Co.’s Miramax movie studio.
But recently, it turns out, Mr. Barrack has also been doing some soul-searching—thanks to Stephenie Meyer’s popular vampire-novel series, “Twilight.”
Click Here To Read: Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’...
But recently, it turns out, Mr. Barrack has also been doing some soul-searching—thanks to Stephenie Meyer’s popular vampire-novel series, “Twilight.”
Click Here To Read: Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’...
Foreign Buyers Like U.S. Residential Real Estate
International buyers are snatching up U.S. residential real estate, with people from Canada, Mexico, the U.K. and China doing the most buying, according to a report in the Washington Business Journal.
The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
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The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
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Real Estate Agent vs Realtor: What’s The Difference?
Both a real estate agent and Realtor can sell real estate. However, there are some key differences between the real estate agent and the Realtor. The difference between a real estate agent and a Realtor is that the Realtor is a member of the National Association of Realtors. This is a national group that sets forth standards that must be adhered to by real estate professionals that join. This means that Realtors are held to a higher standard than a traditional real estate agent.
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Click Here To Read: Real Estate Agent vs Realtor: What’s The Difference?...
A Heavy Price For 'Cheap' Mortgages
Washington's efforts to keep the housing market afloat are brew ing up another mortgage melt down -- except that this time, Uncle Sam will start off holding the bag.
Mortgage rates hit new lows last month as investors gobbled up residential, mortgage-backed securities -- MBSs, the very financial instruments that triggered the subprime crisis.
Short-term, that will allow many cash-strapped homeowners to refinance and lower their monthly interest payments -- help to the beleaguered housing market. But it represents a ticking time bomb -- which will blow up in the face of the taxpayers.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/heavy_price_for_cheap_mortgages_rt9bXdx4aXYYX4NUf0NjaO#ixzz0tIb2lcw9
Mortgage rates hit new lows last month as investors gobbled up residential, mortgage-backed securities -- MBSs, the very financial instruments that triggered the subprime crisis.
Short-term, that will allow many cash-strapped homeowners to refinance and lower their monthly interest payments -- help to the beleaguered housing market. But it represents a ticking time bomb -- which will blow up in the face of the taxpayers.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/heavy_price_for_cheap_mortgages_rt9bXdx4aXYYX4NUf0NjaO#ixzz0tIb2lcw9
Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags
Daniel Indiviglio at the The Atlantic recently asked if HAMP should be "put out of its misery." These are the types of questions, warts and all, that need asking in this industry.
Considering that HousingWire first broke the news of the government-supported short sale program, the Home Affordable Foreclosure Alternatives program, I originally felt that this question should naturally be expanded to include HAFA. After some further thought, I wondered if 2010 was really turning out to be the Year of the Short Sale as promised. And thinking even larger, how are short sales, now a major focus in mortgage finance, impacting housing recovery?
Click Here To Read: Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags...
Considering that HousingWire first broke the news of the government-supported short sale program, the Home Affordable Foreclosure Alternatives program, I originally felt that this question should naturally be expanded to include HAFA. After some further thought, I wondered if 2010 was really turning out to be the Year of the Short Sale as promised. And thinking even larger, how are short sales, now a major focus in mortgage finance, impacting housing recovery?
Click Here To Read: Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags...
Limbaugh Gets Mega Millions on Condo Sale...
A year after railing about the high tax burden on wealthy New Yorkers, Rush Limbaugh, the conservative radio talk-show host, is severing one more tie with New York, selling his lushly decorated Fifth Avenue penthouse to an undisclosed buyer.
Mr. Limbaugh's 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street, went into contract Thursday for a bit under the final $12.95 million asking price, brokers said.
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Mr. Limbaugh's 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street, went into contract Thursday for a bit under the final $12.95 million asking price, brokers said.
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Clintons Dealing For $11M Westchester, NY Mansion
Looks like Bill and Hillary Rodham Clinton are moving on up -- to a deluxe mansion away from prying eyes.
Sources told The Post the Clintons are planning to trade their almost-modest suburban Chappaqua home for a sprawling $10.9 million estate in the bucolic Westchester town of Bedford Hills, complete with 20 acres of gorgeous land surrounded by New York's elite.
The massive compound -- sweetly named Clover Hill Farm -- comes with high fences, two guesthouses and a mansion fit for Bubba's millionaire lifestyle.
The home -- found only after a long cruise down a private road -- is 7,000 square feet with a large foyer, wood paneled library with fireplace, chef's kitchen with fireplace, five bedrooms, six full bathrooms and two half bathrooms.
Read more: Clintons Dealing For $11M Westchester, NY Mansion...
Sources told The Post the Clintons are planning to trade their almost-modest suburban Chappaqua home for a sprawling $10.9 million estate in the bucolic Westchester town of Bedford Hills, complete with 20 acres of gorgeous land surrounded by New York's elite.
The massive compound -- sweetly named Clover Hill Farm -- comes with high fences, two guesthouses and a mansion fit for Bubba's millionaire lifestyle.
The home -- found only after a long cruise down a private road -- is 7,000 square feet with a large foyer, wood paneled library with fireplace, chef's kitchen with fireplace, five bedrooms, six full bathrooms and two half bathrooms.
Read more: Clintons Dealing For $11M Westchester, NY Mansion...
How Do I Obtain A Mortgage After Bankruptcy?
My husband just recently filed for Chapter 7 bankruptcy to help clear up some of his debts. His hours have been cut at work and he had major credit card bills piling up. Let alone I have also had a big cut in my pay as well due to the economy. When he filed we did not include the property in the bankruptcy and we are now looking to sell our home and find a new place to live in search for a better career.
How do I obtain a new mortgage after bankruptcy?
Click Here To Read Answer: How Do I Obtain A Mortgage After Bankruptcy?...
How do I obtain a new mortgage after bankruptcy?
Click Here To Read Answer: How Do I Obtain A Mortgage After Bankruptcy?...
Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?
Interested in buying the "Love Street" Laurel Canyon home where rock legend Jim Morrison spent some of his strangest days? The three-bedroom house where the Doors front man and his girlfriend Pamela Courson lived together in the late 1960s is on the market for $1.199 million -- pricey when you consider the 2,300-square-foot abode sold for $535,000 in 2001.
Once a rundown Los Angeles apartment building and now a refurbished single-family bungalow; the house at 8021 Rothdell Trail, was the inspiration for the Morrison song "Love Street."
Click Here To Read Entire Article: Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?...
Once a rundown Los Angeles apartment building and now a refurbished single-family bungalow; the house at 8021 Rothdell Trail, was the inspiration for the Morrison song "Love Street."
Click Here To Read Entire Article: Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?...
Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M
French president Nicolas Sarkozy may be the more famous Sarkozy brother, but his younger half-brother Olivier Sarkozy is certainly the more moneyed one. Olivier -- or Oliver, as he is known in the U.S. -- is managing director and head of global financial services for the Carlyle Group. Opting for a more downtown Manhattan location, he recently put his uptown townhouse at 407 E. 75th St. on the market for $11.95 million.
That's close to double what he paid back in 2005 when he and his now soon-to-be ex-wife, Charlotte, pictured left, bought the place at $6.75 million for their family.
Click Here to Read: Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M...
That's close to double what he paid back in 2005 when he and his now soon-to-be ex-wife, Charlotte, pictured left, bought the place at $6.75 million for their family.
Click Here to Read: Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M...
Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?
Mortgage rates have sunk to levels not seen in more than a half-century -- a seductive 4.58 percent for an average 30-year fixed loan. Yet brokers and lenders report not a flood but a trickle of customers. So what's going on?
Call it a tale of the haves and have-nots.
Click Here To Read: Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?...
Call it a tale of the haves and have-nots.
Click Here To Read: Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?...
Mortgage Applications Rise 7 Points As Rates Fall
Applications for home loans rose last week as consumers raced to refinance at the lowest rates in decades.
The Mortgage Bankers Associations said Wednesday that overall applications increased nearly 7 percent from a week earlier. While they have been increasing in recent weeks, they remain below early 2009 levels.
Applications to refinance home loans were up 9 percent to the highest level since May 2009. But new mortgages taken out to purchase homes fell 2 percent.
Click Here To Read: Mortgage Applications Rise 7 Points As Rates Fall...
The Mortgage Bankers Associations said Wednesday that overall applications increased nearly 7 percent from a week earlier. While they have been increasing in recent weeks, they remain below early 2009 levels.
Applications to refinance home loans were up 9 percent to the highest level since May 2009. But new mortgages taken out to purchase homes fell 2 percent.
Click Here To Read: Mortgage Applications Rise 7 Points As Rates Fall...
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