Why You Should Blame Your Grandparents For The Mortgage Crisis
The current mortgage crisis in the US is more severe than any since the 1930s. So it makes good sense to examine the origins, impacts, and consequences of that last great mortgage crisis great mortgage crisis – indeed many commentators have made a direct comparison between the two (see for example Eichengreen and O'Rourke 2010). The case for examining the last great crisis is especially pronounced given that the US Secretary of the Treasury has just asked Americans to “consider the challenge of how to build a more stable housing finance system” (Geithner 2010).
Yet we should be humble in taking up this challenge. We are after all reforming a mortgage system that was built on a framework that Depression-era policymakers forged in response to their own crisis. One of those policymakers was Henry Hoagland, who described the situation he faced in 1935 as a member of the Federal Home Loan Bank Board thus:
[A] tremendous surge of residential building in the [last] decade…was matched by an ever-increasing supply of homes sold on easy terms. The easy terms plan has a catch…[o]nly a small decline in prices was necessary to wipe out this equity. Unfortunately, deflationary processes are never satisfied with small declines in values. In the field of real-estate finance… we have depended so much upon credit that our whole value structure can be thrown out of balance by relatively slight shocks. When such a delicate structure is once disorganized, it is a tremendous task to get it into a position where it can again function normally. (Hoagland 1935)
This column looks back over the terrain that Hoagland described by examining how the residential mortgage market worked before 1930 and how it was changed by crisis and policy in the 1930s. It turns out that this history lesson provides some fresh perspective on today’s mortgage crisis (see my accompanying paper, Snowden 2010, for more details).
Read more: Why You Should Blame Your Grandparents For The Mortgage Crisis...
Yet we should be humble in taking up this challenge. We are after all reforming a mortgage system that was built on a framework that Depression-era policymakers forged in response to their own crisis. One of those policymakers was Henry Hoagland, who described the situation he faced in 1935 as a member of the Federal Home Loan Bank Board thus:
[A] tremendous surge of residential building in the [last] decade…was matched by an ever-increasing supply of homes sold on easy terms. The easy terms plan has a catch…[o]nly a small decline in prices was necessary to wipe out this equity. Unfortunately, deflationary processes are never satisfied with small declines in values. In the field of real-estate finance… we have depended so much upon credit that our whole value structure can be thrown out of balance by relatively slight shocks. When such a delicate structure is once disorganized, it is a tremendous task to get it into a position where it can again function normally. (Hoagland 1935)
This column looks back over the terrain that Hoagland described by examining how the residential mortgage market worked before 1930 and how it was changed by crisis and policy in the 1930s. It turns out that this history lesson provides some fresh perspective on today’s mortgage crisis (see my accompanying paper, Snowden 2010, for more details).
Read more: Why You Should Blame Your Grandparents For The Mortgage Crisis...
A Downside of Short Sales
STRUGGLING homeowners have found some refuge in short sales, in which lenders allow borrowers to escape foreclosure by selling a home for less than what is owed on the mortgage. Government programs offering incentives to both parties will push the number of short sales to 400,000 this year from 100,000 in 2008, according to CoreLogic, a financial consulting firm.
But the jump in short sales has also given rise to a new form of fraud — which, as a recent study by CoreLogic suggests, could undermine the burgeoning practice.
Fraudulent short sales take many forms, but Frank McKenna, the vice president for fraud strategy at CoreLogic and one of the report’s authors, says one arrangement is more common than others.
Click Here to Read: A Downside of Short Sales...
But the jump in short sales has also given rise to a new form of fraud — which, as a recent study by CoreLogic suggests, could undermine the burgeoning practice.
Fraudulent short sales take many forms, but Frank McKenna, the vice president for fraud strategy at CoreLogic and one of the report’s authors, says one arrangement is more common than others.
Click Here to Read: A Downside of Short Sales...
Resale Fees That Only Developers Could Love
REBECCA AND TRENT DUPAIX of Eagle Mountain, Utah, spent a year searching for their dream home. The couple, who have five children, considered 15 to 20 houses before finding “the one.”
They were thrilled when they closed on a $227,000, rock-and-stucco home with five bedrooms and two and a half baths in March 2009.
But four months later, when a local television reporter was doing a story on housing taxes in their subdivision, the Dupaixs discovered that their sales contract included a “resale fee” that allows the developer to collect 1 percent of the sales price from the seller every time the property changes hands — for the next 99 years.
Click to Read: Resale Fees That Only Developers Could Love...
They were thrilled when they closed on a $227,000, rock-and-stucco home with five bedrooms and two and a half baths in March 2009.
But four months later, when a local television reporter was doing a story on housing taxes in their subdivision, the Dupaixs discovered that their sales contract included a “resale fee” that allows the developer to collect 1 percent of the sales price from the seller every time the property changes hands — for the next 99 years.
Click to Read: Resale Fees That Only Developers Could Love...
Obama Awards Utah $5 Million To Stabilize Communities
Five million dollars in grants, intended to reverse the effects of foreclosures in local communities, will be headed to Utah, the U.S. Department of Housing and Urban Development announced Thursday.
The funds will provide emergency assistance to help Utah communities acquire, redevelop or demolish foreclosed properties.
"These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said Secretary Shaun Donovan. "We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight."
Click Here to Read: Obama Awards Utah $5 Million To Stabilize Communities...
The funds will provide emergency assistance to help Utah communities acquire, redevelop or demolish foreclosed properties.
"These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said Secretary Shaun Donovan. "We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight."
Click Here to Read: Obama Awards Utah $5 Million To Stabilize Communities...
Utah Remains Among Highest In Surge Of Foreclosure Filings
The number of Utah households facing foreclosure jumped by 75 percent in the first quarter from a year ago, much higher than the 16 percent increase nationally, a new report shows.
Nearly 10,800 households in the state, or one in every 88 homes, received a foreclosure-related notice, said RealtyTrac, an Irvine, Calif.-based company that tracks filings. The firm said Utah has the fifth-highest rate of foreclosure filings of all states, behind only Nevada, Arizona, Florida and California. The Beehive State has been in the top tier for much of the past year.
Nationally, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice, which ranges from a homeowner being warned he or she is behind on their mortgage to a bank taking possession. Across the country, more homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said. Experts say it’s a sign that banks are starting to wade through the backlog of troubled home loans at a faster pace, according to the report.
Click Here to Read: Utah Remains Among Highest In Surge Of Foreclosure Filings...
Nearly 10,800 households in the state, or one in every 88 homes, received a foreclosure-related notice, said RealtyTrac, an Irvine, Calif.-based company that tracks filings. The firm said Utah has the fifth-highest rate of foreclosure filings of all states, behind only Nevada, Arizona, Florida and California. The Beehive State has been in the top tier for much of the past year.
Nationally, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice, which ranges from a homeowner being warned he or she is behind on their mortgage to a bank taking possession. Across the country, more homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said. Experts say it’s a sign that banks are starting to wade through the backlog of troubled home loans at a faster pace, according to the report.
Click Here to Read: Utah Remains Among Highest In Surge Of Foreclosure Filings...
10 Market Facts for Uncertain Times
Although the economy is soft and consumer confidence remains low, new data from the National Association of REALTORS® shows positive signs for the future. To help REALTORS® interpret current economic data and address clients’ concerns, here are 10 key facts to understand about today’s market.
1. The economy is growing, though slowly.
2. The private sector is finally creating some jobs.
3. Consumer confidence remains low, though clearly off bottom.
4. The 30-year mortgage rate is at generational lows.
Click to Read: 10 Market Facts for Uncertain Times...
1. The economy is growing, though slowly.
2. The private sector is finally creating some jobs.
3. Consumer confidence remains low, though clearly off bottom.
4. The 30-year mortgage rate is at generational lows.
Click to Read: 10 Market Facts for Uncertain Times...
Alabama Association of Realtors Receiving $15M For Lost Income
Three months of negotiations ended favorably Friday for the Alabama Association of Realtors, which received $15 million from the Gulf Coast Claims Facility for emergency payments to real-estate licenses of oil spill-related lost income.
“We want to thank Gov. (Bob) Riley for all of his hard work on behalf of all real estate licensees so they can file claims,” said Keith Kelley, president of the Montgomery-based association.
Kelley also thanked independent claims czar Kenneth Feinberg for “seeing the true hardships facing real estate licensees on the coast due to the oil spill.”
Click Here to Read: Alabama Association of Realtors Receiving $15M For Lost Income...
“We want to thank Gov. (Bob) Riley for all of his hard work on behalf of all real estate licensees so they can file claims,” said Keith Kelley, president of the Montgomery-based association.
Kelley also thanked independent claims czar Kenneth Feinberg for “seeing the true hardships facing real estate licensees on the coast due to the oil spill.”
Click Here to Read: Alabama Association of Realtors Receiving $15M For Lost Income...
Utah Panel Pushing For Energy-Efficient Homes
Utah’s Uniform Building Code Commission is poised to push the Legislature to mandate that new houses be more energy-efficient.
But a key group is already pushing back.
Homebuilders say the new standards would unnecessarily jack up the prices for new houses, while conservation advocates counter that they would save energy — and homeowners’ money.
The commission last month approved the new code on a 5-2 vote but will take a final vote after a public hearing Wednesday.
Click Here to Read: Utah Panel Pushing For Energy-Efficient Homes...
But a key group is already pushing back.
Homebuilders say the new standards would unnecessarily jack up the prices for new houses, while conservation advocates counter that they would save energy — and homeowners’ money.
The commission last month approved the new code on a 5-2 vote but will take a final vote after a public hearing Wednesday.
Click Here to Read: Utah Panel Pushing For Energy-Efficient Homes...
Paramount Chief Sells in L.A. For $21.5 Million
Paramount Chairman and CEO Brad Grey has sold his Pacific Palisades home for $21.5 million, according to people familiar with the matter. The buyer was Jordan L. Kaplan, CEO of Douglas Emmett, a real-estate investment trust. The home initially listed about a year ago for $29.9 million, but most recently asked $24.5 million.
Click Here to Read: Paramount Chief Sells in L.A. For $21.5 Million...
Click Here to Read: Paramount Chief Sells in L.A. For $21.5 Million...
An Ad Man's $35 Million Pitch
Jerry Della Femina has spent his life selling everything from Pan Am to Meow Mix. But the advertising executive hasn't yet succeeded with his latest pitch: his sprawling East Hampton estate, which officially hit the market for $40 million last spring.
Last month, Mr. Della Femina dropped the asking price to $35 million. He said he isn't all that surprised the house hasn't yet sold. Perched on a dune on a mansion-lined stretch between East Hampton's Main Beach and Georgica Beach, the 8,500-square-foot European villa-style house on 1.7 acres overlooks the ocean. Neighbors include Martha Stewart, who on a recent Friday was walking three dogs nearby alongside a row of neatly trimmed hedges.
Known for his ad copy, Mr. Della Femina said pitching high-end real estate is not what he does. "I don't even really talk to the real estate people, it's their job," he said.
"In this price range, you don't exactly have open houses," added his wife, Judy Licht.
Click Here: An Ad Man's $35 Million Pitch...
Last month, Mr. Della Femina dropped the asking price to $35 million. He said he isn't all that surprised the house hasn't yet sold. Perched on a dune on a mansion-lined stretch between East Hampton's Main Beach and Georgica Beach, the 8,500-square-foot European villa-style house on 1.7 acres overlooks the ocean. Neighbors include Martha Stewart, who on a recent Friday was walking three dogs nearby alongside a row of neatly trimmed hedges.
Known for his ad copy, Mr. Della Femina said pitching high-end real estate is not what he does. "I don't even really talk to the real estate people, it's their job," he said.
"In this price range, you don't exactly have open houses," added his wife, Judy Licht.
Click Here: An Ad Man's $35 Million Pitch...
Paying Off the House in 15 Years
A growing number of homeowners are choosing to pay down their mortgages at a faster rate--even if it means a substantial jump in their monthly payments.
Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term.
What's prompting the shift to shorter loans? Historically low interest rates for fixed-rate mortgages.
Homeowners are doing the math and realizing that rates have fallen enough so the increase in payment between a new 15-year mortgage and their current loan is no longer unbearable for their budgets, says Bob Walters, chief economist at online lender Quicken Loans.
Click Here to Read: Paying Off the House in 15 Years...
Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term.
What's prompting the shift to shorter loans? Historically low interest rates for fixed-rate mortgages.
Homeowners are doing the math and realizing that rates have fallen enough so the increase in payment between a new 15-year mortgage and their current loan is no longer unbearable for their budgets, says Bob Walters, chief economist at online lender Quicken Loans.
Click Here to Read: Paying Off the House in 15 Years...
Government to Deploy Broader Mortgage Aid
The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.
Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.
Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
Click Here to Read: Government to Deploy Broader Mortgage Aid...
Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.
Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
Click Here to Read: Government to Deploy Broader Mortgage Aid...
David and Victoria Beckham Sell £18 Million Beckinham Palace
David and Victoria Beckham purchased a 7-bedroom mansion in Sawbridgeworth, Hertfordshire, dubbed the Beckinham Palace, in 1999 – but they’re now having it appraised in the hope of selling it.
The celebrity couple is looking at unloading the property in the hope of looking for a brand new home in what has been, until now, their home away from home, Los Angeles.
Admittedly, as per reports cited by the British publication the Daily Mail, the two are set on moving to the US for good, which is why they no longer deem it necessary to keep the fancy Palace.
To see this happen, they’ve already had a real estate agent have a look at the 24 acre property, sources say.
Click Here to Read: David and Victoria Beckham Sell £18 Million Beckinham Palace...
The celebrity couple is looking at unloading the property in the hope of looking for a brand new home in what has been, until now, their home away from home, Los Angeles.
Admittedly, as per reports cited by the British publication the Daily Mail, the two are set on moving to the US for good, which is why they no longer deem it necessary to keep the fancy Palace.
To see this happen, they’ve already had a real estate agent have a look at the 24 acre property, sources say.
Click Here to Read: David and Victoria Beckham Sell £18 Million Beckinham Palace...
Another Home Buyer Tax Credit?
Just when I thought the housing market was finally being left to correct on its own, I'm starting to hear talk regarding yet another home buyer tax credit. From HUD to the hedge funds, it sounds as if it is gaining steam yet again. This one could involve not just first time/move-up buyers, but a credit for buyers purchasing foreclosed properties or short sales (when the bank allows you to buy a home for less than the value of the outstanding mortgage).
HUD Secretary Shaun Donovan, appearing on CNN's State of the Union this weekend, didn't rule out another tax credit. He did say it's "too early to say," but then added that "we're going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers."
Click Here to Read: Another Home Buyer Tax Credit?...
HUD Secretary Shaun Donovan, appearing on CNN's State of the Union this weekend, didn't rule out another tax credit. He did say it's "too early to say," but then added that "we're going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers."
Click Here to Read: Another Home Buyer Tax Credit?...
Surprise! Banks Help More Homeowners Than Obama
Remember how everyone complained that banks weren't doing enough to help troubled borrowers?
Well ...
Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.
Click Here to Read: Surprise! Banks Help More Homeowners Than Obama...
Well ...
Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.
Click Here to Read: Surprise! Banks Help More Homeowners Than Obama...
Thursday, September 2, 2010
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Conflict of Interest? ABC 4 investigates judges' ties to Bank of America
"They're foreclosing illegally here in Utah.” Those were the words of St. George Attorney John Christian Barlow spoken in early June. Barlow at the time had appeared before a Federal Judge arguing that the banking giant, Bank of America, was foreclosing illegally in the State of Utah. The Southern Utah Attorney believed that because B.O.A. was not a registered business or corporation in the state, they lacked authority to do business here.
Barlow had succeeded in getting a 5th Circuit Court Judge to agree with him. As a result, the judge imposed an injunction on all Bank of America foreclosures. Weeks later, the case went before a Federal Judge where B.O.A. argued that they were regulated by federal, not state laws. Federal Judge Clark Waddoups heard the case, and threw out the injunction therefore Bank of America’s foreclosure company (ReConTrust) was allowed to foreclose once again.
Click Here to Read: Conflict of Interest? ABC 4 investigates judges' ties to Bank of America...
Barlow had succeeded in getting a 5th Circuit Court Judge to agree with him. As a result, the judge imposed an injunction on all Bank of America foreclosures. Weeks later, the case went before a Federal Judge where B.O.A. argued that they were regulated by federal, not state laws. Federal Judge Clark Waddoups heard the case, and threw out the injunction therefore Bank of America’s foreclosure company (ReConTrust) was allowed to foreclose once again.
Click Here to Read: Conflict of Interest? ABC 4 investigates judges' ties to Bank of America...
Obama Ready To Sink Millions More Into Housing To Stem Foreclosures
The Obama administration, seemingly at a loss for fresh solutions to jump-start the nation's moribund economy plans to sink millions more dollars into the housing market to help unemployed homeowners keep their homes by providing refinance assistance.
Appearing on CNN's State of the Union on Sunday, Housing and Urban Development Secretary Shaun Donovan indicated the additional mortgage aid is in response to atrocious July housing statistics. "The July numbers were worse than we expected, worse than the general market expected, and we are concerned," he said.
Click Here To Read: Obama Ready To Sink Millions More Into Housing To Stem Foreclosures...
Appearing on CNN's State of the Union on Sunday, Housing and Urban Development Secretary Shaun Donovan indicated the additional mortgage aid is in response to atrocious July housing statistics. "The July numbers were worse than we expected, worse than the general market expected, and we are concerned," he said.
Click Here To Read: Obama Ready To Sink Millions More Into Housing To Stem Foreclosures...
UPDATE: Home Builders Rise As Investors Bet Worst May Be Over
Shares of home builders rose Tuesday, shaking off data showing existing-home sales fell to their lowest level in 15 years, as investors bet the worse-than-expected number may be a bottom.
The National Association Of Realtors reported earlier Tuesday that home resales dropped a record 27.2%--nearly twice as much as analysts had expected--to an annual rate of 3.83 million in July. Economists surveyed by Dow Jones Newswires had expected existing-home sales to fall by 14.3% to an annual rate of 4.6 million.
The data spurred losses in the broader markets, giving investors another reason to worry about the health of the economy. Though home-builder shares immediately fell following the data, they quickly turned higher. Analysts said investors in the sector were likely expressing optimism the number will rebound in August.
Among the largest gainers, Meritage Homes Corp. (MTH) recently traded 2.8% higher to $16.83, while KB Home (KBH) rose 2.7% to $10.06. Lennar Corp. (LEN) was recently up 2.4% to $13.03, while Ryland Group Inc. (RYL) increased 2.6% to $16.17. The sector has seen widespread losses in the past year, with Meritage down 25% and KB Home off 43%.
Click Here to Read: UPDATE: Home Builders Rise As Investors Bet Worst May Be Over...
The National Association Of Realtors reported earlier Tuesday that home resales dropped a record 27.2%--nearly twice as much as analysts had expected--to an annual rate of 3.83 million in July. Economists surveyed by Dow Jones Newswires had expected existing-home sales to fall by 14.3% to an annual rate of 4.6 million.
The data spurred losses in the broader markets, giving investors another reason to worry about the health of the economy. Though home-builder shares immediately fell following the data, they quickly turned higher. Analysts said investors in the sector were likely expressing optimism the number will rebound in August.
Among the largest gainers, Meritage Homes Corp. (MTH) recently traded 2.8% higher to $16.83, while KB Home (KBH) rose 2.7% to $10.06. Lennar Corp. (LEN) was recently up 2.4% to $13.03, while Ryland Group Inc. (RYL) increased 2.6% to $16.17. The sector has seen widespread losses in the past year, with Meritage down 25% and KB Home off 43%.
Click Here to Read: UPDATE: Home Builders Rise As Investors Bet Worst May Be Over...
Still Rising: Spec Houses Worth $20 Million
Enzo Morabito, a luxury real estate broker in New York's Hamptons, saw a line of people at his open house on Aug. 29. The property was a new, $25.95 million spec home by Michael Davis Design & Construction at 232 Parsonage Lane in Sagaponack, N.Y.—the country's most expensive small town, according to Businessweek.com. By the end of the day, more than 75 people had passed through the mansion. "That is an extraordinary turnout," says Morabito, executive vice-president of Prudential Douglas Elliman Real Estate in Bridgehampton, N.Y. Equally surprising, given the tough environment for builders: This is Michael Davis' biggest and most expensive house ever.
Amid concerns about unemployment, an uneven housing rebound, and difficulty getting financing, some elite developers continue to build ultra-luxury homes on spec—for sale on the open market, not for an owner. Some cost even more than the residences they built during the housing boom. In high-end markets such as the Hamptons, Beverly Hills, Calif., Palm Beach, Fla., and Aspen, Colo., a number of new spec houses have entered the market this year in the $20 million range. A few are asking for far more.
Click Here to Read: Still Rising: Spec Houses Worth $20 Million...
Amid concerns about unemployment, an uneven housing rebound, and difficulty getting financing, some elite developers continue to build ultra-luxury homes on spec—for sale on the open market, not for an owner. Some cost even more than the residences they built during the housing boom. In high-end markets such as the Hamptons, Beverly Hills, Calif., Palm Beach, Fla., and Aspen, Colo., a number of new spec houses have entered the market this year in the $20 million range. A few are asking for far more.
Click Here to Read: Still Rising: Spec Houses Worth $20 Million...
Plunge in Home Sales Stokes Economy Fears
U.S. home sales plummeted in July to a level not seen in more than a decade, spurring fears of renewed weakness in housing prices and the broader economy.
Sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday, the lowest level since the industry group started its tally in 1999.
The expiration of a home-buyer tax credit in the spring was expected to damp buying, though less severely. Economists said the sales drop—together with a corresponding rise in the inventory of unsold homes—meant another decline in housing prices was on the horizon. House prices had stabilized last year after declining since 2006.
Click Here to Read: Plunge in Home Sales Stokes Economy Fears...
Sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday, the lowest level since the industry group started its tally in 1999.
The expiration of a home-buyer tax credit in the spring was expected to damp buying, though less severely. Economists said the sales drop—together with a corresponding rise in the inventory of unsold homes—meant another decline in housing prices was on the horizon. House prices had stabilized last year after declining since 2006.
Click Here to Read: Plunge in Home Sales Stokes Economy Fears...
One Third Of All Americans Unqualified For A Mortgage
According to research from Deutsche Bank, the number of Americans with credit scores below 600 has increased to 26% from only 15% prior to the start of the recession. Further examination of credit data reveals that 9% of all Americans have a credit score in the 600-649 range.
Based on current credit score requirements for a mortgage approval, any applicant with a score below 600 is almost certain to be turned down by a banking institution. Borrowers in the 600-649 range are also considered “weak” candidates with a high turn down rate, especially if the credit score is below 620.
Click Here To Read: One Third Of All Americans Unqualified For A Mortgage...
Based on current credit score requirements for a mortgage approval, any applicant with a score below 600 is almost certain to be turned down by a banking institution. Borrowers in the 600-649 range are also considered “weak” candidates with a high turn down rate, especially if the credit score is below 620.
Click Here To Read: One Third Of All Americans Unqualified For A Mortgage...
More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout
Americans may be extremely upset about Wall Street bailouts, but President Obama isn't listening. Come September 7, President Obama will have Wall Street investment banks lining up for another huge bailout. But such a bailout will do little to stimulate the housing market and offset the latest 27.2 percent plunge in existing home sales.
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
Salt Lake Home Sales Fall To Lowest Level In 15 Years
If you bought a house in July you were part of small crowd and you might have paid a little bit more than you would have in 2009.
The Salt Lake Board of Realtors reports that existing home sales in Salt Lake County were down 36 percent compared to July of 2009. Despite the drastic drop – 709 closings this July compared to 1,112 closings last July – the average price for houses and condos went up 5 percent.
Click Here: Salt Lake Home Sales Fall To Lowest Level In 15 Years...
The Salt Lake Board of Realtors reports that existing home sales in Salt Lake County were down 36 percent compared to July of 2009. Despite the drastic drop – 709 closings this July compared to 1,112 closings last July – the average price for houses and condos went up 5 percent.
Click Here: Salt Lake Home Sales Fall To Lowest Level In 15 Years...
The 5 Dumbest Things on Wall Street
Homeowners drowning under the weight of high mortgage rates and a plunging economy are finding that their rescuer has arrived in a leaky boat without a life ring -- or even a pair of arm floaties. And the lifeline the government did manage to throw out was, apparently, too knotted and twisted for homeowners to untangle.
Click Here to Read: The 5 Dumbest Things on Wall Street...
Click Here to Read: The 5 Dumbest Things on Wall Street...
Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market
Policymakers will likely keep mortgage rates low for the next several years because it's the best and cheapest way to heal the housing market, a senior Obama administration official hinted on Wednesday.
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
Tuesday, August 24, 2010
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'Vultures' Save Troubled Homeowners
Anna and Charlie Reynolds of St. George, Utah, were worried about losing their home to foreclosure last year. Then they got a lucky break—from an unlikely savior.
Selene Residential Mortgage Opportunity Fund, an investment fund managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds' income as a real-estate agent. "It was a miracle," says Ms. Reynolds.
Click Here to Read: 'Vultures' Save Troubled Homeowners...
Selene Residential Mortgage Opportunity Fund, an investment fund managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds' income as a real-estate agent. "It was a miracle," says Ms. Reynolds.
Click Here to Read: 'Vultures' Save Troubled Homeowners...
Hildale Town Council Raises Property Taxes 237 Percent
The town council in the polygamous border community of Hildale voted to raise property taxes Tuesday night by a whopping 237 percent. The council did it to make up for a significant budget shortfall.
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Fed Adopts New Mortgage Rules to Protect Consumers
The Federal Reserve adopted new standards that ban yield spread premiums on mortgages, a practice that critics say led to homebuyers being saddled with unfairly high mortgage rates.
The premiums involve lenders paying a bonus to mortgage brokers who brought them customers willing to pay high-interest rates on loans, The New York Times reported. Critics say this practice led to brokers forcing high-interest loans on borrowers, telling them it was the best deal they could get.
Click Here To Read: Fed Adopts New Mortgage Rules to Protect Consumers...
The premiums involve lenders paying a bonus to mortgage brokers who brought them customers willing to pay high-interest rates on loans, The New York Times reported. Critics say this practice led to brokers forcing high-interest loans on borrowers, telling them it was the best deal they could get.
Click Here To Read: Fed Adopts New Mortgage Rules to Protect Consumers...
Economic Commentary: Varying Signs
These last few months saw a “pause” in housing market activity following the rush of buyers to qualify for the tax credit. That pause was anticipated – and is still occurring. Contract signings on existing homes fell 3 percent in June; that on top of the 30 percent tumble in May. July data is still being collected; unfortunately the raw data coming are not encouraging and could be similarly low. The pause, we hope, will not extend into the autumn months. If it does, home prices could indeed take another tumble down after essentially stabilizing over the past 18 months. Others are certainly taking note. The former Fed chairman, Alan Greenspan, said on one recent Sunday morning “talking head” show that the broader economy will surely go into another recession if home values were to fall. Meanwhile, the current Fed chair, Ben Bernanke, spoke of an ‘unusually uncertain’ economic outlook.
Click Here to Read: Economic Commentary: Varying Signs...
Click Here to Read: Economic Commentary: Varying Signs...
Short Sale Mini Castle Headed To Auction
A historic castle listed as a short sale in North Laguna Beach has a foreclosure auction date, according to public notices.
The home, which boasts ocean views, is currently listed for $1.5 million. Located at 1280 North Coast Highway, the home has 4 bedrooms, 3 bathrooms, 2,898-square-feet of living space on a 4,007-square-foot lot and a cottage style.That breaks the value down to $518 per square-foot.According to legal notices, the unpaid amount on the loan is $3,001,979.97.
Click Here to Read: Short Sale Mini Castle Headed To Auction...
The home, which boasts ocean views, is currently listed for $1.5 million. Located at 1280 North Coast Highway, the home has 4 bedrooms, 3 bathrooms, 2,898-square-feet of living space on a 4,007-square-foot lot and a cottage style.That breaks the value down to $518 per square-foot.According to legal notices, the unpaid amount on the loan is $3,001,979.97.
Click Here to Read: Short Sale Mini Castle Headed To Auction...
New Jersey Man Charged In $200M Real Estate Scheme
A New Jersey man who federal prosecutors say operated a real estate investment scheme that defrauded investors of at least $200 million was arrested Thursday morning at his Lakewood home on charges of bank fraud and wire fraud.
A federal judge in Newark ordered Eliyahu Weinstein detained pending a bail hearing scheduled for Tuesday. Weinstein's attorney, Ephraim Savitt, had sought his client's release, disputing claims he was a flight risk.
Weinstein never owned many properties he claimed were his and sold his fake and real interests multiple times using forged deeds and other bogus documents, prosecutors said. They also claimed he played off his connections to the Orthodox Jewish community, exploiting its customs and business practices to bilk victims.
Click Here: New Jersey Man Charged In $200M Real Estate Scheme...
A federal judge in Newark ordered Eliyahu Weinstein detained pending a bail hearing scheduled for Tuesday. Weinstein's attorney, Ephraim Savitt, had sought his client's release, disputing claims he was a flight risk.
Weinstein never owned many properties he claimed were his and sold his fake and real interests multiple times using forged deeds and other bogus documents, prosecutors said. They also claimed he played off his connections to the Orthodox Jewish community, exploiting its customs and business practices to bilk victims.
Click Here: New Jersey Man Charged In $200M Real Estate Scheme...
Vernal, Utah – Home of the Strange
One ranch in Utah has been surrounded by mystery for decades, but the houses surrounding the ranch are less creepy. Tucked in the Northeast corner of the state, the Sherman Ranch has a history of UFO spottings, strange animal sightings, and roaming dinosaurs. The dinosaurs, of course, roamed millions of years ago, but the other stuff has been more recent.
Sherman Ranch – also known as Skinwalker Ranch by the local Ute Indian tribe – is located somewhere near Vernal, Utah and is comprised of 480 acres and a house that has deadbolts both on the inside and outside. The Sherman family bought it in 1995, but were happy to sell it for $200,000 to a curious Robert Bigelow a year later to get away from the hauntings.
One event that occurred when the Shermans first moved to the ranch was the appearance of a wolf that was people friendly. It was patted and petted, but when it attacked a penned cow, Pa Sherman shot it five times before it let go. The wolf acted uninjured and walked away, but when the Mr. Sherman and his son tracked it, the tracks abruptly stopped in thin air.
Click Here: Vernal, Utah – Home of the Strange...
Sherman Ranch – also known as Skinwalker Ranch by the local Ute Indian tribe – is located somewhere near Vernal, Utah and is comprised of 480 acres and a house that has deadbolts both on the inside and outside. The Sherman family bought it in 1995, but were happy to sell it for $200,000 to a curious Robert Bigelow a year later to get away from the hauntings.
One event that occurred when the Shermans first moved to the ranch was the appearance of a wolf that was people friendly. It was patted and petted, but when it attacked a penned cow, Pa Sherman shot it five times before it let go. The wolf acted uninjured and walked away, but when the Mr. Sherman and his son tracked it, the tracks abruptly stopped in thin air.
Click Here: Vernal, Utah – Home of the Strange...
13 Tips for Selling Your Home
We’ve all heard about how “bad” the real estate market is. But what’s bad for sellers can be good for buyers, and these days, savvy buyers are out in spades trying to take advantage of the buyer’s market. Here are 13 thing you can do to help sell your home.
Click Here to Read: 13 Tips for Selling Your Home...
Click Here to Read: 13 Tips for Selling Your Home...
Luxury '$uite' Deals
The federal government is looking out for the not-so-little guy -- insuring mortgages at luxury Manhattan condos.
Intended to spur low-to-moderate-income home ownership, relaxed regulations by the Federal Housing Administration have buildings in TriBeCa, Midtown, Battery Park and on the Upper East and West sides turning to the agency for help selling their swanky condos.
The FHA has been insuring mortgages for apartments at the 98-unit Tempo development in Gramercy Park since March, Bloomberg News reported.
The development features an outdoor movie theater, panoramic city views, apartments valued between $820,000 and $3 million -- and, thanks to the government, the ability to land a mortgage with less than a $100,000 deposit.
Read more: Luxury '$uite' Deals...
Intended to spur low-to-moderate-income home ownership, relaxed regulations by the Federal Housing Administration have buildings in TriBeCa, Midtown, Battery Park and on the Upper East and West sides turning to the agency for help selling their swanky condos.
The FHA has been insuring mortgages for apartments at the 98-unit Tempo development in Gramercy Park since March, Bloomberg News reported.
The development features an outdoor movie theater, panoramic city views, apartments valued between $820,000 and $3 million -- and, thanks to the government, the ability to land a mortgage with less than a $100,000 deposit.
Read more: Luxury '$uite' Deals...
Who Has the Weirdest House in America?
Who doesn't enjoy driving through a housing development and picking out the fantastic, the ugly and the over-the-top homes? If you're reading HousingWatch, the odds are even better, no?
Well, Top Ten Real Estate Deals is on the prowl for the "most unusual or quirky homes in the United States."
According to the website, what they're looking for are the 10 "most unusual or quirky homes in the United States." The site is looking for "homes that are truly different -- the kind of homes that make you say, 'Wow, look at that,' or, 'What were they thinking?,' or, 'I wish I were that brave,' " Jason Wakefield, web design director for the real estate website told NBC of Dallas-Ft. Worth. Of the houses that make the cut, the style and price can run the gamut.
Click Here to Read: Who Has the Weirdest House in America?...
Well, Top Ten Real Estate Deals is on the prowl for the "most unusual or quirky homes in the United States."
According to the website, what they're looking for are the 10 "most unusual or quirky homes in the United States." The site is looking for "homes that are truly different -- the kind of homes that make you say, 'Wow, look at that,' or, 'What were they thinking?,' or, 'I wish I were that brave,' " Jason Wakefield, web design director for the real estate website told NBC of Dallas-Ft. Worth. Of the houses that make the cut, the style and price can run the gamut.
Click Here to Read: Who Has the Weirdest House in America?...
Mortgages: How to Pay Less
The interest rates for 30-year fixed-rate mortgages are in free fall, averaging just 4.44% on Aug. 12, according to Freddie Mac. Not only was that down from 5.07% in January, it was the lowest since Freddie began keeping records in 1970.
But even better deals can be found at smaller banks and credit unions.
"I've found that my clients can get routinely better rates by heading to a more regional lender and forgoing the bigger lenders," says Sean Satkus, a real-estate agent in the Washington, D.C., area.
The differences can be stark. On average, the three biggest banks—Bank of America Corp., Wells Fargo & Co. and J.P. Morgan Chase & Co.—offer rates of 4.66% on 30-year fixed mortgages for home purchases, according to Bankrate.com. By contrast, St. Louis's Heartland Bank is offering a rate of 4.50%. Acacia Federal Savings Bank comes in at 4.25%. And Rockland Trust Co. in Boston is offering just 4.13%. (None of these offers include "points," or extra fees to secure lower rates.)
Click Here To Read: Mortgages: How to Pay Less...
But even better deals can be found at smaller banks and credit unions.
"I've found that my clients can get routinely better rates by heading to a more regional lender and forgoing the bigger lenders," says Sean Satkus, a real-estate agent in the Washington, D.C., area.
The differences can be stark. On average, the three biggest banks—Bank of America Corp., Wells Fargo & Co. and J.P. Morgan Chase & Co.—offer rates of 4.66% on 30-year fixed mortgages for home purchases, according to Bankrate.com. By contrast, St. Louis's Heartland Bank is offering a rate of 4.50%. Acacia Federal Savings Bank comes in at 4.25%. And Rockland Trust Co. in Boston is offering just 4.13%. (None of these offers include "points," or extra fees to secure lower rates.)
Click Here To Read: Mortgages: How to Pay Less...
Nicole Kidman Gets Amazing Deal on New NYC Pad
Everyone wants a deal and to get money off the listing price and Nicole Kidman and Keith Urban sure did that with their recent New York City penthouse purchase. They saved $2.5 million on their Chelsea apartment, paying $10 million for a $12.5 million listed property.
And that's not the only bragging right this married duo got with their new home. There is a suite component with these digs, giving it something no other New York building offers.
Click Here to Read: Nicole Kidman Gets Amazing Deal on New NYC Pad...
And that's not the only bragging right this married duo got with their new home. There is a suite component with these digs, giving it something no other New York building offers.
Click Here to Read: Nicole Kidman Gets Amazing Deal on New NYC Pad...
Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'
The auction of one of Utah's fanciest resorts has drawn a furious response from investors. But the attorney representing the company that bought Wasatch County's Zermatt Resort says everything about the auction was perfectly legal.
The transactions leading to Monday's auction are complicated, but simply put: The company that sold the resort is the same company that bought it; and in doing so, they wiped out as much as $20 million in debt.
Zermatt is an award-winning resort for the wealthy; a touch of Switzerland in the Heber Valley. The resort is in its fourth year, trying to build an international clientele.
Click Here To Read: Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'...
The transactions leading to Monday's auction are complicated, but simply put: The company that sold the resort is the same company that bought it; and in doing so, they wiped out as much as $20 million in debt.
Zermatt is an award-winning resort for the wealthy; a touch of Switzerland in the Heber Valley. The resort is in its fourth year, trying to build an international clientele.
Click Here To Read: Investors Call Auction of High-End Resort ‘Dishonest' and ‘Immoral'...
FHA Gets Tougher on Mortgages
Consumers looking for home loans backed by the Federal Housing Administration will face tougher hurdles and higher costs under new legislation and new rules that could take effect as soon as this month.
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to ensure that the FHA stays solvent. Its reserves, which are used to cover bad loans, plummeted to $3.5 billion at midyear from $19.3 billion in September 2008, according to a report from the FHA's parent, the Department of Housing and Urban Development.
Click Here To Read: FHA Gets Tougher on Mortgages...
Higher monthly fees, larger down payments and better credit scores are among the new initiatives intended to ensure that the FHA stays solvent. Its reserves, which are used to cover bad loans, plummeted to $3.5 billion at midyear from $19.3 billion in September 2008, according to a report from the FHA's parent, the Department of Housing and Urban Development.
Click Here To Read: FHA Gets Tougher on Mortgages...
In London, the World’s New ‘Most Expensive’ Home?
It looks like Candy Spelling has been one-upped. A six-bedroom penthouse at London’s tony One Hyde Park commanded £140 million, or about $220 million, Luxist reports. And this deal comes before the four-building project is even complete: It is due to be finished by the end of the year.
According to Luxist, that makes it world’s priciest piece of residential real estate-when measuring current listings and sales-pushing Ms. Spelling’s $150 million asking price for her bigger-than-big Los Angeles mansion down a slot. The deal also makes the U.S. look, well, like a bargain: In what is believed to be the biggest residential sale, a Texas executive paid $46.5 million for a 3,500-acre Colorado ranch earlier this year.
Click Here to Read: In London, the World’s New ‘Most Expensive’ Home...
According to Luxist, that makes it world’s priciest piece of residential real estate-when measuring current listings and sales-pushing Ms. Spelling’s $150 million asking price for her bigger-than-big Los Angeles mansion down a slot. The deal also makes the U.S. look, well, like a bargain: In what is believed to be the biggest residential sale, a Texas executive paid $46.5 million for a 3,500-acre Colorado ranch earlier this year.
Click Here to Read: In London, the World’s New ‘Most Expensive’ Home...
Why Do Short Sales Sputter, Fall Apart?
We're in the process of short-selling our home. At our closing, the buyer didn't show. This apparently happens frequently.
Why do so many so-called short sales take so darn long and fall apart so often? By the way, when we called the showing service that our Realtor is using, we got a phone message for our lender, which is a major bank. What's up with that?
Click Here To Read: Why Do Short Sales Sputter, Fall Apart?...
Why do so many so-called short sales take so darn long and fall apart so often? By the way, when we called the showing service that our Realtor is using, we got a phone message for our lender, which is a major bank. What's up with that?
Click Here To Read: Why Do Short Sales Sputter, Fall Apart?...
Mortgage Forgiveness? Forget It
DON'T JUST STAND THERE, DO SOMETHING. That's the increasingly nervous vibe going through Washington as the economy slows and November's mid-term elections quickly approach.
There have been suggestions that the Federal Reserve step-up its efforts to jump-start the economy. St. Louis Federal Reserve President James Bullard last week proposed another round of Treasury securities purchases, or quantitative easing, dubbed QE2, on top of the previous $1.7 trillion acquisition of Treasury, agency and agency mortgage-backed securities. ("Are the Helicopters About to Take Off?, July 30, )
Then came a story in the Wall Street Journal that the Fed was mulling the reinvestment of the principal payments on its big, $1.25 trillion MBS portfolio, sort of QE Lite ("Fed Mulls Symbolic Shift", Aug. 3.). Those actions would help keep long-term interest rates low to bolster the beleaguered housing market.
Click Here: Mortgage Forgiveness? Forget It...
There have been suggestions that the Federal Reserve step-up its efforts to jump-start the economy. St. Louis Federal Reserve President James Bullard last week proposed another round of Treasury securities purchases, or quantitative easing, dubbed QE2, on top of the previous $1.7 trillion acquisition of Treasury, agency and agency mortgage-backed securities. ("Are the Helicopters About to Take Off?, July 30, )
Then came a story in the Wall Street Journal that the Fed was mulling the reinvestment of the principal payments on its big, $1.25 trillion MBS portfolio, sort of QE Lite ("Fed Mulls Symbolic Shift", Aug. 3.). Those actions would help keep long-term interest rates low to bolster the beleaguered housing market.
Click Here: Mortgage Forgiveness? Forget It...
Serving Your Country? Bank of America Wants Your House...At Any Cost
The more stories we get from homeowners at shamethebanks.org and the more people I talk to about how they're losing their homes, the more I start to believe that banks and servicers are spending more time figuring out how to take homes than they are on how to save them. In the past few days alone I've heard stories from people who have recounted instances where they have been blatantly mistreated and swindled by banks.
At the rate that banks and mortgage servicers are foreclosing on homeowners it's been difficult lately to not buy into some of the speculative theories, no matter how conspiratorial they might sound. The theories range from land grabs, covering up a massive Ponzi scheme or massive fraud, and systematically eradicating the middle class. It's hard not to buy into these when you spend most of your free time talking to homeowners or reading their stories.
Click Here: Serving Your Country? Bank of America Wants Your House...At Any Cost...
At the rate that banks and mortgage servicers are foreclosing on homeowners it's been difficult lately to not buy into some of the speculative theories, no matter how conspiratorial they might sound. The theories range from land grabs, covering up a massive Ponzi scheme or massive fraud, and systematically eradicating the middle class. It's hard not to buy into these when you spend most of your free time talking to homeowners or reading their stories.
Click Here: Serving Your Country? Bank of America Wants Your House...At Any Cost...
Senate Approves Higher Government Mortgage Fees
Higher monthly fees are coming for consumers who take out home loans guaranteed by the Federal Housing Administration, the primary source of mortgages for first-time homebuyers.
The Senate late Wednesday unanimously approved legislation giving the FHA the power to hike monthly premiums it charges to consumers. The measure now goes to President Barack Obama, who is expected to sign it.
The new law would affect new loans and not ones that already have been made.
Click Here to Read: Senate Approves Higher Government Mortgage Fees...
The Senate late Wednesday unanimously approved legislation giving the FHA the power to hike monthly premiums it charges to consumers. The measure now goes to President Barack Obama, who is expected to sign it.
The new law would affect new loans and not ones that already have been made.
Click Here to Read: Senate Approves Higher Government Mortgage Fees...
Bank of America Foreclosures in Utah Could be Halted Again
Plaintiff Peni Cox who has challenged Bank of America’s Utah foreclosure practices has taken another step closer to being heard in the 10th Circuit Court. Attorneys for Cox, John Christian Barlow and E. Craig Smay have filed a motion to stay the court order issued by federal Judge Clark Waddoups June 11, 2010. The decision has allowed ReconTrust Company to continue its unabated non-judicial foreclosure activity in Utah. The judge denied Cox's request for a Temporary Restraining Order (TRO) July 7, 2010 saying he was not persuaded by the Plaintiff’s arguments.
Read more: Bank of America Foreclosures in Utah Could be Halted Again...
Read more: Bank of America Foreclosures in Utah Could be Halted Again...
Thursday, August 5, 2010
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Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter
It's the same story, just a different quarter.
The sales of single-family homes along the Wasatch Front rose in second quarter, but median sales prices continued to fall.
Data released by the Salt Lake Board of Realtors Thursday showed that sales climbed as much as 18.39 percent in Tooele County during the second three months of 2010 compared to the same period last year. However, the median sales price for single-family homes there fell 5.58 percent to $169,950.
Click Here: Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter...
The sales of single-family homes along the Wasatch Front rose in second quarter, but median sales prices continued to fall.
Data released by the Salt Lake Board of Realtors Thursday showed that sales climbed as much as 18.39 percent in Tooele County during the second three months of 2010 compared to the same period last year. However, the median sales price for single-family homes there fell 5.58 percent to $169,950.
Click Here: Wasatch Front Home Sales Increase, But Prices Fall Again In Second Quarter...
Foreclosures, Short Sales Driving Deals In Utah Housing Market
A new report by the Salt Lake Board of Realtors says home sales are up. West Valley City had the most sales for the past quarter. "We're in a climate right now where the interest rates are so favorable, it's hard not to go out and buy a house right now," says Salt Lake Board of Realtors' Bill Heiner. But for a seller, the market is not optimal according to the board's findings. The average residential property sold for nearly $206,000 -- down from $222,000 a year ago. And the board says Utah has not hit bottom yet.
Click Here To Read: Foreclosures, Short Sales Driving Deals In Utah Housing Market...
Click Here To Read: Foreclosures, Short Sales Driving Deals In Utah Housing Market...
Superman Comic Saves Family Home From Foreclosure
A struggling family facing foreclosure has stumbled upon what is considered to be the Holy Grail of comic books in their basement – a fortuitous find that could fetch upwards of a quarter million dollars at auction.
A copy of Action Comics No. 1, the first in which Superman ever appeared, was discovered as they went about the painful task of packing up a home that had been in the family since at least the 1950s. The couple, who live in the South with their children, asked to remain anonymous.
Click Here To Read: Superman Comic Saves Family Home From Foreclosure...
A copy of Action Comics No. 1, the first in which Superman ever appeared, was discovered as they went about the painful task of packing up a home that had been in the family since at least the 1950s. The couple, who live in the South with their children, asked to remain anonymous.
Click Here To Read: Superman Comic Saves Family Home From Foreclosure...
Market 'Balanced' After Tax-credit End
The federal homebuyer tax credit that expired on April 30 seemingly had its intended effect, creating a spike in pending sales contracts in the Washington area.
Statistics provided by Real Estate Business Intelligence (RBI), a subsidiary of Metropolitan Regional Information Systems (MRIS), show that pending sales (a reflection of signed contracts that have not yet reached settlement) peaked during the week ending May 1 at 4,614 contracts, compared with 2,617 pending sales for that same week in 2009. The increase of 76.3 percent from one year to the next during that week followed two previous weeks of increases of 41 percent and 31.6 percent over those weeks in 2009.
Click Here: Market 'Balanced' After Tax-credit End...
Statistics provided by Real Estate Business Intelligence (RBI), a subsidiary of Metropolitan Regional Information Systems (MRIS), show that pending sales (a reflection of signed contracts that have not yet reached settlement) peaked during the week ending May 1 at 4,614 contracts, compared with 2,617 pending sales for that same week in 2009. The increase of 76.3 percent from one year to the next during that week followed two previous weeks of increases of 41 percent and 31.6 percent over those weeks in 2009.
Click Here: Market 'Balanced' After Tax-credit End...
Wasatch Front Foreclosure Picture Continues To Darken
The Wasatch Front’s foreclosure problem continues to grow, a new report shows.
Owners of nearly 8,300 residential properties in the Salt Lake metro area received a foreclosure-related filing in the first six months of the year, according to RealtyTrac, a company that tracks foreclosures nationally. That’s up more than 55 percent from the same six-month period last year.
By comparison, the number of households nationally facing foreclosure rose only 8.3 percent from January to June.
The Salt Lake area was among 154 out of 206 metro areas with a population of at least 200,000 that had an increase in foreclosure activity. But the rate locally tops the national average, with one in every 48 homes receiving a filing, compared with one in 78 U.S. homes.
“Obviously, the numbers are a little depressing,” said Salt Lake City economist Jeff Thredgold, a consultant to Zions Bank.
Click Here: Wasatch Front Foreclosure Picture Continues To Darken...
Owners of nearly 8,300 residential properties in the Salt Lake metro area received a foreclosure-related filing in the first six months of the year, according to RealtyTrac, a company that tracks foreclosures nationally. That’s up more than 55 percent from the same six-month period last year.
By comparison, the number of households nationally facing foreclosure rose only 8.3 percent from January to June.
The Salt Lake area was among 154 out of 206 metro areas with a population of at least 200,000 that had an increase in foreclosure activity. But the rate locally tops the national average, with one in every 48 homes receiving a filing, compared with one in 78 U.S. homes.
“Obviously, the numbers are a little depressing,” said Salt Lake City economist Jeff Thredgold, a consultant to Zions Bank.
Click Here: Wasatch Front Foreclosure Picture Continues To Darken...
Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet
Another day, more foreclosure news, more bad news at Fannie and Freddie, ho-hum…
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing.
Thus far, 1.46m homes have entered foreclosure in 2010. In the same amount of time in 2009, we had 1.68m foreclosures, and 1.25m in 2008. According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet.
Click Here To Read: Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet...
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing.
Thus far, 1.46m homes have entered foreclosure in 2010. In the same amount of time in 2009, we had 1.68m foreclosures, and 1.25m in 2008. According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet.
Click Here To Read: Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet...
Monday, August 2, 2010
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Defaulted Loans,
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Fannie Mae,
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Chris Tucker's Short Sale Situation
It's been a rough year for Chris Tucker. Not only does he owe over $11 million in back taxes but the comedian is also set to lose a lot of money on his home in Monteverde, Florida. The Real Estalker reports that Tucker bought the five-bedroom home for $6 million in 2007 but he won't be getting anything near that now, it is currently listed as a short sale.
Click Here: Chris Tucker's Short Sale Situation...
Click Here: Chris Tucker's Short Sale Situation...
Is The Real Estate Market Turning Around?
The home sales index spike from the home buyer tax credit has almost run out. If you didn't have a deal in escrow by April 30, you didn't get the credit. The time to close a deal was extended to September 30. The predictions were that we'd see a fall in July activity which is exactly what is occurring.
The reports that are currently coming in don't yet reflect July sales which will show a drop in sales. For example, the Case-Shiller report came in yesterday for May, 2010, but that report is a three-month average of prices. The report said prices were up 1.2% MoM, and 5.4% YoY. That was the peak of housing credit driven sales.
Click Here To Read: Is The Real Estate Market Turning Around?...
The reports that are currently coming in don't yet reflect July sales which will show a drop in sales. For example, the Case-Shiller report came in yesterday for May, 2010, but that report is a three-month average of prices. The report said prices were up 1.2% MoM, and 5.4% YoY. That was the peak of housing credit driven sales.
Click Here To Read: Is The Real Estate Market Turning Around?...
Broker Pitches Ritzy Lifestyle to Go Along With SoHo Luxury Units
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...
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.
Click To Read More: Utah Chief Wants to Burn Homes...
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.
Read more: Foreign Buyers Like U.S. Residential Real Estate...
The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
Read more: Foreign Buyers Like U.S. Residential Real Estate...
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.
Click Here To Read: Real Estate Agent vs Realtor: What’s The Difference?...
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.
Click To Read More: Limbaugh Gets Mega Millions on Condo Sale...
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.
Click To Read More: Limbaugh Gets Mega Millions on Condo Sale...
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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