Daily Real Estate News 5.18.2012
For the third-straight week, fixed-rate mortgages reached new record lows, pushing home affordability even higher for those who can qualify.
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Builders broke ground on more homes last month as housing starts jumped 2.6 percent nationwide in April over March, the Commerce Department reported this week.
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The National Association of REALTORS®’ Professional Standards Committee will be asking the NAR Board of Directors to consider a change to Standard of Practice 12-10 — one focused squarely on the increasing number of copyright complaints being lodged against members by content and image owners.
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Real estate professionals who want a role with employer-assisted housing programs should not view these opportunities as quick lead generation systems for their business.
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In his remarks yesterday at the Commercial Business Trends Forum during the Midyear Legislative Meetings & Trade Expo in Washington, D.C., NAR Chief Economist Lawrence Yun sounded a cautiously optimistic note regarding the state of the commercial real estate market.
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Steps to nowhere are scattered throughout the Lower Ninth Ward of New Orleans — steps that once led to homes. But since the catastrophe of Hurricane Katrina, little rebuilding has been accomplished, says James Perry, director of the Greater New Orleans Fair Housing Center, which he greatly attributes to both systemic and individual cases of housing discrimination.
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Daily Real Estate News 5.17.2012
Mortgage applications soared 9.2 percent last week, as more Americans sought to take advantage of record low mortgage rates, according to the Mortgage Bankers Association’s weekly report.
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For the third consecutive month, foreclosure filings dropped, sinking to their lowest level since July 2007, according to RealtyTrac’s April report on nationwide foreclosure activity.
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The first quarter of 2012 was the best first quarter for real estate in five years, and pending contracts suggest that the second quarter of 2012 will be the best second quarter in five years, NAR Chief Economist Lawrence Yun said this morning at the Residential Economic Update during the NAR Midyear Legislative Meetings & Trade Expo.
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When clients must move before their house is sold and they ask you to take care of their property in their absence, it’s tempting to say yes. After all, you want to remain on good terms with them and get the future sale.
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As the funds from a $25 billion nationwide settlement over foreclosure abuses are distributed to individual states, money set aside specifically to help distressed home owners is instead being rerouted into depleted state coffers.
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More than 13,000 REALTORS® attended the Rally to Protect the American Dream this morning in the shadow of the Washington Monument on the National Mall in Washington, D.C. Additionally, thousands more participated in the virtual counterpart to the rally in order to send a clear message to legislators and policymakers: Home ownership is critical to the United States economy and needs to be fostered and protected.
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Daily Real Estate News 5.16.2012
In an effort to curb foreclosures, Bank of America is offering some of its defaulting home owners relocation assistance of anywhere from $2,500 to as much as $30,000 if they agree to complete a short sale.
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“Firming home values, improving employment, and low mortgage rates” are driving greater optimism over a recovery taking shape in the new-home market, says David Crowe, chief economist for the National Association of Home Builders.
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Long-standing common-law policies against placing undue restrictions on land owners’ ability to use and transfer property can lead to confusion about the proper implementation of conservation easements, explained Brian Blaesser, an attorney with Robinson and Cole in Boston, who specializes in land use issues.
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REALTORS® got a taste of the upcoming Rally to Protect the American Dream when NAR President Moe Veissi kicked off the 2012 NAR Midyear Legislative Meetings & Trade Expo yesterday in Washington, D.C. “This is your moment,” Veissi said during the Member-Director Forum. “We”ll gather like no one has gathered before.”
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There are many positive signs in the housing market right now that suggest 2012 may be the best year for real estate since the subprime meltdown in 2007. However, the recovery has been inhibited so far due to lenders’ reluctance to originate enough new mortgages to meet buyer demand, experts said yesterday at the 2012 REALTORS® Midyear Legislative Meetings & Trade Expo.
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REALTORS® heading up to Capitol Hill this week will be telling their members of Congress not to let real estate issues get caught up in election-year politics.
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Daily Real Estate News 5.15.2012
Home buyers and refinancers applying for a mortgage are being caught off guard in what all lenders are asking for when approving a loan.
The Wall Street Journal reports an incident where a borrower was even asked for a copy of her divorce decree — from two years ago — and asked to explain a deposit of about $200 into her bank account when applying for a mortgage.
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The Wall Street Journal reports an incident where a borrower was even asked for a copy of her divorce decree — from two years ago — and asked to explain a deposit of about $200 into her bank account when applying for a mortgage.
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Realtor.com is teaming with media company RealBizMedia’s Home Tour Network to debut a TV channel that will feature millions of property listings and reach an estimated 55 million households. The property listings will first be featured on the Cox cable network; the companies’ plan is to later expand onto additional networks.
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The majority of Americans don’t fully understand how credit scores are formulated, according to a survey released by the Consumer Federation of America. That gap in knowledge can cost them when applying for a mortgage too.
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Residential Capital, a mortgage subsidiary of Ally Financial Inc. filed for Chapter 11 bankruptcy on Monday.
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Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of REALTORS®.
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In the first quarter of 2012, bathroom and kitchen remodeling remained the two most common types of remodeling jobs, according to the National Association of Home Builders.
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Protecting home ownership will be front and center in this year’s national elections, said top political strategists speaking with hundreds of REALTORS® Tuesday morning at the 2012 NAR Midyear Legislative Meetings & Trade Expo in Washington, D.C.
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Daily Real Estate News 5.14.2012
With rising rents, more renters are being swayed into home ownership, even in pricey housing markets like New York.
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Late last week, President Obama said more home owners are taking advantage of government programs to refinance into ultra-low mortgage rates, but there’s still more Congress can do to make refinancing easier for home owners.
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Some housing deals are coming with sweet incentives for the real estate agents who can bring in a buyer, everything from big bonuses to fancy cars.
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Closing costs for a mortgage averaged $4,143 last year, which is 12.4 percent higher than in 2010, Bankrate.com reports.
Despite record low mortgage rates, borrowers are finding the cost of getting a loan is on the rise.
Despite record low mortgage rates, borrowers are finding the cost of getting a loan is on the rise.
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With record-low interest rates, more home owners have been looking at refinancing their mortgages to trim their monthly payments. But they’re finding that they may have a lot longer to wait to refinance than in the past.
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The income and business of REALTORS® is growing after many years of decline, according to the2012 National Association of REALTORS®Member Profile.
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Daily Real Estate News 5.11.2012
For the second consecutive week, fixed-rate mortgages reached new all-time records lows, offering another big boost to home buyer affordability.
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It’s an election year, and real estate professionals from across the country want to make sure their voices are heard. More than 10,000 REALTORS® from coast to coast are expected to come together next week to show their support for home ownership in the nation’s capital.
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Home buyers and sellers need to get ready to pounce. Hard-hit housing markets are on the road to recovery and expected to see major price gains soon.
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Even creditworthy borrowers are finding it difficult to get a mortgage nowadays and it’s unlikely banks will ease their standards anytime soon, Federal Reserve Chairman Ben Bernanke told a banking conference in Chicago Thursday.
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A lawsuit currently in the Florida Supreme Court has the potential to undo “hundreds of thousands of foreclosures and open up U.S. banks to severe financial liabilities in the state,” Reuters News reports.
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The White House is set to announce today figures reflecting a big jump in the number of Americans participating in federal initiatives meant to aid financially strapped home owners and bolster the sluggish housing market.
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Positive Utah Housing News
Utah Cities make CNN Money’s “Best Small Towns” list – Including North Logan!
- August 2011 – Click HERE for Report
- Farmington #12, North Salt Lake #23, North Logan #63, Lindon #81 and Draper #85
Utah #6 on Forbes’ list of “The Best States for Jobs”
- December 2011 – Click HERE for Report
- Projected 5-year job growth: 2.4%
Fiserv say Utah to have 7th highest Home Price Appreciation by Summer
- November 2011 – Click HERE for Data
- Projected 9.5% increase in Salt Lake and a 2.6% increase for Cache Valley
All this information and more was presented at the UAR Legislative Update and CRAR Business Meeting on Thursday, May 10th at the Riverwoods Conference Center. UAR President Lori Chapman stopped by to provide this positive and valuable information. Jim Bringhurst, UAR RPAC Chairman was also on hand to give us an RPAC update, as well as be the first to sign up for the CRAR RPAC Rally Ride. Thanks Lori & Jim!
Daily Real Estate News 5.10.2012
Top 10 Turnaround Housing Markets
Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.
Cities hardest hit by the foreclosure crisis are among some of the cities leading a housing recovery, Move Inc. reports in its Top Turnaround Town Report for May.
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The Consumer Financial Protection Bureau plans to issue new rules that would limit certain fees that lenders require consumers to pay when they purchase a home. Among these fees the agency hopes to ban would be a fee sometimes referred to as “origination points” that buyers pay at closing.
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Fannie Mae, which backs the most loans in the country, announced that it would not need taxpayer aid to cover losses for the first time since the federal government took control over the mortgage giant in 2008. Fannie posted a profit in the first quarter of the year, reporting a net income of $2.7 billion compared to a $6.5 billion loss they reported in the first quarter of 2011.
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Home buyers and refinancers are looking at cashing in on record-low interest rates, sending mortgage applications higher for the week. Mortgage applications for purchasing a home increased again last week, rising 3.4 percent for the week ending May 4, the Mortgage Bankers Association reports in its weekly survey. Overall, mortgage applications rose 1.7 percent this week compared to the prior week. Applications for refinancing, which make up the biggest bulk of mortgage applications, increased 1.3 percent.
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Builders have struggled to compete with distressed homes that sell at big discounts, so one major home builder has found a way it also can cash in on the discounts. For the past year, Beazer Homes USA has been buying up distressed homes and turning them into rentals, hoping that one day these renters will become home buyers. The home builder has been purchasing distressed properties in Phoenix and Las Vegas and renovating the homes before they rent them out.
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REALTOR® Magazine, an online and print publication of the National Association of REALTORS®, has received three awards for Media Innovation from the Association Media & Publishing EXCEL Awards. The EXCEL Awards honors the best and brightest in association media and publishing.
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Daily Real Estate News 5.9.2012
Have home prices finally hit bottom? Many analysts think so. According to the latest forecast by Fiserv, the market watcher sees a big boost to home prices on the horizon, projecting that home prices will rise nearly 4 percent per year for the next five years.
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Tighter housing inventories are starting to lift home prices, says Anand Nallathambi, CoreLogic’s CEO.
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The U.S. Department of Justice is investigating Wells Fargo, the largest mortgage servicer, over allegations that the bank may have discriminated against minority home buyers by offering them risky loans when they qualified for more traditional, safer loans.
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Do you have a fear of being apart from your cellphone? If so, you may suffer from “nomophobia” or “no mobile phone phobia,” MSNBC.com reports.
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A new study estimates that 17.3 million prospects for new mortgages are being overlooked by lenders. Many of these prospects hold little credit history and, therefore, may be viewed as a risk to some lenders in making a loan.
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The rate of borrowers past due by 60 days or more on their mortgage payments fell in the first quarter to 5.78 percent, the lowest delinquency rate since 2009, according to TransUnion.
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Daily Real Estate News 5.8.2012
One of the most battered housing markets during the housing crisis, plagued with a number of foreclosures and falling home prices, is on the mend, joining a list of improving housing markets in May, according to a newly released index by National Association of Home Builders/First American.
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Texas continues to be an emerging hot spot for jobs in the U.S. Metros in that state take up four of the top six best cities for jobs cited in a recent Forbes analysis.
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More than 200,000 underwater home owners with mortgages through Bank of America may be eligible to have a reduction in the amount they owe on their loan, which could possibly trim their monthly payments by up to 35 percent.
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Rents continue to inch up, soaring more than 5 percent nationwide in the 12 months ending April 31. In some places, rents have increased by more than 15 percent in that time period.
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Foreclosed homes are increasingly being purchased or rented by those who are turning the homes into sites of illegal activity: Indoor marijuana farms.
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Senior FHFA official Meg Burns has clarified that the only goal of a pilot foreclosure-to-rent program is to gauge whether housing supply can be reduced and neighborhoods stabilized through bulk sales. The aim is not to expand the supply of affordable rental housing or boost energy efficiency, she stressed, as some believe.
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Americans would rather see their dentist or visit their in-laws than spend time with their lawns. In fact, they’d rather do just about anything than mow, fertilize, and perform other lawn care chores, according to a Consumer Reports survey of 1,000 adults nationwide.
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