From Realtor Magazine Online, Daily Real Estate News November 26, 2008
Mortgage rates declined Tuesday after the Federal Reserve said it would spend $600 billion to support the mortgage securities market.
Rates fell to 4 7/8 percent, a 1 1/8 percentage point decline. David Beadle, president of BestInfo, said it was the sharpest one-day decline since 1988.
"I hope that the effect is that it brings more investors home to investing in housing," said Alfred DelliBovi, president of the Federal Home Loan Bank of New York. “[Investors] have had a sense in the markets that anything connected with a mortgage is bad" even though most people pay their home loans, he said.
Source: Reuters News, Al Yoon and Lynn Adler (11/25/2008)
Wednesday, November 26, 2008
FHA, VA Loans Surge in October
From Realtor Magazine Online, Daily Real Estate News November 26, 2008
The Mortgage Bankers Association reports that FHA, VA, and other government-insured loans accounted for about 33 percent of home loan applications in October, up from 10 percent a year ago.
Government-insured loans secured their biggest share of applications since February 1991 because they have lower down-payment criteria, more relaxed underwriting standards, and also had a higher loan limit for high-cost areas this year, the MBA notes.
Applications for government-insured loans surged 113.6 percent from a year ago in October, while applications for conventional loans fell 49.7 percent.
Refinancings from conventional loans to FHA-insured loans rocketed 144.3 percent from a year ago.
Source: Inman News (11/26/08)
The Mortgage Bankers Association reports that FHA, VA, and other government-insured loans accounted for about 33 percent of home loan applications in October, up from 10 percent a year ago.
Government-insured loans secured their biggest share of applications since February 1991 because they have lower down-payment criteria, more relaxed underwriting standards, and also had a higher loan limit for high-cost areas this year, the MBA notes.
Applications for government-insured loans surged 113.6 percent from a year ago in October, while applications for conventional loans fell 49.7 percent.
Refinancings from conventional loans to FHA-insured loans rocketed 144.3 percent from a year ago.
Source: Inman News (11/26/08)
Investors Bulk Up on Foreclosures
From Realtor Magazine Online, Daily Real Estate News November 26, 2008
Entrepreneurs are rushing to cash in on the foreclosure market, buying packages of foreclosed homes at steep discounts. Web sites are emerging to fulfull demand.
ReoLynx.com allows investors to view more than 1,000 homes listed on the site, build a portfolio, and make a bid.
VerifiedREOs.com and BulkrREO.com both sell packages of properties assembled by sellers.
Finding the properties is the first step, but closing on these deals are proving to be the biggest challenge because financially strapped banks aren’t willing to lend or sell REO homes at sub-basement prices.
"We have shied away from selling in bulk" because buyers are looking for steep discounts, said Ronald Faris, president of Ocwan Financial Corp., a mortgage servicer with a large portfolio of foreclosed homes.
Source: The Wall Street Journal, Rhonda L. Rundle (11/26/2008)
Entrepreneurs are rushing to cash in on the foreclosure market, buying packages of foreclosed homes at steep discounts. Web sites are emerging to fulfull demand.
ReoLynx.com allows investors to view more than 1,000 homes listed on the site, build a portfolio, and make a bid.
VerifiedREOs.com and BulkrREO.com both sell packages of properties assembled by sellers.
Finding the properties is the first step, but closing on these deals are proving to be the biggest challenge because financially strapped banks aren’t willing to lend or sell REO homes at sub-basement prices.
"We have shied away from selling in bulk" because buyers are looking for steep discounts, said Ronald Faris, president of Ocwan Financial Corp., a mortgage servicer with a large portfolio of foreclosed homes.
Source: The Wall Street Journal, Rhonda L. Rundle (11/26/2008)
Tuesday, November 25, 2008
A Love-Hate Relationship With Biggest Cities
From Realtor Magazine Online, Daily Real Estate News November 25, 2008
Americans have a love-hate relationship with their largest cities, according to a survey of 2,500 employees and small business owners.Human Capital Institute, a Washington-D.C.-based human resources think tank, asked employees and entrepreneurs to name the U.S. city where they'd be most eager to relocate.
The winner? New York City. The loser? New York City.
Survey-takers who liked New York pointed to its entertainment options, readily available transportation and business opportunities. Survey-takers who panned it pointed out its high cost of living.
Here are the rest of the cities on the picks and pan lists. New York isn’t the only city to appear on both. Cities use the information in determining how to market themselves to attract out-of-town workers.
10 Favorite Cities to live and work:
New York
San Diego
San Francisco
Las Vegas
Los Angeles
Seattle
Denver
Phoenix
Chicago
Boston10 Cities Workers Would Like to Avoid:
New York
Detroit
Los Angeles
New Orleans
Chicago
Washington DC
Las Vegas
Cleveland
Dallas
Miami
Source: Businessweek.com, Prashant Gopal (11/19/2008)
Americans have a love-hate relationship with their largest cities, according to a survey of 2,500 employees and small business owners.Human Capital Institute, a Washington-D.C.-based human resources think tank, asked employees and entrepreneurs to name the U.S. city where they'd be most eager to relocate.
The winner? New York City. The loser? New York City.
Survey-takers who liked New York pointed to its entertainment options, readily available transportation and business opportunities. Survey-takers who panned it pointed out its high cost of living.
Here are the rest of the cities on the picks and pan lists. New York isn’t the only city to appear on both. Cities use the information in determining how to market themselves to attract out-of-town workers.
10 Favorite Cities to live and work:
New York
San Diego
San Francisco
Las Vegas
Los Angeles
Seattle
Denver
Phoenix
Chicago
Boston10 Cities Workers Would Like to Avoid:
New York
Detroit
Los Angeles
New Orleans
Chicago
Washington DC
Las Vegas
Cleveland
Dallas
Miami
Source: Businessweek.com, Prashant Gopal (11/19/2008)
Home Sales Rise in Military Towns
From Realtor Magazine Online, Daily Real Estate News November 25, 2008
Homes near military bases are escaping a slowdown in sales due to the wars in Iraq and Afghanistan.
For instance, home prices in Clarksville, Tenn., the nearest residential area to Fort Campbell, Ky., rose 6 percent in the second quarter of 2008, compared to the previous year, while average home prices in the U.S. fell a record 4.8 percent during the same time period.
In Fayetteville, N.C., next door to Fort Bragg, the average price for an existing home was up 5.2 percent from a year earlier.
In Minot, N.D., where Minot Air Base, is located, average home prices rose 6 percent in the second quarter, In August, they were 10 percent higher compared to prices in August 2007.
The Veterans Administration says use of its home loan program has increased 34 percent in the last 12 months.
Source: The Associated Press, Kristin M. Hall (11/12/08)
Homes near military bases are escaping a slowdown in sales due to the wars in Iraq and Afghanistan.
For instance, home prices in Clarksville, Tenn., the nearest residential area to Fort Campbell, Ky., rose 6 percent in the second quarter of 2008, compared to the previous year, while average home prices in the U.S. fell a record 4.8 percent during the same time period.
In Fayetteville, N.C., next door to Fort Bragg, the average price for an existing home was up 5.2 percent from a year earlier.
In Minot, N.D., where Minot Air Base, is located, average home prices rose 6 percent in the second quarter, In August, they were 10 percent higher compared to prices in August 2007.
The Veterans Administration says use of its home loan program has increased 34 percent in the last 12 months.
Source: The Associated Press, Kristin M. Hall (11/12/08)
Florida Builders Blame Bankers for Woes
From Realtor Magazine Online, Daily Real Estate News November 25, 2008
Home builders are being driven out of business by banking practices in Florida and elsewhere, Florida builders told state banking authorities Monday.
Builders complained that lenders are dissolving lines of credit and eliminating construction financing, while refusing to spend federal bailout money.
"Extreme financial institution business practices are forcing solvent, creditworthy home builders to the brink of financial disaster," said Jay Carlson, president of the Florida Home Builders Association.
The chief economist for the American Bankers Association defended lenders, saying they are facing tough times and bailout money hasn’t reached small banks.
Source: The Associated Press, Bill Kaczor (11/24/2008)
Home builders are being driven out of business by banking practices in Florida and elsewhere, Florida builders told state banking authorities Monday.
Builders complained that lenders are dissolving lines of credit and eliminating construction financing, while refusing to spend federal bailout money.
"Extreme financial institution business practices are forcing solvent, creditworthy home builders to the brink of financial disaster," said Jay Carlson, president of the Florida Home Builders Association.
The chief economist for the American Bankers Association defended lenders, saying they are facing tough times and bailout money hasn’t reached small banks.
Source: The Associated Press, Bill Kaczor (11/24/2008)
Fed, Treasury Announce Plan to Jumpstart Lending
From Realtor Magazine Online, Daily Real Estate News November 25, 2008
The Federal Reserve and Treasury Department on Tuesday unveiled hundreds of billions more in money they are pumping into the struggling U.S. economy, trying to jumpstart lending by the nation's banks for mortgages and consumer debt.
Together, the programs from the Federal Reserve and the New York Fed aim to dump $800 billion in additional funds into the struggling U.S. economy, more than Congress approved in October for a bailout of the nation's banks and Wall Street firms.
Under the plan, the Federal Reserve announced it will purchase up to $500 billion in mortgage-backed securities that have been backed by Fannie Mae , Freddie Mac, and closely held Ginnie Mae, the three government-sponsored mortgage finance firms set up to promote homeownership. It will also buy another $100 billion in direct debt issued by those firms.
"This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally," said the statement from the Fed.
By putting money in the hands of holders of consumer and mortgage loan securities, the government hopes more money will flow to consumers than has occurred so far in previous bailout plans.
The moves came as the Commerce Department announced that gross domestic product, the broad measure of the nation's economy, fell at an annual rate of 0.5% in the third quarter, the biggest drop in economic activity in seven years. Economists believe that the economy is likely to continue to contract in the current quarter and into early next year.
Source: Chris Isidore, CNNMoney.com (11/25/08)
The Federal Reserve and Treasury Department on Tuesday unveiled hundreds of billions more in money they are pumping into the struggling U.S. economy, trying to jumpstart lending by the nation's banks for mortgages and consumer debt.
Together, the programs from the Federal Reserve and the New York Fed aim to dump $800 billion in additional funds into the struggling U.S. economy, more than Congress approved in October for a bailout of the nation's banks and Wall Street firms.
Under the plan, the Federal Reserve announced it will purchase up to $500 billion in mortgage-backed securities that have been backed by Fannie Mae , Freddie Mac, and closely held Ginnie Mae, the three government-sponsored mortgage finance firms set up to promote homeownership. It will also buy another $100 billion in direct debt issued by those firms.
"This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally," said the statement from the Fed.
By putting money in the hands of holders of consumer and mortgage loan securities, the government hopes more money will flow to consumers than has occurred so far in previous bailout plans.
The moves came as the Commerce Department announced that gross domestic product, the broad measure of the nation's economy, fell at an annual rate of 0.5% in the third quarter, the biggest drop in economic activity in seven years. Economists believe that the economy is likely to continue to contract in the current quarter and into early next year.
Source: Chris Isidore, CNNMoney.com (11/25/08)
Monday, November 24, 2008
Existing-Home Sales Down as Buyers Hesitate
From Realtor Magazine Online, Daily Real Estate News November 24, 2008
Existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October from a downwardly revised pace of 5.14 million in September. Sales and are 1.6 percent below the 5.06 million-unit level in October 2007.
Single-family home sales declined 3.3 percent to a seasonally adjusted annual rate of 4.43 million in October from a level of 4.58 million in September, but are unchanged from a 4.43 million-unit pace in October 2007.
Condominium and co-op sales eased by 1.8 percent to a seasonally adjusted annual rate of 550,000 units in October from 560,000 in September, and are 12.0 percent below the 625,000-unit pace a year ago.
Lawrence Yun, NAR chief economist, said consumer hesitation is understandable.
“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” he said. “We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need. This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery.”
Inventory Down, Mortgage Rates Up
Total housing inventory at the end of October slipped 0.9 percent to 4.23 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, up from a 10.0-month supply in September.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.20 percent in October from 6.04 percent in September; the rate was 6.38 percent in October 2007.
“Mortgage interest rates have been moving up and down in a historically low range, with the fixed rate down to 6.04 percent last week,” Yun noted.
Even with the overall decline, Yun identified a number of areas with solid sales gains from a year ago, including many California and Florida markets, as seen previously, as well as Boston, Minneapolis, and Denver.
NAR President Charles McMillan said the need for professional assistance is growing.
“Navigating the transaction process is easier said than done without professional assistance in today’s market,” McMillan said. “Proper valuation when many homes are being sold below replacement construction costs is very challenging. Buyers remain in the driver’s seat.”
Prices Down 11.3% From Last Year
The national median existing-home price for all housing types was $183,300 in October, down 11.3 percent from a year ago when the median was $206,700.
There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.
The median existing single-family home price was $181,800 in October, down 11.2 percent from a year ago. The median existing condo price was $193,000 in October, which is 13.0 percent below October 2007.
Regional Data
Northeast. Existing-home sales in the Northeast slipped 1.2 percent to an annual pace of 830,000 in October, and are 9.8 percent lower than a year ago. The median price in the Northeast was $241,700, down 9.8 percent from October 2007.
West. Existing-home sales in the West eased by 1.6 percent to an annual rate of 1.21 million in October but are 37.5 percent higher than October 2007. The median price in the West was $231,400, down 27.0 percent from a year ago.
South. In the South, existing-home sales declined 3.2 percent to an annual pace of 1.84 million in October, and are 10.2 percent below a year ago. The median price in the South was $161,100, which is 5.8 percent lower than October 2007.
Midwest. Existing-home sales in the Midwest fell 6.0 percent in October to a pace of 1.10 million and remain 9.1 percent below October 2007. The median price in the Midwest was $149,400, down 6.7 percent from a year ago.
—NAR
Existing-home sales declined on the heels of a strong gain in September as uncertainty and economic concerns increased in October, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October from a downwardly revised pace of 5.14 million in September. Sales and are 1.6 percent below the 5.06 million-unit level in October 2007.
Single-family home sales declined 3.3 percent to a seasonally adjusted annual rate of 4.43 million in October from a level of 4.58 million in September, but are unchanged from a 4.43 million-unit pace in October 2007.
Condominium and co-op sales eased by 1.8 percent to a seasonally adjusted annual rate of 550,000 units in October from 560,000 in September, and are 12.0 percent below the 625,000-unit pace a year ago.
Lawrence Yun, NAR chief economist, said consumer hesitation is understandable.
“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” he said. “We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need. This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery.”
Inventory Down, Mortgage Rates Up
Total housing inventory at the end of October slipped 0.9 percent to 4.23 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, up from a 10.0-month supply in September.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.20 percent in October from 6.04 percent in September; the rate was 6.38 percent in October 2007.
“Mortgage interest rates have been moving up and down in a historically low range, with the fixed rate down to 6.04 percent last week,” Yun noted.
Even with the overall decline, Yun identified a number of areas with solid sales gains from a year ago, including many California and Florida markets, as seen previously, as well as Boston, Minneapolis, and Denver.
NAR President Charles McMillan said the need for professional assistance is growing.
“Navigating the transaction process is easier said than done without professional assistance in today’s market,” McMillan said. “Proper valuation when many homes are being sold below replacement construction costs is very challenging. Buyers remain in the driver’s seat.”
Prices Down 11.3% From Last Year
The national median existing-home price for all housing types was $183,300 in October, down 11.3 percent from a year ago when the median was $206,700.
There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.
The median existing single-family home price was $181,800 in October, down 11.2 percent from a year ago. The median existing condo price was $193,000 in October, which is 13.0 percent below October 2007.
Regional Data
Northeast. Existing-home sales in the Northeast slipped 1.2 percent to an annual pace of 830,000 in October, and are 9.8 percent lower than a year ago. The median price in the Northeast was $241,700, down 9.8 percent from October 2007.
West. Existing-home sales in the West eased by 1.6 percent to an annual rate of 1.21 million in October but are 37.5 percent higher than October 2007. The median price in the West was $231,400, down 27.0 percent from a year ago.
South. In the South, existing-home sales declined 3.2 percent to an annual pace of 1.84 million in October, and are 10.2 percent below a year ago. The median price in the South was $161,100, which is 5.8 percent lower than October 2007.
Midwest. Existing-home sales in the Midwest fell 6.0 percent in October to a pace of 1.10 million and remain 9.1 percent below October 2007. The median price in the Midwest was $149,400, down 6.7 percent from a year ago.
—NAR
Friday, November 21, 2008
Mortgage Rates Drop This Week
From Realtor Magazine Online, Daily Real Estate News November 21, 2008
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.04 percent during the week ended Nov. 20. The 30-year loan rates were 6.14 percent the prior week.
During the same period, interest on 15-year fixed loans slipped to 5.73 percent from 5.81 percent.
Five-year and one-year ARMs declined as well, down to 5.87 percent from 5.98 percent and to 5.29 percent from 5.33 percent, respectively.
Source: Los Angeles Times (11/21/08)
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.04 percent during the week ended Nov. 20. The 30-year loan rates were 6.14 percent the prior week.
During the same period, interest on 15-year fixed loans slipped to 5.73 percent from 5.81 percent.
Five-year and one-year ARMs declined as well, down to 5.87 percent from 5.98 percent and to 5.29 percent from 5.33 percent, respectively.
Source: Los Angeles Times (11/21/08)
Thursday, November 20, 2008
Fannie and Freddie Suspend Foreclosures
By Les Christie, CNNMoney.com staff writer
Last Updated: November 20, 2008: 6:01 PM ET
By halting evictions, the mortgage giants get time to implement a recent rescue plan.
NEW YORK (CNNMoney.com) -- Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.
"By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program]," said Freddie Mac CEO David M. Moffett in a statement.
Freddie has told its servicers to immediately contact the 6,000 borrowers who already have auction sales or evictions scheduled for between the specified dates to tell them the sales are postponed. Fannie estimated that 10,000 of its borrowers will be affected. Borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.
The foreclosure suspension affects only a small percentage of homeowners facing foreclosure over the next two months. Although Fannie and Freddie mortgages account for more than half of all mortgages, they have relatively few of the most risky subprime loans at the center of the foreclosure crisis.
"The vast majority of what's going into foreclosure are not Fannie Freddie loans," said Freddie Mac spokesman Brad German.
The Fannie, Freddie plan was unveiled on Nov. 11. Eligibility is determined by several factors: Homeowners must be 90 days or more late in their mortgage payments, owe at least 90% of their home's current value, live in the home on which the mortgage was taken and have not filed for bankruptcy.
The mortgage rate could be lowered to as little as 3% for five years. After that, it would increase by 1 percentage point a year until it hits either the market rate or the original interest rate, whichever is lower.
Unlike previous federal efforts, participation by servicers is not voluntary.
Several major servicers -- including Bank of America, JPMorgan Chase and Citigroup -- have recently announced expansions of their foreclosure prevention efforts, which could aid nearly a million more borrowers.
First Published: November 20, 2008: 5:19 PM ET
Last Updated: November 20, 2008: 6:01 PM ET
By halting evictions, the mortgage giants get time to implement a recent rescue plan.
NEW YORK (CNNMoney.com) -- Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.
"By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program]," said Freddie Mac CEO David M. Moffett in a statement.
Freddie has told its servicers to immediately contact the 6,000 borrowers who already have auction sales or evictions scheduled for between the specified dates to tell them the sales are postponed. Fannie estimated that 10,000 of its borrowers will be affected. Borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.
The foreclosure suspension affects only a small percentage of homeowners facing foreclosure over the next two months. Although Fannie and Freddie mortgages account for more than half of all mortgages, they have relatively few of the most risky subprime loans at the center of the foreclosure crisis.
"The vast majority of what's going into foreclosure are not Fannie Freddie loans," said Freddie Mac spokesman Brad German.
The Fannie, Freddie plan was unveiled on Nov. 11. Eligibility is determined by several factors: Homeowners must be 90 days or more late in their mortgage payments, owe at least 90% of their home's current value, live in the home on which the mortgage was taken and have not filed for bankruptcy.
The mortgage rate could be lowered to as little as 3% for five years. After that, it would increase by 1 percentage point a year until it hits either the market rate or the original interest rate, whichever is lower.
Unlike previous federal efforts, participation by servicers is not voluntary.
Several major servicers -- including Bank of America, JPMorgan Chase and Citigroup -- have recently announced expansions of their foreclosure prevention efforts, which could aid nearly a million more borrowers.
First Published: November 20, 2008: 5:19 PM ET
Can a Special Visa for Seniors Help Housing?
From Realtor Magazine Online, Daily Real Estate News November 20, 2008
Miami real estate practitioner Tony Macaluso is among those campaigning for a new type of U.S. visa that would allow older immigrants to retire here and buy homes.
He and others see it as a way to jumpstart the housing market, particularly in states like Florida, Arizona, California, and Nevada – attractive retirement spots that have been hard hit by foreclosures.
"We need to step up to the plate, saying, 'This is a really great place to be. We have a fine country we would like you to share. We would love you to come and spend your retirement funds here within our borders,'" Macaluso says.
Currently, foreign nationals can buy property in the U.S. as long as they don’t work. Generally, they are granted tourist visas and must leave the country every six months in order to renew them. Macaluso would grant this group of people what is called a “silver visa” by other countries.
"When they come here it would be on a non-work visa, so they would be retired [and] their wealth that they are earning in another country would be spent here in the United States. If there is something we could clearly use, it is more money coming into the country," Macaluso says.
Source: FoxNews.com, Phil Keating (11/19/2008)
Miami real estate practitioner Tony Macaluso is among those campaigning for a new type of U.S. visa that would allow older immigrants to retire here and buy homes.
He and others see it as a way to jumpstart the housing market, particularly in states like Florida, Arizona, California, and Nevada – attractive retirement spots that have been hard hit by foreclosures.
"We need to step up to the plate, saying, 'This is a really great place to be. We have a fine country we would like you to share. We would love you to come and spend your retirement funds here within our borders,'" Macaluso says.
Currently, foreign nationals can buy property in the U.S. as long as they don’t work. Generally, they are granted tourist visas and must leave the country every six months in order to renew them. Macaluso would grant this group of people what is called a “silver visa” by other countries.
"When they come here it would be on a non-work visa, so they would be retired [and] their wealth that they are earning in another country would be spent here in the United States. If there is something we could clearly use, it is more money coming into the country," Macaluso says.
Source: FoxNews.com, Phil Keating (11/19/2008)
Freddie Mac: Mortgage Rates Decline Again
From FoxBusiness Online, Thursday, November 20, 2008
Michelle Donley
MarketWatch Pulse
NEW YORK -- U.S. fixed-rate mortgages fell for the third straight week, according to Freddie Mac's survey released Thursday.
The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.04% in the week ending Thursday, down from last week's 6.14% and the year-ago 6.20%.
The 15-year fixed-rate loan averaged 5.73%, down from the week-ago 5.81% and the year-ago 5.83%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.87%, compared with 5.98% a week ago and 5.88% a year ago.
One-year Treasury-indexed ARMs averaged 5.29% this week, down from last week's 5.33% and the year-ago 5.42%.
"Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Michelle Donley
MarketWatch Pulse
NEW YORK -- U.S. fixed-rate mortgages fell for the third straight week, according to Freddie Mac's survey released Thursday.
The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.04% in the week ending Thursday, down from last week's 6.14% and the year-ago 6.20%.
The 15-year fixed-rate loan averaged 5.73%, down from the week-ago 5.81% and the year-ago 5.83%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.87%, compared with 5.98% a week ago and 5.88% a year ago.
One-year Treasury-indexed ARMs averaged 5.29% this week, down from last week's 5.33% and the year-ago 5.42%.
"Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Tuesday, November 18, 2008
Top 10 Priciest Real Estate Markets
From Realtor Magazine Online, Daily Real Estate News November 18, 2008
More than 43 percent of sellers of luxury homes have had to reduce their prices, according to one study of high-end home sales.
The Institute for Luxury Home Marketing’s newly launched Luxury Housing Report says that homes in ZIP codes at the top end of the housing market are selling more slowly, up from 110 days on the market in May to 130 days in September.
Median prices have remained stable at a $1.154 million, or $336 a square foot, about the same as September.
Here’s the situation in the top 10 priciest markets and the average days on the market:
1. Atlanta: Median price, $788,062. Average days on market: 123
2. Boston: $1.45 million, 125
3. Chicago: $1.48 million, 153
4. Dallas: $844,036, 120
5. Honolulu: $1.15 million, 110
6. Las Vegas: $482,197. Inventory, 137
7. Miami: $1.96 million, 220
8. New York: $3.6 million, 186
9. San Diego: $2.1 million, 83
10. Seattle: $1.1 million, 113
Source: The Wall Street Journal, Robert Frank (11/11/08)
More than 43 percent of sellers of luxury homes have had to reduce their prices, according to one study of high-end home sales.
The Institute for Luxury Home Marketing’s newly launched Luxury Housing Report says that homes in ZIP codes at the top end of the housing market are selling more slowly, up from 110 days on the market in May to 130 days in September.
Median prices have remained stable at a $1.154 million, or $336 a square foot, about the same as September.
Here’s the situation in the top 10 priciest markets and the average days on the market:
1. Atlanta: Median price, $788,062. Average days on market: 123
2. Boston: $1.45 million, 125
3. Chicago: $1.48 million, 153
4. Dallas: $844,036, 120
5. Honolulu: $1.15 million, 110
6. Las Vegas: $482,197. Inventory, 137
7. Miami: $1.96 million, 220
8. New York: $3.6 million, 186
9. San Diego: $2.1 million, 83
10. Seattle: $1.1 million, 113
Source: The Wall Street Journal, Robert Frank (11/11/08)
NAR: Latest Housing Report on Sales, Prices
From Realtor Magazine Online, Daily Real Estate News November 18, 2008
Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®.
In the third quarter, 28 out of 152 metropolitan statistical areas showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros experienced declines. NAR’s track of metro area home prices dates back to 1979.
NAR President Charles McMillan said price comparisons in many areas are like apples and oranges.
“A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago,” McMillan says. “It’s very challenging to understand proper valuation, given the differences between distressed sales and a larger share of traditional homes in sound condition."
Foreclosure Impact
Distressed sales — foreclosures and short sales — accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9 percent lower than the third quarter of 2007.
A year ago, when there were significantly fewer distressed transactions, the median price was $220,300. The median price is where half of the homes sold for more and half sold for less.
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up 2.6 percent from 4.91 million units in the second quarter, but remain 7.7 percent below the 5.46 million-unit pace in the third quarter of 2007.
Lawrence Yun, NAR chief economist, says conditions continue to range widely.
“A pattern of sharply higher sales in areas with large price declines is well established,” Yun says. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of stimulus decisions.”
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.32 percent in the third quarter from 6.09 percent in the second quarter; the rate was 6.55 percent in the third quarter of 2007. Last week, Freddie Mac reported the 30-year fixed fell to 6.14 percent.
Strongest Sales Gains
The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent.
The steepest declines in single-family home prices in the third quarter were in three California markets: the Riverside-San Bernardino-Ontario area, where the median price of $227,200 dropped 39.4 percent from a year ago, followed by Sacramento-Arden-Arcade-Roseville at $212,000, down 36.8 percent from the third quarter of 2007, and San Diego-Carlsbad-San Marcos, where the price dropped 36 percent to $377,300.
“These areas have seen some of the strongest sales gains with some reports of multiple bidding,” Yun says.
The largest single-family home price increase in the third quarter was in the Elmira, N.Y., area, where the median price of $105,000 rose 12.5 percent from a year ago. Next was Decatur, Ill., at $93,400, up 8.7 percent from the third quarter of 2007, followed by the Bloomington-Normal, Ill., area, where the third-quarter median price increased 8.1 percent to $168,400.
The typical seller purchased their home six years ago and is experiencing net equity gains. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains.
Median third-quarter metro area single-family home prices ranged from an affordable $65,800 in the Saginaw-Saginaw Township North area of Michigan to $650,000 in the San Jose-Sunnyvale-Santa Clara area of California. The second most expensive area was San Francisco-Oakland-Fremont, at $615,700, followed by Honolulu at $615,000.
Affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $74,300, and South Bend-Mishawaka, Ind., at $88,000.
The Condo Market
In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $210,800 in the third quarter, down 7.1 percent from $227,000 in the third quarter of 2007. Sixteen metros showed annual increases in the median condo price and 41 areas had price declines.
The strongest condo price increases were in the Dallas-Fort Worth-Arlington area, where the third quarter price of $149,900 rose 11.1 percent from a year earlier, followed by Bismarck, N.D., at $148,000, up 11 percent, and the Houston-Baytown-Sugar Land area, where the median condo price of $134,100 rose 8.1 percent from the third quarter of 2007.
Metro area median existing-condo prices in the third quarter ranged from $112,600 in the Greensboro-High Point, N.C., area to $456,300 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was the New York-Wayne-White Plains area of New York and New Jersey at $324,000, followed by Honolulu at $322,000.
Other affordable condo markets include the Indianapolis area at $113,500 and the Cincinnati-Middletown area of Ohio, Kentucky and Indiana, at $117,300 in the third quarter.
Market Snapshot by Region
Here's how existing-home sales fared across the country:
* West: rose 13.1 percent in the third quarter to an annual rate of 1.15 million and are 12.4 percent above a year ago. The median existing single-family home price in the West was $266,300 in the third quarter, which is 21.4 percent below the third quarter of 2007. The only reported metro price increase in the West was in Farmington, N.M., at $193,600, up 1.7 percent from a year ago.
* Midwest:existing-home sales rose 2.7 percent in the third quarter to a pace of 1.15 million but remain 10.6 percent below a year ago. The median existing single-family home price in the Midwest declined 5.5 percent to $159,900 in the third quarter from the same period in 2007. After Decatur and Bloomington-Normal, the next strongest metro price increase in the Midwest was in the Wichita, Kan., area, where the median price of $125,300 was 5.5 percent higher than a year ago, followed by Champaign-Urbana, Ill., at $146,400, up 2.7 percent.
* South: sales slipped 1.4 percent in the third quarter to an annual rate of 1.87 million and are 13.8 percent lower than the same period in 2007. The median existing single-family home price in the South was $174,200 in the third quarter, down 3.7 percent from a year earlier. The strongest price increase in the South was in the Tulsa, Okla., area, at $139,800, up 5.1 percent from a year ago, followed by Amarillo, Texas, with a 4.2 percent gain to $128,300, and the New Orleans-Metairie-Kenner area of Louisiana at $166,800, up 4.1 percent.
* Northeast: sales declined 1.6 percent in the third quarter to a level of 863,000 units and are 11.7 percent below a year ago. The median existing single-family home price in the Northeast fell 6.5 percent to $267,700 in the third quarter from the same period in 2007. After Elmira, the strongest price increase in the Northeast was in the Trenton-Ewing, N.J., area, at $342,500, up 4.2 percent from the third quarter of 2007, followed by Buffalo-Niagara Falls, N.Y., with a median price of $114,200, up 3.0 percent.
Source: NAR
Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®.
In the third quarter, 28 out of 152 metropolitan statistical areas showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros experienced declines. NAR’s track of metro area home prices dates back to 1979.
NAR President Charles McMillan said price comparisons in many areas are like apples and oranges.
“A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago,” McMillan says. “It’s very challenging to understand proper valuation, given the differences between distressed sales and a larger share of traditional homes in sound condition."
Foreclosure Impact
Distressed sales — foreclosures and short sales — accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9 percent lower than the third quarter of 2007.
A year ago, when there were significantly fewer distressed transactions, the median price was $220,300. The median price is where half of the homes sold for more and half sold for less.
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up 2.6 percent from 4.91 million units in the second quarter, but remain 7.7 percent below the 5.46 million-unit pace in the third quarter of 2007.
Lawrence Yun, NAR chief economist, says conditions continue to range widely.
“A pattern of sharply higher sales in areas with large price declines is well established,” Yun says. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of stimulus decisions.”
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.32 percent in the third quarter from 6.09 percent in the second quarter; the rate was 6.55 percent in the third quarter of 2007. Last week, Freddie Mac reported the 30-year fixed fell to 6.14 percent.
Strongest Sales Gains
The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent.
The steepest declines in single-family home prices in the third quarter were in three California markets: the Riverside-San Bernardino-Ontario area, where the median price of $227,200 dropped 39.4 percent from a year ago, followed by Sacramento-Arden-Arcade-Roseville at $212,000, down 36.8 percent from the third quarter of 2007, and San Diego-Carlsbad-San Marcos, where the price dropped 36 percent to $377,300.
“These areas have seen some of the strongest sales gains with some reports of multiple bidding,” Yun says.
The largest single-family home price increase in the third quarter was in the Elmira, N.Y., area, where the median price of $105,000 rose 12.5 percent from a year ago. Next was Decatur, Ill., at $93,400, up 8.7 percent from the third quarter of 2007, followed by the Bloomington-Normal, Ill., area, where the third-quarter median price increased 8.1 percent to $168,400.
The typical seller purchased their home six years ago and is experiencing net equity gains. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains.
Median third-quarter metro area single-family home prices ranged from an affordable $65,800 in the Saginaw-Saginaw Township North area of Michigan to $650,000 in the San Jose-Sunnyvale-Santa Clara area of California. The second most expensive area was San Francisco-Oakland-Fremont, at $615,700, followed by Honolulu at $615,000.
Affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $74,300, and South Bend-Mishawaka, Ind., at $88,000.
The Condo Market
In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $210,800 in the third quarter, down 7.1 percent from $227,000 in the third quarter of 2007. Sixteen metros showed annual increases in the median condo price and 41 areas had price declines.
The strongest condo price increases were in the Dallas-Fort Worth-Arlington area, where the third quarter price of $149,900 rose 11.1 percent from a year earlier, followed by Bismarck, N.D., at $148,000, up 11 percent, and the Houston-Baytown-Sugar Land area, where the median condo price of $134,100 rose 8.1 percent from the third quarter of 2007.
Metro area median existing-condo prices in the third quarter ranged from $112,600 in the Greensboro-High Point, N.C., area to $456,300 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was the New York-Wayne-White Plains area of New York and New Jersey at $324,000, followed by Honolulu at $322,000.
Other affordable condo markets include the Indianapolis area at $113,500 and the Cincinnati-Middletown area of Ohio, Kentucky and Indiana, at $117,300 in the third quarter.
Market Snapshot by Region
Here's how existing-home sales fared across the country:
* West: rose 13.1 percent in the third quarter to an annual rate of 1.15 million and are 12.4 percent above a year ago. The median existing single-family home price in the West was $266,300 in the third quarter, which is 21.4 percent below the third quarter of 2007. The only reported metro price increase in the West was in Farmington, N.M., at $193,600, up 1.7 percent from a year ago.
* Midwest:existing-home sales rose 2.7 percent in the third quarter to a pace of 1.15 million but remain 10.6 percent below a year ago. The median existing single-family home price in the Midwest declined 5.5 percent to $159,900 in the third quarter from the same period in 2007. After Decatur and Bloomington-Normal, the next strongest metro price increase in the Midwest was in the Wichita, Kan., area, where the median price of $125,300 was 5.5 percent higher than a year ago, followed by Champaign-Urbana, Ill., at $146,400, up 2.7 percent.
* South: sales slipped 1.4 percent in the third quarter to an annual rate of 1.87 million and are 13.8 percent lower than the same period in 2007. The median existing single-family home price in the South was $174,200 in the third quarter, down 3.7 percent from a year earlier. The strongest price increase in the South was in the Tulsa, Okla., area, at $139,800, up 5.1 percent from a year ago, followed by Amarillo, Texas, with a 4.2 percent gain to $128,300, and the New Orleans-Metairie-Kenner area of Louisiana at $166,800, up 4.1 percent.
* Northeast: sales declined 1.6 percent in the third quarter to a level of 863,000 units and are 11.7 percent below a year ago. The median existing single-family home price in the Northeast fell 6.5 percent to $267,700 in the third quarter from the same period in 2007. After Elmira, the strongest price increase in the Northeast was in the Trenton-Ewing, N.J., area, at $342,500, up 4.2 percent from the third quarter of 2007, followed by Buffalo-Niagara Falls, N.Y., with a median price of $114,200, up 3.0 percent.
Source: NAR
Thursday, November 6, 2008
5 Negotiation Strategies Worth Following
From Realtor Magazine Online, Daily Real Estate News November 6, 2008
Successful negotiating used to be about winning at all costs and grinding the other person into the ground.
At least that was associate broker Pili Meyer’s understanding when she started in the real estate business more than 20 years ago.
But during Wednesday's real estate course, Effective Negotiating For Real Estate Professionals, she said today's rules call for collaboration, tact, and trust.
“You can’t do real estate alone. And it shouldn’t be adversarial," said Meyer ABR®, GRI, with Coldwell Banker Uptown Realty in Port Angeles, Wash."You need good relationships with colleagues, competitors, and other professionals like lenders and title companies," she said. "Everyone’s help is required to help achieve your clients’ goals.”
Here are five smart negotiation principles worth following:
* Build trust by clearly stating your clients’ objectives and respecting those of the other party. At the same time, it’s critical to remain flexible and open to other options. Show empathy for other peoples’ difficulties.
* Ask lots of open-ended questions, those that require more than a “yes” or “no” answer.
* Never lose your temper or yell. If egos clash, ask for a break until tempers cool.
* Don’t underestimate the value of being nice. It’s not the same as being a doormat. If you listen to people fully, they will listen to you. You will be perceived as an honest and fair professional
* Remain calm and balanced under pressure. Show that you understand your clients’ priorities but are not personally vested in the outcome of the negotiation.
—Wendy Cole
Successful negotiating used to be about winning at all costs and grinding the other person into the ground.
At least that was associate broker Pili Meyer’s understanding when she started in the real estate business more than 20 years ago.
But during Wednesday's real estate course, Effective Negotiating For Real Estate Professionals, she said today's rules call for collaboration, tact, and trust.
“You can’t do real estate alone. And it shouldn’t be adversarial," said Meyer ABR®, GRI, with Coldwell Banker Uptown Realty in Port Angeles, Wash."You need good relationships with colleagues, competitors, and other professionals like lenders and title companies," she said. "Everyone’s help is required to help achieve your clients’ goals.”
Here are five smart negotiation principles worth following:
* Build trust by clearly stating your clients’ objectives and respecting those of the other party. At the same time, it’s critical to remain flexible and open to other options. Show empathy for other peoples’ difficulties.
* Ask lots of open-ended questions, those that require more than a “yes” or “no” answer.
* Never lose your temper or yell. If egos clash, ask for a break until tempers cool.
* Don’t underestimate the value of being nice. It’s not the same as being a doormat. If you listen to people fully, they will listen to you. You will be perceived as an honest and fair professional
* Remain calm and balanced under pressure. Show that you understand your clients’ priorities but are not personally vested in the outcome of the negotiation.
—Wendy Cole
Monday, November 3, 2008
Chase's Loan Plan to Help 400,000 Customers
From Realtor Magazine Online, Daily Real Estate News November 3, 2008
JPMorgan Chase & Co. on Friday announced a loan modification plan that will help as many as 400,000 customers avoid foreclosure.
JPMorgan, which has already modified about $40 billion in loans, will not put any loans into foreclosure as it expands its program over the next 90 days.
JP Morgan follows the lead of Bank of America, which has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. The plan is driven by an $8.4 billion class action settlement.
"These are very large retail banks," said Dain Ehring, chief executive of Dorado Corp., a San Mateo, Calif.-based mortgage technology company. "There's a vested interest in keeping their customers."
Source: The Associated Press, Stephen Bernard (10/31/08)
JPMorgan Chase & Co. on Friday announced a loan modification plan that will help as many as 400,000 customers avoid foreclosure.
JPMorgan, which has already modified about $40 billion in loans, will not put any loans into foreclosure as it expands its program over the next 90 days.
JP Morgan follows the lead of Bank of America, which has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. The plan is driven by an $8.4 billion class action settlement.
"These are very large retail banks," said Dain Ehring, chief executive of Dorado Corp., a San Mateo, Calif.-based mortgage technology company. "There's a vested interest in keeping their customers."
Source: The Associated Press, Stephen Bernard (10/31/08)
Tax Credits Give Solar Power a Boost
From Realtor Magazine Online, Daily Real Estate News November 3, 2008
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
Source: BusinessWeek, Adam Aston (11/3/08)
A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.
The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.
In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.
Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.
Source: BusinessWeek, Adam Aston (11/3/08)
Pulte Raises Prices on New Homes
From Realtor Magazine Online, Daily Real Estate News November 3, 2008
After having cut prices for months on many of its properties because of slowed sales, Pulte Homes has announced price increases in some of its new home communities, including those in South Florida, where home prices continue to fall.
A spokesman for Pulte homes says new-home inventory is declining with few or no new homes planned in many communities in the coming years.
"When we look at all of this combined, and how the market has been reacting positively to our offerings, we’re responding accordingly and beginning this Saturday, we’ll be adjusting pricing slightly to reflect this position in the market," a spokesman wrote in e-mail correspondence.
Source: South Florida Sun-Sentinel (10/30/08)
After having cut prices for months on many of its properties because of slowed sales, Pulte Homes has announced price increases in some of its new home communities, including those in South Florida, where home prices continue to fall.
A spokesman for Pulte homes says new-home inventory is declining with few or no new homes planned in many communities in the coming years.
"When we look at all of this combined, and how the market has been reacting positively to our offerings, we’re responding accordingly and beginning this Saturday, we’ll be adjusting pricing slightly to reflect this position in the market," a spokesman wrote in e-mail correspondence.
Source: South Florida Sun-Sentinel (10/30/08)
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