real estate auctions: Fed's William Emmons on Real Estate and Economy
- 04/07/10 03:25 PM
Federal regulators and economist have been warning the industry, the public, and the administration for a good many months now about the devastation a commercial real estate (CRE) meltdown could leave in its wake.On Tuesday, a gentleman personifying both factions of these red-flag-raisers – William Emmons, economist and assistant vice president at the Federal Reserve Bank of St. Louis – spoke to attendees at The Five Star Institute’s Commercial Default 360 event in Dallas.Emmons cited three primary risks to the nation’s economy and fragile recovery: unemployment; the probability that recent high rates of productivity won’t continue; and that ever-pressing matter of … (0 comments)
real estate auctions: Caution about Declaring "Recovery"
- 02/27/10 09:02 AM
The industry has its eyes peeled for any indication that we’ve turned the corner on the housing crisis, and for good reason – markets around the country have been battered by plummeting property values, mounting foreclosures, and neighborhoods riddled with vacant homes. Any sign of recuperation is a welcome reprieve.But the experts at Lender Processing Services (LPS) caution that declaring the recovery has taken hold may be premature. And the Florida-based company has the numbers to back it up, based on its extensive market analysis of loan performance trends and a loan-level database of more than 40 million active loans.During a … (1 comments)
real estate auctions: New FHA Appraisal Guidelines Take Effect
- 02/18/10 05:18 AM
The new Appraiser Independence (ML 2009-28) requirements for Federal Housing Administration (FHA) loans officially took effect February 15, 2010. Originally planned for a January 1, 2010 implementation, the enactment was delayed to provide the FHA and lenders with additional time to adjust systems to accommodate the changes.Many of the new guidelines are similar to the Home Valuation Code of Conduct (HVCC), which has been in place since May 1, 2009 for Freddie Mac and Fannie Mae loans. Under FHA’s rules, appraisers are required to receive reasonable and customary compensation and cannot be affiliated with lending agencies. In addition, appraisers are required … (0 comments)
real estate auctions: Home Maintenance - How to Budget for it - Home Inspection
- 02/13/10 04:11 AM
A home inspection will help prospective buyers better understand the condition of the house, gaining insights and recommendations from the inspector during the inspection. This will be the guide for creating a monthly savings repair budget.A home inspector will estimate the age of major structural components and systems, providing the buyer an indication of each item’s anticipated lifespan. A furnace, for example, often lasts between 12 and 15 years and a water heater lasts from ten to 12 years. Understanding the current age of any particular system will allow buyers to calculate approximately when they’ll be due for major repairs or … (0 comments)
real estate auctions: Mortgage Investors Push for Principal Writedowns
- 02/10/10 02:41 PM
Mortgage principal – to cut or not to cut – has grabbed a fair share of the media spotlight in recent weeks. A number of experts and analysts are plugging principal reduction as a practicable means of ensuring payments keep coming in and homeowners don’t redefault on their modified loan.A new study by Santa Clara University’s Leavey School of Business puts the numbers and calculations to the test, and the report’s author, Sanjiv R. Das, concluded that “lenders should forgive, not forsake, mortgages.”Das’ paper states that trimming the principal is “not a favored recipe” among lenders and is often prohibited by … (0 comments)
real estate auctions: Home Sizes Fall as Builders, Buyers Embrace Economic Reality
- 02/06/10 01:24 AM
New-home buyers responded to the tough times in 2009 by opting for smaller houses, driving down the average size of a house built in the United States for the first time in 27 years.Data recently released by the National Association of Home Builders (NAHB) found the average size of a new home that was completed in 2009 fell to 2,480 square feet from 2,520 square feet in 2008. The last time the average completed-home size fell by a statistically significant amount was 1982.You’ve heard the mantra ‘downsize me’ and ’small is the new big“The era of easy money is over. You … (0 comments)
real estate auctions: U.S. Now a Renters' Market
- 01/19/10 11:33 AM
With Apartment-Vacancy Rate at 30-Year High, Landlords Cut Prices 3% in 2009 Thanks to falling home prices and record low mortgage rates, it now costs less to own than it has in the past decade on a mortgage-payment-to-rent basis. But falling rents are expected to offset some of the recent improvement in affordability, making renting more attractive than owning in some markets. Interesting story … (2 comments)
real estate auctions: HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners
- 01/19/10 02:08 AM
January 19, 2010—In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan recently announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. Read the entire story The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting … (2 comments)
real estate auctions: Is U.S. Housing a Steal?
- 01/17/10 10:22 AM
Should You Buy a Home Right Now?JUST DO IT! Buy that home you've always dreamed about. Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future. WSJ's Brett Arends explains why it may be time to take advantage of U.S. real estate prices. Learn what … (2 comments)
real estate auctions: More Foreclosure Trouble Ahead 2010
- 01/17/10 10:01 AM
I saw this in the Wall Street Journal and want to share. "The foreclosure crisis is far from over, according to RealtyTrac's Rick Sharga. The company will release its year-end report on Thursday showing foreclosures rose 20% over the previous year. He talks with Dawn Wotapka about some trouble spots and the outlook for 2010." Watch the Video
… (1 comments)
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Federal regulators and economist have been warning the industry, the public, and the administration for a good many months now about the devastation a commercial real estate (CRE) meltdown could leave in its wake.On Tuesday, a gentleman personifying both factions of these red-flag-raisers – William Emmons, economist and assistant vice president at the Federal Reserve Bank of St. Louis – spoke to attendees at The Five Star Institute’s Commercial Default 360 event in Dallas.Emmons cited three primary risks to the nation’s economy and fragile recovery: unemployment; the probability that recent high rates of productivity won’t continue; and that ever-pressing matter of … (0 comments)
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