father time auctions: Financial Reform Legislation Calls for HVCC Replacement
- 07/03/10 04:11 AM
The Home Valuation Code of Conduct (HVCC) instituted by Fannie Mae and Freddie Mac in May of last year has been a topic of heated debate and driven a wedge between industry players since it took form.The GSEs say it has eliminated undue influence and conflicts of interest on appraisals, while Realtors and home builders argue the new rule has lead to lowball property valuations, botched sales, and higher appraisal fees.The controversial HVCC is scheduled to sunset in November. The GSEs’ agreement with New York Attorney General Andrew Cuomo gave the appraisal policy a brief 18-month lifespan. But the sweeping financial … (0 comments)
father time auctions: Housing Stays Highly Affordable for Fifth Consecutive Quarter
- 05/30/10 02:23 AM
Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).The HOI showed that 72.2% of all new and existing homes sold in the first quarter of 2010 were affordable to families earning the national median income of $63,800, slightly higher than the previous quarter and near the record-high 72.5% set during the first quarter a year ago.“Today’s report is very encouraging because it indicates that homeownership … (0 comments)
father time auctions: Federal Reserve Report Paints Brighter Picture of U.S. Economy
- 03/08/10 12:55 PM
According to the Federal Reserve’s well-recognized Beige Book report, U.S. economic conditions have shown signs of improvement through the first part of this year.The central bank’s report is a summary of economic activity from businesses and contacts outside the Federal Reserve from across the country. Its latest Beige Book, issued this week, was compiled in preparation for the Fed board’s March 16th policy meeting and is based on information collected through February 22.Data from nine (Boston, New York, Philadelphia, Cleveland, Chicago, Minneapolis, Kansas City, Dallas, and San Francisco) of the 12 Federal Reserve districts indicated that economic activity improved, but in … (3 comments)
father time auctions: Sandwich generation feels squeezed for space
- 03/01/10 12:30 PM
They're known as the "sandwich generation" — adults of a certain age who find that they must simultaneously care for their own growing children as well as their aged parents.That's been the general definition over the past 20 years. But the cruelties of the recent economy, along with the accelerated aging of the population, suggest that it might start to get a lot more crowded in that sandwich.Because of the aging of our population, Grandma is increasingly likely now to be coming home to live with you, either because she physically can't live alone anymore or because the stock market has … (0 comments)
father time auctions: Vegas House Bargains Dry Up
- 02/28/10 10:55 AM
Las Vegas is one of the foreclosure capitals of the U.S., with about one in four households behind on house payments or in mortgage foreclosure. Yet all three of these shoppers—a professional real-estate investor, a county official with federal funds designated for stabilizing neighborhoods and an installer of security systems who needs a new place to live—are frustrated."I thought it would be a heck of a lot easier," said Mr. Iuso, a renter who wants to buy a home but has been outbid eight times, usually by investors able to pay cash.Bargain hunters here and in many other metropolitan areas are … (0 comments)
father time auctions: Commercial Mortgage Defaults Hit 16-Year High
- 02/27/10 09:50 AM
The default rate on commercial real estate mortgages held by U.S. banks closed out 2009 more than double what it was a year earlier. Real Capital Analytics reportedTuesday that the default rate on loans made for office, retail, hotel, and industrial spaces shot up to 3.8 percent in the fourth quarter of last year, compared to 1.6 percent for the same period in 2008. It’s the highest the rate has been since 1993, when it hit 4.1 percent, GlobeSt.com explained.Real Capital divides the commercial real estate (CRE) sector, with the property types above grouped together and multifamily apartment properties analyzed separately. … (0 comments)
father time auctions: Industry Pushes for Extension of Admin's Refinance Program
- 02/27/10 08:54 AM
The Obama administration’s Home Affordable Refinance Program (HARP) is set to expire on June 10. It’s a central component of the federal government’s foreclosureprevention efforts and is currently one of the only mortgage relief programs to help underwater borrowers refinance into more affordable loans.With the sunset date looming, several industry trade groups have joined forces to urge the Treasury Department and the Federal Housing Finance Agency (FHFA) to extend HARP for another year, and they say a decision needs to be made by March 10 to minimize further disruptions to housing markets and prevent foreclosures on creditworthy borrowers.Joining the Mortgage Bankers … (0 comments)
father time auctions: New Home Sales Plunge to '63 Levels
- 02/24/10 02:56 PM
Sales of new single-family homes plunged last month, underscoring the fragility in the housing market.Sales dropped 11.2% in January from a month earlier to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday. The decline brought sales to their lowest level since the government began tracking the numbers in 1963. Sales were 6.1% lower than in January 2009.This gauge of new-home sales is particularly volatile because it is based on a very small sample size and carries a wide margin of error. Still, the sharp decline is an indication that the housing market remains feeble, despite improvements in … (3 comments)
father time auctions: When will U.S. Withdraw Mortgage Market Support?
- 02/20/10 09:19 AM
Uncle Sam is trying to get out of the business of running the U.S. mortgage market. The trick will be withdrawing support without toppling the nation’s fragile housing recovery in the process.The government rescued the sector last year with a series of unprecedented measures that staved off a catastrophic collapse, including pumping more than $1 trillion into home loans. But Washington now has effective control of the housing market, either owning or guaranteeing an estimated 9 out of 10 new mortgages.That has critics worried that the government has asserted too much control over a critical segment of the economy while inflating … (1 comments)
father time auctions: Refinancing Unavailable to Many Borrowers
- 02/18/10 02:48 PM
The refinancing wave that swept the nation when mortgage rates hit historic lows last year is petering out, leaving behind millions of homeowners who could not qualify for the best rates.Half of the nation's borrowers have mortgages with rates above 6 percent even though the average rate on 30-year, fixed-rate mortgages has been about 5 percent for most of the past year, according to research firm First American CoreLogic.More refinancing activity would have helped household budgets, but also the national economy because homeowners might have spent some of the extra cash they pocketed, giving the recovery an added lift.Many borrowers who … (2 comments)
father time auctions: Good real estate news: Home equity is rising again
- 02/18/10 02:36 PM
That's not all that impressive compared with the quarterly increases during the hyperinflationary housing boom years, but it could signal something important: After three years of unprecedented shrinkage in home equity -- and three years of rapid expansions in the number of underwater borrowers with negative equity -- there are signs that the down cycle may be shifting.Last week, online real estate valuation researcher Zillow.com released its latest quarterly numbers on negative equity in major markets. The findings were sobering, but the study also offered some hints of modest improvements for housing. The overall negative-equity rate among American homeowners remained flat … (4 comments)
father time auctions: How Motivation Leads to Sales
- 01/03/10 09:43 AM
Ever wonder why after you have presented the perfect home solution for your client that the client buys something else? It may have to do with properly arousing human motivations. The salesperson’s job is to arouse the motivation of the client for the solution that the salesperson is selling.So what can be done to build a great client experience that will ignite the Client? It’s a lot of little things that include, answering the phone, showing up on time, having a clear agenda, understanding the walking around numbers and being able to clearly articulate the agenda and numbers. This displays competence … (1 comments)
I sell real estate assets fast and economically. I auction household, estate, real estate and downsizing auctions. Brokers and agents encouraged for referral of sellers and buyers.
Paul Roesch cell: 618-407-8479
The Home Valuation Code of Conduct (HVCC) instituted by Fannie Mae and Freddie Mac in May of last year has been a topic of heated debate and driven a wedge between industry players since it took form.The GSEs say it has eliminated undue influence and conflicts of interest on appraisals, while Realtors and home builders argue the new rule has lead to lowball property valuations, botched sales, and higher appraisal fees.The controversial HVCC is scheduled to sunset in November. The GSEs’ agreement with New York Attorney General Andrew Cuomo gave the appraisal policy a brief 18-month lifespan. But the sweeping financial … (0 comments)
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