-
HUD Chief on the Housing Crisis
Tweet Share on Facebook August 11, 2008 Comment (1)In a segment that aired Sunday, HUD Secretary Steve Preston spoke with CNN's Wolf Blitzer about the housing crisis.
Full Transcript here, via L.A. Land.
BLITZER: Because I want to get some practical advice for our viewers out there who are deeply worried about losing their homes. But where are we right now in terms of this housing crisis in the United States? Are we at the beginning, the middle, or near the end and see some light at the end of the tunnel?
-
Rep. Brad Miller on Foreclosure Forbearance
Tweet Share on Facebook August 8, 2008 Comment (5)I caught up with Rep. Brad Miller, who—along with a handful of other Democrats—is urging the mortgage industry to delay certain foreclosures until the FHA's "Help for Homeowners" gets going. The program is a key component of the new housing legislation and is intended to help struggling barrowers stay in their homes.
Here's the interview with the North Carolina Democrat:
1. Could you please explain what you are asking the mortgage industry to do in terms of foreclosures?
We're asking them to hold off on foreclosing on homeowners who may be eligible for refinancing under the new FHA "Help for Homeowners" program, at least until the program is up and running on October 1. We're also asking pointed questions about whether they're really going to use the program and what they're doing to be ready to start using the program as soon as possible. -
In Top College Football Towns, Buy or Rent?
Tweet Share on Facebook August 8, 2008 Comment (2)Some parents chose to buy homes in the towns where they send their kids to college rather than pay rent for dorm rooms or off-campus apartments. A recent study by Cyberhomes explores the renting-vs.-buying dynamics in leading college football towns.
Cyberhomes (www.cyberhomes.com) looked at 15 of the nation's top ranked football schools to see what the buy vs. rent market looked like in these specific areas. The data found that, of the 15 college towns, only three of them had a buy to rent ratio in favor of renting. The other 13 college towns showed that monthly payments for a single family home (mortgage plus taxes) was less than monthly rent for a SFH, suggesting that parents looking at longer term housing for their co-ed should opt to purchase the home—especially with the potential to make money back with charging rent to other roommates.
-
Real Estate TV Show Star Reportedly Arrested
Tweet Share on Facebook August 7, 2008 Comment (1)I wrote a story a while back on the "6 Signs of a Crummy Real Estate Agent." After seeing this article, I suppose I should add one more:
7. An agent who swipes your possessions—particularly priceless works of art from the Cubist movement—is probably also stealing your time.
-
Economists See Hope in Home Sales Figures
Tweet Share on Facebook August 7, 2008 Comment (1)After months and months of painful data, economists said there is a sliver of sunshine in a housing report released Thursday.
The National Association of Realtors announced that June pending homes sales increased a stronger-than-expected 5.3 percent from the previous month, although sales remain more than 12 percent lower than year-ago levels.
Economists had been expecting the report to show a 1 percent drop. "While this indicator is volatile and affected to an unknown degree by foreclosures, it does suggest that conditions in the resale market for real estate may be stabilizing," economists at Goldman Sachs said in a report.
-
Connecticut Is Latest to Sue Countrywide
Tweet Share on Facebook August 7, 2008 Comment (4)Make that Illinois, Florida, California, and Connecticut.
From the Associated Press:
Connecticut sued Countrywide Financial Corp. on Wednesday, becoming the latest state to take the mortgage lender to court over its lending practices.
State Attorney General Richard Blumenthal alleges that Countrywide misled borrowers into taking on risky home loans they could not afford. California, Illinois, Florida, and the city of San Diego have made similar claims in their own lawsuits against the company.
-
How Home Buyers Can Get That Big Discount
Tweet Share on Facebook August 7, 2008 Comment (2)Online real estate broker Redfin is out with a study today that contains some interesting insights that can help home buyers looking to negotiate a lower asking price.
From Redfin:
We analyzed 9,053 single-family homes in Fairfax, Los Angeles and King (Seattle) counties from April 15, 2008 to June 15, 2008 to identify the traits of the homes where the sellers accepted the biggest discounts (i.e. the sales that were in the top ten percentile of discount off asking price—which turned out to 11.4 percent off list; the average for all home sales was 2.5%). [Fairfax County, Va., is near Washington, D.C.; King County, Wash., includes Seattle.]
Here's what we found. Homes where there was a big discount were:
- 83% more likely to be 90+ days on market
- 73% more likely to be described as fixer-uppers
- 52% more likely to have been seller-owned for more than 20 years
- 28% more likely to have already dropped in asking price
- 9% more likely to involve a bank
-
Hobbit Crisis: The Shire in Foreclosure
Tweet Share on Facebook August 6, 2008 Comment (10)The nation's housing bust hit a painful new milestone last week with the initiation of foreclosure proceedings against The Shire, a once blissful land of hobbits and happiness inspired by J.R.R. Tolkien.
From the Bulletin, in Bend, Ore.:
The rise and fall of Bend's real estate economy has resulted in foreclosure proceedings against The Shire, a village-themed concept in southeast Bend patterned after J.R.R. Tolkien's "Lord of the Rings" series....
-
Mayor Intervenes in Parking Ticket Foreclosure
Tweet Share on Facebook August 6, 2008 Comment (1)Looks as if the Milwaukee man whose house was foreclosed upon after he repeatedly failed to pay a $50 parking ticket might get to keep his home after all.
From the Milwaukee Journal Sentinel:
Mayor Tom Barrett said today he will work with the city treasurer's office to make sure Peter Tubic doesn't lose his home over a $50 parking violation.
"While it is important to recognize the need to comply with rules and regulations, this is a highly unusual situation and I can't sit by and watch a man who is clearly suffering from mental debilitation lose his home because of a $50 ticket," Barrett said in a written statement. "I will work with the City Treasurer to resolve this matter. Foreclosing on a home is always, always a last resort and residents can avoid the downward spiral that comes with avoiding enforcements."
-
Owners Optimistically Valuing Their Homes
Tweet Share on Facebook August 6, 2008 Comment (3)Homeowners could have a great deal of trouble selling their properties today if they stubbornly refuse to lower asking prices to meet current market values. Still, many homeowners remain trapped in the boom days when their neighbors sold properties for prices much higher than would be reasonable today.
This dynamic is vividly demonstrated by Zillow's second-quarter Homeowner Confidence Survey, released Wednesday.
