By Inman News, Monday, August 16, 2004. Editor's note: Tomorrow in Inman News, we'll publish the first of a three-part series on changes in the foreclosures and default management markets. Many experts expect foreclosures to rise in the next year. We'll explore how things will be different for lenders, investors and real estate agents working with these properties. The worst-case scenario in a changing housing market is that the number of foreclosures goes through the ceiling and people get pushed out of their homes. Nothing gets uglier than when people lose their homes. more...
By Inman News, Monday, August 16, 2004.
By Julie Brosterman, Monday, August 16, 2004. I'm back from vacation, so now it's time to get down to some serious calorie counting. Not because my clothes don't fit or I ate too much in Italy or because in Los Angeles people are obsessed with how they look, but because the parking spaces are getting smaller and the cars are getting bigger. I squeeze out of my car on a daily basis. This is not just an illusion. The "compact" spaces are taking over! Last week, I was trapped in the parking lot of Trader Joes by a car pulled right next to mine on the driver's side. I couldn't get in. more...
By Inman News, Monday, August 16, 2004. Major-market home sales in Canada dipped 1.7 percent in July on a seasonally adjusted basis from the previous month, according to The Canadian Real Estate Association. Closed transactions via the Multiple Listing Service numbered 27,090 units in July, compared to 27,539 sales the previous month. Sales in the first seven months of the year remained 6 percent above activity during the same period last year, so home sales are still running at historically high levels. more...
By Inman News, Monday, August 16, 2004. The St. Louis Association of Realtors is planning a very unconventional convention. From Sept. 12 to Dec. 12 the association plans to hold an online convention with a virtual expo and speaker presentations. This Internet-based convention will be the first of its kind for a Realtor association. The St. Louis Association of Realtors has about 9,000 members. There is no charge to register and attend this convention. more...
By Inman News, Monday, August 16, 2004. A former real estate appraiser who pleaded guilty to charges from a real estate flipping scheme was sentenced in Minneapolis last week to 10 months' confinement. Michael Aihe was also ordered to pay $1,000 to a crime victim fund, according to the Minneapolis Star Tribune. He also must share responsibility with his brother-in-law, Olusoji Michael Agboola, for restitution of $335,9900 to 18 victims. Agboola controlled Advance Mortgage Corp., as well as AG Properties and AGM investment. Both dealt with real estate. Aihe controlled Lakeland Appraisals in Golden Valley. more...
By Inman News, Monday, August 16, 2004. First Lenders Data Inc. (FLDI) today announced that Leesburg. Fla.-based First Federal Savings Bank has selected FirstClose, FLDI's bundled services platform, to manage its mortgage technology needs. more...
By Inman News, Monday, August 16, 2004. Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield dropped to 4.22 percent. The 30-year fixed-rate average sank to 5.46 percent, and the 15-year fixed-rate fell to 4.87 percent. The 1-year adjustable was down at 3.24 percent. The 30-year Treasury bond yield dipped to 5.01 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Robert Bruss, Monday, August 16, 2004.
DEAR BOB: What is the logic that some states require the buyer of property to purchase title insurance for the acquisition? It would seem the seller should be required to guarantee title and provide the title insurance – Elam F. DEAR ELAM: You are mistaken. Title insurance is not required by law in any state. Purchase Bob Bruss reports online. more...
By Jack Guttentag, Monday, August 16, 2004.
(This is Part 3 of a three-part series. See Part 1: Who should use no-cost mortgages? and Part 2: Why select a no-cost mortgage?) A no-cost mortgage is one where the lender charges a higher interest rate in exchange for paying most of the borrower's settlement costs. more...
By Dian Hymer, Monday, August 16, 2004.
Before you buy a bigger or smaller home, it's wise to consider that at some point you may want or need to sell your current home. Some repeat home buyers get so caught up in the home buying part of the process, that they overlook the selling side until they're forced to take action. This can lead to trouble on several fronts. Most sellers need do some de-cluttering, cleaning and sprucing before they are offer their home for sale. That is, if the aim is to maximize the return from the sale. Properly preparing a home for sale takes time. more...
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