By Samantha Peterson, Monday, August 9, 2004. The predictions seemed to come from every direction, but the message remained the same: Interest rates for mortgages would come close, if not hit, 7 percent by the end of this year. Now, more than halfway through 2004, it seems unlikely that interest rates will hit that 7 percent mark as originally predicted. Instead, they're still hovering around 6 percent, despite one hike in the federal funds target rate and another, which is widely expected to happen today. more...
By Julie Brosterman, Monday, August 9, 2004. One of the great things about moving is that you can finally stop the renewals on all those magazines that you never read. Except the New Yorker. Never. Ever. Even if they threaten to stop my subscription for non-payment, I pony up the money at the last minute for another 46 issues. So it is with great relief that I arrive at my new home on Saturday (after seven weeks on vacation) to see the latest Aug. 2 issue of the New Yorker magazine in the mailbox. more...
By Steve Kropper, Monday, August 9, 2004. The trouble with Internet mortgage leads is that people prefer to eat bread not dough. The average Web lead is not cooked properly; it's just a name, not even a lead and certainly not a prospect. Here's what I mean: The average Web lead converts (to funding) at less than 3 percent. This low yield is not compatible with the way most lenders operate. These leads are too cold. A typical inbound call converts at 10 percent to 20 percent for mortgage brokers. more...
By Inman News, Monday, August 9, 2004. Stewart Mortgage Information is expanding its proprietary ValuLogix system by providing the ability to deliver digital photographs along with any of its AVM products. The single or multiple digital photographs can be delivered within 24 hours to the lender customer and includes a written inspection indicating the property condition and occupancy status of a subject property. Subject Property Photo is also available as a standalone product for use in servicing or the foreclosure process. more...
By Inman News, Monday, August 9, 2004. Elementary school teachers, police officers, licensed practical nurses, retail salespersons and janitors cannot afford to purchase median-priced homes based on median income in a number of metropolitan areas of the country – and particularly in some Southern areas – according to "Paycheck to Paycheck: Wages and the Cost of Housing in Counties," a study produced by the Center for Housing Policy for the National Association of Counties. more...
By Inman News, Monday, August 9, 2004. Spending on search engine marketing will nearly triple by 2009, according to JupiterResearch, a division of Jupitermedia Corp. The forecast, released Monday, expects the market for paid search to grow 189 percent from $1.9 billion in 2003 to $5.5 billion in 2009. The use of pay-per-click services like Overture and Google's AdWords program has exploded in the past year. Many individual real estate agents and brokerages use paid search to advertise their Web sites to online home shoppers. more...
By Inman News, Monday, August 9, 2004.
By Inman News, Monday, August 9, 2004. Countrywide Financial Corp. today reported loan fundings of $30 billion for July, a decline of 7 percent from the previous month. July's funding total was a 43 percent decline from July 2003, which was the single largest funding month in the company's history. Year-to-date funding volume reached $206 billion. Monthly purchase activity rose slightly over last month's record high, reaching $18 billion. Year-over-year, monthly purchase fundings rose 31 percent. Year-to-date purchase volume was $95 billion. more...
By Inman News, Monday, August 9, 2004. Long-term mortgage interest rates were higher Monday, and the benchmark 10-year Treasury bond yield sank to 4.26 percent. The 30-year fixed-rate average rose to 5.46 percent, and the 15-year fixed-rate climbed to 4.9 percent. The 1-year adjustable was up at 3.26 percent. The 30-year Treasury bond yield slid to 5.06 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Robert Bruss, Monday, August 9, 2004.
DEAR BOB: Looking back, my wife and I realize we sold our home much too cheaply. We're not blaming our listing agent (the price we set was $30,000 higher than his recommended price). But we suspect he already had a prospect for our desirable home. The buyer agreed immediately to our asking price and included a $5,000 deposit check to seal the deal, which recently closed. But now we wonder. Suppose we had decided not to sell, sent the buyer's check back, and took our house off the market. more...
By Barry Stone, Monday, August 9, 2004.
Dear Barry, The home I'm buying is occupied by the owners and will remain so until the day before the sale is completed. With all of the furnishings and personal effects covering walls and floors and filling the closets and garage, how can my home inspector possibly do a thorough job? –Erick Dear Erick, more...
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