By Glenn Roberts Jr., Monday, September 27, 2004. Editor's note: Forget the housing experts who've made our heads spin with real estate market forecasts. It's time for a fresh set of eyes and a new set of skills to tell us whether this housing market is going to bust. In this three-part series, we sought out some alternative sources for predicting the housing market. We opted for a deck of tarot cards, the Taoist zodiac and a consumer focus group. more...
By Robert Bruss, Monday, September 27, 2004.
DEAR BOB: I just purchased my first home, a condominium. But I feel like I was robbed by my real estate agent. I stopped by a Sunday afternoon open house being held by the listing agent. The condo was exactly what I had been searching for. Great location. Nice complex about 6 years old. Affordable price. The agent was very helpful. Although I was a bit "light" on my cash down payment, she arranged a mortgage I could afford. But what really bugged me was, at the closing, the listing agent tacked on a $695 "administrative fee" to my closing costs. She didn't even show up for the closing. more...
By Barry Stone, Monday, September 27, 2004.
By Robert Bruss, Monday, September 27, 2004.
Real estate sales agents have nothing to fear from the new edition of "How to Sell Your Home Without a Broker" by Bill Carey, Chantal Howell Carey, and Suzanne Kiffmann. Although the latest revision explains the pros and cons of selling your home alone, and has excellent blank forms for the reader's use, the book doesn't supply enough details to enable homeowners to make a successful sale without a professional agent. more...
By Inman News, Monday, September 27, 2004. ABN AMRO Mortgage Group, one of the nation's top mortgage lenders, today reported that its total residential production for August was $4.1 billion, down 68 percent from a year ago but unchanged from the previous month. In August 2003, the lender had $13 billion in total residential mortgage production. AAMG's year-to-date production (Jan. 1 through Aug. 31, 2004) totaled $42.4 billion, down 59 percent from the same period last year when the company had $103 billion in production totals. AAMG reported more than 28,500 loans funded last month. more...
By Inman News, Monday, September 27, 2004. Troubled mortgage giant Fannie Mae now faces a round of shareholder lawsuits seeking billions of dollars in stock losses stemming from the company's accounting missteps. Since a report that found evidence of improper accounting at the company was released last week, several lawsuits have been filed in federal court, naming Fannie Mae, Chairman Franklin Raines, Chief Financial Officer Timothy Howard and Chief Operating Officer Daniel Mudd as defendants. The suits allege the company misrepresented financial more...
By Inman News, Monday, September 27, 2004. The U.S. Department of Housing and Urban Development today announced its annual Fair Market Rents (FMRs), which are used to determine the eligibility of rental housing units for the Section 8 Housing Assistance Payments program. Section 8 Rental Certificate program participants cannot rent units whose rents exceed the FMRs. FMRs are gross rent estimates, which include the shelter rent plus the cost of all utilities, except telephones. HUD sets FMRs to assure that a sufficient supply of rental housing is available to program participants. more...
By Inman News, Monday, September 27, 2004. A bill that specifies guidelines for the development of environmentally impacted sites in California was signed into law last week. The bill aims to give developers incentive to clean up urban properties, called brownfields, and put them back into use. Uncertainty over potential cleanup costs often gives builders less incentive to build on brownfields. The California Land Reuse and Revitalization Act of 2004 gives new guarantees that developers won't be pressured to clean properties after they've already been cleaned to state standards. more...
By Inman News, Monday, September 27, 2004. Suburban sprawl is linked to the incidence of many chronic health ailments – possibly owing to less time spent walking and more time spent in automobiles – according to a new RAND Corp. study issued this week. The findings suggest that an adult who lives in a more sprawling city such as Atlanta will have a health profile similar to someone four years older who lives in a more compact city such as Seattle, according to researchers. more...
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