By Inman News, Tuesday, September 7, 2004. I just lost my first listing opportunity because of one simple factor: Greed. Not so much due to greed on the seller's part, but the greed of my own brokerage firm for refusing to permit me to charge a 5 percent commission instead of the standard 6 percent. This whole situation is so utterly stupid, so terribly frustrating, that I'm not sure if I can explain it. But, I'll try my best. For a year now, I've dutifully knocked on at least 200 doors a week in my "farming area" in the hope of landing my first listing. more...
By Inman News, Tuesday, September 7, 2004. Editor's note: In this three-part series, we talk to some new entrepreneurs on the real estate block, and find out what they're doing, what they're doing differently and how the industry has reacted to them. They'll talk about what it takes to launch a real estate company and barriers to innovation the industry puts up along the way. more...
By Inman News, Tuesday, September 7, 2004. Residential mortgage delinquencies crept up in the second quarter while the actual foreclosure inventory declined, the Mortgage Bankers Association reported today. The seasonally adjusted delinquency rate for mortgage loans on one- to four-unit residential properties increased to 4.43 percent in the second quarter, up 10 basis points from 4.33 percent in the first quarter of this year. more...
By Bill and Kevin Burnett, Tuesday, September 7, 2004.
Q: We have remodeled our three bathrooms with marble walls, counters and floors. All the marble surfaces were sealed by our contractor. We are aware that marble is porous, so we have been careful to wipe off any liquid that drops on the surface. However, we are seeing small stains on the marble that can only have come from spilled liquids. We are unable to remove these stains no matter how hard we rub. What are we doing wrong? more...
By Tom Kelly, Tuesday, September 7, 2004.
Marjorie Bristow had heard about a reverse mortgage years ago but the part-time pottery specialist, 76, had no idea the financing option for older homeowners would be the answer to her property problems. "It's a long, hairy story but this thing really bailed me out," said Bristow of the reverse mortgage that allowed her to stay on the curious, 2-acre parcel four miles west of the popular banana-belt town. "Just how much time do you have to listen?" more...
By Glenn Roberts Jr., Tuesday, September 7, 2004. The dual devastation from two hurricanes that swept across Florida in the past several weeks will not likely tear apart the fast-moving real estate market, if history is any indication. Hurricanes Charley and Frances, which each caused billions of dollars in damages, could disrupt the local housing markets in the areas affected by the storms, but the effects from a weather event are typically short-lived, and sales numbers typically don't take long to rebound and normalize, said Walt Molony, a spokesman for the National Association of Realtors. "The only thing we can safely s more...
By Inman News, Tuesday, September 7, 2004. The Long & Foster Cos. today reported that August sales for all of its companies reached $5 billion, an increase of 26 percent from August 2003. The company said it was the best August in the firm's 36-year history. Long & Foster sales have been up consistently in the first eight months of 2004, the company reported. The numbers include: Long & Foster Real Estate Inc. more...
By Inman News, Tuesday, September 7, 2004. The high price of homes and a limited supply of new apartments will lead to "substantial rent increases" and low vacancy rates in Southern California, according to a forecast by the Richard S. Ziman Center for Real Estate at the University of California, Los Angeles, Anderson School of Management. The Ziman Center forecast notes that 18 percent of Californians can now afford the median-priced single family home; this will inevitably sustain a high demand for apartments, said Stephen D. more...
By Inman News, Tuesday, September 7, 2004. The number of mortgage applications increased 7.7 percent from last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index increased by 7.4 percent to 476 from 443.1 the previous week. The seasonally adjusted refinance index increased by 8 percent to 1,948.9 from 1,804.1 one week earlier. more...
By Inman News, Tuesday, September 7, 2004. Radian Guaranty Inc. today launched a new mortgage insurance product that automatically cancels after five years. The product, dubbed "Free After Five," rewards borrowers with automatic cancellation of their monthly mortgage insurance payment and continues coverage for the lender until mortgage insurance is no longer needed. "Our goal is to help lenders manage their risk while meeting the demands of the market," said Roy J. Kasmar, president and COO of Radian Guaranty. more...
By Inman News, Tuesday, September 7, 2004. Online lending and real estate exchange LendingTree has agreed to acquire HomeLoanCenter.com, an Internet-based direct mortgage lender. Terms of the deal were not disclosed. Irvine, Calif.-based HomeLoanCenter.com is a branchless retail consumer-direct lender. The company has built on online loan origination platform that gives consumers access to a variety of loan products. more...
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