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Date

Nov

17
2008

What Would a Depression in 2009 Look Like?

By , Monday, November 17, 2008.
A thought-provoking (and depressing) summary from The Boston Globe:
The lines wouldn't be outside soup kitchens but at emergency rooms, and rather than itinerant farmers we could see waves of laid-off office workers leaving homes to foreclosure and heading for areas of the country where there's more work - or just a relative with a free room over the garage.
 more...

Freddie: Expect further declines in lending

By Inman News, Monday, November 17, 2008.

Economists at Freddie Mac are more pessimistic about the economy than they were a month ago, and no longer believe mortgage originations will rebound in 2009.

In a forecast issued today, Freddie Mac's office of the Chief Economist said total mortgage originations are expected to shrink by about 8 percent in 2009, to $1.65 trillion, before rebounding to $1.82 trillion in 2010. That compares to $3.26 trillion in orginations of purchase loans and refinancings in 2005.  more...

Nine ways to dump your slump

By Bernice Ross, Monday, November 17, 2008.

What does it take to dump your slump? Surprisingly, it may be easier than you realize.

1. View change as adding to rather than taking away
One of the most powerful barriers to success is a fear of change. Many people fear change because they believe change requires giving up something they value. A more effective way to look at change is to view it as "adding to" what you already have or do. For example, if you upgrade your computer and cell phone, you will have to spend time learning new functions. While this can be frustrating, it's important to remember that 90 percent of the skills you have already acquired will still be applicable.  more...

No guarantee when housing meltdown will end

By Benny Kass, Monday, November 17, 2008.

DEAR BENNY: My son and his wife own a house. Just before the housing market downturn, they moved 1,000 miles away to pursue a much more lucrative-paying career for him. Since then they haven't been able to rent the house, and if they sold it they would lose $30,000 to $40,000. Even though he makes great pay, they are barely squeaking by having to make that house payment and an apartment payment. Because they have kept up with the payment their credit rating is still excellent. Is there anything they can do to unload the house without taking a big hit on their credit rating or losing a lot of money? --Janice

DEAR JANICE: What is the loan to value (LTV) of your son's house? Is there any equity left or is it "upside down"? That means that the mortgage is higher than the current value of the house.  more...

Should I work with more than one agent?

By Dian Hymer, Monday, November 17, 2008.

Finding a good agent or agents to help you buy or sell a home can vastly improve the quality of your experience. Ideally, you want someone who is professional, trustworthy and diligent.

It's impossible to predict at the outset exactly how a purchase or sale transaction will play out. But, invariably there are bumps along the road. Good rapport and mutual respect make it easier to work through problems should they arise.  more...

The good and bad about Mortgage Marvel

By Jack Guttentag, Monday, November 17, 2008.

My first impression of Mortgage Marvel (MM) was that it was a multi-lender shopping site, which would make it the fourth new one I have reviewed in 2008; the others are Loan.com, Mortgage Grader and Zillow Mortgage. My second impression was that MM was more of a referral site than a multi-lender shopping site.  more...

Loan mods could restore confidence

By , Monday, November 17, 2008.

A plan for the government to partially insure lenders when they agree to modify troubled borrowers' loan terms could help stabilize housing markets and bring buyers back into the market.

Federal Deposit Insurance Corp. chairwoman Sheila Bair wants the Bush administration to provide incentives for lenders to do as many as 2.2 million loan modifications.  more...

Attack of the Real Estate Tomato

By Inman News, Monday, November 17, 2008.
Flickr photo by <a href="http://flickr.com/photos/the_ewan/2962762666/" target=blank>The Ewan</a>.

Jim Cronin is owner and author of the Real Estate Tomato, a real estate marketing company that offers "juicy blogging advice for Realtors," as well as industry information and training and Web site services.  more...