Home

Feb

25
2008

Real estate commissions: Where are they now?

By Glenn Roberts, Jr., Monday, February 25, 2008.

The average total commission for real estate transactions dropped from about 6.1 percent in 1991 to about 5.18 percent in 2006, according to Real Trends, a real estate research and information company. And while the obvious trend is that commissions...  more...

Fitch warns of mounting losses at mortgage insurers

By Inman News, Monday, February 25, 2008.

Analysts at Fitch Ratings warned today of possible downgrades to the ratings of private mortgage insurers MGIC Investment Corp., PMI Group Inc. and Radian Group Inc., saying the companies may not return to profitability until 2010 and will have to raise additional capital to counter rising losses.  more...

Feds looking to help upside-down borrowers

By Inman News, Monday, February 25, 2008.

Bank of America officials have reportedly gotten behind a plan to create a Federal Homeownership Preservation Corp. that would buy billions in mortgages that might otherwise end up in foreclosure.

In a proposal to congressional lawmakers, BofA officials warn that up to $739 billion in mortgages are at risk of default in the next five years, and that the government intervention is needed, the New York Times reported.  more...

Existing-home sales hit lowest level on record

By Inman News, Monday, February 25, 2008.

The projected annual rate of sales for resale homes fell 23.4 percent in January compared to the same month last year, and the median price was down 4.6 percent, the National Association of Realtors reported today.  more...

Nightly real estate rates edge up

By Inman News, Monday, February 25, 2008.

Long-term mortgage interest rates inched higher Friday, and the benchmark 10-year Treasury bond yield was up at 3.8 percent.

The 30-year fixed-rate average rose to 5.95 percent, and the 15-year fixed rate increased to 5.44 percent. The 1-year adjustable rate gained to 4.91 percent.

The 30-year Treasury bond yield rose to 4.57 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more...

Bankruptcy cram downs rolled into foreclosure relief bill Premium Content

By Matt Carter, Monday, February 25, 2008.

Senate Democrats are attempting to push through a controversial plan to allow bankruptcy judges to modify the terms of troubled borrowers' mortgages as part of a larger package of foreclosure prevention programs.

Allowing judges to "cram down" loan modifications over the objections of lenders could raise interest rates on mortgage loans by 1.5 percent or more, industry groups fighting the proposed changes to the bankruptcy code say.  more...

Flashy extras: silly or saleable?

By Alison Rogers, Monday, February 25, 2008.

I just had a client go to contract on a new, and very nice, apartment. The location is great, the finishes are great, and the reputation of the builder is great, making it likely that the home that gets delivered is the same as the home that was promised -- a bit of a rarity these days.

Also, there's a television embedded in the bathroom mirror.

My client thinks that's a little silly -- it is a little silly -- but it was a signature touch by the developers to show off how "fresh" the building is.  more...

Mortgage Grader: a new way to shop lenders

By Jack Guttentag, Monday, February 25, 2008.

I have been spending time recently kicking the tires of a new Web site, MortgageGrader.com, which has excellent credentials. It has been developed by Jeff Lazerson, an experienced mortgage broker who didn't much like the way most brokers did business.  more...

Tips for buying at foreclosure auction

By Benny Kass, Monday, February 25, 2008.

DEAR BENNY: I would appreciate it if you would comment on the procedures for bidding on houses that are up for foreclosure. I suspect that one could get a decent deal, but I can't seem to crack the code on how to go about purchasing a house at a foreclosure auction. I realize that I have to show up with a cashier's check for the specified amount and make up the balance within 30 days, so I presume that I have to have all my anticipated financing in order. --R.B.

DEAR R.B.: I will answer each of your questions separately.  more...

Selling home 'as is' in today's market?

By Dian Hymer, Monday, February 25, 2008.

A listing that is advertised as an "as is" sale can be a put-off to buyers. They might assume that something is wrong with the property that will cost a lot to repair. If they have little free time or money, they might decide before even taking a look that this isn't the house for them.  more...