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HUD stays the course on RESPA Premium Content

By Matt Carter, Wednesday, September 17, 2008.

Secretary of Housing Steve Preston lashed out Wednesday at "reprehensible" attempts by lawmakers to head off changes in the way mortgages and settlement services are marketed and sold to consumers, and said HUD remains intent on overhauling the Real Estate Settlement Procedures Act.

Preston's remarks to the Exchequer Club in Washington, D.C followed some of the fiercest criticism of the Department of Housing and Urban Development's proposed RESPA changes to date by industry opponents at a Congressional hearing Tuesday.  more...

Facing foreclosure? Think before renting out home

By Janet Portman, Wednesday, September 17, 2008.

Q: Do you feel it is ethical for a landlord to sign a one-year lease when he knows the property may be foreclosed? For that matter, what about signing a month-to-month rental agreement? True, the landlord can always terminate a month-to-month with notice, but if the tenant liked the place and had decided to stay for a while, having the bank kick him out would be very disruptive and expensive. --John W.  more...

Buyers avoid ruin with 'smart ownership'

By Tara-Nicholle Nelson, Wednesday, September 17, 2008.

Q: I just closed escrow on my first home -- a condo. I am so excited, but I'm kind of freaking out, too. I'm pretty sure I should be doing something different, financially speaking, than I did before I became a homeowner, but I have no idea what that is. Please advise.

A: Congratulations! You picked a fantastic time to become a homeowner. Although a scary time, due to all the upheaval in the real estate market, it's definitely a great time, in terms of the opportunities available to you as a buyer. You are correct, though -- your job has just begun.  more...

Dramatic drop in California home prices

By Inman News, Wednesday, September 17, 2008.

While Southern California home sales were 30 percent below average for the month of August, transactions were up 9.1 percent from a year ago, real estate information service DataQuick reported today. That's the only good news, as the area's median home price tumbled a record 34 percent year-over-year in August.  more...

Getting back to business basics

By Teresa Boardman, Wednesday, September 17, 2008.

It is true. The local real estate market here in the Twin Cities has changed the last two years, as it has changed in most markets nationwide.

There are a couple of ways to be successful in today's market. One way is to work harder, and the other is to work smarter. Most of us are working harder. Buyers look at more homes before choosing one, and listings stay on the market longer and require more effort to market.  more...

The fastest-selling real estate on the market

By Inman News, Wednesday, September 17, 2008.

Editor's note: The following is a collection of real estate professionals' responses to a real-estate related question.

QUESTION: What type of property is selling fastest in your market area?

Jonathan Osman
Realtor
Keller Williams Realty
Charlotte, N.C.  more...

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Global Connect program is now live

By Joel Burslem, Wednesday, September 17, 2008.

A global perspective might just help you to survive this down market. Make your way to Times Square this January for Global Connect and you'll discover how you should be thinking of the world in order to make your business thrive in this new global environment.

Here are just some of the topics we're looking at covering :  more...

AIG bailout puts feds in PMI business Premium Content

By Inman News, Wednesday, September 17, 2008.

The bailout of insurance giant AIG International Group Inc. also makes taxpayers majority owners of a company that insures mortgages guaranteed by Fannie Mae and Freddie Mac, companies placed under government conservatorship on Sept. 7.

The Federal Reserve announced late Tuesday that it would lend up to $85 billion to AIG in exchange for an 80 percent ownership interest in the company.  more...

New-home starts hit 17-year low

By Inman News, Wednesday, September 17, 2008.

The pace of total housing starts in August fell to the slowest pace since January 1991 and dropped about 33.1 percent compared to August 2007, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today.  more...

NAR endorses bill to save seller-funded gifts Premium Content

By Inman News, Wednesday, September 17, 2008.

A bill that would allow the continued use of seller-funded down-payment assistance on FHA-backed loans now has the support of the National Association of Realtors and is headed to a full House vote after passing muster with a key congressional committee.  more...

Interesting Discussion on Credit Crisis

By Joel Burslem, Wednesday, September 17, 2008.

[h/t Matrix]
 more...

The future of finance

By Inman News, Wednesday, September 17, 2008.

Editor's note: The following is a member comment posted in the Inman Community group topic, "Another September to Remember - Not 911 but 908":

"One has to start thinking along the lines if so many financial institutions are being acquired by one or more larger financial institutions can these large financial institutions absorb the losses from this point forward?  more...

Data breach could affect 2 million

By Inman News, Wednesday, September 17, 2008.

Countywide Home Loans is offering two years of free credit monitoring to customers who may have had their personal information stolen in a security breach involving as many as 2 million or more borrowers.

The FBI and U.S. Attorney's Office in Los Angeles last month announced the arrest of Rene L. Rebollo Jr., 36, a former senior financial analyst at Countrywide Home Loan's subprime mortgage division, Full Spectrum Lending, in Pasadena, Calif.  more...