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Office space and the 'floor time' continuum

By Teresa Boardman, Wednesday, September 24, 2008.

In some real estate offices they have "floor time": Agents sit in the office and answer phone calls from consumers who want information about for-sale homes. I think floor time is a good idea, but it may need a few tweaks.

In the Twin Cities area the bigger brokerages have closed some of their offices and combined offices to cut costs. Most agents choose offices that are close to home, but with fewer offices to choose from some will have to go further.  more...

Landlord, I'm baaaaaaaaaack!

By Robert Griswold, Wednesday, September 24, 2008.

Q: I lived at an apartment community for many years, but my lease was not renewed because I was falsely accused of breaching my lease. I have found another rental home that is OK, but I miss my neighbors and regret that I had to move. Recently in a casual conversation with my new landlord I was surprised to learn that my prior landlord actually gave me a good reference. I would really rather live at my original community with all my friends. It was only a verbal reference, but can I use that positive referral and go back to the prior apartment community?  more...

Be careful buying foreclosure to rent out

By Janet Portman, Wednesday, September 24, 2008.

Q: I'm thinking of buying a certain single-family home at a foreclosure sale. I intend to rent it out, and I'm a first-time landlord. Do you have any specific advice for this situation? --Steve E.  more...

Home buyers confused by listing lingo

By Tara-Nicholle Nelson, Wednesday, September 24, 2008.

Q: I'm thinking about moving up. I've just started browsing through real estate listings online. But it seems like every other listing I see has some arcane notation in it. The house descriptors are easy enough to figure out, but there's lots of stuff in there that I don't recall seeing when I bought my first home 12 years ago, and that I don't really get, things like "Not a Short Sale," "REO," "Subj to lender's approval," and the like. What does this stuff mean, and which of these things should I care about?  more...

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ClosingCorp: HUD's RESPA plan would deter shopping Premium Content

By Matt Carter, Wednesday, September 24, 2008.

A company that markets title insurance and other settlement services to consumers over the Internet says proposed changes to federal regulations will discourage comparison shopping.

The Department of Housing and Urban Development claims its proposed changes to the Real Estate Settlement Procedures Act (RESPA) will help consumers save $8.35 billion a year by spurring competition and helping consumers find the best deal on a loan and settlement services.  more...

Mortgage applications tank as rates soar

By Inman News, Wednesday, September 24, 2008.

Mortgage applications plummeted 10.6 percent during the week ending Sept. 19 as jitters in financial markets produced a spike in interest rates.

The Mortgage Bankers Association said the average rate for 30-year fixed-rate mortgages increased to 6.08 percent, up from 5.82 percent the previous week, with points remaining at 1.13 including origination fee for 80 percent loan-to value ratio loans.

The average rate for 15-year fixed-rate mortgages increased to 5.84 percent, up from 5.54 percent, with points increasing to 1.17 from 1.12 for 80 percent LTV loans.  more...

OFHEO: U.S. home prices slid in July

By Inman News, Wednesday, September 24, 2008. U.S. home prices were down 5.3 percent in July compared to a year ago, and fell 0.6 percent from the month before, according to a monthly government price index.

That compares to a 5 percent annual decline and no month-to-month decline in June, according to the Office of Federal Housing Enterprise Oversight (OFHEO).  more...

FHA limits 'buy and bail' purchases

By Inman News, Wednesday, September 24, 2008.

Not wanting to be involved in financing "buy and bail" home purchases, the Federal Housing Administration will no longer count rental income when homebuyers who choose to vacate, rather than sell, their principal residence.  more...

FBI fraud probe grows to 26 companies

By Inman News, Wednesday, September 24, 2008.

The FBI has expanded its investigation of potential fraud by companies involved in mortgage lending during the housing boom to include Fannie Mae, Freddie Mac, American International Group Inc. and Lehman Brothers Holdings Inc., the Associated Press reported.

Citing two anonymous law enforcement officials, AP said the FBI is now looking at 26 companies to determine whether any participated in accounting fraud, insider trading, or failing to disclose the the true value of mortgage-related assets.  more...

NAR: Sales, prices sink in August

By Inman News, Wednesday, September 24, 2008.

Sales and prices of existing homes in August fell approximately 10 percent from a year ago, as total for-sale inventory declined by 128,000 units, according to data released today by the National Association of Realtors.

The seasonally adjusted sales rate, which includes single-family, townhomes, condominiums and co-ops, sank to 4.91 million units last month -- a 2.2 percent drop from 5.02 million in July and 10.7 percent lower than the 5.5 million in August 2007.  more...

Feds Get Pwned

By Joel Burslem, Wednesday, September 24, 2008.

A demonstrator at yesterday's hearings on Capitol Hill lets Bernanke and Paulson know what they really think of bailout plan.

Courtesy Denver Post.

Forecast: 'State of shock' hits home

By Glenn Roberts Jr., Wednesday, September 24, 2008.

It wasn't supposed to happen.

"Housing prices weren't supposed to decline absent a significant decline in employment, but they have: big time," according to a quarterly economic forecast released today.

"Put bluntly, housing consumers and financiers are in a state of shock," states the latest University of California, Los Angeles, Anderson Forecast report. "Consumers no longer believe that home ownership is a path to
wealth and lenders are busy raising standards to avoid repeating the debacle of this decade."  more...