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Bernanke sees chance of recovery in 2010

By Inman News, Tuesday, February 24, 2009.

If measures to prop up banks, prevent foreclosures, and stabilize the financial system succeed, there is a "reasonable prospect" that the current recession will end this year and that 2010 will be a year of recovery, Federal Reserve Chairman Ben Bernanke told lawmakers today.  more...

U.S. home-price index falls 18.2%

By Inman News, Tuesday, February 24, 2009.

A U.S. home-price index based on repeat sales of resale homes dropped a record 18.2 percent year-over-year in the fourth-quarter, while a separate monthly index tracking 20 U.S. metro areas plummeted a record 18.5 percent year-over-year in December 2008.

The price drops were the most severe in the 21-year history of the Standard & Poor's/Case-Shiller index data.  more...

A lesson in real estate rejection Premium Content

By Alison Rogers, Tuesday, February 24, 2009.
Flickr photo by <a href="http://flickr.com/photos/fboyd/2697110891/" target=blank>°Florian</a>.

I just got back from Montreal, a great city. We were there for five days and it was an amazing break. I knew I needed it, but I didn't know how badly.

But of course I'm a Realtor, so I kept working a little. In particular, I had a listing with an active bid, so I had told all parties that I thought my phone would work in Canada and we could keep tossing the ball back and forth.  more...

Aluminum wiring gives homebuyer pause

By Barry Stone, Tuesday, February 24, 2009.

DEAR BARRY: I have two questions about aluminum wiring in a home. Can home inspectors tell during an inspection if a house has aluminum wiring? If there is aluminum wire, can repairs make the system reasonably safe for my family? --Ann  more...

Lenders see holes in Obama refi plan Premium Content

By Matt Carter, Tuesday, February 24, 2009.

Mortgage bankers say they can support the "conceptual underpinnings" of most of the Obama administration's foreclosure prevention plan, but see lots of room for improvement.

Weak areas of the plan include an upper limit of 105 percent loan-to-value ratio for refinancings, and the program's requirement that loans to be refinanced be owned or guaranteed by Fannie Mae or Freddie Mac, the Mortgage Bankers Association said in a letter to Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan.  more...

Losses pile up for discount broker Webdigs

By Inman News, Tuesday, February 24, 2009.

Minneapolis-based discount real estate brokerage Webdigs Inc. has racked up a $2.7 million net loss since it was founded in the spring of 2007, but still plans to seek up to $6 million to expand into additional markets, the company said in a regulatory filing.

Webdigs offers commission rebates of up to 50 percent to buyers and flat-fee MLS listings in the Minneapolis-St.Paul market for $3,000. The company's Web site allows clients to schedule home visits, as well as make offers and monitor the offer and counteroffer process.  more...

The buy-side of real estate compensation Premium Content

By Gilbert Mohtes-Chan, Tuesday, February 24, 2009.
Flickr photo by <a href="http://flickr.com/photos/17258892@N05/2588343032/in/photostream/" target=blank>ralphbijker</a>.

It wasn't always easy representing just homebuyers.

Thomas Early recalls colleagues refusing to let him show their homes. He remembers a major brokerage offering him only a 1 percent buy-side commission.

"We were the oddballs," said Early of Buyers Real Estate Brokerage in Columbus, Ohio, which represents only homebuyers and does not accept property listings.  more...