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California: A state of real estate extremes

By Inman News, Thursday, February 26, 2009.

The California real estate market continued to perform at the extremes in January -- the rate of sales for resale single-family homes soared 100.8 percent while the median price sank 40.5 percent compared to the same month last year, according to the California Association of Realtors.  more...

Mortgage rates steady, applications off

By Inman News, Thursday, February 26, 2009.

A survey of lenders shows applications for mortgages down 15 percent for the week ending Feb. 20, even with rates hovering near historic lows.

While applications for government-insured purchase loans held steady, applications for refinance loans were down a seasonally adjusted 19.1 percent from the week before, the Mortgage Bankers Association said.  more...

Using repair-and-deduct at illegal rental

By Janet Portman, Thursday, February 26, 2009.

Q: We're renting a single-family home from a landlord who refuses to do basic repairs. When the hot water heater broke and the roof began to leak, we were forced to repair them ourselves and deduct the cost from the rent (our state law lets us do this). After getting a pay-or-quit notice, we did a little homework and discovered that the home never had a certificate of occupancy. What effect will this have on the landlord's attempt to evict us? --Jim and Janelle J.  more...

Pros and cons of FHA loans

By Tara-Nicholle Nelson, Thursday, February 26, 2009.

Q: I am looking to buy my first home this year. My mortgage broker keeps suggesting an FHA loan, almost like she is assuming that that's what I will choose. But some of my friends who bought recently say that they are more expensive and harder to get than a regular loan. What gives?

A: With subprime mortgages long gone and the credit crunch keeping conventional lending guidelines quite tight, FHA and other government-insured loans have become the mortgage of first resort for many first-time homebuyers and others looking to take advantage of the current buyer's market. In many respects, FHA loans are very buyer-friendly; however, there are some insider secrets every prospective FHA loan borrower should know before they even start their house hunt.  more...

New FHA loan limits released

By Inman News, Thursday, February 26, 2009.

The Federal Housing Administration has implemented new limits for its loan guarantee programs that will allow it to insure mortgages of up to $729,750 in 73 counties with high-cost housing markets, and loans above the $271,050 "floor" in more than 600 other counties with elevated home prices.

The Department of Housing and Urban Development has updated a Web search page that provides FHA mortgage limits by state, county or metropolitan statistical area to incorporate the new limits.  more...

Presenting picture-perfect property photos

By Teresa Boardman, Thursday, February 26, 2009.
HDR image by <a href="http://www.stpaulrealestateblog.com/.a/6a00d83451d6cf69e201116886a6f4970c-pi" target=blank>Teresa Boardman</a>.

I have more than a passing interest in photography. It is a serious hobby and a big part of my life. I take my own property shots, which is something I don't recommend for other agents unless they have more than a passing interest. Most of my clients have seen my work and they expect me to take the photos.

With my last two listings I thought I would try something different to really make the photos stand out. I used a process called high dynamic range, or HDR for short. The process involves combining three to five photos of the same scene with different light values into one photo.  more...

U.S. home-sales rate hits 12-year low

By Inman News, Thursday, February 26, 2009.

The sales rate for resale homes dropped 5.3 percent in January to a 12-year-low, the National Association of Realtors reported today, and fell 8.6 percent compared to the same month last year.  more...

Realogy says Apollo has its back Premium Content

By Matt Carter, Thursday, February 26, 2009.
Flickr image by <a href="http://www.lumaxart.com" target=blank>lumaxart</a>.

Realogy Corp. reported a $1.9 billion loss for 2008 Tuesday, but the debt-burdened company's executives said they can count on financial assistance from private equity firm Apollo Management LP to stay in compliance with creditors and maintain cash flow through the end of the year.

Nearly all of the loss reported by Realogy -- $1.79 billion -- were noncash charges to goodwill, intangible assets and investments on the company's balance sheet.  more...

Landlord suspects illegal sublet

By Robert Griswold, Thursday, February 26, 2009.

Q: I have a rental house and during a recent drive-by to check on my property I noticed that there were two cars in the driveway that I had never seen in the past. I called my tenant and they told me that they had some family that is staying with them for the holidays. I allow my tenants to have guests for up to two weeks so I wasn't that worried. However, the holidays are over and yesterday evening I went by again and the cars are still there. The rental property has four bedrooms so I think they have sublet rooms in the house but are telling me that they just have visiting family. What do I do about these additional occupants?

A: Tenants frequently abuse the guest policy by having additional occupants in their rental unit for extended periods of time. But you may have trouble determining the difference between a temporary guest and a new live-in occupant. If you suspect that your tenant has added an additional occupant to the rental unit, your first step should be to talk with your tenant to find out what's going on.  more...