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Loan demand off during short week

By Inman News, Wednesday, April 15, 2009.

Mortgage applications were down 11 percent for the week ending April 10, although the long weekend created by the holidays Easter and Passover may have been a contributor, the Mortgage Bankers Association said.

Applications for refinance loans were down 10.9 percent from the week before, while applications for purchse loans fell 11.3 percent. Applications for conventional purchase loans were down 13.5 percent, and applications for government-backed loans (largely FHA) fell 7.7 percent.  more...

Report: Lenders blacklisted appraisers

By Inman News, Wednesday, April 15, 2009.

A nonprofit that specializes in investigative journalism says it's obtained copies of blacklists that lenders used during the housing boom to boycott thousands of appraisers who refused to inflate home values.

In a story examining the role of appraisals in the housing boom and bust, the Center for Public Integrity says it also found many appraisers who bowed to pressure from lenders to "hit the numbers." The practice "helped pump air into the housing bubble that led to widespread economic devastation," the story concludes.  more...

Dealing with real estate wild cards Premium Content

By Kris Berg, Wednesday, April 15, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/spyndle/3423162689/">kreg.steppe</a>.

Is it me, or is everyone just a little crazy lately? I'm feeling like there aren't enough straitjackets to go around, and I'll be darned if I am giving up mine.

I know that my one-week sampling of shenanigans is not statistically significant. Real estate is like a game of cards. You are dealt a hand, and play it you must. Each round is different. It's just that this week, someone forgot to take out the jokers, and I pulled them all.  more...

When lead paint lurks, take precautions

By Bill and Kevin Burnett, Wednesday, April 15, 2009.

A recent column on exterior painting drew a couple of comments about the importance of recognizing and protecting against lead-paint contamination. The home we were writing about was not originally painted with lead-based paints, so special precautions did not apply.  more...

February sales of new California homes weak

By Inman News, Wednesday, April 15, 2009.

February sales of new homes in California were down 54 percent from a year ago, but showed modest improvement from January, the California Building Industry Association said.

Sales of single-family homes and townhomes were both down 55 percent from a year ago, while sales of condominiums were off 51 percent. That's still an improvement from January, when sales in new-home communities of 10 units or more were down 64 percent from a year ago.  more...

Rust Belt city envisions smaller future Premium Content

By Gilbert Mohtes-Chan, Wednesday, April 15, 2009.

Thinking small isn't easy -- not when growth is the politically hip thing to do.

For struggling Rust Belt cities like Cleveland and Detroit, civic leaders need to buy into the idea that it's hip to be square and transform their communities into smaller, greener and healthier metropolises, experts say.

Their future depends on it. But experts warn that making a successful transition will require a vision that breaks with tradition, a new political will, and smarter spending of financial resources currently strained by the mortgage crisis and steep economic downturn.  more...

Charlie Young to lead ERA franchisor

By Inman News, Wednesday, April 15, 2009.

ERA Franchise Systems LLC's recently-appointed chief operating officer, Charlie Young, has been named ERA's president and chief executive officer by parent company Realogy Corp.

Young, who came to ERA from Coldwell Banker Real Estate LLC in February, succeeds former President and CEO Brenda Casserly, who died April 1 after a long battle with cancer (see story).  more...

Fidelity raises rates, cuts costs

By Inman News, Wednesday, April 15, 2009.

Fidelity National Financial Inc. has raised title insurance rates in 22 states and slashed $231 million in annual expenses by firing workers and closing offices since acquiring the underwriting subsidiaries of rival LandAmerica Financial Group Inc. in December.  more...

 
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