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BofA launches loan summary form

By Inman News, Monday, April 27, 2009.

Bank of America today officially retired the Countrywide Home Loans name, rolling out the Bank of America Home Loans brand and announcing a new one-page loan summary form.

The one-page "Clarity Commitment" loan summary form doesn't replace legal loan disclosure documents, but makes clear the interest rate, terms and other details of the loan in plain language, Bank of America said.  more...

Calif.: Monthly real estate sales drop 16%

By Inman News, Monday, April 27, 2009.

The median price of single-family homes in California dropped 39 percent year-over-year in March, while the sales pace soared 63.8 percent, the statewide Realtor group reported.

The California Association of Realtors also reported that the single-family median price rose 2.2 percent from February 2009 to March 2009 while the monthly sales pace slid 16 percent.  more...

Dos and don'ts of home selling

By Dian Hymer, Monday, April 27, 2009.

An energetic real estate agent can have your home on the market in a day. However, to provide the kind of marketing exposure you need to sell in today's market takes a little longer, unless your home is photo-ready when you list.

Ideally, you should start planning for your home sale months before you want your home to be on the market. First find an agent to represent you. Then, create a game plan together for the premarketing phase of the process.

Use your agent as a resource. Walk through your home with your agent to get feedback on work, decluttering and rearranging that needs to be done before the house is photographed for advertising and shown to prospective buyers.  more...

The land-contract gamble

By Benny Kass, Monday, April 27, 2009.

DEAR BENNY: I sold a home in 2006 by way of a land contract. The buyers were making payments to me in order to pay down the purchase price. Recently, the buyers quitclaimed (in lieu of foreclosure) the property back to me. They said they lost their jobs. I received a letter from a mortgage company this week. They are applying for a new home. Any recourse I can take? The property has lost a lot of value in the past year. --Nancy  more...

Web 3-D revs up real estate Premium Content

By Bernice Ross, Monday, April 27, 2009.

In the very near future, the experience of buying a home will undergo a radical change. Rather than Web 3.0, the next generation of Web products may very well be Web 3-D.

One of the most important trends for 2009 is the rise of video-based communication. The next wave of video applications, however, is not limited to today's two-dimensional screens. Eventually we will have holographic showing machines that will provide us with a true 3-D experience.  more...

Bruss book awards deadline extended

By Inman News, Monday, April 27, 2009.

The deadline to enter the National Association of Real Estate Editors' Robert Bruss Book Awards -- named in honor of the nationally syndicated Inman News columnist who died in September 2007 -- has been extended from April 25 to May 5.

The awards will honor authors who published real estate-related books in 2008 -- subject areas can range from building to remodeling, and from real estate investing to mortgage finance to architecture.  more...

An antidote for toxic assets

By Jack Guttentag, Monday, April 27, 2009.

The government is betting that by lending large amounts to private investors to purchase securities, markets will revive and security values will rise. It is a costly and risky venture, I hope it works, but fear it won't. This article proposes another approach to the same objectives that would cost the government nothing. I call it "desecuritization." All it requires is the appropriate enabling legislation.

Desecuritization means reversing the securitization process. Securitization converts large numbers of individual loans into security issues. Desecuritization converts the securities back into individual loans. The objective of both is the same: to enhance value.  more...

Realty Executives adopts lead-gen platform

By Inman News, Monday, April 27, 2009.

Market Leader, an online marketing company for real estate professionals, today announced a deal that will bring its lead generation and lead management system to brokerage company Realty Executives International.  more...

Sweeping lending bill under fire  Premium Content

By Matt Carter, Monday, April 27, 2009.
Flickr image by <a href="http://www.flickr.com/photos/oddsock/2640764495/" target=blank>oddsock</a>.

A bill aimed at removing incentives for mortgage brokers to put borrowers in risky loans while requiring lenders to retain some "skin in the game" could hurt the very consumers it's designed to protect if it further constricts mortgage lending, real estate industry critics say.

At a recent hearing on the bill, some consumer advocates -- and state banking regulators who stand to lose some of their authority if the bill is passed -- said the bill's language is too weak to accomplish its lofty goals.  more...