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States get room to regulate lending

By Inman News, Monday, June 29, 2009.

Federal law doesn't entirely preempt states from passing consumer protection laws governing national banks and seeking to enforce those laws in court, the U.S. Supreme Court held today.

The 5-4 decision was a defeat for the banking industry and the Office of the Comptroller of the Currency, the federal regulator which maintained only it had the power to conduct bank examinations or enforcement actions against national banks.  more...

Bill would suspend new appraisal rules

By Inman News, Monday, June 29, 2009.

Legislation that would grant a plea by the National Association of Realtors to suspend for 18 months new rules governing appraisals conducted on loans purchased by Fannie Mae and Freddie Mac has been introduced in the House of Representatives.  more...

New school of real estate marketing Premium Content

By Bernice Ross, Monday, June 29, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/editor/71486347/" target=blank>Editor B</a>.

Are you still relying on old-school marketing tactics that don't work well in today's Web 2.0 environment? If so, now is the best time ever to say, "Out with the old and in with the new!"

How much have you spent in the last 12 months on newspaper ads, print magazines, postage and other mailing pieces? How many hours have you spent calling people who don't want to hear from you? How many weeks (years) of your life have you spent doing floor or opportunity time? As an increasing number of consumers rely more heavily on the Web, old marketing strategies are rapidly giving way to an entirely new approach.  more...

Getting a feel for sensory homebuyers

By Tara-Nicholle Nelson, Monday, June 29, 2009.

Between my husband and my son, I'm outnumbered by boys at home. What that means in terms of my daily living experience is that often I'll wake up, stumble to the espresso machine, and realize that every single kitchen cabinet, half the drawers and sometimes even the fridge and freezer doors are standing wide open -- even though no one is in the kitchen! My family knows that about that time is when I yell, "What is this -- the Sixth Sense?!"

(In the Bruce Willis film, the young Haley Joel Osment, who "sees dead people" sits down to breakfast and, in the seconds it takes his mom to leave and return to the kitchen, Haley Joel's deceased cronies manage to leave every kitchen door gaping wide, prompting the boy's mom to have an "a-ha" realization that perhaps things ain't as they seem.)  more...

Refi hit with title insurance 'junk fee'

By Benny Kass, Monday, June 29, 2009.

DEAR BENNY: We are in the final steps of completing a refinance of our barely year-old $410,000 mortgage. We were pleased with the interest-rate drop, and our local bank was generous in dropping many of the so-called "junk fees" associated with a refinance. However, we are being charged $1,007 for title insurance. When I asked our banker about this, the response was basically, "Well, yes, it is a rip-off but there is nothing we can do about it."

My question for you is what do we get for this $1,007? And if we refinance again in a year (you never know), I assume we will have to pay this again? --Shelley  more...

Contingencies frustrate buyers, sellers

By Dian Hymer, Monday, June 29, 2009.

There are many frustrating aspects associated with buying or selling a home today. One is that contract contingencies -- such as inspections, financing or the sale of another property -- often aren't removed on time. It's not uncommon for closings to be delayed, usually due to the buyer's lender.

Your purchase contract should include a provision to deal with deadlines that are not met on time. For example, in the home purchase contract used by many Realtors in California, sellers can give buyers a 24-hour notice to perform. If the buyers don't meet this deadline, the sellers can cancel the contract. This notice can't be delivered earlier than 24 hours before the contingency is due.  more...

Secrets to saving money on mortgages

By Jack Guttentag, Monday, June 29, 2009.

Some of the most difficult questions I receive from readers concern the relationship between making extra payments and refinancing. I have never been very happy with my answers, and recently took a harder look at how making extra payments and refinancing are related. The hope was that if I understood it better, I could answer the questions better. This article reflects my current understanding, followed by new answers to some common questions.

Extra-payment decisions and refinance decisions should be made independently because they are based on very different factors. Yet each may affect the other, which is why it is easy to become confused.  more...

Realtor membership rises in some areas Premium Content

By Erik Pisor, Monday, June 29, 2009.
Flickr image by <a href="http://www.flickr.com/photos/victoriapeckham/164175205/" target=blank>victoriapeckham</a>.

From 2004 through 2005, home-sale activity surged toward a peak in most U.S. metropolitan real estate markets. The feverish market activity lured a long line of individuals to obtain a real estate license, with the hopes of cashing in on the booming sales.

The exodus of Realtors into the business began to reverse with the slumping real estate market. According to the National Association of Realtors, all but one state association's May 2009 membership totals trailed membership totals for May 2008, with 28 state associations experiencing a double-digit percentage drop in membership -- that trend has not held for all local and state Realtor associations, though.  more...

Inman News wins blog award Premium Content

By Inman News, Monday, June 29, 2009.

The Inman News Blog won a "Best Blog" award in an annual competition by the National Association of Real Estate Editors, and James Randel, author of "The Skinny on the Housing Crisis," took first place in the Robert Bruss Real Estate Book Awards, named for the longtime Inman News real estate columnist who died in 2007.

NAREE, which celebrates its 80th anniversary this year, announced the winners of the real estate journalism and book awards during a conference this month in Washington, D.C.  more...

For-sale inventory halved in California

By Inman News, Monday, June 29, 2009.

The for-sale inventory of homes has dropped by more than half from May 2008 to May 2009, according to the latest California Association of Realtors report on May home sales and prices.

The association's Unsold Inventory Index for May, which measures how long it would take to sell all for-sale single-family resale homes given that month's sales pace, suggested that the market had reversed from a buyer's market in May 2008 to a seller's market in May 2009.  more...

 
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