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No fast track for regulatory reform Premium Content

By Inman News, Wednesday, July 22, 2009.

A vote on the Obama administration's proposal to create a Consumer Financial Protection Agency has been pushed back to the fall, with Democrats reportedly uncertain they have the votes to enact the bill and other legislation that would overhaul the nation's financial regulatory system.  more...

Real estate checklists gone wild Premium Content

By Kris Berg, Wednesday, July 22, 2009.

A hundred years ago, I was in college. After a long and deliberate process of considering viable fields of study (involving a thoughtful analysis of the boy-to-girl ratios of each), I chose civil engineering. Engineering, it turns out, indeed involved a lot of boys but also a lot of numbers.

Mostly, though, it involved a lot of rules, or as we called them, equations. Remember the right equation for the right situation; plug; and play. That's how I tended to approach it. But then there was Sherman. He was in a different area of engineering -- the magic kind where you had to take certain things on faith, like the fact that a bunch of random wires carrying who-knows-what could actually power a blow-dryer -- or Bill Gates.  more...

Court forces buyer to forfeit twofer deal

By Tara-Nicholle Nelson, Wednesday, July 22, 2009.

In the case Natale, et al. v. Ernst, the buyer (Matthew Ernst) purchased a parcel of land from the seller (James Natale) on one side of the highway. Just before closing, the buyer and seller learned that the sale would necessarily include a small lot on the other side of the highway, which would be difficult to subdivide away from the parcel originally planned to be transferred.

The buyer and seller agreed to the sale of both lots at the original purchase price, on the condition that the buyer would make efforts to subdivide the additional lot and transfer it back to the seller and, if unsuccessful obtaining the subdivision by a certain date, have the small lot appraised and pay the seller the fair market value for it.  more...

Rent-vs.-own equation changing

By Inman News, Wednesday, July 22, 2009.

The difference between median rent and the monthly mortgage payment on a median-priced home has shrunk from $777 a month to $221 in the past three years, according to an Associated Press analysis of 45 metro areas.

In areas like Cleveland, Atlanta, Indianapolis and St. Louis, the gap was less than $100 a month, AP reported.

The analysis, which relied on prices during the first quarter of the year, was conducted for AP by Marcus & Millichap Real Estate Investment Services.  more...

Modest boost in loan applications

By Inman News, Wednesday, July 22, 2009.

Applications for purchase mortgages and requests to refinance existing home loans both saw modest gains during the week ending July 17, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Applications for refinancings grew 4 percent from the previous week, and requests to refinance accounted for 55.5 percent of all mortgage loan applications, up from 54.9 percent the week before.  more...

Florida targets mortgage rescue firms

By Inman News, Wednesday, July 22, 2009.

Florida officials are suing four related companies that were allegedly collecting up to $1 million a month in up-front fees for loan modification services that it failed to deliver, soliciting consumers through the Internet and automated phone calls using President Barack Obama's voice.

FHA All Day.Com, the company's owner, Jason Vitulano, and three other affiliated companies are accused of failing to perform services promised to homeowners facing foreclosure, after the Florida Attorney General's office received more than 300 complaints.  more...

Survey shows lenders still cautious

By Inman News, Wednesday, July 22, 2009.

Nearly three out of four major U.S. banks tightened their underwriting standards for residential mortgage loans in the 12 months ending March 31, and one in five discontinued or planned to discontinue one or more retail mortgage products.

While not unexpected, those and other findings of an annual survey by the Office of the Comptroller of the Currency demonstrate the extent of a second consecutive year of tightened lending standards following four years of eased underwriting.  more...

Freddie Mac names new CEO

By Inman News, Wednesday, July 22, 2009.

Former Putnam Investments executive Charles "Ed" Haldeman will take over as chief executive officer of Freddie Mac in August, the company said, ending a months-long search for a replacement for David Moffett.  more...

3 social media myths Premium Content

By Robert Hahn, Wednesday, July 22, 2009.
Flickr image by <a href="http://www.flickr.com/photos/azrainman/992631266/" target=blank>azrainman</a>.

I recently read a great post by Ian Lurie of Conversation Marketing titled "9 Twitter Myths That Make Me Unfollow." It's funny and it's insightful. I recommend reading it all.

That post, in turn, got me thinking about some of the myths about social media I've heard bandied about in the real estate space, which has gone absolutely nuts about social media. Now, these three myths are more or less arbitrary, and entirely my personal opinion, which means I welcome spirited debate and even some light name-calling in response.  more...

 
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