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Agents see better market in 12-18 months

By Inman News, Tuesday, August 4, 2009.

Nearly two out of three estate professionals rated current market conditions on the bottom half of a 10-point scale in July, but were considerably more optimistic about the near- and long-term outlooks.

That's according to surveys of more than 3,000 agents in the U.S. and Canada who are clients of software developer Point2 Technologies Inc.

Asked to rate current market conditions in their area on a seasonally adjusted basis using a 10-point scale, 64 percent of agents rated conditions on the bottom half of the scale (from one to five). Only 36 percent said current conditions rated a score of six to 10.  more...

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Connecting names and faces

By Inman News, Tuesday, August 4, 2009.

These Inman News columnists will meet with attendees during a "Meet the Inman Writers" session at the Inman News Real Estate Connect conference in San Francisco this week. The session will run from 12:30 p.m. to 1:30 p.m. on Thursday, Aug. 6, in the Palace Hotel's Ralston Room.  more...

CAR providing Inman News on iPhone

By Inman News, Tuesday, August 4, 2009.

The California Association of Realtors' new iPhone application will provide access to a limited selection of Inman News stories, the companies said.

CAR's mobile iPhone app, which is available free to the groups members, provides market data for 21 regions in California, current loan information, highlights from CAR's "Market Matters" newsletter, and the ability to search for license renewal and continuing education courses and hot item news alerts (see story).  more...

First-time buyers get payment protection

By Inman News, Tuesday, August 4, 2009.

The California Association of Realtors has purchased nearly 400 insurance policies for first-time homebuyers that could provide up to $1,500 a month in mortgage assistance for six months in the event they lose their jobs.

CAR announced the program on April 2, saying it would use $1 million its members had donated to a charitable fund earmarked for affordable housing to buy one-year mortgage payment protection policies for about 3,000 first-time homebuyers instead.  more...

Are agent and inspector in cahoots?

By Barry Stone, Tuesday, August 4, 2009.

DEAR BARRY: When I bought my home, my Realtor arranged for a home inspection. She had me write a check to the inspector but didn't tell me when the inspection was to take place. So I missed the chance to attend. To make matters worse, the home inspector never gave me or my Realtor a report. I asked repeatedly for a report, but the agent put me off with some excuse about the inspector having marital problems. Finally, it was time to close escrow and she convinced me to let the inspection go and just buy the house.

After moving in, I kept finding problems, like leaky plumbing and outlets that didn't work. So I hired another home inspector. He found a long list of problems, including a damaged foundation. I've tried complaining to my agent about all of this, but she doesn't return my calls. What do you think about this situation, and what should I do? --Gloria  more...

Feds wise to homebuyer fraud plot

By Bernice Ross, Tuesday, August 4, 2009.

DEAR BERNICE: My husband and I would like to purchase an investment property in the suburbs where we grew up. We are currently renting a great loft condo downtown and love the city lifestyle. Our mortgage broker is telling us that if we do not occupy the property, we will have to pay a much higher interest rate. Can't we tell the lender that we're going to move into the property and then change our minds and rent the house instead? How's the lender going to know? --Michelle B.

DEAR MICHELLE: The answer to your question is that "yes," you could defraud the lender. Plenty of people have tried doing this in the past and a large number of them have been caught.  more...

Psychology's role in recovery explained

By Tara-Nicholle Nelson, Tuesday, August 4, 2009.
Image courtesy <a href="http://press.princeton.edu/titles/8967.html" target=blank>Princeton University Press</a>.

They say you can't judge a book by its cover, but the Sendak-esque gremlins standing gleefully atop the peaks -- and dangling with fright from the valleys -- of an economic-cycle chart along the cover of "Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism" do begin to make the case plead within.

The premise of authors George Akerlof and Robert Shiller is that Keynesian macroeconomic theory was only partially adopted via New Deal fiscal policies.  more...

BofA, Wells Fargo lag in loan mods

By Inman News, Tuesday, August 4, 2009.

Wells Fargo and Bank of America are playing catch-up with other loan servicers in implementing the Making Home Affordable loan modification program, according to the first public report on loan servicer performance from the Treasury Department.

Four major loan servicers -- Saxon Mortgage Services Inc., Aurora Loan Services LLC, GMAC Mortgage Inc., and J.P. Morgan Chase -- have begun trial loan modifications on at least 20 percent of loans they service that are 60 days or more delinquent and eligible for the Home Affordable Modification Program (HAMP), the report said.  more...

Social networks: bigger than e-mail Premium Content

By Gahlord Dewald, Tuesday, August 4, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/abbamouse/37032581/" target=blank>abbamouse</a>.

This week, as we all get into REBarcamp and Inman's Real Estate Connect in San Francisco, I want to run some charts and graphs -- a little data to help put various marketing ideas and technologies in perspective. Individual technology use is always better when you understand how your own audience uses it, but it's also great to look at the broader context to get thoughts and ideas.

The two charts I'll be talking about are from Nielsen. One deals with online engagement: what kinds of sites and tools are people using online? The other is the result of asking people how much they trust various information sources.  more...

Homeowner takes on scam artist

By Marcie Geffner, Tuesday, August 4, 2009.

Is your house for rent? Or for sale? If you answered no, think again, and then take a look online. You may be surprised at what you find out.

Surprise was but one of the choice emotions that Sarah Stelmok, a homeowner and real estate agent in Fredericksburg, Va., felt when she discovered that a home she owns had been offered as a rental on a prominent Web site without her knowledge.

The home is a 1,200-square-foot townhouse in downtown Fredericksburg. It has two bedrooms and one-and-one-half bathrooms and is located in a desirable area that boasts a city-run stock fishing pond, dog park, historic district, tennis and racquetball courts, a small college and a large city park.  more...

Real estate sites make PCMag's Top 100 Premium Content

By Inman News, Tuesday, August 4, 2009.

Real-estate related sites Trulia, craigslist and HotPads.com made PCMag.com's "Top 100 Web Sites of 2009," along with a number of other portals, applications and tools that could also be useful to tech-savvy real estate professionals.

Known for its listings and "heat maps" -- graphical representations of housing market data -- Trulia was the favorite real estate site of PCMag.com editors, despite its uncanny ability to "either make your day or destroy your week, depending on whether you're shopping for a home or considering selling," the publication said.

   more...