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Beware undertones in Fed-speak

By Lou Barnes, Friday, September 25, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/icco/2246383366/" target=blank>Nat W</a>.

Long-term rates are again approaching four-month lows, with 10-year T-notes just above the magic 3.28 percent level; break that and low-fee mortgages will cross just under 5 percent.

If that blessed moment should arrive, do not wait for lower or expect sub-5 percent to last more than a few hours: Surviving mortgage lenders will yell "Now!" to a few million boat-missing refinance candidates, and that renewed demand must be worked off before any deeper drop.  more...

Realogy juggling debt to meet deadline

By Inman News, Friday, September 25, 2009.

In a regulatory filing Thursday, real estate franchise and brokerage company Realogy Corp. said it expects to post a third-quarter net loss of $20 million to $25 million on $1.14 billion to $1.17 billion in revenue, and also reported efforts to stay within contractual debt ratios before a Sept. 30 deadline. 

Realogy, whose franchise group includes the CENTURY 21, Coldwell Banker and ERA brands, was acquired by an affiliate of private equity firm Apollo Management LP in April 2007, in a highly leveraged deal that left the company with considerable debt.  more...

New-home sales eke out gain for August

By Inman News, Friday, September 25, 2009.

Sales of newly built single-family homes inched up by 0.7 percent from July to August, to a seasonally adjusted annual rate of 429,000 -- a 3.4 percent slowdown from a year ago, the Census Bureau said.

The month-over-month gain was less than expected by some analysts, but the boost in sales -- along with the slower pace of construction of new homes -- helped builders trim inventories.  more...

Don't put mortgage in the wrong hands

By Tara-Nicholle Nelson, Friday, September 25, 2009.

Q: I just finished moving, with my husband and three kids, into an apartment, after owning our own home for more than 15 years. I have no idea how we ended up here. I'm a well-educated psychologist, and my husband has worked for the same company for 20 years.

Years ago, when we divided up our household duties, he took the bills and finances and I took all the kids' doctor appointments and arranging extracurricular activities.  more...

The right bit for the job

By Paul Bianchina, Friday, September 25, 2009.

If you need to drill a hole, it seems like a simple matter to grab a drill and a drill bit and go to work. But if you ever check out the aisles of a hardware store, you'll find quite a variety of bits for different applications. Knowing the right one for a specific job will help you get the project done faster, safer, and with better results.

Twist drill bits: These are the bits that do-it-yourselfers are typically the most familiar with. Twist drill bits are usually made of high-speed steel (HSS), and have a flute -- a recess in the side of the bit -- that spirals up from the point of the bit toward to the top. The flute allows for chip removal as the hole is being drilled. Twist drill bits have a shallow point, and are used primarily for drilling metal.  more...

Building materials stand test of time

By Arrol Gellner, Friday, September 25, 2009.

In architecture, the surest way to achieve a timeless design is to use materials that are familiar, durable and that become more beautiful the older they get. Not surprisingly, most of the materials that qualify have been around for ages.

Brick is a classic example. It's among the most ancient building materials -- the oldest known bricks, found in the upper Tigris region of what is now Turkey, date back to around 7500 BC. In all the intervening millennia, not much about brick has changed, either: Even here in 21st century America, where nothing happens fast enough, genuine brick is still installed at a relative snail's pace, one little piece at a time.  more...

U.S. retirement patterns shifting

By Steve Bergsman, Friday, September 25, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/eflon/3339410819/" target=blank>eflon</a>.

When I was writing my column on the growing popularity of mountain locations for second homes, in the course of my research I called Teri Lester, a Realtor at Gateway Land and Development in Vail, to find out what was going on in that famed Colorado ski area, but she didn't get back to me until after the column was written.

Nevertheless, Teri's an awfully nice person and we chatted for a long time about what was going on in Vail; one of the things on her mind was the amount of retirees that were moving to her area.  more...

Mortgage rates stay at 3-month lows

By Inman News, Friday, September 25, 2009.

Mortage rates were mostly unchanged from last week at three-month lows after the Federal Reserve said it would stretch out its purchases of mortgage-backed securities through the end of March.

The 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.6 point for the week ending September 24, unchanged from a week ago and down from 6.09 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.  more...

The Web your way: 7 real estate tools Premium Content

By Joseph Ferrara, Friday, September 25, 2009.
Flickr image by <a href="http://www.flickr.com/photos/eurritimia/369919302/">Eurritimia</a>.

Instead of being a time-saver, technology can often be a huge time-suck. Here are some tools that may make your Web life more efficient.

1. Hyperwords: A right click on steroids.

Simply highlight text and right-click for a multitude of commands:  more...

Tax credit big factor for first-timers

By Inman News, Friday, September 25, 2009.

Nearly one in five prospective first-time homebuyers say an extension the tax credit for first-time homebuyers would be the biggest factor in deciding whether to buy a home by the end of 2010, according to a survey by listings and valuation site Zillow.com.  more...

Short sales, mods give investors grief

By Bernice Ross, Friday, September 25, 2009.

DEAR BERNICE: I have two investment properties in Hawaii. I paid $500,000 for them and now they're worth $725,000 ($350,000 and $375,000). I owe about $379,000 on one and $399,000 on the other. The rental income has gone way down (from $6,500 per month to $3,500 per month.) The dues are very high. Do you suggest trying to do a short sale or should I go for a loan modification? --Rich S.

DEAR RICH: To obtain a short sale, you generally have to demonstrate hardship. Since these are both investment properties, it's highly unlikely that you will get a loan modification from a lender. According to the U.S. Department of Housing and Urban Development, less than 3 percent of all applicants are approved for a loan modification.  more...