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More power to the Fed Premium Content

By Lou Barnes, Friday, January 29, 2010.
Flickr photo by <a href="http://www.flickr.com/photos/amagill/243304000/" target=blank>AMagill</a>.

Despite the slide in the stock market, long-term rates held high (3.65 percent for the 10-year T-note and 5.125 percent for mortgages), propped by the Fed's insistence that that the economy is "strengthening," and an adjustment-bloated, 5.7 percent surge in fourth-quarter U.S. gross domestic product.

News of some stability in home prices was offset by big drops in December sales: Existing-home sales collapsed 16.7 percent, the worst ever measured, and new-home sales fell 7.6 percent. Apologists pointed to weather and to the expiring home-purchase tax credit; others noted that December is often cold, and the credits were renewed and amplified.  more...

Google Maps serving up European listings Premium Content

By Matt Carter, Friday, January 29, 2010.
Flickr image by <a href="http://www.flickr.com/photos/albertane/120077777/" target=blank>Albertane</a>.

Google is accepting property listings from listing aggregators and other sources, expanding integration of Google's property "place pages" for listings into Google Maps across Europe.

The expansion of Google Maps' real estate search capabilities already available in the U.S., Canada and Australia into Europe has caused a stir in the British press.

An article in The Independent of London this week predicted that Google, "the biggest name on the Internet," will soon be "cutting out the middleman and challenging the property professionals at their own game."  more...

Homeowner 'rescue' a lose-lose

By Tara-Nicholle Nelson, Friday, January 29, 2010.

Q: A few years ago, I paid $500,000 for a condo as part of an investment strategy recommended by my now ex-husband's mortgage-broker relative. We received $10,000 and rented the home back to the former owner, who got enough money to pay off her debt.

Now I'm divorced and the place is worth only about $200,000, plus the former owner/tenant has fallen behind on the rent. She's trying to buy it back from me on a short sale, but might not be able to qualify to buy the place. My credit is ruined (from the short sale and from defaulting on the payments because the rent stopped coming in), I'm stuck with this upside-down home, and I'm starting to feel like I've been taken advantage of. My only goal in this whole thing was to support my husband's investment dreams and help this woman stay in her home.  more...

IM me

By Frank Borges LLosa, Friday, January 29, 2010.

 more...

Electric cars: the emissions dilemma

By Arrol Gellner, Friday, January 29, 2010.

Last time, we looked at the coming revolution in automotive technology: the switch from internal-combustion power to hybrid power and, eventually, to straight electric vehicles. This time, we'll take a closer look at both the pros and cons of electrics, which hold such huge promise for a cleaner, quieter and more eco-friendly environment.

In order to appreciate how profound this change will be, though, a bit of nuts-and-bolts background is in order. One basic way of seeing how well a machine works is by looking at its thermal efficiency, which is simply the percentage of input energy that's turned into useful work.

The early steam locomotives of the 1840s -- the first motive power that didn't depend on wind, water or muscle -- were about 3 percent efficient. Over the next 100 years, technical improvements managed to nudge that figure up to about 7 percent -- a big relative improvement, but none too good in absolute terms. Since a large steam locomotive of the 1940s typically burned about 65,000 pounds of coal per hour, about 60,000 pounds of that coal was effectively wasted.  more...

Best payback on remodel

By Paul Bianchina, Friday, January 29, 2010.

Q: In your opinion, what home improvements (kitchen remodel, new front door, or wood floors) offer the best payback on investment when you are trying to sell?

A: It really depends on the condition of the house, what existing problems it might have, what your competition is in the neighborhood, what the price range is, and several other factors.

First and foremost, I always recommend that people fix what's broken. Today's buyers are very savvy about maintenance issues, and anything that obviously needs repair is going to jump out at most people. Also, when a potential buyer sees the first defect, he or she tends to start being more aware of others. So take care of all those loose screws and broken window screens and sticking doors and towel bars that are hanging on by a thread.  more...

IPad: a real estate game-changer?

By Andrea V. Brambila, Friday, January 29, 2010.

The real estate "Twitterverse" could barely contain itself with excitement about Apple Inc.'s new tablet this week.

"For all you Realtor geeks like me, today is like Christmas with the Apple conference," tweeted Colorado-based broker Randy Bell (@5280digs) just before Apple's tablet ceased to be rumor and became ...

"Apple iPad. It's real! (High-definition) video and pictures. Run your e-contracts on it. Yep, this is a great real estate tool," Bell said.  more...

A last-ditch loan-mod effort

By Steve Bergsman, Friday, January 29, 2010.

Judging from the number of companies that now advertise on the Web as doing forensic loan reviews on behalf of homeowners, one would think we have finally achieved the Holy Grail to forestalling foreclosures.

Well, we haven't. The forensic loan review is expensive (pricing is usually $2,000 to $5,000) and even if it is successful in discovering problems in your underlying mortgage documents, that's usually not enough to make a difference with your bank.

The forensic loan review is only successful if you, as a consumer, go the next step, which is to bring a lawsuit against your lender.  more...

Foreclosures hammer Sun Belt states

By Inman News, Friday, January 29, 2010.

Metro areas in four Sun Belt states accounted for the top 20 foreclosure rates in the nation last year, according to a report this week by foreclosure data company RealtyTrac.

Nine of those cities were in California, eight were in Florida, two were in Nevada, and one was in Arizona. RealtyTrac's Year-End Metropolitan Foreclosure Market Report analyzed foreclosure properties in metro areas with more than 200,000 people.

The nation as a whole posted a total of more than 2.82 million foreclosure filings, or 2.21 percent of all housing units.  more...

Brokers give Uncle Sam mixed marks Premium Content

By Matt Carter, Friday, January 29, 2010.

The best thing the government can do for real estate brokers is to implement tougher licensing requirements that would raise the bar for entry to new agents, said a group of real estate brokers surveyed by Inman News.

Conducted from Oct. 16 to Jan. 12, the online survey captured the views of 179 brokers doing business in 37 states and Washignton, D.C., and also generating two responses from Canada and one from India.

The survey found that new rules for appraisals on loans slated for purchase or guarantee by Fannie Mae and Freddie Mac are viewed as the most problematic government law or regulation affecting the real estate business today.  more...

Obama pledges 'step up in refinancing' Premium Content

By Inman News, Thursday, January 28, 2010.

The government "will step up refinancing so that homeowners can move into more affordable mortgages," President Barack Obama said in his first State of the Union address Wednesday evening.

"We're working to lift the value of a family's single largest investment: their home. The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments."  more...

Trust and salesmanship Premium Content

By Teresa Boardman, Thursday, January 28, 2010.
Flickr image by <a href="http://www.flickr.com/photos/digitalartform/3470826111/" target=blank>jfrancis</a>.

When it comes to real estate standards, there are really great agents and really lousy agents at all experience levels in the real estate industry. And most consumers don't know what to look for in an agent.

My early days in the industry were hard on me -- traumatic, in a way. I had worked in corporate America for many years and had reached the very top of my field. I was respected and well compensated in that career.

It was a humbling experience to start all over at the very bottom with a new career in real estate, and the uncertainty of wondering when and if I would ever make any money.  more...

5 ways to corner your market

By Bernice Ross, Thursday, January 28, 2010.

Financing continues to be a major challenge in today's market. If you're struggling to find clients who are ready, willing and able to buy, the 2009 NAR Profile of Buyers and Sellers -- which is based on survey data from a sample of 9,138 participants who purchased a home between July 2008 and June 2009 -- contains some very helpful data.

Tighter underwriting requirements, appraisal issues and higher downpayment requirements mean fewer buyers today are able to qualify for financing. Credit-card companies are either lowering people's credit lines as they pay off their bills or canceling them completely. This has the effect of lowering the amount of credit the consumer has available.

It also results in the consumer having a higher percentage of debt vs. available credit. The overall effect is that it lowers consumers' credit scores, making it more difficult to purchase. Given the current situation, it's more important than ever to be able to identify the buyers who are the most likely to close a transaction in 2010.  more...

FHA stigma vs. 'conventional' cost

By Tara-Nicholle Nelson, Thursday, January 28, 2010.

Q: I'm trying to buy my first home using a loan insured by the Federal Housing Administration (FHA). My offers keep getting rejected, and my agent says it's because sellers don't like FHA loans because of all the different repairs and guidelines. I understand that. But I'm looking for a clear answer as to how much of a downpayment I would need to come up with to qualify for a non-FHA loan. Can you clear this up?

A: In my experience, usually when things in real estate are unclear it's because the teacher and the student aren't on the same page, aren't using the same vocabulary word or just don't get each other. Your question poses one of the really kind of complicated things about the current market. I'll break it down, but don't fault your advisers for giving you an unclear answer. It is a tough thing to understand.  more...

Compromise on squeaky-floor fix

By Robert Griswold, Thursday, January 28, 2010.

Q: My boyfriend and I have been living in an apartment in an older section of town for about two years. This 1930s building has had some renovations but never a complete overhaul. In the last year or so the wood floorboards have begun squeaking loudly under our feet. The apartment is carpeted, but the squeaking is very audible to us and to the tenant below us, who is constantly complaining that she can hear "every step we take" even though we are mindful of the noise we are making.

The downstairs tenant says she can't sleep and will not be renewing her lease if the noise continues. However, we are just leading our lives; we never dance, have parties or do jumping jacks, and we feel bad that we are bothering her.  more...

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