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A grim 2008 in real estate

By Inman News, Wednesday, December 31, 2008.

The Federal Reserve and federal government worked to lessen the impact of a financial disaster in 2008 through a series of unprecedented actions that included pumping hundreds of billions of dollars into banks and other financial companies and the takeover of secondary mortgage giants Fannie Mae and Freddie Mac.

Following is a list of 10 top news stories in 2008:  more...

Surge in refis levels off

By Inman News, Wednesday, December 31, 2008.

Interest rates on 30-year fixed-rate loans continue to drop into uncharted territory, but a surge in refinancings appears to be levelling off, two surveys of lenders suggest.

Rates on 30-year fixed-rate mortgage (FRM) loans averaged 5.10 percent with an average 0.7 point for the week ending Dec. 31, down from 5.14 percent last week, Freddie Mac said today in releasing results of its Primary Mortgage Market Survey.  more...

Price index drops record 18%

By Inman News, Wednesday, December 31, 2008.

A monthly home-price index that tracks price changes in 20 U.S. metro areas dropped 18 percent in October compared to the same month last year, with the largest declines in Phoenix (32.7 percent), Las Vegas (31.7 percent) and San Francisco (31 percent).  more...

More regulation ahead?

By Inman News, Wednesday, December 31, 2008.
Flickr photo by <a href="http://flickr.com/photos/doctorow/2349429860/">gruntzooki</a>.

Tougher rules for those employed in real estate -- especially lenders -- is practically a given, Inman News readers say, but many hope that trade associations like the National Association of Realtors and the Mortgage Bankers Association will have the biggest say in drafting and implementing them.

In a survey of more than 700 Inman News readers, most saw lenders as the likeliest target of new regulations, followed by title insurers, real estate brokers and real estate agents.  more...

Builders sue HUD over incentives

By , Tuesday, December 30, 2008.

The National Association of Home Builders has become the second industry group to file suit to block changes to the Real Estate Settlement Procedures Act, or RESPA, seeking a court injunction that would allow builders to continue offering consumers incentives for using their affiliated mortgage and title insurance companies.  more...

Survey: Realtor ranks to thin

By Inman News, Tuesday, December 30, 2008.

The number of Realtors in America is almost certain to drop by 20 percent or more by 2010, a poll of Inman News readers suggests, with part-time agents among those most threatened by the market shakeout.

Virtual real estate companies, fee-for-service and premium full-service business models may be in the best position to thrive in the years to come, according to 702 readers who completed the 21-question online survey through Dec. 29.  more...

Don't scrimp on marketing during downturn

By Inman News, Tuesday, December 30, 2008.
<a href="http://www.inman.com/roadmap">Click here</a> for details about the Roadmap to Recovery.

Q: What skills will the real estate agent of the future require?

A: There are two skills in particular that agents will have to acquire in order to be successful in the future: one being marketing and the other being the strategic use of the Internet -- and social media in particular -- to build business.

Any agent who wants to survive must have a deep understanding of fundamental marketing principles and understand how to apply them in today's market. Innovative marketing is the key to success in tough times.  more...

Creativity key in real estate today

By Inman News, Tuesday, December 30, 2008.
<a href="http://www.inman.com/events/real-estate-connect-nyc-2009">Click here</a> for more info.

Celeste Starchild, vice president of sales and marketing for ListHub, a part of real estate tech company Threewide Corp., will speak at the upcoming Real Estate Connect conference in New York City. The conference will run from Jan. 7-9, 2009.

Starchild responded to a set of questions posed by Inman News:

What do you see happening in the real estate market in 2009?

Competition will be fierce for everyone involved in real estate, and we will see continued rapid consolidation in the industry.  more...

WaMu paid agents referral fees

By Inman News, Tuesday, December 30, 2008.

A Washington Mutual retail mortgage office in Southern California turned real estate agents into "a pipeline for loan applications" by paying them referral fees, according to a New York Times story detailing the lender's rapid expansion during the housing boom.  more...

FHASecure refi program to sunset

By Inman News, Tuesday, December 30, 2008.

The Bush administration will not continue the FHASecure mortgage refinance program for delinquent borrowers beyond 2008, but home owners who are behind on their mortgage payments may still be eligible to refinance through the recently expanded FHA HOPE for Homeowners program.

In a letter to lenders, Federal Housing Commissioner Brian Montgomery said continuing FHASecure beyond the planned Dec. 31 termination date would have led to losses for the FHA mortgage insurance fund.  more...

A flight to real estate quality

By Inman News, Monday, December 29, 2008.

Q: How will the real estate industry be different when we recover from the current downturn?

A: I think that when we recover, and as we recover, we'll see a return to quality after years of mediocrity. This will happen primarily because a more educated consumer base will demand better service from the industry and real estate agents in particular.  more...

Tech exec has Enormo undertaking

By Inman News, Monday, December 29, 2008.

Yannick Laclau is founder and president of Enormo, an international real estate search site that was formerly known as Properazzi. The site offers information for about 6 million for-sale and for-rent properties in 50 nations.  more...

Behind the scenes at Clean Offer

By Lai Saetern, Friday, December 26, 2008.

SAN FRANCISCO -- San Francisco's Financial District is bustling: Consumers walk briskly clutching shopping bags; white-collar workers are rushing to get their morning coffee fix; construction workers and the sounds of their trade fill the air; and the usual group of panhandlers hits up the crowd for some spare change.

Overlooking this flurry of shoulder-to-shoulder foot traffic is the historic Hobart Building, a terra cotta building with a marble-finished interior that is the work of renowned architect Willis Polk.  more...

Embracing 'fundamental change'

By Inman News, Friday, December 26, 2008.

Kenneth Jenny, managing partner for Mediatise LLC, a consulting company, is an industry veteran who has served in executive roles for Coldwell Banker Residential Affiliates, Prudential Real Estate Affiliates, RealEstate.com and Land Equity Partners.

Jenny will serve as a moderator for a workshop session during the Real Estate Connect conference in New York City, which runs from Jan. 7-9, 2009.

He responded to a set of questions posed by Inman News:  more...

A musical journey in real estate

By Lai Saetern, Friday, December 26, 2008.
Real estate agent Abigail Picache doubles as drummer for the <a href="http://www.myspace.com/vlomusic" target=blank>Valerie Orth Band.</a>.

SAN FRANCISCO -- A few rare parking spots along Bernard Street are reserved for a broker's tour event on this Tuesday morning. Inquisitive passersby, Realtors and potential homebuyers visit the property, a tenancy-in-common three-unit residential building, to get a sneak peek at the trendy flats in this Nob Hill neighborhood.

On this day, Abigail Picache, broker-associate at GMAC Real Estate, is taking a mother-son duo around to scope out some properties. She has several properties in mind that meet the specifications of her clients.  more...

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