Archive - Oct 2008 - News Story

Date

Nearly 10 million homes upside down

By Inman News, Friday, October 31, 2008.

More than 7.5 million single-family homes are worth less than their mortgages, and another 2.1 million were very close to being upside down at the end of September, according to an analysis by First American CoreLogic.

First American CoreLogic used automated valuation models to analyze its huge database of public records and produce what it claims is the industry's first state-level assessment of households with negative equity (click to download spreadsheet). more...

Asking price cut on almost half of listings

By Inman News, Friday, October 31, 2008.

Inventories of homes for sale were down 9.6 percent from a year ago at the end of September as sellers cut asking prices on nearly half of listings in the 29 major metro areas ZipRealty monitors, the company said.

At the close of the third quarter, the markets with the biggest annual declines in inventory were Orange County (-28.9 percent), Las Vegas (-23.7 percent) and Denver (-22.2 percent). more...

Price cuts boost sales

By Inman News, Friday, October 31, 2008.

Sales picked up from July to August in 12 of 25 metropolitan statistical areas tracked by Radar Logic Inc., as heavy discounts on "motivated sales" pushed prices down in all but a few markets.

Part of the recent pickup in sales reflects an expected seasonal uptick in market activity at the end of the summer, Radar Logic said. But In California, Arizona and Nevada, deep price discounts associated with foreclosures appear to have attracted buyers. more...

Zaio selling assets of U.S. subsidiary

By Matt Carter, Thursday, October 30, 2008.

Zaio Corp., a Canadian-based company that has built a database of photos, valuations and property information through a network of local appraisers and photographers, has closed down its U.S. subsidiary, Zaio Inc.

All of Scottsdale, Ariz.-based Zaio Inc.'s employees have received notices of termination and the parent company will sell off its assets, Zaio Corp. said Thursday. more...

Freddie Mac cash-outs at 4-year low

By Inman News, Thursday, October 30, 2008.

The percentage of borrowers taking cash out of their homes when refinancing this year is at a low not seen in four years, at least among loans owned by Freddie Mac, the mortgage financier said.

Some 78 percent of refinance loans in the third quarter were cash-outs, Freddie Mac said, compared to 86 percent a year ago. For the first nine months of the year, the share of loans involving a cash out was 63 percent -- the lowest level since 2004. more...

Feds may guarantee 3 million loan mods

By Inman News, Thursday, October 30, 2008.

The Bush administration is said to be considering a $500 billion government loan guarantee program that could provide incentives to modify up to 3 million troubled mortgages, at a potential taxpayer cost of $50 billion.

The Treasury Department and the Federal Deposit Insurance Corp. are reportedly negotiating the scope of such a plan, which could be carried out under the $700 billion troubled asset repurchase program (TARP). more...

Polls show optimism about housing recovery

By Matt Carter, Thursday, October 30, 2008.

Three recent surveys show continued turmoil in housing and financial markets have many Americans postponing decisions to buy or sell a home, but that they remain optimistic about the near term prospects of a recovery and still consider a home to be a good investment.

The surveys -- commissioned by real estate portal Zillow, real estate franchisor and brokerage Realogy Corp., and advertising firm J. Walter Thompson -- suggest that should government action to unfreeze credit markets succeed, consumers stand ready to participate in a housing recovery. more...

Mortgage rates follow bonds upward

By Inman News, Thursday, October 30, 2008.

Long-term mortgage rates followed Treasury bond yields higher this week, bringing fixed rate mortgages back up to levels seen two weeks ago, Freddie Mac said today.

The 30-year fixed-rate mortgage (FRM) averaged 6.46 percent with an average 0.7 point for the week ending Oct. 30, up from 6.04 percent a week ago and 6.26 percent a year ago, Freddie Mac said in releasing its weekly Primary Mortgage Market Survey.

The 15-year FRM this week averaged 6.19 percent with an average 0.7 point, up from 5.72 percent last week and 5.91 percent a year ago. more...

Web 2.0 lessons from the wine world

By Matt Carter, Wednesday, October 29, 2008.

Gary Vaynerchuk may make a living selling and critiquing wine, but he's got a few things to say to real estate professionals about building brand, marketing and advertising.

In the process of transforming himself into an Internet celebrity and marketing guru, Vaynerchuk has all but left behind the newspaper ads and other traditional marketing techniques that helped him and his father re-brand their New Jersey liquor store as Wine Library and boost sales by 1,200 percent in six years. more...