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Home prices of the future

By Inman News, Thursday, December 4, 2008.

While some economists believe home prices won't hit bottom until the second half of 2009 and possibly not until 2011 or 2012, most agree that when they do start to rise the gains will be modest compared to the run-up seen during the last 10 years, according to an article in the Wall Street Journal this week.  more...

Treasury eyeing 4.5% mortgages?

By Matt Carter, Thursday, December 4, 2008.

News that the Treasury Department may use Fannie Mae and Freddie Mac's influence on mortgage markets to push interest rates on home loans down to 4.5 percent has raised hopes for a boost in home sales but sparked debate on whether it's wise to prop up housing prices.

The Wall Street Journal reports that the Treasury is considering using Fannie, Freddie and other government sponsored entities to purchase securities backed by mortgages at a price equivalent to a rate of 4.5 percent.  more...

NAR approves spending for legal fights Premium Content

By Inman News, Thursday, December 4, 2008.

Directors for the National Association of Realtors have approved contributions of up to $100,000 for legal costs incurred by privately owned and Realtor-affiliated multiple listing services in South Carolina in response to U.S. Justice Department antitrust complaints.

That spending was approved, along with an additional $208,000, to support Realtors in a variety of legal battles across the country.

The Justice Department in May announced a lawsuit against Consolidated MLS in Columbia, S.C., which is a broker-operated MLS.  more...

Mortgage rates down, but can you get one?

By Inman News, Thursday, December 4, 2008.

Mortgage rates have plunged since the Federal Reserve said it would spend $600 billion to buy mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae, but tightened underwriting standards mean many people won't be able to take advantage of them.

The Mortgage Bankers Association said applications for refinance loans shot up 203 percent on an adjusted basis for the holiday-shortened week ending Nov. 28. Applications for purchase loans were up a more modest 38 percent.  more...

Colorado real estate broker prison-bound

By Inman News, Thursday, December 4, 2008.

A former Denver, Colo.-area real estate broker has been sentenced to 7 years in federal prison after being found guilty in a scheme involving homes sold to "unsophisticated" buyers knowing little or no English using fraudulently obtained FHA-insured loans.

Arvin Stanley Weiss, 58, was also sentenced to pay restitution totaling approximately $853,000 to the Department of Housing and Urban Development, and $5,000 to two victim banks.  more...