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Feds press for permanent loan mods

By Inman News, Monday, November 30, 2009.

The Obama administration is increasing pressure on mortgage lenders to convert temporary loan modifications for high-risk borrowers to permanent ones by the end of the year.

The U.S. Department of the Treasury and Department of Housing and Urban Development will require lenders to submit a schedule for how they will decide whether or not a loan would be permanently modified and to report any obstacles borrowers face in moving to the permanent phase.  more...

RE/MAX adds RealtyTrac info to Web site

By Inman News, Monday, November 30, 2009.

RE/MAX is the first national real estate franchise to carry U.S. foreclosure listings provided by data company RealtyTrac, the companies announced today.

Deal-seeking homebuyers can now access information for 1.3 million foreclosed properties nationwide at remax.com through the agreement with RealtyTrac.

RealtyTrac gathers data on bank-owned (REO) properties and other types of distressed properties in about 2,200 counties, or more than 90 percent of U.S. households.  more...

DocuSign offers Realtor discount

By Inman News, Monday, November 30, 2009.

The National Association of Realtors says its 1.2 members will receive special pricing and offers from electronic signature services provider DocuSign as a result of NAR's investment in the company.  more...

YouMail: The new voicemail

By Frank Borges LLosa, Friday, November 27, 2009.

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California resale inventory shrinking

By Inman News, Friday, November 27, 2009.

Inventories of existing single-family homes in California are dwindling, reaching just 4 months of supply as sales picked up from September to October, the California Association of Realtors reported.

Home sales historically trail off during the fall and winter months, CAR said, but affordable home prices, low mortgage rates, and the extension and expansion of the federal homebuyer tax credit are expected to drive home sales through the end of the year and into early 2010.  more...

Non-investors get Fannie REOs first

By Inman News, Friday, November 27, 2009.

Fannie Mae has launched a new program that's intended to give public entities and buyers looking for a home to live in, rather a property to flip, a first crack at homes Fannie has foreclosed on.

Under Fannie Mae's 'First Look' initiative, only offers from buyers who intend to be owner occupants and buyers using public funds will be considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.  more...

New home inventory dwindles

By Inman News, Wednesday, November 25, 2009.

Sales of newly-constructed single-family homes rose 6.2 percent from September to October, to a seasonally adjusted annual rate of 430,000, the Census Bureau said today.

At that pace of sales -- a 5.1 percent increase from a year ago -- the 239,000 new homes on the market represented 6.7 months of supply, down from 7.4 months in September and 11.1 months a year ago. Analysts generally consider a 6-month supply of homes an even balance between supply and demand.  more...

Mortgage rates at record lows

By Inman News, Wednesday, November 25, 2009.

Mortgage rates eased for the fourth consecutive week, hitting historic lows well below 5 percent this week, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

Rates on 30-year fixed-rate mortgages averaged 4.78 percent with an average 0.7 point for the week ending Nov. 25, down from 4.83 percent last week and 5.97 percent a year ago.  more...

Price index rises for 2nd straight quarter

By Inman News, Tuesday, November 24, 2009.

A U.S. home-price index posted its second consecutive quarterly increase, rising 3.1 percent in the third quarter, according to a report released today.

The U.S. National Home Price Index, which covers all nine U.S. Census divisions and is a part of the Standard & Poor's/Case-Shiller Home Price Indices was down 8.9 percent, though, on a year-over-year basis.

This year-over-year decline in the third quarter is markedly lower than the 14.7 percent decline reported in the second quarter and smaller still than the 19 percent year-over-year drop in the first quarter, according to the report.  more...

Home construction sinks in California

By Inman News, Tuesday, November 24, 2009.

Single-family home construction in California, as measured by building permits issued, have fallen about 30.4 percent during the first 10 months of the year compared to the same period last year, the California Building Industry Association reported today.

The builders' trade group reported 20,645 single-family permits issued from January to October this year, compared to 29,671 for the same period last year.  more...

Canada's gov't pushes for MLS changes

By Matt Carter, Tuesday, November 24, 2009.

Canadian Realtors are restricting consumer choice and limiting the scope of alternative business models, the Competition Bureau of Canada has reportedly concluded after wrapping up a two-year investigation and issuing proposed remedies to a trade association.

The Bureau wants the Canadian Real Estate Association (CREA) -- Canada's version of the National Association of Realtors -- to drop a rule that prevents Realtors from placing for-sale listings in the national Multiple Listing Service (MLS) system without providing other services, CREA President Dale Ripplinger said in an Oct. 29 letter to members.

Ripplinger said Canadian regulators also want CREA to drop a rule that prohibits listing the seller's name and contact information in the public remarks section of the MLS or on Realtor.ca, the Canadian equivalent of Realtor.com.  more...

Feds to drop some charges in Wolff case Premium Content

By Matt Carter, Monday, November 23, 2009.

Government prosecutors have moved to drop four charges that former Homestore.com Chairman and Chief Executive Officer Stuart Wolff misled the company's accounting firm about "round-trip" advertising deals that later forced the company to restate millions of dollars in earnings.

The move follows accusations by Wolff's attorneys that employees of the accounting firm, PricewaterhouseCoopers, modified or destroyed evidence in the case, which the company denies (see story).  more...

Realogy announces two new franchisees

By Inman News, Monday, November 23, 2009.

Better Homes and Gardens Real Estate LLC has added Clarksville, Tenn.-based real estate brokerage The Vaughn Team to its network of franchisees.

The Vaughn Team's 11 agents, who also serve Fort Campbell, Ky., will do business as Better Homes and Gardens Real Estate Hometown Connection. All local MLS listings, including those from Better Homes and Gardens Real Estate Hometown Connection, will now be accessible through www.bhgrealestate.com.  more...

Get dizzy on AVMs

By Frank Borges LLosa, Friday, November 20, 2009.

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