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Long & Foster exec will run FHA Premium Content

By Inman News, Monday, July 13, 2009.

David H. StevensLong & Foster Cos. President and Chief Operating Officer David H. Stevens has been confirmed by the Senate as the Obama administration's choice to head the Federal Housing Administration.

The mortgage industry veteran succeeds Brian Montgomery as federal housing commissioner at a time when demand for FHA-backed loans has surged, but record claims threaten to put the program in the red for the first time since 1934 (see story).

In prepared testimony to the Senate Banking Committee in April, Stevens acknowledged that FHA loans originated in 2007 and 2008 with high loan-to-value ratios ...  more...

Psychological barriers to a healthy economy Premium Content

By Patrick S. Duffy, Monday, July 13, 2009.
Image courtesy <a href="http://press.princeton.edu/titles/8967.html" target=blank>Princeton University Press</a>.

Ever wonder why a seemingly slam-dunk deal suddenly gets thrown off the rails even though none of the terms have changed?

Perhaps you should blame "animal spirits" gone awry, a term economist John Maynard Keynes coined in the middle of the Great Depression to describe the type of "naive optimism" that is a necessary ingredient for businesses to invest, for entrepreneurs to take risks -- and for potential homebuyers to sign those documents at the closing table.  more...

Tech trail winds from Wal-Mart to Roost Premium Content

By Inman News, Monday, July 13, 2009.

From vacation rentals to Roost.com, Alex Chang has been a technology trailblazer for the real estate industry.

Prior to launching Roost, a home-search portal forged from partnerships with more than 100 U.S. brokerages across the U.S., in 2008, Chang led technology and operations for Total Move Inc., a service that guides homebuyers through the moving and real estate process; oversaw consumer-service business units for Walmart.com; and in 1997 co-founded an online vacation rental site that later merged with another company and was acquired by Expedia in 2000.  more...

Redfin turns first monthly profit

By Inman News, Monday, July 13, 2009.

Online brokerage Redfin says it turned its first ever monthly profit in June, attributing the milestone to increased market share, improved profit margins, and the seasonal boost in homebuying during the summer.

Neither the press release nor blog post by company founder and CEO Glenn Kelman provided dollar amounts for profit and revenue.  more...