Opinion

FICO system needs facelift

By Inman News, Wednesday, March 18, 2009.

Re: 'Buyers hurt by tougher credit scores' (March 12)

Dear Editor:

The FICO score is a valid measure of our finance status, but it is an outdated system. All of the software should be deleted and rewritten based on today's regulations, technology, economical issues, rules and other measures. more...

1 comment

Take this test

By Curbed.com, Tuesday, March 17, 2009.

L.A. Land points out Kiplinger's Home buying 101 IQ test, an online survey that isn't so much a test of whether or not it's financially viable for you to purchase, but whether you know how to purchase a home.

Writes L.A. Land: "My take: If you don't get 10 out of 10, go back and do some more homework -- you aren't armed with the most basic knowledge." If only they made Countrywide mortgage brokers take these types of tests. more...

Login or register to post comments

Creditors control our financial destiny

By Inman News, Tuesday, March 17, 2009.

Re: 'Buyers hurt by tougher credit scores' (March 12)

Dear Editor:

This was a very good article to demonstrate the dangers of credit and credit scores, however I must admit 706 is a "good" score, when others are suffering with worse scores and forced to use credit cards to pay their bills and support families. It is news when a person with a good score gets in trouble, but what about the people who are truly struggling? Who is reporting their stories?

Here is the problem with FICO and the credit scoring system: Credit-card companies have the monopoly on our credit scores and thus our lives. We must take their credit to have good credit, yet the rules and regulations of payments, fees and interest are at creditor discretion. more...

1 comment

Real estate agency rules need overhaul

By Inman News, Monday, March 16, 2009.

I am a former trial attorney (of some 20-plus years) now working as a real estate agent in the Kansas City area. I have recently taken the real estate exam and am also doing quite a bit of continuing education, as I am a new agent and the market is slow.

My major issue is that the local real estate community very, very loosely defines "agency relationships" to the benefit of the agent and not the consumer. This needs to be revised to be consistent with state laws across the country. more...

14 comments

Real estate's February report card

By John Burns, Monday, March 16, 2009.

Since we began tracking the data for the major metropolitan statistical areas (MSAs) in 1981, there has never been a better time to buy a home. The median-income household needs only 27 percent of their income (an all-time low) to qualify for the median-priced home, and that household is also only paying 3.3 times their income for the house (3.1 is the all-time low). more...

Login or register to post comments

A real estate 'Tomorrowland'

By Inman News, Friday, March 13, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/bredgur/2253719030/" target=blank>bredgur</a>.

Picture this: You own a brokerage in a major city. You are an established name. And like everyone around you, you currently suffer at the hands of the real estate downturn.

Business is down 40 percent and your costs are spiraling out of control. more...

13 comments

2 more high-profile casualties of the overseas property slump

By Global Edge, Thursday, March 12, 2009.

Fox TV-owned Real Estate TV and property CRM and networking company PropTrack are the latest victims of the harsh trading conditions facing the overseas property industry.

Real Estate TV has ceased trading with immediate effect, and their entire workforce has been made redundant. Fox TV bought the station in January last year for an undisclosed sum stating that: "RETV is addressing an attractive and underserved media market with strong growth potential." Nobody at the station was willing to comment on their decision to close the station, but Globaledge understands that there are plans to revive the brand when economic conditions improve. more...

2 comments

Got equity?

By Inman News, Tuesday, March 10, 2009.

There is not one question to ask, but two -- neither are probably appropriate dinner conversation. The questions we should be asking are, "When did you finance your house?" and "What was your loan-to-value ratio?"

Purchasing a home correctly was the first part of the equation, not refinancing and taking monies out was the second. We could simplify things and just say, "I love this restaurant, and by the way, got any equity? more...

3 comments

(Why it's not just about price) The $39 suit story

By Jonathan Miller, Tuesday, March 10, 2009.

In late January I was interested in purchasing a suit. A regional department store was having a 50% off sale on men's clothing so I thought I'd go take a look. I found a suit I liked, which retailed for $795 less 50%. Once I had it fitted, I took the suit to the register where it was scanned and I was told the price was $39.

"What?" I was confused.

The store clerk proceed to explain a myriad of 50% off of 40% off of 70% off of 20% of the retail price less an additional 10% and on and on. The employee seemed a little embarrassed but was adamant the price was correct even though it was less than my alterations. more...

6 comments

Starting up is hard to do

By Inman News, Monday, March 9, 2009.

Re: 'Code name 'Waterfall': Move's play for ActiveRain' (March 4)

Dear Editor:

As the founder of a real estate technology startup, I'm taking notes on the lessons learned in these articles. It has given me an insight I wasn't aware of when I briefly met Dustin Luther and some of the guys from ActiveRain at RETechSouth 2008.

The passion, heart and soul, and commitment to the community by ActiveRain are reflected in the real value their service brings to so many. Yet, building a FREE software platform for the benefit of a community is often challenged head on by the financial temptations of "selling your soul to the proverbial devil." more...

3 comments

Mar