Wednesday, November 30, 2011
Zillow?s HARP Eligibility Calculator: Taking the Confusion Out of HARP 2.0 Program
Join Team Trulia for Movember!
Last year 24 Trulia employees participated in [...]
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Five SEO building blocks for REALTORs
Source: http://www.homefinder.com/news/opening-doors/2011/10/06/five-seo-building-blocks-for-realtors/
Foreclosed homes in Las Vegas being used to grow marijuana
Abandoned, empty homes apparently do more than attract illegal squatters and vandals. Foreclosed homes in Las Vegas, Nevada, and elsewhere are “going to pot,” literally, according to the Los Angeles Times. Marijuana “grow houses” are no longer set up in the seedy outskirts of society, but rather nestled among well-to-do, albeit distressed, neighborhoods. And the [...]Source: http://blog.foreclosure.com/2011/11/foreclosed-homes-in-las-vegas-being-used-to-grow-marijuana/
Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
Britain Withdraws Some Diplomats From Iran
Vacation Properties Loans and Mortgages Household Moving House Plans
Surprising short-sale impacts on credit
Source: http://feedproxy.google.com/~r/inmannews/~3/QCZSbQI_eik/surprising-short-sale-impacts-credit
Groups Press Clinton on Burmese Human Rights
Source: http://www.voanews.com/english/news/usa/Groups-Press-Clinton-on-Burmese-Human-Rights-134669943.html
Mortgage Applications Down Sharply During Holiday Shortened Week
Mortgage applications were down sharply during the week ended November 24, a week that was shortened by the Thanksgiving Day holiday. The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey found that the volume of loan applications as measured by its Market Composite Index was down 11.7 percent on a seasonally adjusted basis and 39.0 percent on an unadjusted basis from the previous week.
The Refinance Index decreased 15.3 percent from the week ended November 18 and the seasonally adjusted Purchase Index was down 33.7 percent. The Purchase Index was 18.2 percent lower than during the same week in 2010.
The four-week moving average for the seasonally adjusted Market Index was down 3.29 percent and the moving average for the Refinance Index decreased 4.92 percent. The moving average for the seasonally adjusted Purchase Index was up 2.37 percent.
The refinancing portion of overall mortgage applications continued to drop from the year's high of 79.7 percent in September. During the current period refinancing applications represented 73.9 percent of the total compared to 75.9 percent the previous week. This is the lowest share for refinancing since July. Applications for adjustable rate mortgages (ARM) increased to 5.8 percent from 5.7 percent of total applications.
Figures for the month of October indicate that 6.1 percent of mortgage applications for home purchases were filed by investors, up one basis point from September. Much of this increase occurred in the New England region. Applications to purchase second homes decreased from 5.8 percent in September to 5.6 percent in October.
Purchase Index vs 30 Yr Fixed
Click Here to View the Purchase Applications Chart
Refinance Index vs 30 Yr Fixed
Click Here to View the Refinance Applications Chart
Interest rates for most mortgage products decreased during the week as did all effective rates. The average contract rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,500 or less) decreased from 4.23 percent with 0.46 point to 4.21 percent with 0.49 point. Jumbo 30-year FRM (with loan balances greater than $417,500) decreased four basis points to 4.55 percent with points increasing from 0.40 to 0.45.
FHA-backed mortgages (30-year FRM) decreased to 4.00 percent from 4.05 percent, the lowest rate since January while points increased to 0.62 from 0.55.
The rate for 15-year FRM was unchanged at 3.58 percent with points decreasing to 0.45 from 0.53. The rate for 5/1 ARMS was 2.98 percent with 0.47 point compared to 3.00 percent with 0.49 point one week earlier. All rates are for 80 percent loan-to-value loans and all points include the origination fee.
The MBA survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
...(read more)
Source: http://www.mortgagenewsdaily.com/11302011_mortgage_applications.asp
By the Numbers: $1,500
President Obama’s proposed payroll tax cut would put an extra $1,500 in the pockets of the typical American family that makes $50,000 a year.
But if Congress doesn’t act soon, the same family could see their taxes go up by $1,000.
The President was in Scranton, Pennsylvania today urging Congress to take action and extend the payroll tax cut. More than 6 million people in the state would see their taxes go up if they don’t.
Want to find out how you would be affected by President Obama’s payroll tax cut—or how much more you’ll pay if Congress doesn’t act? Check out our Payroll Tax Cut Calculator.
Source: http://www.whitehouse.gov/blog/2011/11/30/numbers-1500
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
A Retreat with Private Beach and Pond
This cedar and glass home in Pound Ridge, N.Y., captivated its owners at first sight. The asking price: $4.5 million.Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
China Says No Worries over Historic US Visit to Burma
Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
HomeFinder Names Doug Breaker Chief Executive Officer
HomeFinder Names Doug Breaker Chief Executive Officer
Weekly Real Estate Roundup ? 11/12/11
Source: http://www.zillow.com/blog/2011-11-12/weekly-real-estate-roundup-111211/
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
The Problem with Living Longer: the 2011 Medicare and Social Security Trustees Reports
The Medicare and Social Security Trustees released their 2011 report today and the outlook is marginally worse. Social Security will run a cash deficit of $110 billion between 2010 and 2014. And Medicare's Hospital Insurance Fund will run out of money five years earlier than expected.
One surprise was the change in life expectancy in the Social Security report. The actuaries now assume men will live six months longer and that women will live about three months longer. That's good news for older Americans, but it also means Social Security has to write more checks to beneficiaries. The change in life expectancy accounted for half of the change in the forecast.
Other than that, the big news was in the Disability Insurance program. That program has a separate trust fund that is now projected to run out in 2018. 10 million people get disability benefits from Social Security. Congress is going to have to address that sooner rather than later.
Source: http://www.pbs.org/nbr/blog/2011/05/the_problem_with_living_longer.html
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Oil Prices and the Economic Rules of the Road
$3.50 a gallon gas tends to concentrate the economic mind. With civil war raging in Libya, oil prices are spiking and it's natural to wonder what impact all this will have on our fragile recovery.
The damage depends on several factors. First, how big is the shock? A 20% increase has less impact than a 33% spike. Second, how long does the spike last? If Libya stabilizes quickly, the damage may be slight. Third, how efficient is the economy in using energy? As the President pointed out today, we now get way more economic output for a barrel of crude than we did back in 70s and 80s. Mr. Obama noted we use 7% less oil today than we did in 2005.
With all that in mind, the economic rule of thumb for the U.S. is that a 33% spike in prices might shave around 3/10ths of a percentage point off GDP in the first year and 1/2 a percentage point the second. In a $15 trillion economy, that is roughly $75 billion. Painful, but not insurmountable.
Of course, Libya is only 2% of world oil supply. If we have a bigger disruption, $3.50 gas may start to look cheap.
Source: http://www.pbs.org/nbr/blog/2011/03/oil_prices_and_the_economic_ru.html
Foreclosures Home Sales Outlook Housing Starts President Obama
Home Prices "Drifted Lower" in Latest S&P/Case-Shiller Survey
The S&P/Case-Shiller Home Price Indices for the third quarter of 2010 indicate that nationally home prices were flat relative to the second quarter. The national index was up a mere 0.1 percent on a non-seasonally adjusted basis from its second quarter level while narrowing the year-over-year decline to 3.9 percent. Prices had dropped 5.8 percent from the second quarter of 2010 to the second quarter of 2011.
August to September figures improved for 14 of the MSAs and both the 10- and 20-City Composites but both composites declined on an annual basis; the 10-City by 3.3 percent and the 20-City by 3.6 percent. Detroit and Washington, DC posted the only positive annual rates, 3.7 percent and 1.0 percent respectively. September was the third straight month that Detroit posted a positive annual change.
David M. Blitzer, chairman of the Index Committee at S&P Indices said, "Three cities posted new index lows in September 2011 - Atlanta, Las Vegas and Phoenix. Seventeen of the 20 cities and both Composites were down for the month. Over the last year home prices in most cities drifted lower. The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.
As of the third quarter, average home prices in the U.S. have retreated to their early 2003 levels. The National Index has recovered by 3.9 percent from its index low reached in the first quarter but is 3.9 percent below the level during the third quarter last year.
Atlanta, Las Vegas, and Phoenix had new index lows in September. Phoenix is now back to its January 2000 level (the base year for the Case-Shiller Index) but the other two cities have fallen even below that.
Blitzer said, "It is a bit disturbing that we saw three cities post new crisis lows. For the prior three or four months, only Las Vegas was weakening each month. Now Atlanta and Phoenix have fallen to new lows too. On a monthly basis, Atlanta actually posted a record low rate of -5.9 percent in September over August. The markets are fairly thin, and the relative lack of closed transactions might be exacerbating the downside. The relative good news is that 14 cities saw improvements in their annual rates of change, versus the six that weakened."
Three cities posted gains between August and September; Washington, DC (+1.2 percent), Portland, Oregon and New York (0.1 percent each). The 10-City Composite lost 0.4 percent and the 20-City was down 0.6 percent.
S&P/Case-Shiller recommends use of the data they supply on a non-seasonally adjusted basis however they also publish adjusted data. On an SA basis the third quarter prices for the National Index were down 1.2 percent from the second quarter compared to +0.1 on an unadjusted basis. The SA 10-City and 20-City indices were -0.4 percent and -0.6 percent respectively, identical to the unadjusted figures.
The S&P/Case-Shiller Indices are weighted averages of the metro area indices for the component MSAs. The indices' base value of 100 was set in January 2000. Thus an index value of 150 indicates that prices have appreciated 50 percent since the January 2000 date.
...(read more)
Source: http://www.mortgagenewsdaily.com/11292011_home_prices_case_shiller.asp
Helen Hunt Lists Upper West Side Apartment ? $2.75M
Source: http://www.zillow.com/blog/2011-11-21/helen-hunt-lists-upper-west-side-apartment-2-75m/
Support Your Local Businesses on ?Small Business Saturday?
Ed. note: This was cross-posted from the Small Business Administration's Open for Business blog
You’ve heard of Black Friday. And Cyber Monday. But did you know that this Saturday is Small Business Saturday? We’re encouraging everyone to visit a small business to do some holiday shopping this Saturday.
As President Obama said in a message out to all Small Business Saturday supporters:
From the mom-and-pop storefront shops that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of our Nation’s promise. These businesses create two out of every three new jobs in America, helping spur economic development in communities across our country and giving millions of families and individuals the opportunity to achieve the American dream. Through events such as Small Business Saturday, we keep our local economies strong and help maintain an American economy that can compete and win in the 21st century.
When you walk down Main Street in any city in America, you can often find great restaurants, service providers, and handcrafted, Made-in-America products from local shops. It’s wonderful to simply go in and visit with local business owners and hear what’s happening in the community.
There are many people in my life that appreciate a unique gift from a local business, like the blueberry jam I pick up at the Farmers’ Market in my hometown of Brunswick, Maine. This Saturday, I’m planning to go back to that market early in the morning, and then I will travel to Roslindale, Massachusetts, to celebrate Small Business Saturday with Boston Mayor Tom Menino. Many other top-level officials throughout the Administration are also “shopping small” this Saturday.
Everyone knows that your dollar goes a long way at when you buy a product or service from a small business. That money goes right back into the local economy. And that’s important, because half of working Americans either own or work for a small business, and small businesses create two out of every three new jobs.
It’s great to find the perfect gift from a small business. Often, when you carry it to the counter, you can see the business owner’s eyes light up. They tell a story about how that gift was made. Or where it came from. Or how it’s a one-of-a-kind. And the gift immediately becomes even more meaningful and special. Moments like that are what makes the holidays magical.
In addition to our support for Small Business Saturday, the SBA is working hard to make sure even more small businesses can keep growing. For example, we had an all-time record for SBA loans this year, with over $30 billion in lending support that helped about 60,000 small businesses buy a new building, get more equipment, or hire more workers. And, right now, the President is calling on Congress to cut in half the payroll taxes for small businesses as part of the American Jobs Act.
Let’s all do our part to support America’s small businesses as they continue to strengthen our economy and create jobs. Happy Thanksgiving, Happy Small Business Saturday, and Happy Holidays.
Source: http://www.whitehouse.gov/blog/2011/11/23/support-your-local-businesses-small-business-saturday
Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
David Schwimmer Lists Home for $10.7 Million
Source: http://www.zillow.com/blog/2011-11-14/david-schwimmer-lists-home-for-10-7-million/
Foreclosed homes in Las Vegas being used to grow marijuana
Abandoned, empty homes apparently do more than attract illegal squatters and vandals. Foreclosed homes in Las Vegas, Nevada, and elsewhere are “going to pot,” literally, according to the Los Angeles Times. Marijuana “grow houses” are no longer set up in the seedy outskirts of society, but rather nestled among well-to-do, albeit distressed, neighborhoods. And the [...]Source: http://blog.foreclosure.com/2011/11/foreclosed-homes-in-las-vegas-being-used-to-grow-marijuana/
Loans and Mortgages Household Moving House Plans Home Warranties
Renovo takes majority stake in RealtyTrac
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South Korea Holds Live-Fire Drills in Yellow Sea
California Wine Estate Reduced to $20 Million
Willis Johnson, founder and chairman of auto-parts auction company Copart, has cut the price on his Suisun Valley, Calif., estate to just under $20 million from an original listing price of $22 million. John Edwards has details on The News Hub.Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Tuesday, November 29, 2011
OCC Issues Interim Report on Servicer Compliance with Consent Orders
The Office of Comptroller of the Currency (OCC) has reported on the actions taken by 12 servicers to comply with consent order issued in April to correct deficient and unsafe or unsound foreclosure processes and actions taken related to the independent foreclosure review announced by OCC, the Federal Reserve, and the Office of Thrift Supervision earlier this month. The twelve servicers covered by the OCC and OTC's portion of the action are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, Wells Fargo, Aurora Bank, FSB; EverBank (and the thrift holding company, EverBank Financial Corp.); OneWest Bank, FSB (and its holding company IMB HoldCo LLC); and Sovereign Bank.
Tuesday's report, Interim Status Report: Foreclosure-Related Consent Orders identifies the independent consultants retained by the servicers to conduct file reviews (under the direction of OCC) for borrowers requesting redress. According to the report, work is underway on actions to comply with the consent orders with efforts to correct deficiencies in foreclosure processes management oversight, and internal audit the most advanced. An integrated claims processor has begun mailing letters to borrowers who were in any stage of foreclosure between January 1, 2009 and December 31, 2010 to inform them of the process for requesting reviews of their cases if they believe they suffered financial injury through servicer misfeasance. Outreach will also be made to borrowers using such methods as mass media advertising in national publication such as People, and TV guide, online marketing, social media marketing, media news coverage, and outreach to community groups.
In addition to the reviews of borrow claims, a "look-back" review will be undertaken, sampling to identify files for a review which is intended to further identify servicer deficiencies, errors, or misrepresentations that may have caused financial injury. This review will look at such information as whether the foreclosing party had properly documented ownership or was otherwise a proper party to the action; whether a foreclosure may have taken place while a modification was underway, or whether fees were improperly charged. Results of the sampling may lead to more in depth reviews.
Under the consent order servicers were required to submit plans for correcting deficiencies in a number of servicing areas, address their use of MERS, manage third parties, and correct other operational difficulties. Those plans have been submitted at various times over the last few months. Plans to correct servicing deficiencies include such measures ensuring that loss mitigation staff routinely communicate with staff processing foreclosures; that deadlines for responding to communication from borrowers and for making loan modifications requests be met; that there is a reliable single point of contact for each borrower and that be identified in writing; and that staff is trained adequately to handle delinquencies, loss mitigation and loan modifications. Other factors included in the plan include procedures and controls to ensure that a loan is protected from "dual tracking", i.e., that a loan approved for modification is pulled from foreclosure proceedings; and that payments are promptly and properly credited;
Plans addressing oversight of third-party service establish processes for appropriate due diligence in evaluating the qualifications of potential third-party service providers before entering into new contractual arrangements, provide for regular, periodic reviews of third-party service providers and assessment of their performance based on qualitative standards for competence, completeness, and legal compliance rather than standards based solely on the volume of foreclosures processed or the speed of processing. Additionally, the plans provide for the secure custody and accuracy of records transferred to these third parties during the foreclosure process.
Other plans ensure appropriate oversight and controls of servicer activities with respect to MERS and compliance with MERSCORP's membership rules, terms, and conditions These plans include enhancing controls and standardizing processes for executing mortgage assignments by MERS certifying officers, improving processes for controlling data quality, and establishing periodic-in some cases daily-reconciliations of key reports and data to ensure compliance with MERS requirements and prompt resolution of discrepancies.
Other plans address improving the management information systems that support servicing and foreclosure processing, assessing risks posed by servicer operations, and setting up compliance committees responsible for the development and implementation of compliance programs, action plans, policies and procedures, and strengthened operating processes to correct the deficiencies cited by the enforcement actions
While much of the work to correct identified weaknesses in policies, operating procedures, control functions and audit processes will be substantially complete in the first part of 2012, other longer term initiatives will continue through the balance of 2012. Actions and progress vary by servicer. OCC examiners continue to provide ongoing oversight of activities to ensure compliance with the consent orders.
...(read more)
Source: http://www.mortgagenewsdaily.com/11222011_mortgage_servicers.asp
Home Sales Outlook Housing Starts President Obama Hope for home owners
Beau Bridges Lists Hidden Hills Home for $2.85 Million
Source: http://www.zillow.com/blog/2011-11-29/beau-bridges-lists-hidden-hills-home-for-2-85-million/
Household Moving House Plans Home Warranties Commercial & Investment
A Retreat with Private Beach and Pond
This cedar and glass home in Pound Ridge, N.Y., captivated its owners at first sight. The asking price: $4.5 million.
WSJ House of the Week: Which Property Will Win?
Sushil Cheema on Lunch Break show us the four candidates for WSJ's House of the Week, properties in Beverly Hills, Oregon, Missouri and Steamboat Springs. Vote for your favorite at WSJ.com. Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
Just How Are Those Inflation Expectations Set?
Consumer and investor expectations for inflation are so important that Federal Reserve Chairman
Ben Bernanke mentioned them 17 times at his first-ever news conference. Congress has charged
the Fed with maintaining price stability, so it is understandable that the Fed Chairman would
watch inflation expectations closely.
The problem is that economists are not certain how inflation expectations are formed, which
stymies efforts to influence those expectations.
Research by Harvard Economics Professor Greg Mankiw found that consumers and investors
often have widely different expectations for inflation and often base those expectations on only
narrow aspects of economic news. Even with these limitations, many experts contend that these
expectations cannot be ignored
In an email, Mankiw writes, "[Inflation expectations] matter because they affect behavior, even
if people are not fully rational in forming their expectations. But it is surely a topic about which
reasonable economists can disagree."
One of those disagreeing economists is Wrightson ICAP's Lou Crandall. Crandall says, "One of
the biggest criticisms of the way the Fed talks about its policies is that it seems to have this very
rigid, unrealistic notion of what inflation expectations are and how they operate. I don't think
they are inflation expectations, I think they are only inflation anxieties."
Crandall says Bernanke and others should factor inflation expectations into their decisions in "a
general way," rather than relying on a specific number derived from a survey.
However inflation expectations are set, Chairman Bernanke is determined to see that they
remain "well anchored," even if it is not always clear what they are anchored in.
Source: http://www.pbs.org/nbr/blog/2011/05/just_how_are_those_inflation_e_2.html
Waterfront Homes Real Estate Agent Foreclosure Homes Realty Market
The Best of our Blogs: Oct 17-21 2011
New Construction Shift from Family homes to Apartments, Rise in [...]
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Only 48 Hours Left! Enter to Win a $350,000 New Home
Source: http://www.zillow.com/blog/2011-11-29/only-48-hours-left-enter-to-win-a-350000-new-home/
Commercial & Investment Homes Foreclosures Home Sales Outlook
The Best of our Blogs: Oct 24-28 2011
The good, the bad and the ugly on [...]
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Social Marketing for Real Estate - Do you have the time?
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2012 GSE Loan Limits Virtually Unchanged, One Exception
The Federal Housing Finance Agency (FHFA) has announced the conforming loans limits that will apply to the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in 2012. The baseline limit will remain at $417000 for one unit properties in most of the country with certain higher limits for designated "high value" counties based on median home prices. The highest limit in those counties will be $625,500, the limit that has been in effect since October 1 when higher limits temporary established under the Housing and Economic Recovery Act (HERA) of 2008 expired. The only county where limits will change on January 1 is Fairfield County, Connecticut.
Under the temporary HERA provisions the upper loan limit in high value areas prior to October 1 was $729,500. On November 18 President Obama signed a law returning FHA loans to that that maximum and reinstating the even higher limits that had been in effect for VA loans. The GSEs were specifically excluded from that legislation.
In Fairfield County the maximum limit for a single-family home will increase by $26,450 to $601,450 based on an increase in the local median home value. While other counties also saw median price increases, this county was the only one that met other HERA terms to produce a higher loan limit.
HERA requires that the baseline limit be adjusted each year to reflect changes in the national average home price, but prohibits declines in the limit. If average home prices decline, then the baseline loan limit remains the same. In setting HERA limits for 2009, 2010, and 2011, FHFA found that the national average home price declined over preceding years. As a result, the national loan limit was left unchanged. This year, the monthly and quarterly house price index (HPI) series produced by FHFA show further national price declines and thus the baseline loan limit is again unchanged.
Going forward, FHFA is looking at alternatives to this method and plans, in coming months, to publish a notice in the Federal Register that will set forth a specific methodology for measuring price changes for loan limit adjustments. FHFA noted that, had this proposed metric been in effect this year, it would not have produced results for 2012 any different than those announced today.
...(read more)
Source: http://www.mortgagenewsdaily.com/11222011_revised_loan_limits.asp
Foreclosures Home Sales Outlook Housing Starts President Obama
HomeFinder Names Doug Breaker Chief Executive Officer
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
UN Reports Growing Use of Synthetic Drugs In Asia
Foreclosures Home Sales Outlook Housing Starts President Obama
Arab League Sanctions Could Hurt Syria's Regional Standing, Economic Agenda
LPS' Paragon MLS offers CMA tool
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5 Truths About Real Estate Marketing
1.��� Your Competitor is Talking About Your Marketing Plan. �The marketing plan is the #1 reason sellers chose an agent and the #3 reason agents...
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Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
Vouchers and Medicare
In a few weeks House Republicans are expected to release their budget plan for the coming year. It is not 100% clear now whether it will include a comprehensive overhaul of entitlement programs like Medicare and Social Security. I am hearing that it will not.
However, Rep. Paul Ryan, the Chairman of the House Budget Committee is to be commended for his willingness to take on the issues that are central to our long-run fiscal imbalance -- Social Security and Medicare. More specifically, Medicare. Because health care spending is the biggest issue. You can read more about that in a previous blog post.
Ryan's solution to Medicare's funding problem is to transform the system into a voucher program.
Future retirees would get a voucher -- effectively a check -- to cover a portion of the cost of buying their health insurance. Those making more money would get a smaller voucher. Lower income beneficiaries would get a larger voucher. If the price of buying medical coverage rises faster than the voucher, beneficiaries would pay more out of pocket. Here is how the Congressional Budget Office described the impact in a letter to Ryan:
Beneficiaries would . . . face higher premiums in the private market for a package of benefits similar to that currently provided by Medicare. Moreover, the value of the voucher would grow significantly more slowly than CBO expects that Medicare spending per enrollee would grow under current law. Beneficiaries would therefore be likely to purchase less comprehensive health plans or plans more heavily managed than traditional Medicare, resulting in some combination of less use of health care services and less use of technologically advanced treatments than under current law. Beneficiaries would also bear the financial risk for the cost of buying insurance policies or the cost of obtaining health care services beyond what would be covered by their insurance.
This is a fundamentally different approach to Medicare, but one that holds the promise of trimming spending dramatically. If beneficiaries saw more of the true cost of their health insurance, they are likely to demand more cost savings from providers. Or they will trim spending on treatments they deem discretionary.
So why isn't Ryan likely to propose this plan next month? Because the public already doesn't want any part of it. A recent poll by the Pew Research Center found most Americans don't want Congress to cut spending on Medicare.
We're still caught in a world where the public sees the fiscal cure as being worse than the disease of living beyond our national means.
Source: http://www.pbs.org/nbr/blog/2011/03/vouchers_and_medicare.html
The New Search
Today?s multi-media multi-taskers take in print, tv, radio, mobile tools, the web and , social networks. It?s...
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By the Numbers: 24
Presidents have pardoned 24 Thanksgiving turkeys since President George H.W. Bush started the tradition in 1989, The turkeys are donated from turkey farms around the country, and after being spared from the dinner table, are sent to live out their days on a farm. In past years, pardoned turkeys have even traveled to California to serve as marshals in the Thanksgiving Day Parade at Disney Land.
President Obama pardoned both Liberty, this year's National Thanksgiving Turkey, and its alternate Peace. The birds were raised by four high school students on a farm in Willmar, Minnesota and sent to live in Mt. Vernon after the pardoning ceremony.
Want to know more? Read our definitive history of the Presidential Turkey Pardon.
Source: http://www.whitehouse.gov/blog/2011/11/23/numbers-24
Should You Consider Listing Your Home During the Holidays?
Source: http://www.zillow.com/blog/2011-11-21/should-you-consider-listing-your-home-during-the-holidays/
Mortgage Rescue Scams Real Estate Vacation Properties Loans and Mortgages
Mortgage Applications Fall Despite Increase In Purchase Applications
The volume of mortgage applications declined 1.2 percent on a seasonally adjusted basis during the week ended November 18 according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of application volume increased 8.6 percent on an unadjusted basis when compared to the previous week (which included the Veterans Day holiday) and was 4.8 percent lower than the same week in 2010.
The Refinance Index decreased 4.0 percent from the previous week to its lowest level since mid-August while the seasonally adjusted Purchase Index rose 8.2 percent. The unadjusted Purchase Index increased 15.2 percent week-over-week and 4.8 percent from one year earlier.
The four-week moving averages for the indices were mixed; down 0.42 percent for the seasonally adjusted Market Index, 1.39 percent for the Refinance Index, and up 3.08 percent for the seasonally adjusted Purchase Index.
Applications for refinancing constituted 75.9 percent of all applications, down from 77.3 percent during the week ended November 11 and the lowest share since September 9. 5.7 percent of applications were for adjustable rate mortgages (ARMs) compared to 6.1 percent the previous week.
Applications for government related refinancing during the week increased to 13.0 percent from 11.8 percent and was the highest level of applications for government refinancing since April. Statistics for the month of October also showed an increase in government refinancing applications, representing 12.3 percent of all refinancing applications for the month, the highest level since MBA started tracking this data in January. The government share of purchase activity increased 0.5 percent in October to 42.9 percent.
"Purchase applications increased last week, returning to levels from before the Veteran's Day holiday," said Michael Fratantoni, MBA's Vice President of Research and Economics. "However, purchase activity remains almost 5 percent below last year's level. Overall, refinance activity dropped for the week, but there was an increase in refinance applications for government loan programs."
Activity was greatest in the West South Central and East South Central regions where application volume was up 17.2 and 17.9 percent respectively. Those two regions also had the greatest government refinance activity in October with increases of 2.1 percent and 2.0 percent over September. The government share of purchase activity was greatest in the East North Central and East South Central regions (48.8 percent and 50.9 percent) while activity increased the most from September to October in the Mountain (+2.0 percent) and Pacific (+2.1 percent) regions.
Purchase Index vs 30 Yr Fixed
Click Here to View the Purchase Applications Chart
Refinance Index vs 30 Yr Fixed
Click Here to View the Refinance Applications Chart
Interest rates were relatively flat with the average rate for 30-year fixed-rate mortgages (FRM) with conforming balances of 417,500 or less unchanged at 4.23 percent while points decreased from 0.52 to 0.46. The effective rate decreased. The average 15-year conforming FRM rate was up 4 basis points to 3.58 percent with points increasing to 0.53 from 0.47. The effective rate increased.
Thirty-year FRM backed by FHA had an average rate of 4.05 percent with 0.55 point compared to 4.03 percent with 0.59 point the previous week. The effective rate increased. Loans with jumbo balances (over $417,500) increased from 4.56 percent with 0.46 point to 4.59 percent with 0.40 point. The effective rate increased.
The average contract interest rate for 5/1 ARMs dipped one basis point to 3.00 percent with points unchanged at 0.49. This is the lowest average contract interest rate for the 5/1 ARM since September 23, 2011. The effective rate also decreased from last week.
All rates are for loans with 80 percent loan-to-value ratios and all points quoted include origination fees.
MBA's weekly survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
...(read more)
Source: http://www.mortgagenewsdaily.com/11232011_applications_volume.asp
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Source: http://www.zillow.com/blog/2011-11-25/tips-for-dealing-with-neighbors/
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Did Joe Paterno Transfer Home to Wife for $1 to Protect His Asset?
Monday, November 28, 2011
Renovo takes majority stake in RealtyTrac
Source: http://feedproxy.google.com/~r/inmannews/~3/ZYdK7N-P4ro/renovo-takes-majority-stake-in-realtytrac
Housing Starts President Obama Hope for home owners Fannie Mae
Home of the Week: San Fran Speakeasy
Source: http://www.zillow.com/blog/2011-11-10/home-of-the-week-san-fran-speakeasy/
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Just How Are Those Inflation Expectations Set?
Consumer and investor expectations for inflation are so important that Federal Reserve Chairman
Ben Bernanke mentioned them 17 times at his first-ever news conference. Congress has charged
the Fed with maintaining price stability, so it is understandable that the Fed Chairman would
watch inflation expectations closely.
The problem is that economists are not certain how inflation expectations are formed, which
stymies efforts to influence those expectations.
Research by Harvard Economics Professor Greg Mankiw found that consumers and investors
often have widely different expectations for inflation and often base those expectations on only
narrow aspects of economic news. Even with these limitations, many experts contend that these
expectations cannot be ignored
In an email, Mankiw writes, "[Inflation expectations] matter because they affect behavior, even
if people are not fully rational in forming their expectations. But it is surely a topic about which
reasonable economists can disagree."
One of those disagreeing economists is Wrightson ICAP's Lou Crandall. Crandall says, "One of
the biggest criticisms of the way the Fed talks about its policies is that it seems to have this very
rigid, unrealistic notion of what inflation expectations are and how they operate. I don't think
they are inflation expectations, I think they are only inflation anxieties."
Crandall says Bernanke and others should factor inflation expectations into their decisions in "a
general way," rather than relying on a specific number derived from a survey.
However inflation expectations are set, Chairman Bernanke is determined to see that they
remain "well anchored," even if it is not always clear what they are anchored in.
Source: http://www.pbs.org/nbr/blog/2011/05/just_how_are_those_inflation_e_2.html
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Source: http://feedproxy.google.com/~r/TruliaBlog/~3/6bUWuaV5DZs/
By the Numbers: 24
Presidents have pardoned 24 Thanksgiving turkeys since President George H.W. Bush started the tradition in 1989, The turkeys are donated from turkey farms around the country, and after being spared from the dinner table, are sent to live out their days on a farm. In past years, pardoned turkeys have even traveled to California to serve as marshals in the Thanksgiving Day Parade at Disney Land.
President Obama pardoned both Liberty, this year's National Thanksgiving Turkey, and its alternate Peace. The birds were raised by four high school students on a farm in Willmar, Minnesota and sent to live in Mt. Vernon after the pardoning ceremony.
Want to know more? Read our definitive history of the Presidential Turkey Pardon.
Source: http://www.whitehouse.gov/blog/2011/11/23/numbers-24
Realogy to stay in New Jersey
Source: http://feedproxy.google.com/~r/inmannews/~3/60h9ozvPPqk/realogy-stay-in-new-jersey
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Sheen-Mueller House Sold For Two And A Half Big Bangs
Source: http://www.zillow.com/blog/2011-11-15/sheen-mueller-house-sold-for-two-and-a-half-big-bangs/
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Holiday homes for the whole family
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=31354518
Bruce Willis Asks $15 Million for Sun Valley Ranch
Actor Bruce Willis has put his 20-acre, lakefront ranch in Sun Valley, Idaho, on the market for $15 million. John Edwards has details on The News Hub.Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
HomeFinder Names Doug Breaker Chief Executive Officer
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Source: http://www.zillow.com/blog/2011-11-14/zillow-brings-fun-to-anaheim/
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Builder Confidence Continues to Rise
After two months of gains the index measuring builder confidence has reached its highest level in 17 months according to data released today by the National Association of Home Builders (NAHB) and Wells Fargo. The Housing Market Index (HMI) for November was up three points to 20. The index also rose three points in October.
NAHB and Wells Fargo have conducted the survey for over 20 years. It measures NAHB members' confidence in the new home market through their responses to three questions. The first measures builder perceptions of current single-family sales as "good", "fair", or "poor" and, using the same scale, their expectations of sales over the next three months. The third question asks builders to rate the traffic of prospective buyers as "high to very high", "average" or "low to very low". Responses to all three questions are used to construct the composite index. An index total over 50 indicates the more builders have a positive view of market conditions than have a negative view.
The index measuring current sales conditions also rose three points to 20, while the index gauging future sales expectations increased two points to 25 and the component measuring traffic was up one point to 15. All three components are at the highest levels since the spring of 2010.
On a regional basis the Northeast registered a three-point gain to 17; the Midwest was up 8 points to 23, and the South improved 2 points to 21. The West, which had increased substantially in October, plunged six points to 15 in November.
"While this second solid monthly gain on the builder confidence scale is encouraging, the overall measure remains quite low due to the many challenges that home building continues to face with regard to the high number of foreclosures, the difficulties of obtaining construction financing and accurate appraisals, and the restrictive lending environment that is discouraging potential buyers," said Bob Nielsen, NAHB Chairman. "These problems must be addressed so that housing can contribute to economic and job growth the way it has in the past."
...(read more)
Source: http://www.mortgagenewsdaily.com/11162011_nahb_builders_confidence.asp
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Source: http://www.zillow.com/blog/2011-11-25/tips-for-dealing-with-neighbors/
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By the Numbers: 160 Million
President Obama's plan to create jobs would provide a tax cut for 160 million workers by expanding the payroll tax cut from 2 percent this year to 3.1 percent in 2012.
For a typical family earning $50,000 a year, this cut would translate to an extra $1500 a year in their pockets. That's more than $125 a month for households to pay for gas, food, and other expenses. On the other hand, if Republicans block passage of the President's payroll tax cut, the typical family making $50,000 a year would see their taxes rise by $1,000 next year.
Businesses, too, will benefit from the payroll tax cut. Approximately 98 percent of businesses will see their payroll tax bill cut in half -- from 6.2 percent to 3.1 percent -- on their first $5 million in wages. The President's proposal also includes a full payroll tax holiday for firms that add workers or increase wages.
This means that a construction firm with a payroll last year of $500,000 hires two new workers and adds $80,000 in payroll would receive a tax cut of $20,460. A warehouse with a payroll last year of $7 million hires 40 new workers and adds $2 million in payroll would receive a total tax cut of $279,000.
Use our calculator to find out how your bottom line will be impacted
Source: http://www.whitehouse.gov/blog/2011/11/22/numbers-160-million
Barbados Apartments for Up to $25 Million
Eight newly built apartments have hit the market in Barbados, ranging in price between $21 million and $25 million. John Edwards has details on The News Hub.Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
House of the Week: Clock Tower Penthouse
Source: http://www.zillow.com/blog/2011-11-24/house-of-the-week-clock-tower-penthouse/
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Diagonal bracing can stop wall cracks
Source: http://feedproxy.google.com/~r/inmannews/~3/3kwBoq1LcOE/diagonal-bracing-can-stop-wall-cracks
Bruce Willis Asks $15 Million for Sun Valley Ranch
Actor Bruce Willis has put his 20-acre, lakefront ranch in Sun Valley, Idaho, on the market for $15 million. John Edwards has details on The News Hub.
Fighting to Help Our Heroes Find Jobs
More than 1 million service members will return to civilian jobs as the wars in Afghanistan and Iraq wind down. Despite the fact these veterans have unique skills and experiences that make them excellent hires for any civilian business, their unemployment rate tops 12 percent.
President Obama believes that no veteran who fought for our country should have to fight for a job once they come home, and is working hard to help our nation’s heroes get back to work. Today, he signed two tax credits that encourage business to hire veterans. In addition to the 120,000 veterans hired by the federal government, he challenged the private sector to train or hire 100,000 veterans and military spouses. His Administration launched a host of online tools to help veterans in their job search, including a job bank with more than 500,000 listings for positions at companies looking to hire returning service members.
We’ve talked to a number of veterans who have experienced the difficulty of finding a job after returning to civilian life. Find their story below and click to read more.
Source: http://www.whitehouse.gov/blog/2011/11/21/fighting-help-our-heroes-find-jobs
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By the Numbers: 24
Presidents have pardoned 24 Thanksgiving turkeys since President George H.W. Bush started the tradition in 1989, The turkeys are donated from turkey farms around the country, and after being spared from the dinner table, are sent to live out their days on a farm. In past years, pardoned turkeys have even traveled to California to serve as marshals in the Thanksgiving Day Parade at Disney Land.
President Obama pardoned both Liberty, this year's National Thanksgiving Turkey, and its alternate Peace. The birds were raised by four high school students on a farm in Willmar, Minnesota and sent to live in Mt. Vernon after the pardoning ceremony.
Want to know more? Read our definitive history of the Presidential Turkey Pardon.
Source: http://www.whitehouse.gov/blog/2011/11/23/numbers-24
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Lloyd Wright?s Samuel-Novarro House for Sale
Source: http://www.zillow.com/blog/2011-11-17/lloyd-wrights-samuel-novarro-house-for-sale/
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