Wednesday, December 7, 2011
Twin Afghan Blasts Kill 59 on Shi'ite Holy Day
4 truths about home inspectors
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Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
Mid-Century Design, Quality and Style Built to Last
Source: http://www.zillow.com/blog/2011-11-21/mid-century-design-quality-and-style-built-to-last/
Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
Europe's economic 'charade' may be exhausted
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Home Sales Outlook Housing Starts President Obama Hope for home owners
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
The New Search
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Space Telescope Spots 'Earth-Like' Planet 600 Light Years Away
Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
Loan mod portals a win-win for real estate
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Waterfront Homes Real Estate Agent Foreclosure Homes Realty Market
Anjelica Huston?s Acting Comeback Comes With IRS Tax Liens
Source: http://www.zillow.com/blog/2011-11-22/anjelica-hustons-acting-comeback-comes-with-irs-tax-liens/
March of Progress: White House Tribal Nations Conference
Today, the White House hosted the Tribal Nations Conference at the Interior Department. The conference continued the meaningful government-to-government dialogue that has made the march of progress happening in Indian Country possible. During his remarks today, President Obama again reiterated his deep commitment to making government work better to fulfill our trust management duties, support tribal self-determination and empower American Indian and Alaska Natives to unlock the economic potential of Indian communities.
This is a promise shared throughout the Obama administration, and today’s conference was a great manifestation of the progress we’ve made – bringing together several members of the President’s cabinet, key federal officials from across the administration as well as the White House, and leaders from more than 565 federally-recognized tribes.
This morning I had the pleasure of announcing the promising results of a pilot program to reduce the high incidence of violent crime on four Indian reservations. The Safe Indian Communities initiative, a two-year program that included targeted community policing, achieved a 35 percent overall decrease in violent crime across the four communities.
We know that safer Indian communities mean stronger Indian communities. The positive results from the pilot program are extremely encouraging and far surpassed our goals. We are committed to building on that progress and will be expanding the Safe Indian Communities initiative to other reservations that are experiencing high levels of violent crime.
And throughout the week, I was proud to announce several other initiatives - developed in consultation with tribal leaders - that strengthen consultations, restore greater control to individual American Indians and Alaska Natives and tribes over their lands, reform trust asset management and resolve water rights disputes:
- The comprehensive and transparent consultation policy will provide a strong, meaningful role for tribal governments at all stages of federal decision-making on Indian policy. The draft policy embodies the best consultation practices and most innovative methods available, contains detailed accountability requirements for Interior managers, responds to the needs of tribal leaders to be more engaged in policy development and promotes more responsible decision-making on issues affecting Indian Country.
- The sweeping reform of antiquated, “one-size-fits-all” federal leasing regulations for the 56 million surface acres the federal government holds in trust for tribes and individual Indians will provide landowners certainty and flexibility on the use of their land. The revised regulations, the most comprehensive reform of Indian land leasing rules in more than 50 years, will streamline the approval process for home ownership, expedite business leases and spur renewable energy development in Indian Country.
- The Secretarial Commission on Indian Trust Administration and Reform was activated by naming five prominent tribal leaders to this national commission to undertake a forward-looking, comprehensive evaluation of how Interior manages nearly $4 billion in American Indian trust funds. The goal is to make the trust administration system more transparent, responsive, customer-friendly and accountable.
- The release of $21 million under the Soboba of Luiseño Indians Settlement Act marks the final step in an historic water rights settlement and fulfills promises made to the Soboba Band and southern California communities when Congress approved the Act in 2008. The settlement will stabilize water supplies in the San Jacinto River Basin and enhance economic development opportunities for the Soboba Band and its neighbors.
These initiatives build on other Administration achievements during the past three years, including the historic $3.4 billion Cobell Settlement that addresses long-standing injustices; $1 billion in settlements to meet the critical water needs of Native American communities; the Tribal Law and Order Act, which allowed federal agencies to accelerate their focus on safe tribal communities; and acquiring more than 157,000 acres of land in trust on behalf of tribal nations.
Over the last three years we have made tremendous progress in Indian Country. A lot of that progress is possible because the ideas that tribal leadership has shared at these conferences. But we know we haven’t solved all of our problems and there is much work to be done. But I am confident with your help there isn’t anything we cannot achieve. As the President said today, this Administration has your back.
Source: http://www.whitehouse.gov/blog/2011/12/02/march-progress-white-house-tribal-nations-conference
Housing Starts President Obama Hope for home owners Fannie Mae
Report: E. African Minorities Losing Resources
Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
Tuesday, December 6, 2011
With Rumors of a Comeback in New England, Terrell Owens Reportedly Selling Short in Dallas
First, The Mint, Now Bruce Willis Lists His Own (Private) Idaho Home
Property Managers and Landlords: Buckle Down for Year-End
Source: http://www.zillow.com/blog/2011-11-22/property-managers-and-landlords-buckle-down-for-year-end/
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Pending Home Sales Jump 10.4% in October
Pending home sales took a big jump in October, surging 10.4 percent above October figures and ending 9.2 percent higher than one year earlier. The Pending Home Sales Index issued by the National Association of Realtors® (NAR) rose from 84.5 in September to 93.3. One year ago the index stood at 85.5.
The Index is a measure of home purchase contracts written but not closed during the subject month and is a forward indicator of future sales. Closings are generally expected to follow within one to two months. Realtors, however, have been reporting unusually high levels of contract cancellations in recent months.
Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. "Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent affordability conditions," he said.
The Midwest region saw the greatest appreciation in signed contracts, up 24.1 percent to 88.7 in October and 13.2 percent higher than in October 2010. In the Northeast pending sales were up 17.7 percent to 71.3 and are 3.4 percent higher than a year earlier. The South rose 8.6 percent in October to an index of 99.5, an increase of 9.7 percent year-over-year. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.
"Although contract signings are up, not all contracts lead to closings. Yun said. 'Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one," Yun said. "Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close to the margins of qualifying, or they might get a loan but with less favorable terms."
The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it thus coincides with a level that is historically healthy.
...(read more)
Source: http://www.mortgagenewsdaily.com/11302011_pending_home_sales.asp
Aging Trees Hang Over Homeowners Heads
There's something hanging over homeowners' heads out in the nation's older suburbs: branches from aging shade trees. Recent storms showed how destructive and expensive the blowdown can be. Anne-Marie Chaker & Leslie Yazel discuss on Lunch Break.Household Moving House Plans Home Warranties Commercial & Investment
First, The Mint, Now Bruce Willis Lists His Own (Private) Idaho Home
Trulia Delivers More Rental Options With Apartments.com Listings
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LPS: September Home Prices Down 1.2% on Continued Autumnal Price Pattern
Data released by Lender Processing Services, Inc. (LPS) on Monday indicates that the seasonal pattern in home prices LPS has noted since 2009 is still in place. The company updated its home price index (HPI) with September sales information and found that home prices declined 1.2 percent during the month.
According to Kyle Lundstedt, managing director for LPS Applied Analytics this decline was consistent with a pattern that has seen prices rise each spring "but revert in autumn for a downward trend that has not only erased the gains, but has led to an average 3.7 percent annual drop in prices to date." He said that preliminary information for October suggests a further decline of approximately 1.1 percent.
The LPS HPI tracks sales each month in more than 13,500 ZIP codes and five price levels within each ZIP. The national average price of homes sold in September was 202,000. As in previous years, this 1.2 percent decline followed a 0.9 drop in August. The September 2011 figure is down 1.8 percent from the average price at the beginning of 2011.
The total value of the U.S. housing inventory peaked at $10.6 trillion in June 2006 and now stands at $7.56 trillion. At the greatest period of deceleration which occurred from June 2007 to December 2008 the value of an average house fell from $282,000 to $226.000 or -13.8 percent. Since then prices have fallen more slowly with brief intervals of appreciation. During this period of slower decline the average house has lost $24,000 in value which corresponds to an average loss of 3.7 percent.
Price changes were consistent across the country in September with declines in all zip codes. Higher priced homes had somewhat smaller drops; the top 20 percent of homes, those with prices above $317,000, lost an average of 1.2 percent while the bottom 20 percent, homes priced below $102,000, lost 1.4 percent. Price also declined in all 436 metropolitan statistical areas (MSAs) in the survey and in all five price levels.
The best performing MSAs, i.e. those with the smallest declines in prices, were in upstate New York, Michigan, and New England while MSAs with the greatest drops were in California (including Los Angeles), Nevada, and Arizona.
Source: http://www.mortgagenewsdaily.com/12062011_home_prices.asp
Former M?s Still Trying to Pitch Their Seattle-Area Homes
Source: http://www.zillow.com/blog/2011-12-06/former-ms-still-trying-to-pitch-their-seattle-area-homes/
Report Spotlights Impact of Commodity Boom on Home Prices
The Federal Housing Finance Agency's seasonally adjusted purchase only price index (HPI) shows that U.S. house prices rose slightly in the third quarter of 2011. The HPI is calculated from data on home sales obtained from Freddie Mac and Fannie Mae acquired purchase money mortgages where previous mortgages were also held by one of the government sponsored enterprise (GSE). In addition to its usual analysis of home price data, the report looks at the effects of supplementary information added to the analysis last quarter and at the impact of the increase in the prices of and demand for certain commodities in recent years.
Home prices rose 0.2 percent on a seasonally adjusted basis from prices in the second quarter. On an unadjusted basis prices were up 0.7 percent. Prices in the third quarter were 3.7 percent lower than in the third quarter of 2011. The index which tracks monthly prices showed an increase of 0.9 percent on a seasonally adjusted basis from August to September and 0.7 percent on an unadjusted basis.
Month-to-month, prices rose to varying degrees in eight of the nine census divisions. Only the East South Central division lost ground during September, a slight 0.2 percent decline. Increases in most of the census divisions were under 1 percent but the East North Central division had a 1.5 percent increase and the West North Central division a 2.5 percent jump. The quarterly index declined in 21 states and the District of Columbia.
FHFA Principal Economist Andrew Leventis said, "In most regions of the country, third-quarter home values were relatively stable, even in some areas that experienced sharp price declines in preceding quarters. While most housing markets still face stiff headwinds, the fact that some beleaguered states - such as Idaho, Florida, and Utah - saw quarterly price increases is a positive development."
The -3.7 percent price change in the national purchase-only index since the third quarter of 2010, when combined with the 4.8 percent increase in the price of other goods and services over that period, results in an inflation-adjusted price of homes that is down approximately 8.1 percent over the last year.
FHFA also produces an all-transactions index which combines purchase data with data from GSE acquired mortgages used for refinancing. This index was up 0.9 percent quarter-over-quarter but down 4.3 percent on an annual basis.
Beginning in the second quarter of 2011, FHFA published an "expanded data" HPI which supplements GSE mortgage data with information from FHA endorsed loans and with county recorder information. To the extent that differences exist, it is hoped that the expanded data will better reflect price trends for houses not financed by the GSEs.
As the table shows, both the original and the expanded index posted a 0.2 percent change between the second and third quarters of 2011. However, over the last four quarters, the two measures diverge somewhat; the expanded index measure evidences a slightly less severe decline of 2.9 percent instead of the 3.7 percent drop in the purchase only index.
The differences for individual states is more pronounced but tends to be less dramatic over the four-quarter time period which may indicate that some of the difference between the two indexes is the result of statistical noise from sampling variation.
The report notes that the housing bust of the last five years coincided with a boom in commodities prices, especially oil and petroleum products but also coal, precious metals, copper, and agricultural products. While this boom has negatively affected much of the country, some areas have benefitted from the price increases and, in areas that are net producers of these goods, the commodity price increases have worked to offset the effects of the housing bust. In fact, in some such states the increases in employment and income have driven up housing prices.
FHFA did a special analysis of the rise in commodity prices by identifying states where more than 2 percent of the population is employed in "mining, quarrying, and oil and gas extraction (the MQOGE Sector). Eight states, Alaska, Wyoming, North Dakota, West Virginia, New Mexico, Oklahoma, Louisiana, and Texas were identified as MQOGE sector states.
The table above compared five-year house price changes for the eight high MQOGE states against price changes in the other states using FHFA's purchase-only house price index. The average five year decline for the nation as a whole was 19 percent while the price changes for high MQOGE states ranged from -12 in New Mexico, the only state with a negative change, and +17 percent in North Dakota. While this is interesting it is not definitive as rural states in general have fared better during the housing bust and the eight high-MQOGE states are relatively rural so the observed phenomenon might be a function of their rural nature. However, when these states are examined on the county level, the difference between housing price changes in counties with high MQOGE employment and those without, the positive impact of the employment becomes more apparent.
Source: http://www.mortgagenewsdaily.com/11292011_hpi_fhfa.asp
Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
Is There a Deal for Former Citigroup Founder Sandy Weill?s $88M Penthouse?
The New Search
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The Best of our Blogs: Oct 24-28 2011
The good, the bad and the ugly on [...]
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Thousands Protest 'Fraudulent' Russian Elections
Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
Radical Sect Stages More Attacks in Northern Nigeria
Source: http://www.voanews.com/english/news/africa/Nigerian-Sect-Attack-Kills-2-134988173.html
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
Egypt's Islamists Compete for Votes in Runoff Elections
The Clock is Ticking
This afternoon, President Obama went to the briefing room to urge Congress to pass tax cuts for the middle class before they go home for the holidays. Immediately following the briefing, the White House launched a countdown clock on WhiteHouse.gov and in the press briefing room, to let people know exactly how much time is left before taxes go up for middle class families unless Congress acts.
Check out this email from David Plouffe about the countdown clock and the tax cut calculator. If you didn't get the email, be sure to sign up for the White House email list.
It's simple. If lawmakers don't vote to extend the payroll tax cut, taxes for 160 million Americans will go up on January 1st.
President Obama just left the press briefing room at the White House where he called on Congress to extend the tax cut, pay for it responsibly, and expand it so middle class families get a $1,500 break next year.
He told Congress to put country before party and stop wasting time.
Every day, folks are fighting to make ends meet and businesses are working to keep their doors open. The longer Congress waits to extend the payroll tax cut, the more uncertainty it creates for ordinary Americans. So we've put a clock on every page of the White House website, counting down the days, hours, and minutes until taxes for the middle class increase. In the briefing room, where the President just spoke, that same clock is ticking down as well.
And to make sure you have the information you need to know exactly what this means for your family, we've put together a calculator to show how much of your money hangs in the balance.
This calculator illustrates for you what nearly every independent economist has said: letting this tax cut expire will be a blow to the economy. We can’t let that happen. Now is the time to make a real difference in the lives of the people who sent us here.
Check it out and pass it along:
http://www.whitehouse.gov/taxcut
Thanks,
David Plouffe
Senior Advisor to the President
Source: http://www.whitehouse.gov/blog/2011/12/05/clock-ticking
Judge Blocks $285M Citigroup Settlement, Questions S.E.C Policy
A settlement agreement reached last month between Citigroup and the Securities and Exchange Commission (S.E.C.) over a 2007 mortgage derivatives deal has been thrown out by a federal court judge who has ordered the case be sent to trial. Under the settlement announced on October 19, Citicorp had agreed to pay $285 million to settle a civil suit arising out of the sale of $1 billion in mortgage-linked collateralized debt obligations. The 2007 transaction took place just as the housing market was about to collapse, costing investors $700 million. Citigroup is alleged to have handpicked the securities and simultaneously wagered that some of the mortgages would fail while profiting by $160 million from the deal.
In a written statement Monday, Judge Jed S. Rakoff of the U.S. District Court in Manhattan, said that the proposed settlement was "neither reasonable, nor fair, nor adequate, nor in the public interest" because permitting a company to neither admit nor deny the charges against it does not satisfy the law. The limited information offered in the settlement, he said, made it difficult to discern whether the S.E.C. was getting anything from the settlement "other than a quick headline."
Settling claims in such a manner has become commonplace for the SEC and Rakoff said it "creates substantial potential for abuse because it asks the court to employ its power and assert its authority when it does not know the facts."
Citigroup Director, Brian Stoker is contesting similar charges to those made against Citigroup by the S.E.C. Rakoff has joined the two cases and ordered a trial to begin on July 16, 2012...
...(read more)
Source: http://www.mortgagenewsdaily.com/11282011_mortgage_fraud.asp
Empowering America?s Job Creators in Indian Country
Tuesday night in Talequah, Oklahoma, SBA’s Deputy Administrator Marie Johns and I had the chance to talk with nearly 20 young Native American entrepreneurs. They had great ideas for building businesses, ranging from construction to IT, to defense contracting. As someone who grew up in a small-business family on a reservation in Cherokee, North Carolina, I could relate to their needs, concerns, and questions.
Today, I work with Native entrepreneurs and small business owners throughout the U.S., helping them find the tools they need to grow and create jobs. For example, we helped over 500 firms owned by Native Americans, Alaska Natives, and Native Hawaiians to get SBA loans and microloans in the fiscal year that just ended.
Today, the most important way we can continue to help these small businesses is through the President’s proposals in the American Jobs Act. For example, President Obama has proposed cutting in half payroll taxes, which will help more than 20,000 Native American owned businesses as they continue to grow and create jobs.
In addition, about 1.5 million Native American workers – throughout urban, rural, reservation and village communities – will benefit from the extension and expansion of the payroll tax cut, giving them and their families more money to keep our local economies strong at this critical time.
This Friday, the SBA’s Administrator Karen Mills and other leaders throughout the Administration will be hosting the third White House Tribal Nations Conference to discuss these and other issues affecting our communities.
I will be excited to share with them the accomplishments that SBA has made in recent years: from high-intensity training for over 200 Native American entrepreneurs, to technology transfer partnerships between tribal colleges and local businesses, to counseling for Native American veterans, and more.Also, last month, as part of National Native American Heritage Month, I hosted SBA’s web chat with Native business owners throughout the U.S. to underscore economic growth and job creation for Native Americans.
Looking forward to 2012, we will be working even harder, with new primers and distance learning courses targeted at increasing the strength and number of successful Native-American owned businesses.
Last night, as I listened to the young entrepreneurs that I met, I was reminded again of the power and strength of America’s entrepreneurial spirit in Indian Country. Let’s make sure that both today’s and tomorrow’s Native American job creators have the tools they need to build a business and create jobs.
Christopher James is the Assistant Administrator for Native American Affairs, U.S. Small Business Administration.
Source: http://www.whitehouse.gov/blog/2011/12/01/empowering-america-s-job-creators-indian-country
Confessions of a Real Estate Junkie/Data Feed Landscape
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Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Russian Ruling Party Weakened as Voters Choose New Parliament
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
Are the People Wrong?
In the movie "Duck Soup," Chico Marx poses the politician's most important question: "Who you gonna believe, me or your own eyes?"
In 2010, voters looked at the President's plan to overhaul health care and rein in Medicare spending and decided, by and large, they did not like it. Newspapers and broadcasts were filled with details of the plan. Yes there was lots of misinformation, but there was lots of information out there too.
Voters decided with their own eyes on "Obamacare." And yet, many Democrats still argue, if only the law was better understood, it would be more popular. In other words, Democrats asked many voters, "Who you gonna believe, me or your own eyes?"
Now it is the Republican's turn. Prompted by concerns about the Ryan budget's cuts in Medicare, voters in a safe Republican district in New York elected a Democrat. For perspective, this is the fourth time in 150 years New York's 26th has sent a Democrat to Washington.
How are many GOP lawmakers reacting? They argue their plan is misunderstood. Voters are subject to a campaign of demagoguery. Sure, the messages on Medicare in the campaign were subject to hyperbole. But, there was lots of coverage about the Ryan plan. Rep. Ryan had many opportunities to explain why Medicare is in trouble. Voters who wanted to know what's going on had ample opportunity to study the Ryan plan and learn about it.
And, when voters in New York's 26th did that, many decided they did not like what they were seeing. Now it's the Republicans who are asking voters, "Who are you gonna believe, me or your own eyes?"
Source: http://www.pbs.org/nbr/blog/2011/05/are_the_people_wrong.html
Mortgage Rescue Scams Real Estate Vacation Properties Loans and Mortgages
Monday, December 5, 2011
Indian Industry Voices Concern About Stalled Retail Reforms
Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
A Mansion on a Bluff With San Francisco Views
Located on a promontory on Belvedere Island, this 9,500 square feet home overlooks Richardson Bay and the San Francisco skyline, as well as Mount Tamalpais and the Golden Gate Bridge. The asking price for the six-bedroom house is $21,950,000.Real Estate Vacation Properties Loans and Mortgages Household Moving
Russian Ruling Party Weakened as Voters Choose New Parliament
The Best of our Blogs: Oct 24-28 2011
The good, the bad and the ugly on [...]
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Short Sale Waterfront Homes Real Estate Agent Foreclosure Homes
Better ways to sell your home online
Source: http://realestate.msn.com/article.aspx?cp-documentid=31529010
Commercial & Investment Homes Foreclosures Home Sales Outlook
Mobile Marketing and Real Estate Go Together Like . . .
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Want to Make Smart Wealth Building Real Estate Decisions?
Source: http://www.zillow.com/blog/2011-11-26/want-to-make-smart-wealth-building-real-estate-decisions/
CoreLogic: 27% of Homes in Negative or Near Negative Equity Position
Over one-quarter of all mortgaged homes in the U.S. are now either underwater or close to it according to data released today by CoreLogic. In the third quarter of 201110.7 million homeowners, 22.1 percent of all those with mortgages, owed more on that mortgage than the market value of their homes. This situation arises when prices decline, mortgage debt increases, or a combination of the two. An additional 2.4 million homeowners were in a near-negative equity situation with mortgage balances only five percent or less below the value of the home. In total, homes with negative or near negative equity account for 27.1 percent of all mortgaged property, down from 27.5 percent in the second quarter.
"Although slightly down, negative equity remains very high and renders many borrowers vulnerable when negative economic shocks occur, such as job loss or illness. The nearly $700 billion mortgage debt overhang has touched many corners of the market, and this overhang is holding back the recovery of the housing market and broader economy," said Mark Fleming, chief economist with CoreLogic.
While negative equity can be the result of multiple mortgages on the property, 6.3 million borrowers (59 percent) have only first mortgages. However those borrowers represent only 18 percent of all borrowers with only one mortgage on their home. These loans have an average balance of $222,000 and are underwater by an average of $52,000, an average loan-to-value (LTV) ratio of 131 percent. First liens without home equity loans account for $329 billion aggregate negative equity out of the national total of $699 billion.
The 4.4 million borrowers with a mortgage and a home equity loan have an average mortgage balance of $309,000 and are underwater by an average of $84,000 with an average LTV of 137 percent. Multiple mortgage holders with negative equity represent 38 percent of all multiple mortgage holders. First equity liens with home equity loans have an aggregate outstanding balance of $190 billion on the first liens.
Negative equity homeowners are more likely to have above market interest rates than other homeowners. Twenty-two million borrowers (45 percent of the total) have LTVs above 80 percent and 69 percent of them have mortgages with above-market interest rates compared to 54 percent of homeowners with less than 80 percent LTV. While above-market interest rates make refinancing at today's historically low rates a cost-effective step for qualified homeowners, it can be more difficult for borrowers with above-average LTV ratios to qualify for refinancing.
Conventional loans account for 8.6 million of the negative equity loans. These have an average outstanding balance of $272,000 and have an average negative equity of $70,000. The 1.5 million negative equity FHA loans have an average balance of $170,000 and negative equity of $26,000. CoreLogic estimates that 1.6 million properties valued at an aggregate negative equity of $105,000 are housed in bank portfolios.
Nevada has the highest negative equity percentage with 58 percent of all of its mortgaged properties underwater, followed by Arizona (47 percent), Florida (44 percent), Michigan (35 percent) and Georgia (30 percent). This is the first quarter that Georgia entered the top five, surpassing California which had been in the top five since tracking began in 2009. These five state combined have an average negative equity ratio of 41.4 percent, while the remaining states have a combined average negative equity ratio of 17.6 percent.
CoreLogic based its analysis on its data base of 48 million properties with a mortgage which includes over 85 percent of all mortgages in the country. Current home values are derived from CoreLogic Automated Valuation Models for residential properties.
...(read more)
Source: http://www.mortgagenewsdaily.com/11292011_corelogic_negative_equity.asp
Home Sales Outlook Housing Starts President Obama Hope for home owners
Weekly Real Estate Roundup ? 11/19/11
Source: http://www.zillow.com/blog/2011-11-19/weekly-real-estate-roundup-111911/
The Gang of Six (Five. . . .) and the Budget Fix
By now you have probably hear that the "Gang of Six" senators -- three Democrats and Republicans -- who are trying to strike a grand budget bargain is getting smaller. A spokesman says Sen. Tom Coburn, (R) OK, decided to "take a break" from the Gang yesterday. Others say he left after a shouting match over the deeper cuts he proposed in Medicare.
Budget wonks everywhere were counting on the select six to pull a grand bargain out of their talks. What happened?
In my experience, gangs don't do well in the Senate and for a few good reasons:
- 1) They wear the wrong tattoos. Street gangs make sure you know who's friend and who is foe. Party ties are the only real gang tattoos that matter in the Senate.
- 2) The task is always hard. Independent, bipartisan "gang" agreements are not easy to reach on tough issues.
- 3) The gangs are trying to usurp the legislative process and that creates tension with the real gang leaders who can actually cut deals.
- 4) Gangs are often used for cover -- to show bipartisan leanings, without actually acting on them.
Of all these, the key reason the Gang of Six failed is #3. When it comes time to declare whether you are "in or out," senators go with the biggest gang there is -- their party.
Source: http://www.pbs.org/nbr/blog/2011/05/the_gang_of_six_five_and_the_b.html
Rent Some Elegant Views With Oprah?s Apartment
Source: http://www.zillow.com/blog/2011-11-18/rent-some-elegant-views-with-oprahs-apartment/
Housing Starts President Obama Hope for home owners Fannie Mae
Vice President Biden Attends Summit to Champion Entrepreneurial Spirit Around the World
Vice President Joe Biden addresses the second Global Entrepreneurship Summit at the convention center in Istanbul, Turkey, December 3, 2011.
Earlier today in Istanbul, Vice President Biden addressed the second Global Entrepreneurship Summit, convened by Prime Minister Recep Tayyip Erdogan. The Vice President is leading the U.S. delegation to the summit, which follows the 2010 Presidential Summit on Entrepreneurship hosted by President Obama in Washington, D.C.
This year’s summit comes at a critical moment in the Middle East and North Africa as millions have risked their lives for political freedom and economic opportunity.
"Democratic revolutions like the ones in Tunisia, Egypt and Libya -- and the ones still unfolding in Syria and Yemen --are imbued, literally imbued with entrepreneurial spirit, a spirit that requires risk and initiative, steadfast determination, and a unifying idea," said Vice President Biden. "They aim to do more than merely change the government which is in power, but also to end practices like authoritarianism, corruption, the stifling of free expression -- practices that make political and economic freedom impossible."
The Vice President also highlighted how entrepreneurs are a driving force for job creation and economic growth in the United States.
"Once, the wealth of a nation was primarily measured by the abundance of its natural resources, the expanse of its landmass, the size of its population and the power of its armies," the Vice President said. "Today, the true wealth of a nation is found in the creative minds of its people and their freedom and ability to bring those ideas to life -- to develop not only new products, but the technologies that will create entirely new industries, entire new markets, entire new opportunities."
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Violence Flares as Damascus 'Positive' Towards Observers
30-Year Fixed Rate Stays Below 4 Percent for Fifth Week in a Row
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/
Housing Starts President Obama Hope for home owners Fannie Mae
Improving the Quality and Effectiveness of International Development Aid
This week more than 2,000 government, civil society and private sector leaders have gathered in Busan, South Korea with one goal: to improve the quality and effectiveness of development aid.
The setting is especially significant; 50 years ago, South Korea was largely a country of peasant farmers. It was poorer than North Korea and than two-thirds of the countries in sub-Saharan Africa and its people barely lived past the age of 54.
Today, South Korea is a high-tech hub, an emerging donor and its people have some of the longest life expectancies in the world. South Korea also happens to be the seventh largest market for American goods; we sell more to the South Koreans than we do to the French. The free trade agreement President Obama recently signed with South Korea means we’ll be selling even more to Seoul in the future, leading to high-paying American jobs.
South Korea’s economic miracle—from one of the poorest countries in the world to one of the most advanced —serves as a powerful example of how effective foreign assistance can be, if delivered well and used wisely to catalyze growth. With a focus on transparency, mutual accountability, strong private sector engagement and meaningful results, development assistance can help developing countries thrive.
President Obama, Secretary Clinton, CEO Yohannes, and I have worked hard to reform the way America delivers assistance abroad. As part of our nation’s first ever Presidential Policy Directive on Global Development, we’ve made our assistance more transparent, accountable and effective.
Celebrity Foreclosures Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams
Property Managers and Landlords: Buckle Down for Year-End
Source: http://www.zillow.com/blog/2011-11-22/property-managers-and-landlords-buckle-down-for-year-end/
Household Moving House Plans Home Warranties Commercial & Investment
Two MLSs hit with civil suits after FTC actions
Record number of homes in foreclosure
Source: http://feedproxy.google.com/~r/inmannews/~3/RtMYbrThjw0/record-number-homes-in-foreclosure
House of the Week: ?Floating? Glass Home in Laguna Beach
Source: http://www.zillow.com/blog/2011-12-02/house-of-the-week-floating-glass-home-in-laguna-beach/
Vacation Properties Loans and Mortgages Household Moving House Plans
Back to Basics: Saved Search Emails
Source: http://www.zillow.com/blog/2011-11-21/back-to-basics-saved-search-emails/
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/
March of Progress: White House Tribal Nations Conference
Today, the White House hosted the Tribal Nations Conference at the Interior Department. The conference continued the meaningful government-to-government dialogue that has made the march of progress happening in Indian Country possible. During his remarks today, President Obama again reiterated his deep commitment to making government work better to fulfill our trust management duties, support tribal self-determination and empower American Indian and Alaska Natives to unlock the economic potential of Indian communities.
This is a promise shared throughout the Obama administration, and today’s conference was a great manifestation of the progress we’ve made – bringing together several members of the President’s cabinet, key federal officials from across the administration as well as the White House, and leaders from more than 565 federally-recognized tribes.
This morning I had the pleasure of announcing the promising results of a pilot program to reduce the high incidence of violent crime on four Indian reservations. The Safe Indian Communities initiative, a two-year program that included targeted community policing, achieved a 35 percent overall decrease in violent crime across the four communities.
We know that safer Indian communities mean stronger Indian communities. The positive results from the pilot program are extremely encouraging and far surpassed our goals. We are committed to building on that progress and will be expanding the Safe Indian Communities initiative to other reservations that are experiencing high levels of violent crime.
And throughout the week, I was proud to announce several other initiatives - developed in consultation with tribal leaders - that strengthen consultations, restore greater control to individual American Indians and Alaska Natives and tribes over their lands, reform trust asset management and resolve water rights disputes:
- The comprehensive and transparent consultation policy will provide a strong, meaningful role for tribal governments at all stages of federal decision-making on Indian policy. The draft policy embodies the best consultation practices and most innovative methods available, contains detailed accountability requirements for Interior managers, responds to the needs of tribal leaders to be more engaged in policy development and promotes more responsible decision-making on issues affecting Indian Country.
- The sweeping reform of antiquated, “one-size-fits-all” federal leasing regulations for the 56 million surface acres the federal government holds in trust for tribes and individual Indians will provide landowners certainty and flexibility on the use of their land. The revised regulations, the most comprehensive reform of Indian land leasing rules in more than 50 years, will streamline the approval process for home ownership, expedite business leases and spur renewable energy development in Indian Country.
- The Secretarial Commission on Indian Trust Administration and Reform was activated by naming five prominent tribal leaders to this national commission to undertake a forward-looking, comprehensive evaluation of how Interior manages nearly $4 billion in American Indian trust funds. The goal is to make the trust administration system more transparent, responsive, customer-friendly and accountable.
- The release of $21 million under the Soboba of Luiseño Indians Settlement Act marks the final step in an historic water rights settlement and fulfills promises made to the Soboba Band and southern California communities when Congress approved the Act in 2008. The settlement will stabilize water supplies in the San Jacinto River Basin and enhance economic development opportunities for the Soboba Band and its neighbors.
These initiatives build on other Administration achievements during the past three years, including the historic $3.4 billion Cobell Settlement that addresses long-standing injustices; $1 billion in settlements to meet the critical water needs of Native American communities; the Tribal Law and Order Act, which allowed federal agencies to accelerate their focus on safe tribal communities; and acquiring more than 157,000 acres of land in trust on behalf of tribal nations.
Over the last three years we have made tremendous progress in Indian Country. A lot of that progress is possible because the ideas that tribal leadership has shared at these conferences. But we know we haven’t solved all of our problems and there is much work to be done. But I am confident with your help there isn’t anything we cannot achieve. As the President said today, this Administration has your back.
Source: http://www.whitehouse.gov/blog/2011/12/02/march-progress-white-house-tribal-nations-conference
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.
Sunday, December 4, 2011
The Best of our Blogs: Oct 24-28 2011
The good, the bad and the ugly on [...]
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Trulia adds CFO, general counsel
Source: http://feedproxy.google.com/~r/inmannews/~3/w6kZjW19X68/trulia-adds-cfo-general-counsel
Household Moving House Plans Home Warranties Commercial & Investment
RE BarCamp South Florida 2011
Here is the scene this morning from RE BarCamp South Florida 2011, which is an all-day workshop held at The Boca Beach Club (Penthouse 2), a luxurious oceanfront location in Boca Raton, Florida. What’s RE BarCamp, exactly? REBarCampSouthFL.com explains it best: “Essentially it?s a day full of technology-driven break out sessions led by other REALTORS� [...]Source: http://blog.foreclosure.com/2011/10/re-barcamp-south-florida-2011/
Basements Aren?t Much More Costly to Build Than Crawl Spaces
Source: http://www.zillow.com/blog/2011-11-28/basements-arent-much-more-costly-to-build-than-crawl-spaces/
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
Edina Syndication Decision: Bad for Agents, Bad for Consumers
While Trulia respects Edina’s decision to remove their listings from our site, we don’t believe this decision helps agents working for Edina, sellers who are listing their homes with Edina or buyers searching for [...]
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Household Moving House Plans Home Warranties Commercial & Investment
The Gang of Six (Five. . . .) and the Budget Fix
By now you have probably hear that the "Gang of Six" senators -- three Democrats and Republicans -- who are trying to strike a grand budget bargain is getting smaller. A spokesman says Sen. Tom Coburn, (R) OK, decided to "take a break" from the Gang yesterday. Others say he left after a shouting match over the deeper cuts he proposed in Medicare.
Budget wonks everywhere were counting on the select six to pull a grand bargain out of their talks. What happened?
In my experience, gangs don't do well in the Senate and for a few good reasons:
- 1) They wear the wrong tattoos. Street gangs make sure you know who's friend and who is foe. Party ties are the only real gang tattoos that matter in the Senate.
- 2) The task is always hard. Independent, bipartisan "gang" agreements are not easy to reach on tough issues.
- 3) The gangs are trying to usurp the legislative process and that creates tension with the real gang leaders who can actually cut deals.
- 4) Gangs are often used for cover -- to show bipartisan leanings, without actually acting on them.
Of all these, the key reason the Gang of Six failed is #3. When it comes time to declare whether you are "in or out," senators go with the biggest gang there is -- their party.
Source: http://www.pbs.org/nbr/blog/2011/05/the_gang_of_six_five_and_the_b.html
Freddie Mac Mortgage Crisis Real Estate Agents Housing Market
New Homes Sales up Slightly, Inventory Down
New homes sales in October rose to a seasonally adjusted annual rate of 307,000 according to data released today by the Census Bureau and the Department of Housing and Urban Development. This is a 1.3 percent increase from the downwardly revised estimate for September sales of 303,000 and 8.9 percent above the 282,000 pace of new home sales in October 2010. An estimated 25,000 new homes sold during the month.
Sales surged in the Midwest, up 22.2 percent month-over-month and 37.5 percent from one year earlier. The annual rate in the Midwest in October was 55,000. The West also performed well with a 14.9 percent increase over the September rate and 54.0 percent improvement since October 2010. Sales during the period were at a 77,000 annual rate. The rate of sales was unchanged from September in the Northeast at 22,000, a figure that was 26.7 percent below that of one year earlier while the South's rate of 153,000 was down 9.5 percent month-over-month and 5.6 percent year over year.
There were 162,000 homes for sale at the end of the October, identical to the number available at the end of September, an inventory of 6.3 months at the current pace of sales. An estimated 200,000 new homes were for sale one year earlier, an 8.5 months supply. Of the 162,000 available homes, construction has not yet begun on 28,000, 74,000 are under construction, and 60,000 are completed. Homes that sold during October were on the market a median of 7.4 month compared to 8.0 months in September and 8.1 months in October 2010.
The median sales price of new homes in October was $212,300 and the average was $242,300. In October 2010 the median price was $204,200 and the average was $254,400.
In a statement this morning the National Association of Home Builders (NAHB) called the October report "the best pace of new-home sales activity since this May." Bob Nielsen, NAHB chairman said, "Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions. While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."
...(read more)
Source: http://www.mortgagenewsdaily.com/11282011_new_home_sales.asp
Commercial & Investment Homes Foreclosures Home Sales Outlook
DeMarco asked for Proof of Authority for Loan Decisions
Sixteen House Democrats have asked the Federal Housing Finance Agency to justify its position on reducing principal on loans owned by Freddie Mac and Fannie Mae. Elijah Cummings (D-MD), ranking member of the House Committee on Oversight and Government Reform and the 16 Democratic members of the committee sent a letter to FHFA Acting Director Edward DeMarco Wednesday seeking documents he promised the Committee regarding his analysis of programs to reduce mortgage principle.
DeMarco allegedly told members of the Committee at a hearing on November 16 "We have been through the analytics of the underwater borrowers at Fannie and Freddie, and looked at the foreclosure alternative programs that are available, and we have concluded that the use of principal reduction within the context of a loan modification is not going to be the least-cost approach for the taxpayer." When a committee member pointed out that several banks are already implementing principal reduction programs in an attempt to help delinquent or underwater homeowners and citing specific examples, DeMarco said "I believe that the decisions that we've made with regard to principal forgiveness are consistent with our statutory mandate." DeMarco then committed to providing documentation of that statutory authority to the Committee.
In a letter sent to DeMarco on Wednesday, the Cummings essentially reminded DeMarco of his agreement to provide the Committee with "(1) the specific statutory provision you believe prohibits the Federal Housing Finance Agency (FHFA) from allowing Fannie Mae and Freddie Mac to reduce mortgage principal in all cases; and (2) the analysis you conducted, including the data you examined, demonstrating that principal reduction never serves the long-term interests of the taxpayer when compared to foreclosure." DeMarco was asked to provide the information no later than December 9.
The letter cites specific instance of bank programs providing principal reduction. One program at Ocwen allows a servicer to reduce a loan to 95% of a home's fair market value, forgiving the excess principal over three years as long as the homeowner remains current on mortgage payments. When the home is sold or refinanced Ocwen receives a 25 percent share of any appreciated value. Wells Fargo has reportedly reduced the balances of 73,000 mortgages by an average of $51,000. Other banks cited as having principal reduction programs are JP Morgan Chase, Ally Financial and Bank of America.
Cummings said of the Committee members' request, "For too long now we have heard superficial excuses about why principal reduction programs are not feasible at Fannie Mae and Freddie Mac, despite a growing chorus of economists and other experts who believe these programs serve the long-term interests of taxpayers. Even though commercial banks have implemented their own principal reduction programs, FHFA stubbornly continues to favor massive waves of foreclosures. It's high time to see the actual data and analyses behind this policy, and to work towards new approaches that finally put American homeowners and our nation's economy first."
...(read more)
Source: http://www.mortgagenewsdaily.com/11302011_fhfa_administration.asp