Real Estate & Mortgage

Real Estate Settlement Procedures Act (RESPA) & REOs

From CALIFORNIA ASSOCIATION OF REALTORS REO LENDER CANNOT REQUIRE BUYER TO PURCHASE TITLE INSURANCE FROM ANY PARTICULAR COMPANY No seller can require that the buyer purchase title insurance from any particular title insurance company. This rule pertains to transactions involving a federally-related mortgage loan for one-to-four residential units as defined under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. section 2608). Although this is a well-established rule under RESPA, it bears repeating given the recent upsurge in REO transactions. REO transactions are not exempt from RESPA requirements. If an REO lender chooses the title insurance company, as is often the case, it cannot require directly or indirectly, as a condition to selling the property, that the buyer purchase the title insurance policy. An REO lender that violates this RESPA requirement can be, among other things, held liable to the buyer in the amount equal to three times all charges made for such title insurance. Moreover, anyone who believes that RESPA has been violated may file a complaint (and may request confidentiality) to the U.S. Department of Housing and Urban Development (HUD). For more information about filing a RESPA complaint, go to http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HE2 .

Housing Rebounding

SmartMoney magazine says are in line for a rebound:
Seattle
Raleigh
Des Moines
Philadelphia
Denver, Colorado
Birmingham, Ala.
Salt Lake City

The Boom then gloom markets as they call it: Las Vegas, Miami and Phoenix.California, Arizona, Nevada and Florida. The article states that when you take these states out of the picture things get much more rosier.

According to PMI’s “risk index,” which estimates the odds of prices falling in a given market, at least 65 percent of the nation’s 386 metro areas have less than a 10 percent chance of seeing lower prices two years from now. What’s more, the government’s sweeping bailout of the financial sector could boost the housing market by making borrowing easier for buyers.

25 metropolitan areas that look particularly promising, and there are more than a few surprises.
Seattle

Thanks to Microsoft, Amazon.com and Boeing, unemployment remains under 4 percent. That, in turn, has kept median sales prices from falling far. Only 11.5 percent of local homeowners who bought within the past five years have negative equity on their property, well below the national average of 29%, according to Zillow.

Among Seattle’s neighborhoods and suburbs, yesteryear’s star performers—affluent areas like the Victorian-studded Queen Anne district or Redmond, home of Microsoft—are beginning to slide back a bit. The most resilient part of the region lies across the Duwamish River from downtown, in West Seattle. The small community is directly accessible by only one bridge. That can lead to traffic snarls, but many residents simply bike 20 minutes to jobs downtown. On weekends the relative seclusion means the 2.5-mile Alki Beach promenade along Elliott Bay doesn’t get too crowded. As long as people like great views of water, mountains and city skylines, “those homes will always maintain their value,” says local broker Febe Cude. Dave and Alison Keith recently sold their two-bedroom townhome in West Seattle for $289,000, up more than 25 percent from their purchase price four years ago. They plowed that windfall into a home in the same neighborhood with twice the living space and a fenced-in yard, for $429,000. “You’re always nervous, but I feel like things are holding up well here,” Alison says.

Des Moines

Top Ten Cities

Kevin Stolarick, research director at the Martin Prosperity Institute, a think tank that studies economic prosperity, worked with the Kiplingers Magazine to make the top 10 city selections. "Our formula highlights cities not just with strong past performance, but also with all the ingredients for future success," he says.

Here are the cities selected:

1. Houston
2. Raleigh, North Carolina
3. Omaha, Neb.
4. Boise, Idaho
5. Colorado Springs, Colorado
6. Austin, Texas
7. Fayetteville, Ark.
8. Sacramento, Calif.
9. Des Moines, Iowa
10. Provo, Utah

Zillow opens up new mortgage biz

Zillow.com is an online real estate community where homeowners, buyers, sellers, real estate agents and mortgage professionals find and share vital information about homes, for free.  Zillow's goal is to help people become smarter about real estate in every stage of the home ownership process -- buying, selling, remodeling and financing. The company is headquartered in Seattle and has raised $87 million in funding. Zillow.com, Zillow, Zestimate and Zindex are registered trademarks of Zillow, Inc.

"What most people don't realize is the type and terms of a loan are often more significant than the actual purchase price as these factors can dramatically affect the affordability of a home," said Spencer Rascoff, Zillow chief financial officer. "Financing a home is one of the largest investments most people will make in a lifetime yet people typically put more time into buying a car and as much time into researching a single vacation than they do a home loan. Despite this clear imbalance of effort, we're encouraged that borrowers, on average, say they plan to secure more quotes on the loan they plan on obtaining or refinancing within the next year, which we think signals a desire for greater options and information to help alleviate the primary concerns of borrowers."

EMpty Nestors Realty

Broker Coldwell Banker has conducted an online survey of 150 of its agents across the nation in an attempt to discover shopping habits of a certain home owner class.
• 66% saw an increase in home purchases from empty nesters over the last three years.
• 52% say “desire to downsize” is empty nesters’ key reason for a move.
• 50% say empty nesters look for single-family homes; 49% seek condos or townhouses.
• 18% say empty nesters move to be near children or grandchildren.
• 54% say empty nesters view their home as a home; 3% view it primarily as an investment.

Fastest Growing States

Nevada is tops again with its population increasing by 2.9 percent to 2.6 million through July 2007.

Nevada had held that title for 19 years in a row before being dethroned by Arizona last year. Arizona is the second-fastest-growing stat,e according to the current estimate, with a population increase of 2.8 percent to 6.3 million, according to the U.S. Census Bureau’s annual estimate of state population changes.

Florida saw the sharpest fall off in population growth. Florida grew 1.07 percent, only slightly faster than the U.S. growth rate of 0.96 percent and the slowest growth rate in the state since 1990, making it the 19^th fastest-growing state.

The only two states in the country to lose population were Michigan and Rhode Island. Michigan lost 30,500 residents, a 0.3 percent decline.

The 10 fastest-growing states in order are:

1. Nevada
2. Arizona
3. Utah
4. Idaho
5. Georgia
6. North Carolina
7. Texas
8. Colorado
9. Wyoming
10. South Carolina

Florida real estate comeback

Florida economists are predicting that the state’s housing market will bottom out in the second quarter of 2008 and that the state will avoid a recession.

interest rates

Stocks soared Wednesday after Federal Reserve Vice Chairman Donald Kohn said the Fed must be "nimble" in responding to turmoil in financial markets to preserve access to loans for consumers and businesses.

Investors interpreted Kohn's comments as a sign that the Federal Reserve will cut short-term interest rates when it meets on Dec. 11, although Kohn said the views he expressed were his own.

The new Oodle

SAN MATEO, Calif., Nov. 19, 2007 – Oodle (http://www.oodle.com/) today announced the launch of Oodle 2.0, a whole new way to shop classifieds. With a new suite of tools and a complete site redesign, Oodle radically improves the way consumers use classifieds.

“Most people have a love-hate relationship with classifieds,” said Craig Donato, CEO of Oodle. “They can find great deals but it’s incredibly frustrating and time-consuming.  Oodle not only gives users access to millions of local listings, it now provides the tools they need to quickly discover great deals.”

The Rich People

Median household income, 2006 inflation-adjusted dollars

1. $100,318 Fairfax County, Va.

2. $99,371 Loudoun County, Va.

3. $94,260 Howard County, Md.

4. $93,297 Hunterdon County, N.J.

5. $92,125 Douglas County, Colo.

6. $91,688 Somerset County, N.J.

7. $89,587 Morris County, N.J.

8. $87,624 Montgomery County, Md.

9. $87,350 Arlington County, Va.

10. $85,994 Nassau County, N.Y.

11. $85,014 Stafford County, Va.

12. $84,891 Calvert County, Md.

13. $83,682 Forsyth County, Ga.

14. $81,907 Putnam County, N.Y.

15. $81,761 Marin County, Calif.

16. $81,449 Williamson County, Tenn.

17. $80, 838 Santa Clara County, Calif.

18. $80,783 Prince William County, Va.

19. $80,449 Alexandria city, Va.

20. $80,179 Charles County, Md.

21. $79,969 Fayette County, Ga.

22. $79,262 Scott County, Minn.

23. $79,173 Delaware County, Ohio

24. $79,160 Anne Arundel County, Md.

25. $78,488 Sussex County, N.J.

Source: U.S. Census Bureau

Best places for jobs

Top Jobs because of Real Estate?

San Jose moved from 91 to 14 in 2006. San Francisco is down from 86 to 31. Washington DC actually fell from 5 to 32. Raleigh  remained among the five best in the job growth category.  Phoenix reigned at No. 1, largely because of housing development. Given the recent housing bust, it will most certainly be dethroned in that category. The same goes for Florida-Orlando, Sarasota, Tampa and Fort Lauderdale is predicted to go down for 2007 becasue of real estate.

The List:

1. Salt Lake City
2. Raleigh NC
3. Phoenix
4. Jacksonville
5. Orlando
6. Tulsa
7. Austin
8. Albuquerque, N.M
9. Wichita, Kan
10. Oklahoma City

Mortgage MArket:What Me Worry?

The majority of mortgage products have been unaffected by troubles in the subprime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according Kenneth R. Harney, managing director of the National Real Estate Development Center and syndicated columnist.

Short Sale Relief

The House Ways and Means Committee voted to change a rule that forces upside down homeowners to tax on forgiven (usually in the form of short sales)  or foreclosed upon.

The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement relieves the borrower of the obligation to pay some portion of his or her debt. If the property is sold at foreclosure or is sold for less than the amount borrowed, that difference is considered income and is subject to the tax.

Sarasota Luxury Condos For Sale

Looking for luxury Sarasota condos for sale  or waterfront condominiums in downtown Sarasota, Longboat Key or Lido Key, Florida? Condominiums in Sarasota nd Bradenton offer preconstruction opportunities, new condos and pre-owned. From  luxury Townhomes to Condo Towers, Sarasota has a variety ogf homes to chose from and a range of condominium options for those who prefer maintenance-free living Compare pictures, virtual tours, prices and amenities before you visit.

Prices Keep Going Up While Demand Down

Treasury price losses lightened Wednesday morning, after the National Association of Realtors reported the weakest existing home sales in almost five years for June, indicating that the housing market slumping may not have stabilized. Typically, weak housing data is good for the Treasury

The existing home sales in the US fell even faster than expected in June, although median existing home prices rose from the prior year for the first time in nearly a year, according to the National Association of Realtors.

A rep from NAR said that the overall decrease in existing home sales is likely caused by rising mortgage rates. 'Mortgage interest rates have risen recently, and tightening lending standards are continuing to hamper sales, but fewer risky loans will put the market on a healthier path,' he said.

Longest Trip To Work?

What is the Longest Trip to Work? Money Magazine says:

1 Discovery Bay, CA 46.9
2 Vashon, WA 46.4
3 Oakley, CA 46.3
4 San Diego Country Estates, CA 44.5
5 Camano, WA 42.3
6 Marlton, MD 42.1
7 Brentwood, CA 42.0
7 Marlboro, NJ 42.0
9 Morganville, NJ 41.3
10 Aquia Harbour, VA 41.3
11 Scarsdale, NY 41.0
12 Bainbridge Island, WA 40.3
13 Bennsville, MD 39.8
14 Palmdale, CA 39.6
15 Montclair, VA 39.6
16 Rosaryville, MD 39.4
17 Middleburg, FL 39.2
18 Greater Upper Marlboro, MD 38.9
19 Accokeek, MD 38.8
20 Greenville, NY 38.5
21 Clinton, MD 38.4
22 New River, AZ 38.0
22 Friendly, MD 38.0
22 West Milford, NJ 38.0
25 Dale City, VA 37.7

NAR Promises A Bright Future

NAR - NATIONAL ASSOCIATION OF REALTORS® says home prices will recover in 2008 as the for sale properties dwindle in volume, thus causing supply and demand to even out.

“Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” says Lawrence Yun, NAR senior economist. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”

NAR says existing-home sales will begin picking up late this year, rising to a total of 6.11 million for 2007 and 6.37 million in 2008. Those numbers are both lower than last year's 6.48 million.

Meanwhile, new-home sales are projected to reach 865,000 in 2007 and rise to 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.8 million last year. 

Have You Seen The Prices in that City?

The most expensive cities in the world are.....

According to Mercers most of the expensive cities are outside of the U.S.

Top 15 Most Expensive Cities in the World

1. Moscow, Russia
2. London, United kingdom
3. Seoul, South Korea
4. Tokyo, Japan
5. Hong Kong, Hong Kong
6. Copenhagen, Denmark
7. Geneva, Switzerland
8. Osaka, Japan
9. Zurich, Switzerland
10. Oslo, Norway
11. Milan, Italy
12. St. Petersburg, Russia
13. Paris, France
14. Singapore, Singapore
15. New York City, U.S.

42nd was Los Angeles

Best Cities for driving?

Drive rush hour traffic on the LA 405 and 10 interchange and you have a recipe for ill will.

More than 2,500 drivers who regularly commute in 25 major metropolitan areas were asked to rate road rage and rude driving in telephone surveys between January and March. The survey was conducted by Prince Market Research has a margin of error of plus or minus 2 percentage points.

The list, ranked from those reporting the most incidents of road rage to the fewest:

1. Miami

2. New York

3. Boston

4. Los Angeles

5. Washington, D.C.

6. Phoenix

7. Chicago

8. Sacramento, Calif.

9. Philadelphia

10. San Francisco

11. Houston

12. Atlanta

13. Detroit

14. Minneapolis-St. Paul

15. Baltimore

16. Tampa, Fla.

17. San Diego

18. Cincinnati

19. Cleveland

20. Denver

21. Dallas-Ft. Worth

22. St. Louis

23. Seattle-Tacoma

24. Pittsburgh

25. Portland, Ore.

Construction Up

Construction of new homes rose for a 2nd month in March, making some people more optimisitc of the housing markets future.

Commerce Department said Tuesday that builders started work on 1.518 million new homes at a seasonally adjusted annual rate in March, an increase of 0.8%. In February, housing construction had risen by 7.6%.

That gain was viewed as possibly signaling that the worst of the severe slump in housing may be coming to and end.

Meanwhile, housing completions were off 25.9% in March from a year ago at a 1.632 million unit pace — the biggest percentage decline since June 1982.Giving the doom and gloomer bubblists that it aint over yet.

Wartertown Real Estate

Check out Watertown Real Estate. This little City is rich in ethnic diversity, economic and educational backgrounds along with differing cultures and many amenities such as shopping malls, swimming pools, golf and tennis clubs, skating rinks, athletic clubs, eleven fine parks and public transportation providing easy access to Boston and surrounding communities.

Las Vegas High Rise Condos

Take a look at the new high-rise condos that are being builtand enriching Las Vegas real estate market These are extraordinary luxury condominiums that have views of the entire strip.  The complexes are like cities of their own.

I think what the developers did was take look at the market place and saw the people from around the world  that will come to Vegas and spend thousands upon thousands for accommodations for a week in one of the luxury hotels. Now with the amenities these condominiums offer, the patrons can have their own condo to stay when they are in town.

Whose making the big bucks?

Whose making the big bucks? It would be great if by buying a home there meant you made the big bucks. But, in fact you probably have to earn this income in order to own a home there.

Greenwich, CT - $112,493
Cupertino, CA - $110,518
San Ramon, CA - $109,500
Bethesda, MD - $109,417
Lower Mound, TX - $104,921 Named by Money as one the best place to retire also.
Burke, VA - $104,770
West Bloomfield Township, MI - $102,619
Palo Alto, CA - $101,584-Right down the road from Cupertino
Pleasanton, CA - $101,443
Yorba Linda, CA - $100,465 Home to the Nixon Library

(Source U.S. Census data, Onboard projection/aggregation)

Great Bosten Real Estate

Here are Two beautiful featured property in the Greater  Boston area are:

Single Family  Home for sale in  Pepperell, MA  01463
There is a lovely four bedroom and two bath home with a huge fireplaced family room. All rooms are with pine classic flooring. There also includes a barn on this beautiful 1.84 acre lot.
Priced at $399,900

Natick, MA  Real Estate 
Wonderful bright and sunny 2 year old Colonial featuring a formal Living Room  and Dining Room with crown moldings. There is a fireplace in the front room which has vaulted ceilings and a skylight. Sliders to a rear patio. Large eat in  Kitchen with a breakfast area. Cherry cab and granite counters. Mud area leading to an oversized 2 car attchd garage. There are 4 bedrooms  on the 2nd level including a master with "2" walk in closets, Master bath with Jacuzzi and a tiled shower. Laundry on the 2nd floor along with a full walk up attic. Make up this 2,968 sq. ft. home. Great spacious side yard.
$734,900

Buy Texas Real Estate at a Discount

There is  a Katy Texas Realtor who offers a rebate . When a new home is sold in Texas, the realtor who represents the buyer typically makes a commission of 3% of the sales price of the home. Texas Homes 2 Percent Rebate simply rebates the buyer 2% of the commission. This rebate comes from the agent's commission. The commission does not interfere in any way with any incentives the builder is offering the buyer. It is simply money that would stay in the builder’s pocket if you weren't using a Realtor.