The California Department of Real Estate (DRE) said that it revoked a record number of real estate licenses over the past year – a total of 633, for a 10 percent increase over the previous year. For its fiscal year ended June 30, DRE also said that it suspended another 163 real estate licenses and… CONTINUE
The FTC 8
The Federal Trade Commission has banned eight mortgage relief and foreclosure prevention marketers from plying their trade and fined them over $23 million for deceptive advertising. The eight individuals involved in three companies – two of them in California — have also been ordered to return over $30 million in fees to fleeced consumers. The… CONTINUE
Foreclosure Worse Than Death
Foreclosure is worse than death – at least when it comes to home values, according to a new MIT study. The study done by an MIT economist and researchers from Harvard says that foreclosures reduce home values by an average of 27 percent. Comparatively, a home sold because of an owner’s death only reduces the… CONTINUE
Reasons for No Recovery Yet
Glimmers of hope for the housing market battle daily with predictions of a double dip. So why hasn’t the housing market recovered yet, four years after the bubble burst? U.S. News & World Report listed these six reasons in this week’s issue: 1. Unemployment. Job growth is key to housing recovery and with the national… CONTINUE
Real Estate Psychology
Recently, an article in Smart Money talked about the psychology of real estate and how large a role it plays in buyers’ home purchase decisions. Among the findings: Attractive real estate agents sell more. A study at Old Dominion University showed that men tend to pay more for a home if it’s being sold by… CONTINUE
Hey Fannie, Is That a Suggestion or a Requirement?
Complaints from lenders about a new Fannie Mae policy that requires lenders to secure a borrower’s “refreshed” credit report just prior to a home purchase has resulted in the lending giant pulling the new rule from its website. According to a Washington Post report, Fannie Mae introduced a new policy this summer that “encourages” lenders… CONTINUE
Bank Repossessions to Hit 1 Million in 2010
RealtyTrac reports that with 528,000 foreclosures in the first half of 2010, it is likely that more than one million American homeowners will lose their homes to foreclosure by the end of the year. If true, that number will be 10 percent above the number of foreclosures in 2009, a number that a RealtyTrac executive… CONTINUE
Architects Say CRE Construction Stalled Until 2012
Architecture trade group the American Institute of Architects said in a press release issued on July 14 that commercial real estate construction is expected to decrease by more than 20 percent this year and will only see a marginal increase of just over three percent in 2011. The AIA says that, even with modest improvements… CONTINUE
Who’s Winning the Short Sale Service Race?
Deutsche Bank has issued a report ranking U.S. mortgage servicers on the speed of completing short sales transactions. For prime lenders, the winner is GMAC, with an average transaction time of six months. CitiMortgage was in second place at 7.5 months. Countrywide, now owned by BofA, sucks wind in the prime category, coming in last… CONTINUE
Moody’s Says U.S. CRE Values Up
For the first time in three months, U.S. commercial real estate property values rose in April, according to Moody’s Investors Service. The Moody’s/REAL Commercial Property Price Index rose 1.7% from March; however, prices declined 16% from April of 2009 and are down 41% from the Index’s October 2007 high. From a Bloomberg report: Economic growth… CONTINUE
What’s Next? Poodle Skirts and Duck Tails?
Mortgage rates are now the lowest they have been since the 1950s. Unfortunately, the low rates also come at a time when unemployment is high and credit scores are low. The average rate for a 30-year fixed loan fell to 4.69 percent last week; rates for 15- and 5-year mortgages also hit record lows. Realtors… CONTINUE
Treasury Approves CA Plan to Help Homeowners
Last week the Treasury Department approved proposals from California, Arizona, Florida, Nevada and Michigan to help distressed lenders who don’t qualify for mortgage modifications and released $1.5 billion in funds to those states of the $2.1 billion set aside by the Obama administration earlier this year. The California Housing Finance Agency got $700 million for… CONTINUE
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