Real Estate Bloggers Looking for the Best Real Estate blogs around? Wether you're looking for homestaging advices, real estate agents, fsbo support, you're at the right place. Statistics Unique Visitors: Total Unique Visitors: Outgoing: Total Outgoing: 3 0 50 4111

Articles from Real Estate Bloggers

S&P to Downgrade Coming to Alt-A Mortgage Backed Securities 2007-11-09 13:48:23 Market Watch is reporting tonight that Standard & Poors is considering downgrades to 484 mortgage backed securities made up of primarily Alt-A mortgage loans.  Alt-A mortgages have credit characteristics slightly lower than prime mortgages but are often underwritten with no income documentation and with exotic terms such as negative amortization and interest only features.  They were a popular avenue for investment property financing as  well. From Market Watch: Standard & Poor’s said on Friday that it may cut ratings on 484 classes of residential mortgage securities backed by so-called Alt-A home loans. The influential agency also warned that it could downgrade ratings on 63 classes of net interest margin securities, a type of derivative that’s tied to the Alt-A backed securities in question. “These actions reflect a persistent rise in the level of delinquencies among the Alt-A mortgage loans supporting these transactions,” S&P said in a statemen ... Amp

$1 Billion in a Month? Wachovia Loan Loses Pile Up 2007-11-09 09:10:16 Wachovia reported more than $1 billion loss in October alone, as loan-related losses hit the bottom line of the nationwide bank. That October loss comes on the top of $1.3 billion loss taken by Wachovia in the 3rd quarter. These losses are in line with most analyst estimates that the 4th quarter is going to be far worse in terms of losses than the brutal 3rd quarter was for those companies with exposure to the mortgage markets. Due to the October market deterioration, Wachovia’s asset-backed collateralized debt obligations, or CDOs, experienced further declines in value in October 2007 by an amount it currently estimates to be approximately $1.1 billion pre-tax, the filing said. In the third quarter, market losses totaling $1.3 billion pre-tax included $347 million of subprime-related valuation losses on CDOs. As of Oct. 31, Wachovia said it had remaining exposure of $676 million to asset-backed CDOs, compared with $1.8 billion the previous month. Wachovia has exposure to subpr ...

FASB 157 and the next wave of the credit crunch 2007-11-09 07:53:47 Bear with me here folks as I wade out of the friendly confines of mortgage morass and step ever so trepidly in to the world of big business economics.  A piece of recently-heralded accounting code may send shockwaves through large financial institutions by requiring them to re-value their structured investments (such as SIVs, CDOs and MBSs) based on best-available market value and not via some esoteric modeling valuation that banks have been using to-date to put a “value” on these relatively illiquid vehicles.  This may be the true “mark to market” that we’ve all been watching for, instead of a “mark to fantasy” number that is conjured out of some fancy math. Dr. Nouriel Roubini of the RGE Monitor has an elucidating piece on the subject which is well worth the read to get a full grasp of the impact this new accounting rule could have on available credit - essentially putting the squeeze on an already decimated credit market. The reality is th ...

My new business 2007-11-09 07:36:45 I have just been informed about a new business opportunity to combine two of my favorite interests in one business venture. It could involve relocation to another part of the country, unless I move the inventory here, which is entirely possible. The present owner combined real estate sales with his vast collection, and I could actually do the same thing here in Seattle, if I were to purchase these items and relocate them here. The inventory is being sold by Mr. Bill Beeny, a real estate broker and owner of Beeny Real Estate, 55 miles west of St. Louis in Wright City. Real Estate Office and Inventory slide show Ebay Listing Inventory to be auctioned 11/9/07 Roadside America **UPDATE** I lost my bid for a new purpose in life, but you can read about the lucky bidder here. ...

What areas of NY are safe and have some trees? 2007-11-09 00:37:46 The Upper West Side has Central Park and most of the streets that run east/west from Central Park West to Riverside have trees. Many areas of New York are safe now. That’s one of the other advantages of living in New York City, there are deep woods and forest just a short drive away! (more…) ...

Redfin Rolls Out The Red Carpet 2007-11-08 15:31:01 We are voices without faces. We are emoticons. We are Redfin Direct Agents. On Tuesday, November 13th, all of that changes. Redfin is opening our Seattle headquarters to current clients, past clients, and those on the fence. You will be treated to the finest pizza and beer that $300 can buy and demo unreleased website features on a floor to ceiling screen. You can even chat with Redfin’s engineers about your likes and dislikes. We call this event The Red Carpet. While no metaphor suffices, an image of Gene Wilder comes to mind. If Glenn is Gene, I guess that makes me an Oompa-Loompa and makes you Charlie. Come one, come all. The standard issue Redfin uniform is jeans and a cotton sweater. I think I’ll wear a collared shirt on Tuesday. You can wear whatever you like. The Details Location: Dexter Horton Building 710 2nd Ave Suite 600, Downtown Seattle. Parking: There are many nearby garages. Street parking is also available. Our humble headquarters does have limited space. P ...

Toronto Commercial Real Estate 2007-11-08 14:08:48 Over 800,000 square feet leased in October In October, Toronto Real Estate Board Members reported 821,889 square feet of space leased through the TorontoMLS system. Part of the reason for this healthy result was the lease of a 105,110 square foot building in the Newmarket (N07) area. “As IC&I Realtors further recognize the advantages of listing through MLS, you will see more and more of these large properties appearing on the system,” said Commercial Council Chair Garry Lander. Prices trended upwards in October, with industrial space (all size categories) rising marginally over September to $5.83 sfn, while commercial space climbed 12 per cent to $14.04 sfn over the $12.52 sfn recorded during the previous month. Sales Market Highlights The TorontoMLS system saw 60 sales of Industrial/Commercial properties in October. Of these, 34 were of industrial properties in all size classes, which averaged $105.73 per square foot. Non-MLS sources this month gave a figure of $77.95 ...

Show your Blown Mortgage Pride on Facebook 2007-11-08 13:44:13 If you’re an internet geek like me you now have a chance to show your Blown Mortgage pride on Facebook.  Yeah, we’ve got a group; and while we’re not expecting Stephen Colbert type-numbers, we’d love to extend our community beyond the blog.  We’ll have some stuff there worth while, and the best part is that you can contribute news articles, items of interest , rants, raves and so much more! So if you’re a Facebook fan and a Blown Mortgage fan then you need to be with us at our new Blown Mortgage Facebook group. –Morgan Share This ...

For all of those politicians considering a bail out 2007-11-08 10:36:05 For all of those election-year power-hungry politicians that are kowtowing to the proletariat with visions of mortgage loan forgiveness and impossible low-rate fixed forever mortgages I recommend reading this article in the New York Times: Homeowners Feel the Pinch of Lost Equity.  It sheds light on what has been behind the massive run-up in mortgage debt; and why a large number of people who cashed-out at the top (via a cash out refinance) really have no business demanding bail out assistance. Being stupid with your money just doesn’t cut it as a good excuse. Mr. Whittey once seemed an unlikely member of that cohort. A sales manager at a flooring and tile company, he exudes the unflappable air of someone raised amid the easy money of the casino world. Until recently, he and his wife regularly embarked on shopping sprees of $1,000 and up. He bought a 21-foot boat and two flat-screen televisions for their home. He sold his old truck and bought a new one, he said, “just &rsq ...

No Experience, No License? No Problem! 2007-11-08 07:07:17 If you are looking for a first-hand understanding of what went wrong in this industry look no further than the video below. No license, no experience, $100K + yearly income, no problem! The promise of fast, easy money lured anyone with a pulse in to the industry and didn’t help make matters any better as banks unleashed a long line of consumer unfriendly mortgage products that were underwritten in fantasy land. I have nothing against these two guys - I’m sure they are just like all the rest, and I have no reason up front to believe that they were unethical in any way, shape or form, but they are unfortunately the poster children today of “Why I hate my industry” because too many people made too many promises that have put us in the mess we’re in. (hat tip to Josh for the find!) Share This ...

Emerging Trends in Real Estate 2007-11-08 03:52:11 Despite US housing woes Canadian real estate remains upbeat Leading real estate experts are predicting the US commercial real estate market will slow in 2008 and follow a similar pattern as the current residential market. However, according to the annual Emerging Trends in Real Estate 2008 report, released by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), their Canadian counterparts are much more upbeat. Now in its 29th year, Emerging Trends is the oldest, most highly regarded annual industry outlook for the real estate industry. The report reflects interviews with and surveys of more than 600 of the industry’s leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants in both Canada and the US. Other versions of this report are conducted in countries around the world including Asia Pacific and Europe. According to Chris Potter, PwC partner and leader of the firm’s Canadian Real Estate ...

November’s Notable Numbers 2007-11-08 03:35:00 November ushers in some heady figures here at PropertySold, thanks to unprecendented activity on the site and some great work by homeowners. A windfall of a fall market allowed us to ring in $150 million in real estate sold, a full 50% increase since August. This dizzying growth means big savings for our homeowners, whose success in selling their homes using our FSBO tools and market exposure is expected to usher in $10 million in saved Realtor® commissions this month, hot on the heels of June’s $5 milion milestone. It would seem good news also comes in threes, with our active listings closing in on 1000 properties for sale across Canada. PropertySold is proud to represent so many homeowners across the nation, and we are confident November’s successes are just the beginning! ...

Moody’s Moves on to SIVs and Starts Downgrading 2007-11-07 13:41:48 Surprised?  You shouldn’t be.  Moody’s announced today that it would downgrade $33 billion worth of structured investment vehicles (SIVs).  For an excellent description of what SIVs are and why they matter listen to the interview I did with Yves Smith of Naked Capitalism. From Market Watch: Moody’s downgraded, or placed on review for a possible downgrade, the ratings of 28 debt programs run by 16 SIVs, including Victoria Finance, Harrier Finance Funding, and Kestrel Funding, the agency said on Wednesday. Some of these SIVs can’t refinance themselves in the asset-backed commercial paper market because investors won’t buy the new debt. That’s forced some to sell assets at depressed prices, realizing big losses, Moody’s explained. “The situation has not yet stabilized and further rating actions could follow,” Moody’s said in a statement. “SIV senior note ratings continue to be vulnerable to the unprecedented large and su ...

Complaint filed against Housevalues by Attorney General settled for $51,000.00 2007-11-07 12:44:03 On Monday, HouseValues reported a third-quarter loss of $900,000 and revenue of $13.8 million, which was down from $21.1 million for the same period last year. This follows news from July that they had laid off 100 workers, which was about 1/3 of their workforce. The same day that they released news of their $900K loss, HouseValues agreed to pay $51,000 in costs and attorney fees and revamp some of its business practices in order to settle a case that alleged that the Kirkland company’s real estate lead generation services violated Washington State’s consumer protection laws. As part of the settlement, the company agreed not to misrepresent the quality of leads it provides to real estate agents as well as give better disclosure of its subscription term. It also will not be permitted to charge an early termination fee unless it is clearly disclosed. The Attorney General’s Office said that the leads provided by HouseValues were not of a high quality and the company lock ...

Morgan Interviewed 2007-11-07 07:30:39 Hey gang, if you’re interested in learning more about Blown Mortgage, blogging in general, and how this blog got its start check out the interview that Owen Raun did with yours truly over at the Mortgage Online blog.  We don’t talk too much about mortgage; the conversation is primarily around blogging and what people who are considering getting in to blogging should consider, etc. So if blogging is your thing, or you’re thinking of blogging as a real estate agent or mortgage industry member check it out. Share This ...