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Emerging Trends in Real Estate 2007-10-23 04:54:38 American experts weigh in on why the real estate market north of the border remains immune from what’s ailing U.S. The U.S. real estate market is heading into turbulent waters in 2008 but, unlike years past, that won’t rock the boat in Canada, according to a major real estate report. While the annual report, released late last week, warns that the U.S. real estate industry “will be walking on egg shells for a while” and anticipates “a long overdue correction,” Canada is likely to avoid both scenarios. “Interviewees remain positive about side-stepping any serious impacts of a possible U.S. correction,” the report says. “All property sectors share positive prospects, especially industrial and retail.” The report, titled Emerging Trends in Real Estate, was prepared by the U.S.-based Urban Land Institute and PricewaterhouseCoopers and is based on interviews with real estate executives in both countries. A decade ago, observers su ...

Yahoo! on Google 2007-10-23 04:14:27 If you zoom in all the way, many of the pictures have a copyright Google notice. I thought it would be funny to see Yahoo! with a Google copyright on it. Couldn’t find a very good one yet, but I still think this pic is cool. ... Google  Yahoo

So Cal Fires 2007-10-22 19:32:18 California is burning, badly. Fortunately for us we seem to be buffered on both sides by large swathes of humanity from the raging fires. I know many others are not so lucky. We’re praying that those affected are comforted and their love ones safe. Our cars are covered in ash and it’s difficult to see as the sky is an eerie grayish-orange color - like a permanent dusk. We’re keeping our fingers crossed and preparing for the worst. We’re not in harm’s way; but with more wind and dry weather ahead we’re not resting easy. By the way, we’re still working, still blogging, etc. just doing what we do with a watchful eye to the weather and the inferno a mere few miles away. Photo courtesy of the OC Register. We’ll keep you posted. Update: Here is our home compared to where the current fires are. The orange area is a potential fire hazard that we’re keeping an eye on. It’s not currently ablaze - thankfully. View Larger Map ...

Dear College Students: Intern at a Startup 2007-10-22 10:49:16 Hi, I’m the Redfin intern that apparently asked our CEO’s wife out. I wanted to share my experience here at Redfin in hopes of helping fellow college students find out what they want to do with their lives. I’m a senior this year at the University of Washington studying Computer Engineering. This summer marks my sixth internship. I worked at Northrop Grumman Space Technologies (NGST) doing software for four summers and KB Home doing e-marketing for another. I can very confidently say that I learned a lot at each one of them. It’s really hard to get a good feeling for something without first trying it, so interning will at least tell you what you don’t like. If all you learn is that you don’t like something, then hopefully you at least got paid well. I started interning thinking I’d go into software. I had the incredible experience of being a snowboarding, surfing, skateboarding, snowmobiling, soccer-playing teenager trapped in a cubicle for ...

1% commission in Ireland and England 2007-10-22 09:48:56 I just returned home from a few weeks in Europe. I had a great time! What interested me was the commission rates for real estate agents in England and Ireland. A relative of mine is a real estate agent in Ireland. He has been an agent for more than 25 years. I was shocked when I asked him what commission percent he received. He said “One percent! And usually less than 1% for homes over $500,000″. Wow! 1 percent! My next question was “well what do you do for the buyer?”. He said he visits the home, takes photos, prices the home, handles all offers, visits and calls, puts up the lawn sign and directional signs… Sounds exactly the same as real estate agents in Canada except the commission is 1% instead of 5%. What about the re/max office down the street in Ireland? Do they charge 1%? “Of course they do!”. He said when he started the commission rates were 3%, but they came down due to competition and the rise the price of homes. Our conversation c ...

Dream Home Open 2007-10-22 09:38:00 It’s time once again. The Kinsmen club of Red Deer have put together another edition to the Kinsmen Dream Home. This is the 29th edition of the Red Deer Kinsmen Dream Home. Ticket sales are available online now at www.reddeerkinsmen.com As this years chair I encourage you go online and order your tickets and stop by the house which is open every weekend from 1:00 - 5:00 until the draw December 31, 2007. The House is located at 4 Vig Place, Red Deer, AB. This particular house lottery is unique in that it is run by volunteers of the Kinsmen club of Red Deer not paid employees, and proceeds go back to the community. Many parks, and facilities have been created through the help of the Kinsmen and Dream Home ticket sales. Enjoy,Patrick ...

New Lofts For Sale - Downtown Columbus 2007-10-22 08:34:30 Click Here to See Them All | Contact Me for a Showing Today 110 N. 3rd St. #707 - $229,900 - 1145 Sq Ft - 2BR, 2 Baths - Secure Parking 110 N. 3rd St. #605 - $234,900 - 1145 Sq Ft - 2BR, 2… Visit Columbus43215.com for the Full Story! ...

Want to Know More About Me? 2007-10-22 07:59:41 If not, no worries.  If you do head over to RE Revealed.  Lani Anglin, who runs the blog, conducted a fun little interview with me that is up now.  She asks me questions like “What is the stupidest thing you’ve ever done in a car?” and stuff like that; so if you want something off-beat, check it out. Share This ...

Top Mortgage Lenders for 3rd Quarter 2007 2007-10-22 07:54:20 Here are the top mortgage lenders based on 3rd quarter mortgage lending activity. Mortgage Lender Q3 Volume Countrywide $94.6 Billion Wells Fargo $68.0 Billion Chase Home Finance $50.4 Billion Bank of America $48.0 Billion CitiMortgage $36.6 Billion Data from MortgageDaily.com. (subscription req’d) Some other nuggets from MortgageDaily.com: Countrywide Financial Corp. reported $95 billion third quarter production — sinking from $130.2 billion the prior quarter. Wells Fargo & Co. came in next with $68 billion in reported fundings. The San Francisco-based company saw its volume decline 15 percent from the prior period. Share This ...

Rep. Frank Pushes for Mortgage Reform Bill 2007-10-22 07:40:25 Barney Frank (D-Mass.) has been making a lot of noise about subprime mortgages ever since New Century and Fremont tanked back in late February/early March.  His main thrust over that time has been that people shouldn’t be allowed to borrow more money than they can truly afford to repay.  He is at it again today, hoping to pass new legislation within the next few weeks that would accomplish two primary objectives: A national standard for originating mortgages that will cover every mortgage originator. Liabilities for mortgage securitizers who securitize loans risky (or predatory) loans. From Market Watch: The bill creates a national standard for originating mortgages that will cover every mortgage originator, Frank said, including what he called a “common sense” approach to writing loans. “People should not be loaned money beyond what they can be expected to pay back,” Frank told reporters on a conference call Monday morning. The bill calls for states ...

The mortgage mess is claiming a new group of victims: renters. 2007-10-21 10:28:06     I can't help but thinking that everyone wants to claim victim here.  Sure, these people are in a bad spot, but a victim?  I don't think so.  These people who are renters have not lost their jobs, have not fallen on hard times.  they simly have to move.  Agreed, it is a hassle, and there may be times where they will lose a security deposit, but they are still on their feet.     I see this as a way for the market to correct itself.  As an investor I am waiting for the good deals to come along.  Once they do I will grow my portfolio as much as possible to take advantage of the market conditions.  Some of these “victims” can easily turn the situations around to become investors themselves.  My first property I woned came because I was a renter in a place that went into foreclosure.  I ended up buying it from the bank at a deep discount.     One thing that renters will face is higher demand for apartments.  This will cause rent prices to rise ...

Consumer Groups Push for Loan “Freezes”� 2007-10-21 08:25:15 FDIC chairwoman Shelia Bair raised the ire of the anti-bailout crowd when she proposed that lenders be required (or encouraged) to “freeze” subprime adjustable rate mortgages at their initial “teaser” rates to ensure that homeowners who can currently afford the mortgage payment are not forced in to foreclosure by the exploding interest rate change that occurs at the end of the short-term fixed-rate period. The idea is simple enough, if the initial interest rate on the loan was 4.75% for 2 years and then adjusts to a much higher rate, simply eliminate the adjustment and people continue to stay current on the loan. This, in turn, reduces foreclosures due to unaffordable mortgage payments caused by absurdly high interest rates. Of course, consumer groups are coming out of the wood work to support this type of initiative. “We support Chairwoman Bair’s recommendation,” says Alan Fisher, executive director of the California Reinvestment Coalition. ...

Condos in Toronto’s wild west 2007-10-20 19:58:01 Check out the selection of condo developments currently being offered for sale in the Mississauga area. Parking space and storage locker are not included in the purchase price unless indicated. 1. ABSOLUTE: Northeast corner of Burnhamthorpe Rd. and Hwy. 10. Builder: Fernbrook Homes and Cityzen. The first three phases of this five-phase development will be 27, 31 and 35 storeys with 286, 313 and 374 units and will have glass and precast concrete façades. Phase 4 will be 56 storeys with about 420 units; Phase 5 will be 50 storeys with about 400 units. Prices (parking and locker included): from $255,400 for 712 sq. ft. to $443,900 for 1,045 sq. ft. Fees: Phases 1 and 2, 38.5 cents per sq. ft., plus hydro; Phase 3, 35 cents per sq. ft., plus hydro. Phase 4, 36.5 cents per sq. ft., plus hydro; Phase 5, 39.8 cents per sq. ft., plus hydro. Amenities: 30,000-sq. ft., three-storey recreation centre with indoor pool, outdoor pool, weight lifting room, aerobics room, theatres, three party room ...

Wachovia Follows WaMu, Bank of America Down, Down, Down 2007-10-19 08:21:44 Wachovia is the latest bank to take massive write down charges for loan loss reverses relating to mortgage lending - adding $1.3 billion to the write down pile in what will be remembered as one of the worst weeks for banks for a long time to come.  From Reuters: Wachovia Corp posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit. The drop was the first in six years. It concluded a dismal week for large U.S. banks, which have been battered by increases in bad loans and capital market disruptions that resulted in losses on mortgages and other kinds of debt. Profit fell 57 percent at Citigroup Inc and 32 percent at Bank of America Corp. It rose 2 percent at JPMorgan Chase & Co and 4 percent at Wells Fargo & Co. Results and outlook for all but JPMorgan disappointed investors. One thing to keep an eye on is Wachovia’s performance over the next 24 mo ... America

Qualifying for FHASecure and Refinancing in a Changed Mortgage World 2007-10-19 08:09:36 What happens when you take a diligent, government-insured, loan program that uses sound underwriting principles and paint it as the savior of the subprime masses?  You get a lot of frustrated people who are bewildered about their actual prospects of getting new financing.  Such is the case with FHASecure, the new Federal Housing Administration’s program for people with adjustable rate mortgages. FHASecure is designed to allow people to qualify for FHA financing even with late mortgage payments on their credit; provided that those mortgage lates are the result of their adjustable rate mortgage moving higher, making the payments unaffordable.  That’s all fine and dandy, but what many people fail to realize is that FHA lending is not subprime lending as it has become known over the last several years.  In the past subprime lending allowed for stated income, dubious income documentation (such as letters of reference, business bank statements, etc.) and little or no borrower ...