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Important real estate news 2007-09-19 00:23:13 Yeah, yeah, the Feds cut the interest rate and Bush says he doesn’t want to raise FHA limits, but let’s get to the important news of the day: One of Seattle’s favorite sons, Sanjaya Malakar, is moving to Hollywood, Baby. His house (actually, his step-dad’s home) has been put on the market, as Sanjaya’s off to seek his fortune in LA and on the American Idol tour. The listing agent is Dennis Fletcher, an agent with Windermere Real Estate, who formerly worked with Sanjaya’s step-dad writing radio and TV jingles when they were in the music business together. Another American Idol contestant with a Seattle real estate connection was Leah LaBelle from Season 3. Her mother was Anastasia Vladowski, a musician and immigrant to the United States, who defected from communist Bulgaria during a tour of Western Europe in 1979 at the height of success with the Bulgarian Pop music groups Srebyrnite grivni and Tonika. She was also a Realtor and sales agent wit ...

Real estate wiki focuses on MLS future 2007-09-19 00:04:36 An opening post at a new real estate wiki site borrows heavily from the U.S. Constitution in promoting an open discussion about the future of multiple listing services. “We the Members of the United Listing Services, in Order to form a more perfect Union, better serve our clients, and promote the sale and efficiency of the real estate markets in which we participate, do ordain and establish this Constitution for the United Listing Services,” according to an item at the Future of MLS Wiki site. “There are some interesting parallels to the drafting and creation of our country to this,” said Michael Wurzer, creator of the wiki site and president and CEO for North Dakota-based FBS Data Systems, an MLS vendor. Wurzer also maintains the FBS blog, which focuses on MLS issues. When the nation’s forefathers assembled to hash out the content of the Constitution, people of disparate mindsets and different states came together to find common and unifying principles, h ...

Fed Cuts Rate 2007-09-18 11:17:09 In the midst of a mortgage meltdown, the Fed cut rates today to 4.75% from 5.25%. This cut was the first since June 2003 and is being seen by many as acknowledgment from the central bank that the mortgage meltdown may have negative effects on the economy. “The tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth,” said the Fed. According to their statement, the intend of the rate cut is to counteract some of the negative effects on economy and to promote moderate growth over time. The federal funds rate is a lending rate that banks charge each other and is significant in that it influences the amount of interest consumers pay for various types of debt including home loans and credit cards. The cut is great news to current home owners dreading the rise of their ARMs and new home buyers who want the best rate possible. Although the rate cut is great news, market experts caution that this doesn’t end t ...

Brash Ben? .5% it is. 2007-09-18 09:20:22 Wow - a .5% cut! We went from Bernanke the soft foot to Ballsy Bernanke - stepping on the gas to the tune of a .5% rate cut… More as I can digest the release. Share This ...

Am I Eligible for FHA Secure? 2007-09-18 05:54:38 A lot of people have been asking me if they are, in fact, eligible for a FHA Secure loan.  The loan is designed to help people who have fallen behind on their mortgage payments as a result of a recent adjustment in the rate of their adjustable rate mortgage.  Here are a few commonly asked questions about the program and what type of home owners qualify.  If you are not currently late on your mortgage you are not eligible for FHA Secure; but you may be eligible for another type of FHA loan.  HUD thinks that this program will help up to 250,000 home owners; are you one of them? How many mortgage payments can I miss before I am ineligible for FHA Secure? There is no limit to the days or number of payments you are late as long as the late payments and delinquency is a result of a reset in the rate and payment of your current adjustable rate mortgage.  So you can have one late payment, or four.  You can be 30 days late on your payment or 90.  As long as the delinquency is a result of ...

Bringing neighbourhood options home 2007-09-18 04:50:30 Toronto real estate website helps home buyers fit into a booming housing market Arecently relaunched website, Realosophy.com helps Toronto consumers understand their home buying options in a hot real estate market. The expanded website now offers Toronto and GTA neighbourhood profiles featuring at-a-glance school performance reports and an insider’s guide to the home buying process. Realosophy.com is a free information service that does not require users to submit email addresses or other personal information. “Toronto home buyers are feeling anxious about fitting into a booming real estate market,” explains Realosophy’s founder, John Pasalis. “Buyers are increasingly diverse. They want their homes to fit their particular lifestyles. But media reports about sky-rocketing prices and fake multiple offers leave them wondering how to make this happen.” Realosophy.com helps empower consumers with the following resources: 1) Toronto and GTA Neighbourhood ...

Foreclosures Exploding, Surprised? 2007-09-18 04:41:46 Foreclosures spiked 36% over July numbers and are more than double the number over the same period last year according to the most recent RealtyTrac report.  Nevada and California lead the nation (shocker) and the number of repos is up as well.  From a Market Watch interview with the CEO of RealtyTrac: “The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable-rate loans are beginning to reset,” said James Saccacio, chief executive for RealtyTrac. Last month’s leveling off, which some tried to cite as a break in the chaos were clearly wrong.  The foreclosure rate in July was up just 9% over June, which some housing bulls pointed to as a sign that the worst was behind us.  As you probably learned in one of your math or science classes - one data point does not make a trend.  It is clear that the foreclosure train is in full speed barreling down (and off?) the trac ...

Transparency needed for real estate 2007-09-18 02:27:54 A bid to reform Toronto’s real estate practices  From the Toronto Star: The strong light of open disclosure can work wonders in keeping dubious characters from pursuing shady practices. That is becoming especially obvious in Ontario when it comes to real estate bidding, which could benefit from more clarity and disclosure. While the vast majority of Ontario’s 52,000 real estate agents are ethical and honest, there are a few agents who break the rules and take unfair advantage for the sake of profit. One such technique some of them use is “phantom bids” to drive up the price of a property. To curb such practices, a special registry requiring all real estate agents to formally declare the receipt of an offer could go a long way toward delivering clarity and transparency for buyers and sellers alike. Contrary to some opinion, the biggest impact of phantom bidding is not necessarily in a super-heated market like Toronto, where sellers in prime neighbourhoods common ...

E-Trade Exits Wholesale Mortgage, Revises 2007 Guidance 2007-09-17 12:34:57 E-Trade Financial announced today that it was exiting wholesale mortgage as part of its move to return to “core businesses” that benefit its retail customers. The company is also upping its amount of loan loss reserves as a result of “charge-offs expected as a result of the disturbance in the credit markets.” The aggregate loss reserve provision is $245 million. From the release: With this additional reserve, allowance for loan losses as a percentage of non-performing loans is expected to increase to 75 percent based on assumptions for the second half of the year, up from 45 percent on June 30, 2007. Within home equity loans, where the Company and the marketplace have seen the most significant stress, the coverage will be approximately 100 percent, up from 51 percent as of June 30, 2007. As a result of the actions outlined above, the Company is revising its earnings outlook for 2007 to account for 1) higher provision for loan losses; 2) potential securities ...

[AUTOSAVED] Kimberly Uksik of Elite Home Decor Wins Two Awards 2007-09-17 11:02:58 On September 6, 2007 I was awarded to awards for my work on the Television Show HouseCapades. I am a team lead for the teams that stage the houses that are presented on the show. It airs every Sunday at 11:00am and 11:30am Eastern Standard Time on WUTV Fox 29. The awards were:Most Preferred Stager 2007Highest Selling to Asking Price 2007 Thank you to the producers and creators of HouseCapades as well as all of the wonderful people I have had a chance to meet through this project. See you in 2008!! ...

Question Du Jour: .25 or .5 - what are your rate cut predictions? 2007-09-17 09:59:09 Everyone is buzzing about tomorrow’s Fed meeting. The question seems to be will there be a .25% or .5% cut to the Fed funds rate (currently at 5.25%)? Most are weighing in at .25% but some are predicting Bernanke goes big with a .5% cut. Personally I question the effectiveness of any rate cut in smoothing out problems in the credit markets. And I’m not alone. While most Wall Street firms are calling for at least a .25% reduction (wonder why with the CDO meltdown?) some cooler-headed folks question the help it will provide to the market: The odd man out is Scott Anderson, senior economist at Wells Fargo Economics.   Anderson argues that the Fed should not lower the Fed funds rate, but said they will just for the “psychological effects it could have on financial markets.” “A Fed Funds cut will not bring back the U.S. housing market. A Fed Funds cut will not bring back the commercial paper market,” Anderson said. If the housing ...

FSBO sites: new opportunities for home sellers 2007-09-17 05:11:00 It is well known fact that, traditionally, the role of the real estate broker has been to help sellers market their home to other brokers representing buyers; as compensation, the brokers keep a percentage of the final sale proceeds. In the process, the broker shares local market data with the seller to help set the asking price, puts a sign in the yard, sends out fliers, prepares brochures, takes out ads and networks with other real estate professionals. The broker also handles queries from prospective buyers, negotiates on behalf of the seller and sees the transaction to its close. One of the broker’s most important functions has been to list the property in the MLS, or Multiple-Listing Service, a nonpublic database that alerts buyers’ agents to what’s on the market and how much they could be paid. When a seller agrees to list his house with a full-service licensed broker who is a member of the MLS, he relinquishes control of the listing. Even if the seller finds hi ...

Risks and Awards when selling a home without an agent comes with? 2007-09-17 05:06:05 As property prices drop, owners are going it alone or using alternative brokerages to avoid paying commissions. The savings can be big for those who have the time and energy to do it. On a lark last spring, Ronald Grant decided to “list” his South Pasadena house for sale on the popular real estate valuation Zillow website. Zillow estimated his home’s worth at $1.4 million. But Grant, who was planning to sell his home when he retired in two years, decided to have some fun. So he posted a notice on the site saying he would gladly hand over the keys to anyone willing to pay him $1.6 million for his 4,500-square-foot abode. Two days later, after receiving an e-mail from a would-be buyer and giving a showing, his house was in escrow for his asking price. “Usually when you sell a house, you have to repaint it, put flowers in the yard, spruce things up. I didn’t have to do any of that,” Grant said. “I didn’t even have to make my bed.” Ev ...

A builder’s take on Toronto’s taxes 2007-09-17 03:53:43 A top official of Daniels Corporation, a big Toronto-area condo and home builder, was among those who showed up at city hall last week to back the mayor’s campaign for new taxes. “If we don’t have proper city amenities like transit and other factors for a sustainable city, then people aren’t going to want to buy condos irrespective of whatever tax they pay,” said Niall Haggart, vice-president of Daniels. Haggart conceded that no one likes more taxes, such as the mayor’s proposal for a land transfer tax that would bring in $300-million a year. But, he said, “we all have to face up to reality. “Was I having a big problem with the land transfer tax?” he asked. “I was not.” That view is at sharp odds with the Toronto Real Estate Board and other anti-tax business groups poised for round two of the fight. For all the talk of taxes in Toronto, Mr. Haggart said, the news media are paying scant attention to tax issues outside th ...

5 Reasons why the Market is Slower”¦ 2007-09-17 02:41:08 1. Increased Inventory Much more houses are for sale right now than in recent years, meaning buyers have a lot more choices and negotiating room. But why are there so many houses for sale today? Because a lot of sellers waited to list their property because they wanted to catch the top of the market. They waited and waited and waited. Now that they see the market declining, they list their homes in an attempt to still sell at a high price before the market bottoms out. As a result, we have an overabundance of inventory, up approximately thirty-nine percent than at this time last year. 2. Increased Mortgage Rates News and advertising tells us mortgage rates are at an all-time low, and that?s true in a historical context. But short-term, over the past three months, mortgage rates have been increasing. And every time the mortgage rates go up, even a quarter of a percent, a large number of potential buyers are disqualified from the marketplace. Additionally, a number of mortgage companies ...