Short sales up as lenders ‘get’ lower overall costs
Banks are more willing to agree to a sale at a lower cost than a homeowner’s mortgage balance in order to avoid having the property fall into foreclosure, which can be more costly for a lender. In the fourth quarter of 2011, there were more than 88,000 short sales, a rise of 15 percent compared […]15 years ago
Indoor hoops? Jordan’s 56,000 square-foot mansion available
Basketball’s legendary No. 23 has listed his home for a cool $29 million, the highest priced home listing in the Chicago metropolitan market. Michael Jordan’s family home, in the upscale northern suburb Highland Park, has 56,000 square feet of living space includes 9 bedrooms, 15 full baths, four half-baths, and five fireplaces. The property also […]15 years ago
Tom Kelly: Do we need more seller disclosure?
A friend of mine refurbishes properties in his spare time. His goal is to find one property a year, buy it right, fix it up and rent it out for the long term. He’s picky and thorough and able to turn tear-downs into attractive homes. One of his latest projects involved a short sale in […]15 years ago
Jeremy Lin’s new digs: W New York Downtown Hotel
It’s not exactly like moving from the outhouse to the penthouse – but it’s close. Jeremy Lin, the Harvard University graduate who has returned the New York Knicks to the talk of The Big Apple after years of uninspired play, recently signed a contract to rent a furnished apartment on the 38th floor of the […]15 years ago
Buffett more than bullish on housing rebound
Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” that he’d “buy up a couple hundred thousand” single-family homes if it was practical. Buffett said that’s because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right […]15 years ago
New steps help appraisers adjust for distressed homes
Appraisers don't set the market; they reflect what's happening in the market, according to the Appraisal Institute . That reminder was included in a statement coinciding with the release of a "guide note" pertaining to foreclosures and short sales.
15 years ago
Economists say Fed is running out of housing options
The Federal Reserve is running out of options to help the housing market, and it’s time lawmakers step-up and do more, according to a paper by top economists presented at the U.S. Monetary Policy Forum. Federal Reserve officials, members of foreign central banks, and economists discussed how the housing market continues to hamper overall economic […]15 years ago
Five inside tips before putting your home on the market
Spring is just three weeks away. If you are getting ready to sell your home, here are five tips to consider for inside your home: Never underestimate smell. People appreciate a clean, fresh aroma in a house. Build a fire in the fireplace to intensify a feeling of coziness. Use non-scented detergents because the buyer […]15 years ago
Bank of America to cut most ties to Fannie Mae
Bank of America announced that it will no longer sell some of its mortgages to Fannie Mae. Effective this month, the nation’s second-largest bank says it will no longer permit mortgages for home purchases, as well as certain refinanced mortgages, to be packaged into Fannie Mae loan securitizations. The move follows a dispute Bank of […]15 years ago
Foreclosed owners ask: ‘When can we buy again?’
More than 4 million homes have been lost to foreclosure in the last six years, and many of those former homeowners are now starting to ask: When can we buy again?15 years ago
Selling this spring? Basic tips to finding a good agent
All the websites you visited are pretty and impressive, but where do you go from here if you want to market your home this spring?15 years ago
Huge commercial real estate brokerage files for bankruptcy
One of the nation’s largest commercial real estate brokerages filed for bankruptcy this week. Grubb & Ellis says the financial crisis and the sluggish commercial property market are to blame. Grubb & Ellis also announced it will sell nearly all of its assets to BGC Partners, a financial brokerage firm that says it wants to […]15 years ago
Finally! Lawmakers propose deadline for short-sale deals
A Senate proposal would expedite short sales by giving mortgage lenders or servicers 75 days to respond after receiving a homeowner’s written request. Borrowers must submit a copy of a contract with a prospective buyer to the lender/servicer – which can accept it, reject it, or seek an additional three weeks to consider it. For […]15 years ago
Tom Kelly: No tax on loan relief, if you can get it
Due to the decline in housing prices, many home sales are “short sales” in which the purchase price offered by the buyer is less than the mortgage amount owed by the short-sale seller. In a recent column, we discussed how some lenders go out of their way to grab both a tax deduction for the […]15 years ago
Bernanke tells bankers low rates best road to profits
Ben Bernanke, the Federal Reserve chairman, says keeping interest rates low will spur loan demand and eventually help improve banks’ profitability in the long run, The Wall Street Journal reports. The Fed has made a rare vow to keep key rates “exceptionally low” until late 2014. But banks have expressed concern over the Fed’s low-interest-rate […]15 years ago
FSBO leader encourages agents to join new plan
Colby Sambrotto, ForSaleByOwner.com founder and former chief operating officer made headlines in August 2011 when he hired a real estate broker to sell his Manhattan condo. Now he’s working to bridge the gap between FSBOs and real estate pros with his most recent online venture, USRealty.com, according to Realtor Magazine. The property listing Web site […]15 years ago
Most local homes affordable as index hits all-time high
Nationwide housing affordability, as measured by the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), rose to a record level during the fourth quarter of 2011, but prospective homebuyers continue to feel the constraints of tighter credit standards and a soft economy. HOI data reveals that 75.9 percent of all new and existing […]15 years ago
Former Mariner’s Magnolia home reduced $1.4 million
Jamie Moyer is looking for a new start with the Colorado Rockies. He also hopes his Magnolia home will attract a buyer with its new price.15 years ago
Lowest risk loans? VA leading residential industry
Home loans guaranteed by the Department of Veterans Affairs continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry. Veterans have also taken advantage of their home loan benefit in record numbers, as VA loan originations reached their highest total in eight years. According to the Mortgage Bankers Association National Delinquency […]15 years ago
Tom Kelly: State moves to halt short-sale whammy
Homebuyers may be attracted to the big bargains that foreclosures and pre-foreclosures can offer. But distressed properties can involve tricky, lengthy transactions, and there's a lot to think about before jumping in.15 years ago
JP Morgan Chase, Wells Fargo sued for late loan fees
Wells Fargo and JPMorgan Chase have been sued alleging that the financial institutions illegally levied excessive and deceptive default service fees against borrowers who were late on mortgage payments, National Mortgage News reported. The lawsuit claims that Wells Fargo and JPMorgan Chase, who combined service approximately 25 percent of all mortgages in the country, allegedly […]15 years ago
All-cash buyers make up 31 percent of residential deals
Not everybody needs a mortgage. The December 2011 Realtors Confidence Index survey reports that all-cash buyers were 31 percent of the residential existing home sales market, down from a 2011 high of 35 percent in March. This appears to be reflective of tight credit markets – some buyers needing to pay cash due to excessively […]15 years ago
Report reveals U.S. affordability outpaces other nations
In a recent report, “The 8th Annual Demographia International Housing Affordability Survey,” the authors look at housing affordability in 325 metropolitan markets in Australia, Canada, Hong Kong, Ireland, New Zealand, the United Kingdom and the United States. The survey, compiled by Selma Hepp, research economist for the National Association of Realtors, showed that housing affordability […]15 years ago
