By Kevin Chiu Washington State became the twenty-fifth state in the country to outlaw extra home sale charges to the new owners of homes for 99 years. The action means that half of all U.S. states have now outlawed private transfer fees by adopting new state laws prohibiting their collection. But a federal effort to… Continue reading States Outlaw Extra Home Sale Charges
Category: 2011 Housing Market
Survey Shows Mixed Results on Handling Foreclosures
Respondents to a new Housing Predictor survey seem as divided as Congress on how to handle the growing foreclosure crisis. However, the largest percentage or 41% of those who took the survey said that the U.S. government should just let homeowners in default on mortgages get foreclosed. The mixed outcome comes as the foreclosure crisis… Continue reading Survey Shows Mixed Results on Handling Foreclosures
More Lose Money Investing in Real Estate
Despite conventional wisdom being that real estate is one of the safest investments that can be made, slightly more people have lost money investing in real estate than have cashed out a profit, according to a new Housing Predictor poll. The online survey found that 37% of respondents have lost money as a result of… Continue reading More Lose Money Investing in Real Estate
Almost Half Are Distress Sales
By Mike Colpitts Nearly half of all U.S. home sales are now either foreclosures or bank-assisted short sales, according to the Campbell Inside Mortgage Finance survey taken monthly. Distress sales composed 48.6% of sales in March. The survey polls more than 3,000 real estate agents and brokers monthly. The latest poll also found that buyer… Continue reading Almost Half Are Distress Sales
Law Would Waive Taxes
By Mike Colpitts A new proposal made by a Florida member of the U.S. House of Representatives would waive federal income taxes on retirement plans if the proceeds were used to buy a home that was foreclosed. The bill, offered by Representative Bill Posey (R-FL), a Realtor has made the resolution as part of the… Continue reading Law Would Waive Taxes
Decline Confirms Double Dip
By Kevin Chiu Home prices have clearly shown a double-dip is underway in the housing market, according to real estate data provider Clear Capital. The values of residential properties fell 0.7% below prior lows in 2009 as forecast by Housing Predictor. The drop in home values demonstrates that markets remain stressed as a result of… Continue reading Decline Confirms Double Dip
U.S. May Dump Homeowner Aid
By Mike Colpitts Little government aid is available to homeowners struggling to hold on to their homes caught in the grip of economic hardship, according to a leading attorney who is spearheading legal action against seven of the nation’s largest banks in the foreclosure crisis. Attorney Philip Kramer, whose firm Kramer-Kaslow of Calabasas, California has… Continue reading U.S. May Dump Homeowner Aid
Win a Condo Raffle for Charity
By Kevin Chiu A Twin-Cities man thinks he’s found a way to buck the tough real estate market and attract attention to sell his condominium, despite the sluggish marketplace, and William Panzarella is doing it all in the name of charity. The Minneapolis condo owner has teamed up with a real estate agent to raffle… Continue reading Win a Condo Raffle for Charity
Mortgage Qualifying Standards Tighten
By Kevin Chiu Qualifying for a conventional home mortgage has gotten tougher in the fallout of the financial crisis, but Freddie Mac and Fannie Mae requirements show that obtaining a conventional mortgage has gotten much tougher even before Congress implements changes as part of the Dodd-Frank Financial Reform Act. The average credit score approved for… Continue reading Mortgage Qualifying Standards Tighten
Huge Drop in Realtor Membership
By Mike Colpitts Slammed by the real estate crash, the National Association of Realtors membership has dropped 21% since 2006 when real estate agents and brokers began to realize markets were heading down to just 1.06-million members, according to a real estate survey conducted annually. Real estate agents and brokers are also finding that the… Continue reading Huge Drop in Realtor Membership