Local and Real Estate News
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Three decades ago, Michael and Marlene Tallant would have loved to have mortgage interest rates that are available now — below 5 percent. Instead, when they purchased their first home in Dormont for $70,000, they had to work with a rate of about 16 percent. “We had a figure that we could afford, and since …
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According to the 2010 Profile of Home Buyers and Sellers released by the Association of Realtors, Eighty-nine to Ninety percent of home buyers used the Internet as one of the main sources of information used in their home process. This is one of the main reasons that before listing your property for sale with …
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Many agents are changing the services they provide and are starting to focus on various aspects of the real estate business other than just selling and marketing homes as noted in the article below. My personal approach is steadfast – Marketing and Selling Real Estate Only! Taking your eye off the ball during tough market …
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Three of the nation’s largest mortgage servicers will no longer receive payments tied to their participation in the Obama administration’s main foreclosure prevention initiative until they improve their performance in that program, a senior administration official said Wednesday. Bank of America, J.P. Morgan Chase and Wells Fargo need to make “substantial improvements” to collect fees …
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Numerous recent reports claim renting is on the rise, but John Burns Real Estate Consulting believes demand is top markets is about to “explode,” with some cities seeing a 25% growth over the next three years. According to John Burns, there are about 3.4 million units of pent up demand for rental housing bolstered by …
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Fannie Mae laid out new standards for mortgage servicers Monday related to the management of delinquent loans, default prevention, and foreclosure timeframes. The move is part of the Servicing Alignment Initiative announced by the company’s regulator, the Federal Housing Finance Agency (FHFA), in late April to bring both Fannie Mae’s and Freddie Mac’s procedures for …
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Short sales may be targeted for fraud A study estimates that banks and distressed home sellers will lose more than $375 million this year when they sell undervalued houses to tag teams consisting of realty agents and investors. Are banks and distressed home sellers getting rooked on a massive scale in the booming short-sale arena …
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The national unemployment rate edged up to 9.1 percent in May from 9.0 percent in April, according to figures released Friday morning by the U.S. Department of Labor. The economy added just 54,000 jobs last month, the worst showing in eight months. Employment increases averaged 220,000 over the prior three months. Freddie Mac’s chief economist …
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Minorities and the working class may find it harder to buy homes under a U.S. plan that would require larger down payments to qualify for lower-cost mortgages, according to lenders, consumer groups and lawmakers. Bankers and consumer advocates, often at odds on policy issues, united today to make the case for revising the government proposal …
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June 1, 2011 Allstate Corporation, the home and auto insurer with more than $80 billion in fixed-income investments, is scaling back bond holdings and buying real-estate equity and infrastructure assets as it prepares for rising inflation. “We should favor alternatives and inflation protection over fixed income,” Chief Investment Officer Judy Greffin told investors today. “That …
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What your prospective buyers see when they drive up in front of your house can actually determine what they will see when they get inside. That may sound strange, but we humans are strange. There’s no getting away from it. Our brains pick out what we’re expecting to see and often ignore that which we …
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May 31, 2011 Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller home-price index, talks about the outlook for home prices. The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At …
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Is now the time to buy? An index of home prices in the nation’s largest American cities plumbed new depths in March, pushing past a low set during the worst of the Great Recession. The ominous new drop for the Standard & Poor’s/Case-Shiller index of 20 cities, a key measure that is closely watched by …
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Home-mortgage interest rates fell last week to the lowest point of 2011 amid signs of a slowing economy, according to the latest survey from Freddie Mac. “U.S. house prices indexes may be nearing a bottom soon,” Freddie Mac Chief Economist Frank Nothaft said, pointing to slower price declines in recent months and a reduction in …
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Pending home sales fell in April with regional variations following increases in February and March, with unusual weather and economic softness adding to ongoing problems that are hobbling a recovery, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 11.6 percent to 81.9 in …
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