RealEstateRama Authors Posts by RealEstateRama
COLLEGE STATION, Tex. – Dec. 18, 2007 – The five-year freeze on mortgage interest rates recently announced by the federal government may be intended to help responsible homeowners avoid foreclosure, but a noted economist with the Real Estate Center at Texas A&M University says there may be a better solution to the mortgage crisis.
IRVINE, Calif. – Dec. 19, 2007 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 10 percent from the previous month but still up nearly 68 percent from November 2006.
WASHINGTON, December 18, 2007 - Many families and individuals are one step closer to seeing tax relief, thanks to the passage of the Mortgage Cancellation Tax Relief Act by the U.S. Senate and House of Representatives, according to the National Association of Realtors
The Federal Reserve Board (FRB) is uniquely positioned to restore confidence in the housing market because it is the one federal agency with the authority to set standards for all home loan originators. Unfortunately, the proposed rules issued by the FRB today represent yet another missed opportunity for the agency to rein in practices that have hurt millions of American families.
PITTSBURGH, PA - December 18, 2007 - The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved more than $8.9 million in grants under its Affordable Housing Program (AHP). The grants will help finance 30 housing projects across Delaware, Kentucky, New Jersey, Pennsylvania, Rhode Island and West Virginia, creating 987 units of housing with total development costs of more than $157 million.
WASHINGTON, D.C. - December 14, 2007 - Today, the U.S. Senate passed S.2338, legislation aimed at resetting interest rates to refinance without the usual burdens associated with a Federal Housing Administration (FHA) loan, by a vote of 93 to 1. Much of the bill language was taken from the Expanding American Homeownership Act of 2007 – legislation introduced by U.S. Senator George V. Voinovich (R-OH) last month in order to spur action by the Senate to help ease the foreclosure crisis and increase homeownership opportunities for millions of American first-time home buyers
Dec. 14, 2007 - The Federal Reserve Board should bar prepayment penalties for subprime loans and limit the size and duration of any remaining prepayment penalties, 19 Democratic House Financial Services Committee members said in a letter yesterday to Fed Chairman Ben Bernanke.
Dec. 14, 2007 - A Senate counterpart to the House-passed H.R. 3915 was introduced late Wednesday by Senate Majority Leader Harry Reid, D-Nev., on behalf of Senate Banking Chairman Chris Dodd, D-Conn., and a dozen more panel members.
Online real estate firm Redfin offers seven recommendations for selling a home faster and for more money.
WASHINGTON, December 14, 2007 - The FHA Modernization Act of 2007, passed today by the U.S. Senate, would help protect the interest of America’s current and future homeowners by giving borrowers a safer alternative to riskier mortgage products while also helping many homeowners who may be facing foreclosure, according to the National Association of Realtors
LOS ANGELES, Dec. 13 /PRNewswire-FirstCall/ -- Hitwise, a leading online competitive intelligence service, ranked REALTOR.com as the number one search term used in the real estate industry category during the month of November (1). REALTOR.com accounted for 1.56% of all searches on the Internet in the real estate category, far exceeding the next closest ranking term that captured .91% of all searches in November.
While gambles on up-and-coming neighborhoods and new developments paid off for many real estate investors during the boom, housing markets across the country are now awash with unsold condos and suffering from sluggish sales.
The Federal Reserve announced an agreement Wednesday with four foreign central banks to inject billions of dollars into the world’s financial system to make more money available for big banks to lend to smaller ones.
Wachovia Ranks Highest In Primary Mortgage Loan Originations According To J.D. Power And Associates...
CHARLOTTE, N.C. - December 13, 2007 - Wachovia Bank is ranked highest in customer satisfaction for primary mortgage loan originations in 2007, according to the 2007 Primary Mortgage Origination Study.
ALLAS, Dec. 12 /PRNewswire/ -- Behringer Harvard announced today that it has closed on the previously announced acquisition of publicly traded IPC US REIT and its portfolio of 34 U.S. office properties. The transaction, valued at approximately $1.4 billion, includes all of Toronto-based IPC US REIT's subsidiaries at a purchase price of $9.75 per unit, of which approximately $600 million is equity and $800 million is outstanding debt.
Annual capital spending by all U.S. nonfarm businesses on structures and equipment varied cyclically, but went from about $1.05 trillion in 1999 to about $1.15 trillion in 2005, according to the Census Bureau’s
Washington, DC - December 12, 2007 - Senator Judd Gregg, ranking member of the Senate Budget Committee, has offered an amendment to the 2007 Farm Bill that will help millions of American homeowners hurt by the downturn in the housing market. Senator Gregg had filed the amendment in mid-November.
New York, N.Y. - December 11, 2007 - Turner Construction Company, the nation’s leading general builder, today announced that construction costs increase in the Fourth Quarter. According to the Turner Building Cost Index, the Fourth Quarter 2007 Index value is 876 which represents a 1.51 percent increase in construction costs over the Third Quarter 2007 and a 7.09 percent increase over the Fourth Quarter 2006 index.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed, increased 0.6 percent in October, marking the second consecutive monthly gain, according to the NATIONAL ASSOCIATION OF REALTORS
WASHINGTON - December 10, 2007 - Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.