Monthly Archives: January 2008

Legislation Would Enable Tens of Thousands of Families in Danger of Foreclosure to Refinance...

Washington, DC – In response to the escalating housing crisis that is devastating communities, shaking our economy, and putting the financial security of millions of families at risk, Senator Hillary Rodham Clinton introduced the Mortgage Refinancing Initiative of 2008 which would provide an opportunity for at-risk households to refinance unworkable mortgages.

Under Secretary for Domestic Finance Robert K. Steel Testimony before the Senate Committee on...

Washington - Chairman Dodd, Ranking Member Shelby, Members of the Committee, good morning, I very much appreciate the opportunity to appear before you today to present the Treasury Department's perspective on "Foreclosure Prevention and Neighborhood Preservation."

America’s Hardest-Hit Foreclosure Spots

What could be worse than getting behind on mortgage payments? Owing your lender more than your home is worth. That's what's happening to homeowners across the country, many of whom just a couple of years ago opted for interest-only or adjustable-rate mortgages.

DOL Grant to Address Shortage of Energy Sector Workers

Under the President's High Growth Job Training Initiative (HGJTI), the Department of Labor Employment and Training Administration (DOL-ETA) has announced the availability of approximately $10 million in grant funds for high-impact regional approaches to meet the workforce challenges of the energy industry and/or address the shortage of construction and skilled trade workers needed to maintain and expand the energy industry infrastructure

NAR Says Economic Stimulus Legislation Will Help Jumpstart Sluggish Housing Market

WASHINGTON, January 29, 2008 - The National Association of Realtors congratulated the U.S. House of Representatives and President Bush for their bipartisan actions to help families in need, the housing market, and the U.S. economy.


RealtyTrac the leading online marketplace for foreclosure properties, today released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,285,873 properties nationwide during the year, up 75 percent from 2006.

NAREE Real Estate Journalism Competition to Offer More Than $10,000 in Cash Awards


Among Foreign Investors, U.S. Real Estate Trounces Competition – But Gap between U.S. and...

Despite a growing interest in Asia, U.S. real estate, by a wide margin, has risen to the top of the global property market among foreign investors, with New York City and Washington named the top two global cities for foreign investors' real estate dollars according to the results of the 16th annual survey released today by the Association of Foreign Investors in Real Estate (AFIRE).

Live Auction Industry Exceeds $270 Billion in 2007

OVERLAND PARK, Kan., Jan. 28 /PRNewswire-USNewswire/ -- In 2007 the gross revenue from goods and services sold at live auction grew 5.3% to $270.7 billion. In 2006, the auction industry sold $257.2 billion in goods and services at auction, an increase of 7.1% from 2005

Foreclosing on the American Dream?

Nation's Most Respected Housing Experts Discuss Solutions to Foreclosure Crisis & Ways to Recreate Sustainable Homeownership At National Community Reinvestment Coalition Annual Conference - March 12_15

Fixed-Rate Mortgage Rates Plummet To Lowest Levels In Four Years

McLean, VA – January 24, 2008 - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.48 percent with an average 0.4 point for the week ending January 24, 2008, down from last week when it averaged 5.69 percent as well. Last year at this time, the 30-year FRM averaged 6.25 percent.

2007 Existing-home Sales Fifth Highest

Existing-home sales declined in December following several months of stable activity, with total sales in 2007 still at the fifth highest on record, according to the NATIONAL ASSOCIATION OF REALTORS

Existing-home Sales Down in December but 2007 was Fifth Highest on Record

WASHINGTON, January 24, 2008 - Existing-home sales declined in December following several months of stable activity, with total sales in 2007 at the fifth highest on record, according to the National Association of Realtors

Manufactured Housing Well Positioned to Provide Quality Affordable Homeownership

Washington, DC, January 22 - The Manufactured Housing Institute (MHI), today, released its National Policy Agenda for 2008. Gail Cardwell, President of MHI said, “Manufactured and modular housing are the right answer, at the right time for consumers looking for quality housing options.

America’s Richest Counties

It's easy to assume that the nation's richest counties dot the tri-state area around New York City, or San Francisco's Bay Area. Homeowners there, after all, shell out millions of dollars for small luxuries such as a lawn and a garage.

Over 300 Bank-Owned Homes Hit Auction Block in Buckeye State While Another 50 Pittsburgh...

As home prices drop and foreclosures swell, particularly in states like Ohio, buyers are increasingly flocking to foreclosed real estate auctions to find discounted property. Auctions of foreclosed homes, also known as bank-owned, give buyers an opportunity to purchase property below market value because banks are eager to dispose of these non-performing loans.

Stimulus Package Must Include Loan Limit Increase to Help Homeowners, Economy Immediately, Says NAR

WASHINGTON, January 17, 2008 - The National Association of Realtors® today urged President George W. Bush and Congress to help homeowners and the national economy by loosening constraints on Fannie Mae and Freddie Mac as an integral part of a federal stimulus package currently being discussed.

America’s Most Lucrative Neighborhoods

Twenty years ago, few house-hunters were interested in Charlestown, Mass. In this small, dense neighborhood, just across the river from Boston, commercial fishing piers and industrial development fell in the shadow of Interstate 93. Property values were appropriately low.

Secretary Paulson Statement on HOPE NOW Progress Report

Washington - Secretary Henry M. Paulson, Jr. issued the following statement today regarding the HOPE NOW alliance's progress report on the number of homeowners helped since the organization's inception. The report indicated that during the fourth quarter, following the creation of the alliance, mortgage servicers in the organization were modifying subprime loans three times faster than in the third quarter.

Foreclosure Crackdown May Hurt Investors

States Clamp Down on Sharks; Legitimate Investors May Feel Sting As the number of foreclosure filings climbs, increasing by 99.5 percent between the third quarter of 2006 and that of 2007, so does the number of laws designed to protect consumers from scams that pretend to help troubled home owners refinance.

Get Rich in Your Niche: Sales Strategy for Today

Real estate practitioners need to adopt new strategies in the new year to give them a competitive edge, given that there are more than 2.5 million licensed real estate practitioners nationwide--all of them competing for work in a slow market.

RE/MAX Ranked the Top Real Estate Franchise

(Denver, CO., January 16, 2008) - RE/MAX International is the nation's number one real estate franchise, and the number ten franchise overall, according to Entrepreneur Magazine's 29th Annual "Franchise 500 Survey." RE/MAX has held the honor of the top real estate franchisor for eight of the past ten years.

NMHC/NAA File Suit to Block New Regulations Restricting Contracts Between Apartment Owners and Cable...

WASHINGTON, DC -- The National Multi Housing Council and National Apartment Association (NMHC/NAA) today filed a lawsuit against the Federal Communications Commission (FCC) asking the courts to strike down the FCC’s recently issued regulations retroactively banning “exclusive access” agreements between cable providers and apartment owners.

Foreclosures Push Down Rents

Due to home owners trying to rent homes they can’t sell, rentals are abundant and prices are at bargain levels in areas hit hard by foreclosures.

MBA’s “Stop the Cram Down Resource Center” Puts a Price Tag on Bankruptcy Reform

WASHINGTON, D.C. - Jan. 15, 2007 - A proposed change in the bankruptcy law that would allow bankruptcy judges to unilaterally change the terms of mortgage contracts would cost home buyers across the country hundreds of dollars every month and thousands of dollars a year, according to a new resource on MBA’s website

Analytical Case for Loan Modification Reported in FDIC Quarterly

In the current issue of FDIC Quarterly the FDIC outlines the analytical case for a systematic and streamlined loan modification process that will help avert foreclosure for borrowers who are current on their loans, but who cannot refinance or afford the higher payments when interest rates reset

Soft-Market Secrets To Selling A High-End Home

Sales of new homes dropped last month to their lowest level in more than 12 years. Mortgage applications have fallen to their lowest level in a year. Bidding wars are pretty much done

NAR Campaign Relates Real Facts About Real Estate

WASHINGTON, January 14, 2008 - Beginning today, the National Association of Realtors® is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment.

CampusMBA Launches Robust “Enterprise Certification Program”

WASHINGTON, D.C. - January 11, 2008 - CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA) today launched the Enterprise Certification Program, a specialized and comprehensive bundle of top tier, certification-based and results-oriented learning solutions designed to elevate and uphold a company's quality and excellence.

Register Today for the Mortgage Bankers Association’s (MBA) 2008 National Mortgage Servicing Conference &...

As current market conditions dictate changes to the way companies do business, now is the time for servicing professionals to pool knowledge, information, resources and discover new ways to increase operating efficiencies

Popular Government & Nonprofit Press Releases

Financial Services Committee

Chairman Hensarling Delivers Opening Statement at Hearing on HUD

Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s hearing with Housing and Urban Development Secretary Ben Carson: Today we welcome the 17th Secretary of the Department of Housing and Urban Development, Dr. Ben Carson for his first appearance before our committee

Recent Government & Nonprofit Press Releases

ABC National

ABC CEO Mike Bellaman Appointed to Task Force on Apprenticeship Expansion...

Michael D. Bellaman, president and CEO of Associated Builders and Contractors (ABC), has been appointed by U.S. Department of Labor Secretary R. Alexander Acosta  to the Task Force on Apprenticeship Expansion, created by President Trump’s June 15 Executive Order 13801.