Monthly Archives: February 2008

REALTORS® Speak Out on Behalf of Housing Affordability for Veterans

WASHINGTON, February 28, 2008 - The National Association of Realtors® testified today in Congress that the Veterans Home Loan Guaranty Program should continue to be a valuable asset in helping the nation’s veterans achieve the dream of homeownership in a way that is safe, fair and affordable.

FTC Charges Mortgage Foreclosure “Rescuers” with Deceiving Homeowners

In an ongoing effort to crack down on businesses that prey upon homeowners facing foreclosure, the Federal Trade Commission has charged six businesses and three individuals with violating the Home Ownership and Equity Protection Act (HOEPA), the FTC Act, and the Truth in Lending Act (TILA) by enticing homeowners into high-cost, short-term loans secured by an additional mortgage on their homes.

SEC Charges Three Promoters for Victimizing Military Families in Real Estate Investment Scheme

Washington, D.C., Feb. 27, 2008 - The Securities and Exchange Commission today charged three promoters who targeted military families in a multi-million dollar investment scheme that forced victims into personal bankruptcy and their homes into foreclosure.

New-Home Sales Decline to a 13-Year Low

Sales of new single-family homes fell 2.8 percent in January to the lowest rate in nearly 13 years, according to a U.S. Commerce Department report issued Wednesday.

Wells Fargo Analysis: 200 Troubled Markets

Wells Fargo & Co., the country’s second-largest mortgage lender, says it has identified more than 200 housing markets nationwide where the mortgage crisis has spread.

REALTOR® Magazine’s Good Neighbor Awards Opens Call For Entries

WASHINGTON, February 26, 2008 - Nominations are now open for the National Association of Realtors® ninth annual REALTOR® Magazine Good Neighbor Awards. The program recognizes Realtors® whose extraordinary commitment to volunteer work has helped make their community a better place to live.

WIDESPREAD HOUSE PRICE DECLINES IN FOURTH QUARTER

WASHINGTON, DC – U.S. home prices fell in the fourth quarter of 2007 according to OFHEO’s seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.3 percent lower on a seasonally-adjusted basis in the fourth quarter than in the third quarter of 2007. This decline was substantially greater than the 0.3 percent price decline between the second and third quarters.

HUD Secretary: FHASecure helps 100,000 Americans stay in their homes

WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD's FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHASecure has enabled tens of thousands of families - who are current on their home loans or past due because their teaser rates reset - to close on loans refinanced through HUD's Federal Housing Administration (FHA), which is backed by the full faith and credit of the government

HUD Secretary applauds NeighborWorks America for awarding $130 million for Foreclosure Prevention Counseling

WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today issued the following statement applauded NeighborWorks America for expeditiously awarding $130 million to HUD-approved national counseling intermediaries and state housing finance agencies that will provide thousands of families with foreclosure prevention counseling.

Best Places To Get Ahead

Move to New York, and you could become an investment-banking millionaire. Head for Los Angeles for a chance at an eight-figure Hollywood paycheck. Or go prospecting in San Francisco for dot-com gold.

Existing-Homes Sales Slip in January as Some Potential Buyers Wait on Sidelines

WASHINGTON, February 25, 2008 - Existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 0.4 percent to a seasonally adjusted annual rate(1) of 4.89 million units in January from an upwardly revised level of 4.91 million in December, and are 23.4 percent below the 6.44 million-unit pace in January 2007.

Governors Demand Federal Leadership On Subprime Mortgage Crisis

February 24, 2008 - Governor Eliot Spitzer today joined Governors from across the United States in calling on the Bush Administration to deliver a comprehensive solution to the ongoing mortgage crisis. As more Americans lose their homes, the Governors have taken aggressive actions and stand ready to partner with the federal government to deliver critical relief to homeowners in need.

REALTORS Hope to Improve State of Minority Homeownership

WASHINGTON, February 25, 2008 - “Homeownership is part of the American dream,” said 2008 NAR President-elect Charles McMillan. “As the nation’s leading advocate for housing issues, NAR is committed to removing disparities in homeownership and making the face of homeownership in this country look more like America.”

Mastering Foreclosures

REO business awaits those who can juggle details and expectations for fast turnover while earning the trust of lenders.

Federal Judge: Control Foreclosure Penalties

A federal judge in Wilmington, Del., where many of the country’s largest companies are incorporated, says he is considering reining in mortgage companies that have been foreclosing on consumers who have brought their home loan payments up to date while they are in bankruptcy.

Don’t Fear Falling Prices

Yale Professor Robert Shiller, whose Case-Shiller 20-city home price index has become an industry standard, says people shouldn’t fear gradually falling home prices.

Foreign Buyers Look to U.S. Housing

The strength of the Canadian dollar, the euro, and other foreign currencies, on top of a slowdown in the U.S. real estate market, is making the United States an enticing place for foreigners to buy property.

MBA’s Quinn Sounds Caution on Senate Housing Package

WASHINGTON, D.C. (February 14, 2008) – Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) expressed reservations about several of the provisions contained in the Foreclosure Prevention Act of 2008, introduced in the Senate yesterday.Mr.

Mortgage Applications Decrease In Latest MBA Weekly Survey

WASHINGTON, D.C. (February 20, 2008) - The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6 percent on a seasonally adjusted basis from 1063.5 one week earlier.

Fourth Quarter Commercial Real Estate Index Eases

WASHINGTON, February 20, 2008 - The Commercial Leading Indicator for Brokerage Activity(1) slipped 0.4 percent to an index of 120.1 in the fourth quarter from a reading of 120.6 in the third quarter, but remains 0.1 above the fourth quarter of 2006 when it stood at 119.9.

Jackson names three local housing developments recipients of 2007 Best in American Living Award

WASHINGTON - February 11, 2008 - Three local housing developments in Blacksburg, Virginia; Palm Desert, California; and Denton Texas are the recipients of the 2007 Best in American Living Award for their design excellence and innovative approaches in affordable homeownership.

Sharp Decline in Housing and Mortgage Activity Expected Again This Year

In the second year of an ongoing housing recession, measures of housing activity deteriorated sharply. The 25 percent decline in total housing starts in 2007 nearly doubled the drop in 2006. The decrease was more pronounced in single-family starts, which were down 28.6 percent, compared with an 8.3 percent drop for multifamily starts.

Million-Dollar Starter Homes

Step into the Manhattan offices of Prudential Douglas Elliman, and you'll see potential buyers negotiating million dollar-plus apartment purchases

Million-Dollar Starter Homes

Step into the Manhattan offices of Prudential Douglas Elliman, and you'll see potential buyers negotiating million dollar-plus apartment purchases

What $1 Million Buys In Homes Across The U.S.

That's because nationwide, homeowners are slashing asking prices, often by significant margins, making this year's list of million-dollar properties much more palatable than those in years past. These homes are still beyond the means of the average American, but there's some comfort in a million-dollar home looking like a million-dollar home rather than a hastily built McMansion or a shoebox-sized studio apartment.

NAR Pushes for Homeownership Protection for Older Americans

WASHINGTON, February 13, 2008 - The National Association of Realtors testified today that foreclosure rescue scams have caused major problems for many Americans and that older Americans and other vulnerable borrowers are frequently targets. NAR called for increased funding for programs that provide financial assistance, counseling and consumer education to borrowers to help them avoid foreclosures and foreclosure rescue scams.

GREENGUARD 2008 Memorial Fellowship Winners Will Examine Design Process/Chemicals to Determine Affects on Health

GREENGUARD Environmental Institute (GEI), the pre-eminent brand in indoor air quality, congratulates the recipients for this year's Ken Dillon Memorial Fellowship for Indoor Environmental Quality Design.

The Real Estate Roundtable Praises

(WASHINGTON, D.C.) — "We applaud President Bush’s leadership and the swift bipartisan Congressional action to enact this important economic stimulus package. This legislation will spur consumer spending, provide additional refinancing options to homeowners, boost confidence and encourage businesses to accelerate investments.

DETROIT, STOCKTON, LAS VEGAS POST HIGHEST 2007 METRO FORECLOSURE RATES

RealtyTrac the leading online marketplace for foreclosure properties, today released its Year-End 2007 Metropolitan Foreclosure Report, which shows Detroit, Stockton, Calif., and Las Vegas documented the three highest foreclosure rates among the nation’s 100 largest metro areas during 2007.

Avoid These 5 Listing Presentation Pitfalls

Every listing presentation is a job interview. You are applying with the sellers for the opportunity to sell their home. And you need to convince them that you are the best real estate professional for the job.

Popular Government & Nonprofit Press Releases

NAHB

Statement from NAHB Chairman Granger MacDonald on EPA Chief’s Repeal of...

Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today issued the following statement regarding Environmental Protection Agency Administrator Scott Pruitt’s proposal to begin the process to roll back the Clean Power Plan rule

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.