AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Bernanke Blames Housing Market for Slack Economyhttp://realestate.aol.com/blog/2011/04/29/bernanke-blames-slack-housing-market-for-poor-economy/http://realestate.aol.com/blog/2011/04/29/bernanke-blames-slack-housing-market-for-poor-economy/http://realestate.aol.com/blog/2011/04/29/bernanke-blames-slack-housing-market-for-poor-economy/#commentsFiled under: ,,

ben bernankeThe housing market is one of two main factors hindering an economic recovery, Ben Bernanke told a luncheon audience in Arlington, Va., today. The Federal Reserve chairman said, "In some areas, for example, high foreclosure rates have produced significant numbers of vacant properties, depressing surrounding home prices, attracting crime, and creating financial burdens for local governments....
The foreclosure rate remains very high, and many homeowners who have avoided foreclosure find themselves 'under water,' meaning their mortgage debt exceeds the value of their homes."

Bernanke cited high unemployment as the second factor holding back a recovery: "Our economy is far from where we would like it to be, and many people and neighborhoods are in danger of being left behind." The Fed chairman suggested that community leaders and businesses could help improve circumstances that led the economy to grow at a slower rate than predicted for the first quarter of 2011.

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]]>Arlington Va Real EstateBen Bernankehome priceshousing marketreal estateunemploymentAlec Foege2011-04-29T16:22:00 00:00NYC's Smallest Apartment Just Got Smallerhttp://realestate.aol.com/blog/2011/04/28/nycs-smallest-apartment-just-got-smaller/http://realestate.aol.com/blog/2011/04/28/nycs-smallest-apartment-just-got-smaller/http://realestate.aol.com/blog/2011/04/28/nycs-smallest-apartment-just-got-smaller/#commentsFiled under: ,,

smallest apartmentUntil now, the smallest apartment we were aware of was Felice Cohen's New York City pad, as AOL Real Estate documented in "Woman Lives in 90-Square-Foot New York Apartment." Well, real estate observers, let's get even smaller.

(See photos and video below.)

A fellow named Luke posted photos of his 78-square-foot New York City abode on apartmenttherapy.com, as part of the site's annual Smallest Coolest Home Contest. Luke writes on the site that his apartment is "simple, efficient, convertible, and zen enough to be comfortably habitable." The custom built sofa converts into a bed, and all of the furnishings were designed by the resident. In the gallery below, note the small refrigerator integrated underneath the desk space.

No word on the rent (Cohen pays $700 for her 90 square feet) or whether the apartment includes a bathroom.


And check out our sister site Shelterpop for some more small wonders:
A Small Kitchen Makeover
Five Tips to Make a Small Space Look Bigger









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]]>ApartmentTherapyfrugal livingnew york city real estatesimple livingsmallest apartmentAlec Foege2011-04-28T09:34:00 00:00New iPad Tools Ease the House Hunter's Searchhttp://realestate.aol.com/blog/2011/04/28/new-ipad-tools-ease-the-house-hunters-search/http://realestate.aol.com/blog/2011/04/28/new-ipad-tools-ease-the-house-hunters-search/http://realestate.aol.com/blog/2011/04/28/new-ipad-tools-ease-the-house-hunters-search/#commentsFiled under: ,,

real estate searchLooking to buy a home this spring? There are plenty of new real estate search tools designed to make your home search a whole lot easier. In the old days, house hunters relied on newspaper classified listings and brokers to hone in on properties that fit their criteria. These days, smartphones, tablets and PCs do all the heavy lifting for you. AOL Real Estate test-drove a few of the latest real estate apps, and here's what we found.

Realtor.com, the listings site of the National Association of Realtors, just introduced its new iPad app. Among the cool features included in the free download is a function that lets you select an area to target in your search just by drawing a line around it on a map. The app also allows you to highlight properties of interest, as well as rate them and post your comments in real time as you're looking at them.

Keeping tabs on all the properties you're considering is probably one of the most difficult aspects of house hunting. Buyfolio.com, which came out last year, attempts to gather all that data in an organized fashion on its iPhone app (which also works on iPads). The agent or buyer simply drags the property listing into one of the following categories: "To See," "Saw and Liked," or "Didn't Like." The program allows you to post your own comments next to each listing. Brokers are using the site to share listings and comments with house hunters. The site even remembers if you've considered a house before, with a "you already rejected this" message.




Nestio.com, while currently only available to apartment shoppers in New York City, uses comparison tools to streamline apartment rentals in a similar fashion. Particularly impressive is the site's ability to seamlessly integrate a search of apartment listings from Craigslist and automatically organize them for you to better contemplate your options. An iPad app is expected to be released shortly.




ZipRealty.com has a handy free app for iPhones, iPads and Android devices that finds your location and magically populates a map with all of the recent sales in the immediate area. It also automatically links to home valuation sites Zillow.com and HomeGain, giving you an instant dossier on what you should realistically pay for the house of your dreams.




For those who have already purchased a home or are considering a fixer-upper, Houzz.com is an interior-design aggregator that allows you to flip through countless idea books on its user-friendly iPad app. Each portfolio of photos, which can be accessed through room categories or geographical areas, is linked to detailed contact information for the firm responsible for the space. You can even upload your own idea book.




























Of course, even with these real estate search tools, you still have to make the decision on which home to buy or rent on your own. For help with that, check out our AOL Real Estate guides:
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]]>buyfoliobuying a homebuying a housenestioreal estate agentsreal estate appsreal estate searchreal estate search toolsreal estate toolsrealtor.comAlec Foege2011-04-28T08:10:00 00:00Singin' the Blues: Home Prices Set to Musichttp://realestate.aol.com/blog/2011/04/27/singin-the-blues-home-prices-sung-as-opera/http://realestate.aol.com/blog/2011/04/27/singin-the-blues-home-prices-sung-as-opera/http://realestate.aol.com/blog/2011/04/27/singin-the-blues-home-prices-sung-as-opera/#commentsFiled under: ,,

case shillerThe latest Case Shiller Home Price Index may not be music to your ears, but it still sounds pretty good -- that is, when sung as music by a classically trained baritone. In the spirit of radio -- which, of course, can't show you the results in a graph -- the Planet Money team at National Public Radio had the February Case Shiller data translated into musical notes. Then they asked Timothy McDevitt, a young opera singer studying at New York City's Julliard School, to, um, sing it. Even better, they played the results for Robert Shiller and Karl Case, the index's founders. They also broke the index down into separate markets, such as Miami and Dallas, and added lyrics. What do the results sound like? Let's just say they have their ups and downs....

Listen to your housing market here.


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]]>Case ShillerCase Shiller Home Price Indexnational public radionpropera singerplanet moneyunusual operaAlec Foege2011-04-27T17:01:00 00:00Mortgage Applications Dip, Or Is It Double Dip?http://realestate.aol.com/blog/2011/04/27/mortgage-applications-dip-or-is-it-double-dip/http://realestate.aol.com/blog/2011/04/27/mortgage-applications-dip-or-is-it-double-dip/http://realestate.aol.com/blog/2011/04/27/mortgage-applications-dip-or-is-it-double-dip/#commentsFiled under: ,,,

mortgage applicationsBlame it on mortgage insurance rates. Mortgage applications dropped 5.6 percent from a week earlier as of April 22, reported the Mortgage Bankers Association. This coincided with a hike in FHA loan premiums -- over the past month, applications had risen as home buyers tried to beat the deadline. There also was no adjustment made for Good Friday, which fell on the final day of this week.

Remarkably, however, the average 30-year fixed-rate mortgage interest rate declined to 4.80 percent. In this turbulent housing market, low interest rates alone apparently are not enough to counter plunging home values and naggingly high unemployment. Is this the dreaded double dip in the housing market economists have feared?




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]]>30 year fixed rate mortgagedouble dipdouble dip recessionFHA loansFHA mortgagesmortage bankers associationmortgage applicationsAlec Foege2011-04-27T07:33:00 00:00Prince William and Kate to Flee City for Remote Homehttp://realestate.aol.com/blog/2011/04/26/william-and-kate-to-flee-city-for-remote-home/http://realestate.aol.com/blog/2011/04/26/william-and-kate-to-flee-city-for-remote-home/http://realestate.aol.com/blog/2011/04/26/william-and-kate-to-flee-city-for-remote-home/#commentsFiled under: ,

prince william kate middletonAfter Prince William and Kate Middleton get married on Friday, they will live in an apartment in the royal mansion Clarence House, as AOL Real Estate reported last week in "Prince William and Kate to Live in Royal Mansion." But, apparently, that is only when they're in London. For now, they plan to continue living in a whitewashed farmhouse for which William pays around $1,200 a month, on the island of Anglesey, where William is based while serving as a Royal Air Force search and rescue pilot, according to London's Daily Mail newspaper.

Once William finishes his three years of service, the new royal couple plans to spend the bulk of their first couple years of married life in a 6-bedroom green home that his father, Prince Charles, had built at Harewood Park in Herefordshire, a remote area of North Wales, says the Mail.

The home sits on a 900-acre estate bought by the Duchy of Cornwall, which also pays Prince Charles with his annual income, in 2000. Per Charles's instructions, the new construction is eco-friendly, including a reed-bed sewage system, solar panels, and walls lined with wool insulation.


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]]>Angleseyclarence houseduchy of cornwallKate Middletonnorth wales real estateprince charlesPrince Williamroyal weddingWilliam and KateWilliam and Kate weddingAlec Foege2011-04-26T12:06:00 00:00Case Shiller Index Shows Housing Crisis Is Not Overhttp://realestate.aol.com/blog/2011/04/26/case-shiller-home-value-index-shows-crisis-is-not-over/http://realestate.aol.com/blog/2011/04/26/case-shiller-home-value-index-shows-crisis-is-not-over/http://realestate.aol.com/blog/2011/04/26/case-shiller-home-value-index-shows-crisis-is-not-over/#commentsFiled under: ,,

case shillerHome values are having a bad 2011 so far, despite hopes for a spring recovery. The S&P/Case-Shiller index of home values in 20 cities fell 3.3 percent in February 2011 from the same month a year earlier. Washington, D.C., was the only market covered by the index to post a year-over-year increase, 2.7 percent. In a more troubling development, 10 of the 11 cities in the index dropped to new lows in January 2011, reached new lows in February 2011, as well. Detroit was the only one of that group that eked out a positive return, of 1.0 percent. A swell in the number of foreclosures is keeping home values from improving. Said David M. Blitzer, chairman of the index committee at Standard & Poor's: "There is very little, if any, good news about housing."


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]]>Case ShillerCase Shiller Home Price Indexdetroit real estatehome valueshome values declinewashington dc real estateAlec Foege2011-04-26T10:29:00 00:00New Home Sales Rise, But Conditions Remain Unchangedhttp://realestate.aol.com/blog/2011/04/25/new-home-sales-rise-but-conditions-remain-unchanged/http://realestate.aol.com/blog/2011/04/25/new-home-sales-rise-but-conditions-remain-unchanged/http://realestate.aol.com/blog/2011/04/25/new-home-sales-rise-but-conditions-remain-unchanged/#commentsFiled under: ,

new homesThe market for new homes showed some unexpected life last month. New home sales rose 11.1 percent to annual rate of 300,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. While this marks a nice bump up from the February rate of 270,000, it does not yet suggest a sustained recovery, due to continued competition from distressed properties, high unemployment and plunging home prices. The growing shadow inventory of homes soon to be foreclosed on puts formidable pressure on builders, who have already reduced inventory.

Check out the Huffington Post report for more on what the numbers mean.

 

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]]>buying a homecensus bureauDepartment of Housing and Urban Developmenthudnew constructionnew homesnew homes salesAlec Foege2011-04-25T10:32:00 00:00The American Dream of Homeownership: Bloody but Unbowedhttp://realestate.aol.com/blog/2011/04/22/the-american-dream-of-homeownership-bloody-but-unbowed/http://realestate.aol.com/blog/2011/04/22/the-american-dream-of-homeownership-bloody-but-unbowed/http://realestate.aol.com/blog/2011/04/22/the-american-dream-of-homeownership-bloody-but-unbowed/#commentsThe American dream of homeownership has taken a serious hit in the past five years--or so you might think. No wonder, what with so many Americans pummeled by underwater properties and foreclosures. Even the government piled on, declaring in a February housing report: "The Administration believes that we must continue to help ensure that Americans have access to quality housing they can afford. This does not mean, however, that our goal is for all Americans to become homeowners."

But Americans are not so easily daunted. The idea of owning one's home is ingrained in our psyche, according to a new Pew Research Center survey. The nationwide survey, conducted in March, asked more than 2,000 adults whether buying a home was the "best long-term investment a person can make." Around 8 out of 10 respondents, or 81 percent, agreed with that statement.

That level of optimism is pretty surprising, considering that in a related Pew Research survey, nearly half of 1,222 homeowners polled said their house is worth less now than before the recession started. In that same survey, 31 percent said their home was worth about the same, while only 17 percent said their home's value had grown.

Clearly, faith in the value of owning one's home is thus far unshakable. When Pew asked Americans to rank the importance of four long-term financial goals, homeownership came in first, narrowly beating out "being able to live comfortably in retirement." Go figure.

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]]>american dreamhome ownershiphousing surveyhudObama Administrationpew research centertreasury departmentAlec Foege2011-04-22T14:45:00 00:00David Wright Makes a Play to Unload NYC Bachelor Padhttp://realestate.aol.com/blog/2011/04/22/david-wright-makes-a-play-to-unload-nyc-bachelor-pad/http://realestate.aol.com/blog/2011/04/22/david-wright-makes-a-play-to-unload-nyc-bachelor-pad/http://realestate.aol.com/blog/2011/04/22/david-wright-makes-a-play-to-unload-nyc-bachelor-pad/#commentsThe New York Mets may be hurting, but third baseman David Wright is making some smooth real estate plays. In March, he moved from Manhattan's ultra-hip Flatiron district to a $12,000-per-month rental on the Upper East Side. Now he has listed his tricked-out Flatiron bachelor pad. The asking price? $7.85 million.

Wright purchased the 3-bedroom, 4½-bath, 4,000-square-foot penthouse loft in 2006 for $6.1 million. It includes a salt-water aquarium and gas-fueled stone-and-glass fireplace, as well as a media room with a wall covered with five flat-screen TVs. There also is an upstairs roof deck, complete with a sound system and enclosed hot tub, notoriously delivered by a crane that required shutting down the block of West 21st Street temporarily.

Now if only the last-place Mets, with only 6 wins and 13 losses, could catch a little bit of Wright's real estate mojo.

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]]>celebrity real estateCORE New Yorkdavid wrightflatiron districtmajor league baseballmanhattan real estatenew york metsAlec Foege2011-04-22T13:24:00 00:00'Great Gatsby' Mansion on Long Island Demolishedhttp://realestate.aol.com/blog/2011/04/20/great-gatsby-mansion-on-long-island-demolished/http://realestate.aol.com/blog/2011/04/20/great-gatsby-mansion-on-long-island-demolished/http://realestate.aol.com/blog/2011/04/20/great-gatsby-mansion-on-long-island-demolished/#commentsThe Great Gatsby's author, F. Scott Fitzgerald, once wrote, "There are no second acts in American lives." In the case of the Sands Point, N.Y., mansion said to have inspired the classic American novel, the Fitzgerald adage seems to have been accurate -- but that second act came to end on Monday, when the so-called Land's End Mansion was demolished by a developer planning to replace it with five homes selling for around $10 million a piece.

The house was built in 1902 and was inhabited for a while by journalist Herbert Bayard Swope, an early Pulitzer Prize winner and editor of the New York World. Guests in that era included the Fitzgeralds, as well as Groucho Marx, the Duke and Duchess of Windsor and Dorothy Parker, according to Forbes.

After the jump, watch the dramatic demolition footage from CNN.
AOL Real Estate featured the fabled estate and its neighbors a few times, in "'Great Gatsby' Mansion in Its Original Grandeur" and "Long Island Mansion for Sale: Live Like Gatsby."


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]]>Duke of Windsoreast eggF. Scott Fitzgeraldgreat american novelgreat gatsbygroucho marxlong island real estateluxury real estatenew york real estatesands pointsecond actAlec Foege2011-04-20T11:26:00 00:00Home Buyers Wake Up to Low Mortgage Rateshttp://realestate.aol.com/blog/2011/04/20/home-buyers-wake-up-to-low-mortgage-rates/http://realestate.aol.com/blog/2011/04/20/home-buyers-wake-up-to-low-mortgage-rates/http://realestate.aol.com/blog/2011/04/20/home-buyers-wake-up-to-low-mortgage-rates/#commentsAre home buyers starting to make their move? The latest data certainly suggests something along those lines: Mortgage applications rose 5.3 percent last week, according to the Mortgage Bankers Association. While much of that increase likely was due to an increase in FHA government-backed loans before insurance rates rise, a fall in mortgage interest rates also played a role. The current average 30-year fixed rate dropped from 4.98 percent to 4.83 percent for those able to provide a 20 percent down payment.


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]]>30 year fixed rate mortgagebuying a homehome buyersinterest ratesmortgage applicationsmortgage bankers associationmortgage ratesAlec Foege2011-04-20T09:32:00 00:00Mobile Home for Sale--at $2.5 Million!http://realestate.aol.com/blog/2011/04/15/mobile-home-for-sale-at-2-5-million/http://realestate.aol.com/blog/2011/04/15/mobile-home-for-sale-at-2-5-million/http://realestate.aol.com/blog/2011/04/15/mobile-home-for-sale-at-2-5-million/#commentsMobile homes don't usually conjure up most people's idea of luxury accommodations. But this stunner in Malibu, Calif., listed at $2.5 million, may challenge the stereotype.

The 2-bedroom, 2-bath, 2,300-square-foot home has a location that way outclasses its modest structure. It sits on one of the best lots in Paradise Cove, a mobile home park atop a bluff overlooking the Pacific Ocean, where it also captures views of Santa Monica Bay. "We have sold four homes over $2 million," listing agent David Carter of Pritchett-Rapf & Associates told AOL Real Estate. "So this isn't too unusual."


Carter says Paradise Cove is home to an eclectic mix of residents, including bohemians and artists looking for a relatively affordable way to enjoy priceless ocean views and access to Malibu's pristine private beachfront. He adds that mobile homes in Paradise Cove without ocean views typically sell for between $300,000 and $600,000, making the area accessible to residents who otherwise would be priced out of the market. According to the Malibu Real Estate Blog, there are a few more traditional home listings listings for sale further down the beach, but one is asking $45 million and the other $55 million.

Because this listing is a mobile home, there's a $2,000-a-month charge for renting the lot. "You don't own the land, only the home," says Carter, who also happens to be a Paradise Cove resident. "But there are advantages to that, such as no property taxes." Check out a gallery of interior and exterior photos below.

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]]>2.5+million+mobile+home2.5millionmobilehomeluxury real estatemalibu real estatemalibu real estate blogmobile homespacific ocean viewsAlec Foege2011-04-15T15:00:00 00:00Michael Connelly Sets New Novel Amid Foreclosure Crisishttp://realestate.aol.com/blog/2011/04/14/michael-connelly-sets-new-novel-in-world-of-foreclosures/http://realestate.aol.com/blog/2011/04/14/michael-connelly-sets-new-novel-in-world-of-foreclosures/http://realestate.aol.com/blog/2011/04/14/michael-connelly-sets-new-novel-in-world-of-foreclosures/#commentsFiled under: ,,

Michael ConnellyThe world of foreclosures is not exactly tailor-made for engaging fiction. Unless you're Michael Connelly. Author of The Lincoln Lawyer (now playing at a theater near you) and more than a dozen other best-sellers, Connelly seized on the foreclosure crisis as the setting for his latest thriller, The Fifth Witness.

"I write very contemporary novels set in the time they come out," says Connelly. "This is obviously a big financial catastrophe in this country, so it kind of stands out."

He also had personal reasons for choosing the topic. "When I was a kid, my father was in the construction industry, which is very volatile," Connelly told AOL Real Estate. "We just avoided foreclosure a few times. It was deeply humiliating when they would have to come pin something on your door about a public auction of your house." He says now, "It kind of left a scar."

The fourth Connelly novel to feature defense attorney Mickey Haller, The Fifth Witness finds Haller transitioning his flagging criminal defense practice in Los Angeles into the growing field of foreclosure defense. In particular, Connelly was drawn to the phenomenon of foreclosure mills, due in part to heavy local news coverage of Florida foreclosure mill attorney David Stern, whose downfall was chronicled by AOL Real Estate in "Foreclosure King Falls from Grace."

From his home base in Tampa, Fla., Connelly has seen first-hand how the foreclosure crisis has ravaged previously stable neighborhoods. "I kind of zeroed in on that as a place where I could build drama," he explains. "The idea of the banks hiding behind a mill that will do the dirty work for them was very interesting to me."
michael Connelly
He decided to make foreclosure mills a central topic in his book after a lawyer friend told him the story of checking the standing of a foreclosing entity with a bank and noticing that the expiration of the notary seal was 2013. "He knew that in Florida they were only given for five-year segments," Connelly says, "so he knew that the seal had been given in 2008. But the documents were dated in 2007. So he knew it was a fraud."

Connelly's story takes off when attorney Mickey Haller's first foreclosure client is charged with the murder of an executive at the lender that has foreclosed on her home. Another character in the book runs a foreclosure mill called ALOFT and becomes an additional suspect in the murder case, due to the victim's threat to pull his institution's business from ALOFT.

Connelly says he tried to capture some of the "really large conspiratorial type things where it's all a cabal between all the banks to keep a revolving, never-ending foreclosure business going" in his novel, although the story finally settles into the familiar territory of a criminal investigation.

In his research, Connelly learned that not every homeowner who is foreclosed on is a victim. "It's easy to jump on faceless institutions as the villain, but it's not as simple as that when you get down into it, he says, adding, "I love the kind of wilderness of mirrors aspect of this."

The "blizzard of paperwork" that accompanied many recent foreclosures made it hard to document many deals correctly, he says. His advice to foreclosed homeowners, based on what he learned writing The Fifth Witness: "You better check [the paperwork] pretty closely, because it might be fraudulent."

As for his own real estate experiences, Connelly has been lucky enough not to have been party to a foreclosure as an adult, but he is familiar with unhappy home-sale circumstances. He sold a home in January for 25 percent less than he thought it was worth "just so I could move on," he says. "At least I sold it more than I bought it for eight years ago. I feel like I broke even."




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]]>Fifth Witnessforeclosure crisisforeclosure millsLincoln LawyerMichael ConnellyAlec Foege2011-04-14T14:35:00 00:00Home Sales Up (or Down) Around the Nationhttp://realestate.aol.com/blog/2011/04/13/home-sales-up-or-down-around-the-nation/http://realestate.aol.com/blog/2011/04/13/home-sales-up-or-down-around-the-nation/http://realestate.aol.com/blog/2011/04/13/home-sales-up-or-down-around-the-nation/#commentsFiled under: ,,,

home salesThe spring homebuying season is well underway, but everything isn't exactly coming up roses. For one, news reports from around the country are offering contradictory assessments of the residential real estate market.

A broker in Spokane, Wash., Sabrina Jones-Schroeder at Exit Real Estate Professionals told MSNBC.com, "It's so hard to tell what will happen," adding, "The lending industry remains so conservative." As a result, many qualified buyers are having trouble getting mortgages.

On the other hand, Realtor Chalmers Haas in Idaho Falls, Idaho, said to the local KPVI TV station, "Real estate right now is a fairly stable market even though you hear bad news about the economy." Haas explained that while there are more listings in his area coming on the market, there are also more buyers out there, making it a good time for both home buyers and sellers.

In the Pittsburgh area, home sales exhibited growth in both January and February, but then fell off during March. "We got excited when we saw two consecutive months of positive growth, knowing
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last year we had the benefit of a tax credit and this year we didn't," Dan Murrer, vice president of Pittsburgh-based real estate information firm RealSTATs told the Pittsburgh Post Gazette. Murrer attributed the absence of last year's tax credit for first-time homebuyers in part for the decline.

Home sales in Minneapolis were down 17.4 percent in March compared to a year ago. Even worse, foreclosures accounted for a large percentage of those home sales. "Foreclosure sales accounted for roughly 40 percent of [pending sales] and 43 percent of closings," said Brad Fisher of the Minneapolis Area Association of Realtors in a statement. "While those market shares are in line with recent trends, they're still higher than what we would like to see."

But in Charleston, S.C., there was 19 percent growth in home sales in March over last year during the same month. "The fact that we are seeing this volume of sales again this year very encouraging and certainly an indicator of a stabilizing market," said Rob Woodul of the Charleston Trident Association of Realtors in an interview with the Charleston Post and Courier. Sure, prices are down, but Woodul doesn't think that's a problem, especially in local Berkeley County, which has shown a 29 percent increase in homes sales this year as compared to 2010. "I think it's coming down to affordablilty," he said. "The pricing there is just incredible."

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]]>charleston real estatehome priceshome salesidaho real estatelocal real estate marketsminneapolis real estatespokane real estatespring home marketAlec Foege2011-04-13T14:13:00 00:00Government Shutdown May Impact First-Time Home Buyershttp://realestate.aol.com/blog/2011/04/08/government-shutdown-may-impact-first-time-home-buyers/http://realestate.aol.com/blog/2011/04/08/government-shutdown-may-impact-first-time-home-buyers/http://realestate.aol.com/blog/2011/04/08/government-shutdown-may-impact-first-time-home-buyers/#commentsFiled under: ,,,

government shutdownThe government shutdown that will occur if Republicans in Congress and President Obama can't come to terms on budget legislation by midnight tonight could hit the ailing spring home-buying market like a ton of paving stones.

The Federal Housing Agency (FHA), a popular source of low-down-payment mortgages of as little as 3.5 percent for first-time buyers, will be closed along with other government organization. The FHA doesn't issue mortgages but rather insures lenders against default risk for any loans that meet its criteria. Of course, banks will still be able to make these loans without the FHA, but they will have to fund and backstop these loans themselves.

On Wednesday, President Obama confirmed that a federal government shutdown could mean that "somebody who was trying to get a mortgage can't have their paperwork processed by the FHA and now the person who was going to sell he house, what they were counting on, they can't get it." Mortgages backed by Fannie Mae and Freddie Mac, which now usually require 20 percent down payments, would not be affected by the shutdown, according to the Wall Street Journal.

Housing and Urban Development Secretary Shaun Donovan, pictured, told a Senate subcommittee he was "very concerned that a significant number of lenders would not choose to close on those loans" backed by the FHA. "This is the worst time that we could introduce that uncertainty into this fragile housing market."

 

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]]>fannie maeFederal Housing AdministrationfhaFHA loansfirst time home buyersfreddie macgovernment shutdownHUDobamarepublicans in congressshaun donovanAlec Foege2011-04-08T13:45:00 00:00Mortgage Applications Slump into Springhttp://realestate.aol.com/blog/2011/04/06/mortgage-applications-slump-into-spring/http://realestate.aol.com/blog/2011/04/06/mortgage-applications-slump-into-spring/http://realestate.aol.com/blog/2011/04/06/mortgage-applications-slump-into-spring/#commentsFiled under: ,,

mortgage applicationsThe spring real estate market has sprung, and so far the news is not good. Home buyers and refinancers applied for 2.0 percent fewer mortgages for the week ending April 1 compared to one week earlier, according to mortgage application market composite index released by the Mortgage Bankers Association. While in recent weeks the refinance numbers stanched serious declines, the opposite is now true: The seasonally adjusted purchase index rose 6.7 percent, the biggest jump this year, but the refinance index dropped 6.2 percent. Refinance applications typically account for a larger percentage of the overall index than purchase applications. Lest one get too excited about the rise in home purchases, understand that even at its elevated rate, the purchase application volume is around 1997 levels. Meanwhile, the average 30-year fixed-rate loan interest rates remains below 5.0 percent, at 4.93 percent.


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]]>buying a homehome buyersmortgage applicationsmortgage bankers associationmortgage ratesAlec Foege2011-04-06T11:32:00 00:00Home Builders Spending Half of Healthy Levelhttp://realestate.aol.com/blog/2011/04/01/home-builders-spending-half-of-healthy-level/http://realestate.aol.com/blog/2011/04/01/home-builders-spending-half-of-healthy-level/http://realestate.aol.com/blog/2011/04/01/home-builders-spending-half-of-healthy-level/#commentsFiled under: ,

home buildersHome builders are sitting on their hands, as are apartment and government project builders, with building activity at around half the $1.5 trillion that would constitute a robust construction environment. Construction spending declined for the third month in a row in February, falling 1.4 percent, according to the Commerce Department. Total construction activity dropped to a seasonally adjusted annual rate of $760.6 billion -- the lowest number since October 1999. Economists are predicting it will take four more years for construction to recover to a robust level.

 

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]]>CommerceDepartmentconstruction spendinghome buildershome constructionhomeownersAlec Foege2011-04-01T10:24:00 00:00HAMP Foreclosure Aid Program Voted Down by Househttp://realestate.aol.com/blog/2011/03/30/hamp-foreclosure-aid-program-voted-down-by-house/http://realestate.aol.com/blog/2011/03/30/hamp-foreclosure-aid-program-voted-down-by-house/http://realestate.aol.com/blog/2011/03/30/hamp-foreclosure-aid-program-voted-down-by-house/#commentsFiled under: ,

HAMPHAMP is on life support, thanks to a U.S House of Representatives vote on Tuesday. The House voted 252 to 170 to end the widely criticized Home Affordable Modification Program, with Republicans leading the charge to eliminate it. While the Obama administration program originally hoped to aid 3 to 4 million troubled homeowners, it has enabled fewer than 600,000 permanent mortgage modifications since February; an additional 800,000 temporary mods have been canceled. The bill to terminate HAMP is unlikely to pass in the Senate and surely would be vetoed by President Obama. Nonetheless, HAMP's elimination would save $1.4 billion. Read more at The Huffington Post.


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]]>hampHome Affordable MOdification Programhouse of representativeshuffington postObama AdministrationPatrick McHenrytreasury departmentAlec Foege2011-03-30T11:07:00 00:00Obama Foreclosure Relief Plan to Get Smallerhttp://realestate.aol.com/blog/2011/03/25/obama-foreclosure-relief-plan-to-get-smaller/http://realestate.aol.com/blog/2011/03/25/obama-foreclosure-relief-plan-to-get-smaller/http://realestate.aol.com/blog/2011/03/25/obama-foreclosure-relief-plan-to-get-smaller/#commentsFiled under: ,,

foreclosure reliefFederally funded foreclosure relief will likely be less available to distressed homeowners as the Obama administration reduces the number of homeowners entitled to such aid, according to a story published today by Shahien Nasiripour of The Huffington Post. Facing pressure from major mortgage lenders and seven Republican state attorneys, the administration has reduced the number of homeowners it plans to help from around three million to one million, says the report, with lower average payments for each homeowner.

The program originally was established to help homeowners who had been severely impacted by unscrupulous mortgage lender practices. Some federal regulators have argued that wrongdoing by lenders was not nearly as widespread as first reported, though many consumer advocates and state officials dispute that.

There also has been something of a public backlash against giving aid to borrowers who purchased homes they could not afford and then fell into foreclosure due to no fault of their lenders.



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]]>foreclosure assistanceforeclosure reliefforeclosure rescueHAMPhuffington postobamaShahien NasiripourAlec Foege2011-03-25T13:55:00 00:00