Written by Federal Title | 03 September 2010

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 27, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 2.3 percent compared with the previous week.

The Refinance Index increased 2.8 percent from the previous week and is at its highest level since May 1, 2009. The seasonally adjusted Purchase Index increased 1.8 percent from one week earlier. The unadjusted Purchase Index decreased 0.4 percent compared with the previous week and was 37.0 percent lower than the same week one year ago.

"Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates.  The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market," said Michael Fratantoni, MBA's Vice President of Research and Economics.  "The sharp decline in MBA's Purchase Application index in May had provided a clear leading indicator of the drops in new and existing home sales that were reported for June and July.  Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September."

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Written by Federal Title | 02 September 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

5 reasons to be optimistic about the economy Washington Post: A roaring recovery is probably not on the way, but here are five reasons that a slow-and-steady recovery is likely to continue.	A look at home prices in 20 U.S. cities Washington Post: Parents benefit from tax deductions for real property taxes, depreciation, costs of repairs and replacements and travel expenses to maintain the investment property.
Americans' economic confidence ticks up a bit BusinessWeek: But worries are rising the economy is growing too slowly to support sustained job growth. Some are concerned it could fall back into a recession.	Zoning out The Economist: Washington is far too restrictive, car-oriented and anti-density. But to get an optimal amount of housing at the market price is just one goal in developing a great city.
Home price reports don't show a decline (yet) Wall Street Journal: Analysts have been calling  for another 5-10% decline in prices this year, and markets are likely to log those drops later this year.	Neighborhood profile: Explore Deanwood, D.C. Urban Turf: Located east of the Anacostia River and just inside the District’s northeast border, Deanwood has long been viewed as a community with a small-town atmosphere.

Written by Federal Title | 26 August 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

How Americans will rebuild wealth following the recession Newsweek: If people can no longer count on rising home values and the stock market as a way to build nest eggs, how are the average Joes among us ever going to accumulate any wealth?	Consider buying a home rather than paying dorm rent Washington Post: Parents benefit from tax deductions for real property taxes, depreciation, costs of repairs and replacements and travel expenses to maintain the investment property.
Home sales plunged in July The New York Times: The steep descent surprised nearly every analyst and put the volume of single-family home sales at the lowest level since 1995.	More negative news flow coming in Calculated Risk: The economy will avoid a technical double-dip recession, but the odds are uncomfortably high - and it will probably feel like a recession to millions of Americans.
Demand for mortgage-backed securities pushes rates down Washington Examiner: A further drop in rates probably would do little to increase home sales but could spur a flood of refinancing among those who've refinanced once under the new rules.	Why small businesses aren't hiring The American: In the recoveries from the previous two recessions, small businesses led job creation. This time, however, small businesses aren’t hiring.

Written by Federal Title | 24 August 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Don't fear a housing dip Forbes: Most agree heavy investment in the housing sector helped us into the mess we’re in, so for housing worriers to suggest an artificially enhanced property market is our cure is backward.	First-time buyers sink below pre-credit levels Real Estate Economy Watch: First-time homebuyers accounted for only 39.1 percent of the home purchase market last month, down from a peak of 48.2 percent as recently as March.
When is paying off your mortgage the right move? CNBC: In most cases, a financial adviser will recommend not to pay off your mortgage ahead of time. But when it does make sense to break that rule, it could mean a new and better retirement.	Renting alternative will undermine housing for years Business Insider: A survey found that 76% believe that renting is a better option than buying in the current real estate market, up from 71% in 2008.
Housing's second leg down Housing Wire: Right now, housing isn't particularly demand driven; it's supply driven. It's a problem we have yet to address, and home prices eventually must reflect that.	In preparation for July home sales, a.k.a. Armageddon CNBC: Renewed concerns about a double-dip recession and lackluster job growth have pushed confidence in the housing market lower.

Written by Federal Title | 24 August 2010

The developer behind of one of the District's more successful recent condominium projects is nearing a deal with Safeway to bring a 210-unit housing and grocery store development to Georgia Avenue, in the Petworth neighborhood, reports the Washington Post.

Marc Dubick of Los Angeles-based Lowe Enterprises is wrapping up negotiations after partnering with the grocery chain to develop the 685-unit CityVista condo, apartment and retail complex in Mount Vernon Square. Despite its completion in 2008, just as the economy was falling apart, all of CityVista's 441 condos have sold or gone under contract and few of its apartments have not been leased.

While working on CityVista, Dubick co-founded a new development company, Duball LLC, and is looking to work with Safeway again, this time on a mixed-use project that would put 210 housing units atop a new 50,000-square-foot Safeway at 3830 Georgia Ave. NW. The Pleasanton, Calif.-based grocer currently has a 47-year-old store there.

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Written by Federal Title | 23 August 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Washington looks tantalizing to New York restaurateurs Washington Post: The downturn has made the D.C. market appear even more appealing, as "generally anything inside the Beltway was still doing pretty well, while New York took a big hit."	Nearly 50 percent leave Obama mortgage aid plan Bloomberg: Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.
Housing slide in U.S. may drag economy into recession BusinessWeek: Home sales collapsed after a federal tax credit for buyers expired in April. Since then, the manufacturing-led expansion, has been waning, with jobless claims rising.	Real estate fades as means to build wealth The New York Times: With mortgage rates hovering near 40-year lows and selling prices still depressed, many potential borrowers are wondering whether rates have further to fall.
Biggest threat to the economy is Wall Street itself Business Insider: After an enormous market rally there are now signs that the rally was largely due to government stimulus as opposed to sustained private sector health.	How a homeowner fetish hurt the American Dream Washington Post: There's a ferocious debate as to whether recent losses stemmed from unrealistic "housing affordability goals" or lax lending in pursuit of higher profits.

Written by Federal Title | 20 August 2010

Construction sites around the Washington Nationals ballpark have been reduced to so many empty lots by the recession, but at least one developer has decided it is time to get started again, reports the Washington Post.

Forest City Washington, the local branch of a Cleveland development firm, said Thursday that, after nearly two years of trying, it is ready to restart construction on a $60 million, 170-unit apartment complex that it initially began work on in 2008 before stopping later that year when credit markets froze.

The luxury apartments will fill a former Navy industrial building a few blocks east of the ballpark, part of a planned 42-acre Forest City development called the Yards on the site of the former Southeast Federal Center. Ultimately, the apartments will be surrounded by office buildings, retail outlets and more than 2,000 other housing units. The city is near completion on a 5.5-acre public park there.

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Written by Federal Title | 20 August 2010

They’ve been called McMansions, Starter Castles, Garage Mahals and Faux Chateaus but here’s the latest thing you can call them — History.

Reports CNBC: In the past few years, there have been an increasing number of references made to the “McMansion glut” and the “McMansion backlash,” as more towns pass ordinances against garishly large homes, which are generally over 3,000 square feet and built very close together.

What sets a McMansion apart from a regular mansion, according to Wikipedia, are a few characteristics: They’re tacky, they lack a definitive style and they have a “displeasingly jumbled appearance.”

Well, count 2010 as the year the last nail was hammered into the McCoffin: In its latest report on home-buying trends, real-estate site Trulia declares: “The McMansion Era Is Over.”

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Written by Federal Title | 20 August 2010

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Experienced agent, good agent? Boston Globe: An agent with 15 years of experience can have 15 years of constantly growing and changing information or 6 months of information that has been recycling for the last 14.5 years.	5 most (and least) affordable U.S. cities CNN Money: With mortgage interest rates scraping the bottom and home prices rising very slowly, housing is near record high affordability.
Housing double dip not just homebuyer tax credit hangover CNBC: There's no question that the home buyer tax credit, which expired at the end of April. It would be wrong, however, to blame it entirely on the tax credit hangover.	Slow growth's silver lining: Low interest rates Smart Money: With mortgage rates hovering near 40-year lows and selling prices still depressed, many potential borrowers are wondering whether rates have further to fall.
Where is the economy headed? New York Observer: Investors of all stripes have cashed out recent gains in response to evidence that the economic recovery is losing its initial momentum.	Bonds to finance three D.C. residential projects Washington Business Journal: Bonds issued Thursday will help developers start or complete three apartment projects throughout the city, adding or saving 408 units of affordable housing.

Written by Nikki Smith | 19 August 2010

Closing attorney Jackie Kurz finds her greatest satisfaction at the settlement table as the ink dries and she sees the smiling faces of homebuyers and sellers, all eager to begin a new chapter of their lives, knowing she played a part in making it all happen.

"Having a hand in creating that happiness is very rewarding," the Pennsylvania native said.

Kurz starts a new chapter of her own this week as she returns to Federal Title & Escrow Company. After more than two years, and two states, she is ready to pick up right where she left off, creating a settlement experience for each client that is seamless and painless.