Written by Federal Title | 25 June 2010

In the early 1990s, Robert Van Winkle, a.k.a. Vanilla Ice, took the music world by storm with his album, "To The Extreme," and "Ice Ice Baby," the first hip-hop single to be number one on Billboard. But Vanilla Ice also has an extensive history in real estate, beginning with a series of smart purchases around the country in his late teens, and now a broad house flipping and remodeling empire.

Now, Vanilla Ice, 42, has a new show premiering on the DIY Network this fall, "The Vanilla Ice Project," on which he and his team of remodelers completely gut and renovate a foreclosed Wellington mansion.

Full story...

Written by Federal Title | 25 June 2010

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

Housing sales are up, but will it last? Boston Globe: Karl E. Case, cofounder of the S&P Case/Shiller Home Price Indices, said questions still remain because of the growing number of foreclosures and unstable economy.	Lawmakers agree on sweeping Wall Street overhaul Bloomberg: The bill seeks to protect consumers, curb risks, boost surveillance of emerging threats to markets and give regulators more emergency powers.
Despite low mortgage rates, new home sales crash Total Mortgage Services: The first time home buyer tax credit, pulled home sales from the fall and summer into the spring, and we are now seeing the ramifications of the credit.	REITs are a surprising bright spot in investor market USA Today: The average real estate fund has gained 11% this year. One reason for gains: Investors may think things can't get much worse. They may have a point.
Lawmakers slam top mortgage firms on loan mods Reuters: The four largest mortgage lenders in the United States were grilled Thursday about the limited number of home loans they have modified.	It's payback time for housing CNBC: Unemployment is high, job security is low, and credit conditions are tight. It's hard to see a double-dip in housing prices not occurring.

Written by Federal Title | 24 June 2010

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

7 tips for picking a real estate agent CNBC: Here's a list of things you can do to pull back the curtain and accurately assess a real estate agent's past performance and potential success with your home.	Existing home sales inventory increases Calculated Risk: An inventory increase is especially concerning because the reported inventory is already historically very high, and May's 8.3 months of supply is well above normal.
Housing market threatens U.S. economic recovery Business Week: The end of the tax credit in April is putting a strain on a market still hurting from the worst collapse since the Great Depression.	Innovation on the title side? Yes there is. Housing Wire: New RESPA changes have prompted some forward thinking title companies (and the technology firms that support them) to step up and offer some new tools.
Housing double dip is on the way Seeking Alpha: As soon as the government stimulus fades from the picture, housing is more likely to decline again and perhaps severely.	Discouraging housing data: Does it really matter? Seeking Alpha: But homebuyers still prefer co-ops because they can get between 33% and 35% more square footage for the same money.

Written by Federal Title | 23 June 2010

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

Should I buy a home in foreclosure? Smart Money: Yes, they can be a great opportunity for would-be buyers to score a deal – but the transactions themselves are complicated and prone to snags.	Housing tax credit extension update Calculated Risk: This bill includes the extension of the date (not duration) of unemployment benefits. One of the sticking points is the extension of the COBRA benefit.
REO inventory to peak in summer 2011 Housing Wire:The amount of REO inventory held by lenders is expected to peak in August 2011 at 545,000 properties, primarily due to an increase in REO from GSEs.	Housing data shows 2% Y-o-Y rise Seeking Alpha: This price movement has been influenced by the government subsidy of housing, so we will need to see how this series trends out over the remainder of 2010.
Delinquent borrowers get help outside Obama mortgage plan CNN Money: More troubled homeowners have fallen out of trial mortgage modifications than have received long-term help, a new government report released Monday shows.	Condos rule over co-ops at high end Wall Street Journal: But homebuyers still prefer co-ops because they can get between 33% and 35% more square footage for the same money.

Written by Federal Title | 22 June 2010

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

'Social Safeway' design nod to changing markets Washington Post: At just more than 71,000 square feet and open 24 hours a day, it is the District's largest supermarket, completed only 376 days after the old store was closed.	Pity the celebrity tax payer Forbes: The IRS is targeting more high-earners as part of an effort to close the $290 billion "tax gap" between what it's owed and what it collects.
Summers cites recovery, risks Boston Globe: The US economy has probably begun a lasting recovery, but the outlook has become more uncertain in recent weeks.	Verifying borrowers finances The New York Times: Industry executives say the change should not have a drastic effect on borrowing, unless of course the borrower is prone to running up huge credit card bills.
Would-be homebuyers race to close deals Washington Post: The legislation, attached to a bill that would extend unemployment benefits, still needs final approval in the House.	Stable D.C. office market attracts buyers National Real Estate Investor: Political dramas may dominate the headlines in Washington, but the allure of this market for office investors is far more mundane -- stable cash flow.

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Headlines compiled by Strategic Research.

Written by Federal Title | 21 June 2010

More breathing room could be on the way for people racing to meet the June 30 closing deadline to qualify for a home-buyer tax credit, the Washington Post reports.

The Senate recently passed a measure that would give buyers who met the April 30 deadline for signing a purchase agreement an additional three months to close their deals. The legislation, attached to a bill that would extend unemployment benefits, still needs final approval in the House.

The new closing deadline would be Sept. 30.

Written by Federal Title | 21 June 2010

For 25 years Discovery Communications – the media company behind the Discovery Channel, the Learning Channel and Animal Planet – has brought jobs to Washington Metro Area from its Silver Spring, MD headquarters.

The company celebrates its 25th anniversary this month, and is "stronger than ever," reports the Washington Post. The universal nature of the content the company broadcasts has helped them to build an international presence in recent years. The company has expanded its audience stateside by focusing on better stories with a wider appeal.

Said founder John Hendricks: "Our brand will not only survive but thrive because of our content."

Written by Federal Title | 21 June 2010

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

Downtown DC development holdout sees fortune vanish Washington Post: At a time when mountains of cash were being made in real estate, Spriggs's resistance became the talk of Washington and beyond.	Builder KB Homes taps into Justin Beiber fever Wall Street Journal: KB Home, the nation’s largest builder, is dangling the chance to see YouTube/Twitter phenom Justin Bieber in concert
America's best cities for young professionals Forbes: Faced with 9.5% national unemployment, even the most ambitious young people are thinking carefully about how to find their best shot at success.	Mortgage rates tick up but are still cheap USA Today: Concern over the European debt crisis and the volatile stock market have made U.S. Treasury debt more attractive.
Should the government encourage home ownership? The Atlantic: Most people take the benefits of home ownership for granted. But does that mean the government should take aggressive measures to support it?	Fed orders improvements at Virginia bank Reuters: Hampton Roads Bankshares Inc must submit plans for improved board oversight of operations to improve credit risk management, capital, liquidity and earnings.

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Headlines compiled by Strategic Research.

Written by Federal Title | 18 June 2010

With an unemployment rate that's half the national average and the third-best average income for college graduates, the District of Columbia is ranks among the country's top places for young professionals to live, according to a Forbes report. Washington, D.C. placed second behind Houston, Texas and one spot ahead of the Twin Cities.

Written by Federal Title | 18 June 2010

KB Home, the nation’s largest builder, is dangling the chance to see YouTube/Twitter phenom Justin Bieber in concert, the Wall Street Journal reports.

KB Home’s offer-limited to one entry per household, per community-will undoubtedly generate traffic. “He’s huge with kids and families,” says Craig LeMessurier, a KB Home spokesman, whose 7-year-old son is a fan. “That’s the demographic we sell to.”

 

Written by Federal Title | 18 June 2010

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

Can't sell? Consider lease purchase or lease option Wall Street Journal: Unless you expect the market to come roaring back in the next few years you may be better off finding someone who wants to buy your home down the road.	Builder survey reports new home sales down 27% Housing Wirel: Builders also reported a decline in new housing starts in eight of 10 regions, as builders felt little hurry to start more homes.
Mortgage applications rise nearly 18 percent MSNBC: The number of customers applying for mortgages jumped last week, a sign that the market could be stabilizing after dropping off sharply last month.	Getting the US out of its 'structural slump' Seeking Alpha: The main problem with America is that it is aging. The second problem is that it distorted the economic mix in order to absorb the savings of the world,
US housing market slows as buyers get picky CNBC: Exacting buyers are upending the battered real estate market, agents and other experts say, leading to many more collapsed deals than usual.	Citigroup halts foreclosures in area hit by oil spill Crain's: The three-month halt started this week and will apply to loans owned by the bank's mortgage unit, not debt that Citigroup services for other lenders or investors.

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Headlines compiled by Strategic Research.

Written by Federal Title | 17 June 2010

Charles County's foreclosure rate was the second-highest in the state in April, the Washington Post reports. 

The county had one in every 297 housing units receiving at least one foreclosure filing, higher than the national rate of one in 387. The number includes homeowners in any stage of the process, from receiving a notice of default to having the bank seize the home. The rate is almost 1 1/2 times the state average.

Not far behind, at No. 4, was Calvert County, where one of every 311 homes is in foreclosure.

Written by Federal Title | 17 June 2010

The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit, Inman news reports.

The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.

Written by Federal Title | 17 June 2010

The Justice Department on Thursday announced a major crackdown on mortgage fraud, disclosing that investigators have made nearly 500 arrests since March, the Associated Press reports.

The nationwide probe involves 1,215 criminal defendants in cases that involve more than $2.3 billion in losses.

Written by Federal Title | 17 June 2010

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

Housing starts fall sharply in May Washington Business Journal: The end of the homebuyer tax credit slowed construction of new homes in May, although housing starts were still higher than a year earlier.	Georgetown Apple store opens Friday Washington Business Journal: Apple was required to tone down the storefront's design after the preservationists criticized it as not fitting in with Georgetown's historic look.
Breaking the foreclosure cycle The New York Times: Program aims to create a solution to the foreclosure problem that is also an antidote for why that particular house fell into foreclosure in the first place.	Maryland lags in delivering its share of bike trail DC Mud: The most optimistic estimate coming out of County work sessions is that the final trail will not be available to non-motorists until late 2018/early 2019.
High default seen for modified mortgages Wall Street Journal: Among those with loans that aren't backed by any federal agency, the redefault rate within a year is likely to be 65% to 75% under HAMP.	Lenders go after money lost in foreclosures Washington Post: Lenders have become more aggressive in trying to recoup money lost in foreclosures and other distressed sales.

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Headlines compiled by Strategic Research.