Written by Federal Title | 02 July 2010

The popular primetime HGTV show "My First Sale" is looking for first-time home sellers (and their real estate agents!) in the Washington DC/Arlington VA area.

We are looking for fun, high-energy people who are just starting the process of selling their first place!  Our cameras will be there to capture all the trials and tribulations, stress and success of prepping for sale, pricing, negotiating, and ultimately selling a home for the first time.

Taping will begin in Spring 2010 and will continue through Winter 2010.  Ideal candidates will be motivated, financially candid people who want to share the experience and the purchase details with HGTV and their audience.  Singles, couples and families are all invited to apply!

If selected to appear on an episode of My First Sale, home sellers will receive a DVD copy of the episode to enjoy for years to come. Real estate agents will also receive a DVD of the episode. If this sounds like fun, first-time sellers should apply now for immediate consideration!   

For more information or an application contact:

This e-mail address is being protected from spambots, you need JavaScript enabled to view it
303.712.3174

Written by Federal Title | 02 July 2010

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

Mortgage rates drop to a new low Washington Post: That's down from the previous record of 4.69 percent set last week and the lowest since the Fannie Mae began keeping records in 1971.	Home price data very misleading Real Estate Consulting: Executive decision makers want to know whether prices are trending up or down. When forced to answer, we say most home prices are reverting to 2003 prices.
Jobless rates drop in two-thirds of metros CNBC: Unemployment rates in roughly two-thirds of the nation's largest metropolitan areas dipped in May as the gradual economic recovery spurred some hiring.	Demand for homebuying near 13-year low MSNBC: The U.S. housing market continued to deflate after a spring sales spree, fueled by now-expired federal tax credits of up to $8,000, robbed from summer home buying.
Mortgage applications on the rise Forbes: Overall applications increased nearly 9 percent from a week earlier, but growth in borrowing came from applications to refinance home loans and not to make new purchases.	Lockheed Martin extends stay in SE DC CoStar Group: Lockheed Martin renewed its lease at 300 M St. SE. The defense contractor, which has occupied 73,808 square feet in the building since 2001, signed for another five years.

Written by Federal Title | 01 July 2010

Tens of thousands of home buyers who risked losing out on an $8,000 tax credit may get a reprieve, NPR's Tamara Keith reports. Last night, the Senate passed a bill that would extend the closing deadline by several months, according to the NPR news blog.

Ms. Keith recently stopped by the office of Federal Title to discuss the June 30 tax credit deadline for homebuyers.

The fix could help as many as 180,000 people who signed contracts to buy homes earlier this year, but then faced delays in closing the sale.

Lucien Salvant, a spokesman for the National Association of Realtors, told Keith that "the pipelines for lots of lenders got jammed up, so these folks were going to be denied the tax credit through no fault of their own, and that's a shame."

The bill was passed earlier this week by the House of Representatives, and it was approved unanimously by the Senate.

Full story...

Written by Federal Title | 01 July 2010

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

Where home prices are strongest now Smart Money: While it’s difficult to call an absolute bottom for home prices, “prices are still low enough” that buyers don’t need to worry about further declines.	Sellers and buyers disagree on home values Real Estate Economy Watch:Three out of four homeowners think their homes are worth more, and 63 percent of agents and brokers say buyers think homes are overpriced.
Foreclosures sell at 30% discount CNN Money: Part of the reason for the bigger price cut is many of them come to the market in poor condition, their previous owners either unable to or unwilling to maintain them.	DC area home prices gains in April best in U.S. Washington Business Journal: Only four cities in the index posted better annual gains, led by San Francisco where prices advanced 18 percent in the last year.
What Wall Street reform means for your mortgage CNN Money: Predatory lending would likely become a thing of the past and that may mean that mortgages get more expensive and more difficult to get, lenders warn.	Vacant DC properties on the chopping block DC Mud: Buyers can include only prospective home owners that will occupy the property, non-profits and Certified Business Enterprises (CBE) registered with the District.

Written by Nikki Smith | 30 June 2010

To say the last few weeks around the office of Federal Title & Escrow Company have been busy would be an understatement. As the clock counts down to the deadline for the federal homebuyer's tax credit, our staff is working diligently to facilitate as many smooth closings as possible.

Despite the bustle, our very own Todd Ewing was able to take some time out of his busy schedule yesterday to sit down with NPR business reporter Tamara Keith to speak about the mad dash of homebuyers hoping to close before the June 30 deadline.

The story appeared today during Morning Edition and aired here in Washington, D.C. and across the country. Here's a link to the story "Mad Dash as Homebuyer Tax Deadline Arrives" in case you missed it.

Written by Federal Title | 30 June 2010

The Washington area led the nation in home price gains in April, the Washington Business Journal reports.

Median prices in the Washington market rose 2.4 percent in April compared with March, the best gain of the 20 markets surveyed in the S&P/Case Shiller Home Price Index. Nationally, prices rose 0.9 percent compared with March.

Full story...

Written by Federal Title | 30 June 2010

Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers, the Associated Press reports.

The plan is to create one bill that combines the unemployment benefits with an extension of a popular tax credit for people who buy new homes.

Under current law, homebuyers who signed purchase agreements by April 30 must close on their new homes by Wednesday to qualify for credits of up to $8,000. The bill would give those buyers until Sept. 30 to complete the purchases and qualify for the credit.

Democrats hope to pick up Republican support for the bill by combining the two provisions. They have been trying for weeks to pass an extension of unemployment benefits as part of a larger tax and spending package, but the larger bill died in the Senate last week.

It's a tough vote for some lawmakers who want to help constituents hit hard by the recession but are wary of being labeled big spenders. The economy is starting to pick up, but unemployment is still high as the nation continues to struggle from the loss of more than 8 million jobs. At the same time, angst over deficit spending is growing as midterm congressional elections near in November.

Full story...

Written by Federal Title | 30 June 2010

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

Can social media help revive real estate? Housing Wire: As the real estate industry looks for new ways to market and sell property during the downturn, technology firms are launching ways to use social media.	Preparing for the next big one The New York Times: Many on Capitol Hill insist Dodd-Frank means the end of the “too big to fail” culture, period. Many on Wall Street insist it means the end of American finance.
Home price stability in question for second half of 2010 NuWire: An oversupply of housing and a wave of distressed properties could drag down real estate prices in the US later this year, experts are warning.	Consumer confidence tumbles amid job uncertainty NPR: Americans, worried about jobs and the sluggish economic recovery, had another relapse in confidence, causing a widely watched barometer to tumble in June.
Evening Star sale illustrates District's appeal Globe Street: Evening Star’s sales price is definitely a leading indicator that the best office product in DC is still eagerly sought by the largest investment funds.	A closer look at the second leg down CNBC: Without the heavy hand of the government intervening, the residential real estate market is about to experience what price discovery is all about.

Written by Federal Title | 29 June 2010

Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday, reports the Associated Press.

Under current law, homebuyers who signed purchase agreements by April 30 have until Wednesday to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.

The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.

"We owe this to the people who have essentially followed the rules who are caught by a closing date," said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.

The bill passed 409-5. It now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure.

Full story...

Written by Nikki Smith | 29 June 2010

I've been stalking the DC real estate market for months, first hoping to cash in on the $8,000 federal tax credit, then waiting for the credit to expire so housing prices could drop. If I'm going to buy, I want to make a "good investment," right?

Not necessarily true, says Winifred Gallagher, whose column "Living Rooms" debuted in The New York Times this week. Real estate holds an often overlooked value for people that is far less tangible than a hefty down payment, she says.

She calls a home a "womb with a view," a secure place to which we can return to recharge our batteries or hide out from the storm.

Perhaps if more people changed their attitude about what it means to buy a piece of property, then more people would be getting excited about the prospect of a drop in home prices. (Real estate is going on sale!)

Yet since the government's exit from the housing market, amid reports of a drop in consumer confidence and predictions that housing prices will fall an additional 10-20%, mortgage applications have fallen to record lows and home sales have plummeted, also to record lows.

Properties may lose value through the end of the year, but eventually values will rebound, and as Gallagher says, all the while you could be building your life and putting a stamp on a property all your own, regardless of what's going on in the world outside its walls.

Whether you agree or not, the column is actually quite good.