Written by Federal Title | 29 June 2010

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

Home tax credit closing extension dead CNBC: Tighter lending standards, new appraisal rules and general banking backlogs are making a two month contract-to-closing period very difficult.	Housing on life support Seeking Alpha: Among the negative factors pressuring the market, a series of weak real estate releases seemed to create the highest level of concern.
Homebuyer tax credit: Is it better to laugh or cry? Forbes: The hardest bit to swallow is not so much that the homebuyer tax credit is a boondoggle. It is that it was a totally predictable waste of money.	Realtors now a fount of market realism? Boston Globe: A survey found 75 percent of homeowners are haggling over the recommended listing prices, arguing their homes are worth more.
Like others, rich falling behind on their mortgages CNBC: Now, growing numbers of well heeled Americans, their portfolios hammered by depressed markets, have stopped repaying loans or even walked away from mortgages.	Financing rules complicate search for dream condo Washington Post: If you've been looking to buy a condo in the Washington area, you know there are deals to be had. But a multitude of rules could block your way.

Written by Federal Title | 28 June 2010

If you've been looking to buy a condo in the Washington area, you know there are deals to be had. But look carefully before you leap, say real estate agents and some buyers. A multitude of rules could block your way, reports the Washington Post.

Prices in many areas -- not counting hot Metro-centric neighborhoods such as Rosslyn-Ballston and Dupont Circle and Logan -- are expected to stay flat this year, a condition that favors buyers. But borrowers need to have stronger credit and less debt than in the go-go years, even though interest rates are near record lows. And some people are finding that although they may qualify for financing, the building they have fallen in love with does not.

The Federal Housing Administration tightened loan guidelines in the past two years on borrowers and on buildings. Fannie and Freddie, have similar "condo review" rules for loans they will buy.

Full story...

Written by Federal Title | 28 June 2010

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

Good schools, bad real estate Wall Street Journal: It's supposed to be a buyer's market. Yet, for parents determined to buy in areas associated with top schools, those bargains may be harder to come by.	No homebuyer tax credit surge expected from military Washington Examiner: Most of the military personnel moving their families into the area in the next 16 months will not qualify for the first-time homebuyer credit.
May sales drop no surprise Washington Times: Does this mean the rest of 2010 is doomed? Not doomed, for sure, but it will be a more sedate market than we've seen in recent months.	Elizabeth Warren: Why credit is still frozen Business Week: The congressional TARP watchdog says there's no evidence that the $700 billion bailout boosted lending to small business
Fed chair doesn't seem to care about high unemployment Slate: If Federal Reserve Chairman Ben Bernanke had a theme song, it would be Meat Loaf's 1978 classic "Two Out of Three Ain't Bad."	How much should developers pay for surplus buildings? Washington City Paper: When the District wants to offload real estate, there are lots of rules about how the city must prove that it indeed no longer needs the property.

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."