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.

Written by Federal Title | 16 June 2010

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

Housing still sluggish Boston Herald: Home sales and housing starts rebounded last year, but record foreclosures and unemployment threaten the recovery, according to a study.	Is a new housing shortage coming? CNN Money: Just 672,000 new homes were started in April, less than half the long-term run rate needed to meet the nation's natural population growth.
Potomac Yard project raises traffic, tax fears Washington Post: Alexandria officials are reshaping the north end as a multi-billion-dollar development with 7.5 million square feet of residential, retail and commercial space.	Jobs needed for housing to recover The Matrix: Job creation will be needed to carry the torch from the federal tax credit stimulus. Job creation as an offset to the rising foreclosure problem is the key.
More sellers asking for post-closing occupancy The Apple, Peeled: Should this circumstance appear in your negotiations, which happens more often than one might like, here is what you need to know or do.	D.C. condos show healthiest rebound Washington Business Journal: Prices and closings for condominiums and cooperatives are showing the strongest market trends among housing in the area.

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Headlines compiled by Strategic Research.

Written by Nikki Smith | 15 June 2010

I'm thinking back to the countless hours spent scratching my head in math class asking myself, "When am I ever going to use this stuff in real life?" A new study out of Columbia University is attempting to provide at least one answer.

Study says math deficiencies increase foreclosure risk, the headline in The New York Times reads. The assistant business professor who led the study found that borrowers with poor math skills were three times more likely than others to go into foreclosure.

Written by Federal Title | 15 June 2010

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

Oil spill may cause $4.3 billion loss in Gulf Shore properties Business Week: Falling real-estate prices are one consequence of the worst environmental disaster in U.S. history as oil keeps gushing from a BP well.	FBI to arrest 'hundreds' for mortgage fraud Calculated Risk: The FBI typically doesn't arrest borrowers who misrepresented their income - they arrest mortgage brokers who encouraged people to falsify their income.
Vacation home scams online: If it's too good to be true ... Washington Post: The FBI's Internet Crime Complaint Center reports that sham vacation home offers are only the latest in a long list of online fraud operations it tracks.	Jumbo mortgage market's slow return to normal Market Watch: But while some primary lenders are said to be putting their toes back into the jumbo space, still others are pulling out. So it's a very mixed bag
Big banks move to short sales, but will it help housing? CNBC: The bad news is that short sales, like it or not, are comps. They sell for less, and consequently bring down the values of properties around them.	Sending in the scouts The Real Deal: Previewing properties in New York has become an increasingly popular trend as buyers have become pickier about getting bargains and inventory has risen.

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Headlines compiled by Strategic Research.