Wednesday, May 14, 2008

NAR - "REALTORS® Increasing Professionalism, Survey Shows" (5-14-08)

"REALTORS® are raising their level of professionalism through training and experience to better serve consumers, and are demonstrating their versatility and breadth of expertise in a changing marketplace, according to 2008 National Association of REALTORS® Member Profile. The survey results are representative of more than 1.2 million REALTORS® – about 60 percent of the nearly 2 million active real estate licensees across the country."

NAHB - "NAHB Offers Tips For Remodeling Your Home To Age In Place" (5-14-08)

"With an increasing number of Baby Boomers choosing to stay in their homes as they age, homeowners are turning to remodelers for help to renovate their homes to accommodate their changing lifestyles. During May – National Home Remodeling Month – the National Association of Home Builders (NAHB) Remodelers highlights benefits of aging in place with the help of a certified professional."

Mortgage Bankers Association - "Mortgage Applications Increase In Latest MBA Weekly Survey" (5-14-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 9, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 674.4, an increase of 2.9 percent on a seasonally adjusted basis from 655.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and was down 1.1 percent compared with the same week one year earlier."

Yahoo - "US foreclosure filings surge 65 percent in April" (5-14-08)

"More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday."

USA Today - "FBI warns of escalating mortgage fraud" (5-14-08)

"The agency said Tuesday that reports of suspected mortgage fraud rose 31% to 46,717 from 35,617 in the previous fiscal year ending Oct. 31. In the first half of fiscal 2008, there were more than 33,000 such reports, quickening the pace of mortgage fraud for this fiscal year, an FBI spokesman said."

Yahoo - "Schwarzenegger to propose borrowing against lottery" (5-14-08)

"Gov. Arnold Schwarzenegger will propose borrowing against future state lottery revenue to help close a budget shortfall estimated as high as $20 billion, administration officials told The Associated Press."

Market Watch - "Greenspan sees U.S. house price bottom in '09: reports" (5-14-08)

"U.S. home prices will likely bottom out in early 2009 after the market absorbs excess inventories, former U.S. Federal Reserve Chairman Alan Greenspan told audiences in Asia Wednesday, according to news reports. Greenspan, who spoke by video link to audiences in Hong Kong and Singapore, said the current pace of liquidation will accelerate, but excess supply won't be eliminated until early 2009, according to Dow Jones Newswires, which cited prepared remarks provided to investors by Deutsche Bank, which sponsored the conference. Greenspan told the audience U.S. economy is showing resilience and flexibility. He also said high oil prices are structural and will likely continue due to a lack of investment in capacity and infrastructure, the report said."

Yahoo - "Economic 'misery' more widespread" (5-14-08)

"The official numbers produce a current Misery Index of only 8.9 - inflation of 3.9% plus unemployment of 5%. That's not far from the Misery Index's low of 6.1 seen in 1998. But using the estimates on CPI and unemployment from economists skeptical of the government numbers, the Misery Index is actually in the teens. Some worry it could even approach the post-World War II record of 20.6 in 1980."

Realty Times - "HUD Plans Risk-Based Premiums For FHA Borrowers" (5-14-08)

"What's the truth? According to the most-recent official numbers from HUD, since September just 1,987 delinquent conventional borrowers have been able to refinance with an FHA mortgage. Why has HUD made such exaggerated claims regarding the FHASecure program? One obvious reason is that it's good politics: Big numbers suggest that the government is trying to help those facing foreclosure."

Realty Times - "New Homes: Homebuilders Doing What it Takes" (5-14-08)

"So how can they convince buyers to sign on the dotted line? Some builders in the San Francisco Bay Area are offering price guarantees. Builders like KB Homes and Taylor Morrison are willing to lower the price of a home before the close of escrow if another home in the neighborhood sells for less in the meantime."

The Wall Street Journal - "Home Buyers, Start Your Engines" (5-14-08)

"If you were thinking of buying a home, start looking. The latest data from the housing market shows that sellers, after months and years in denial, are finally giving in to reality and slashing prices."

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