Friday, January 02, 2009

The Wall Street Journal - "‘Liar Loans’ Earn Their Nickname" (1-2-08)

"The failure of Hope for Homeowners to prevent foreclosures is sparking a blame game in Washington. The Department of Housing and Urban Development, which runs the voluntary program, says Congress made it too restrictive and expensive for homeowners. Congressional leaders say the program’s failure — only 357 people have signed up since Oct. 1 — shows that lenders aren’t willing to modify loans voluntarily and they need to be forced to do so."

Chicago Tribune - "A new year, new demands" (1-2-08)

"Whether you're shopping for a brand new building or an established association, the easy money is gone, said mortgage broker Ken Perlmutter, president of Perl Mortgage in Chicago. Generally speaking, lenders are requiring more verification of buyers' income and credit, and bigger down payments. With new construction, they want to see more presales before they'll close. FHA-backed loans are popular again because of the low down payment requirement, but can't be used to buy into an association that has the right of first refusal.The easiest deals to put together are those with 20 percent or more down for a unit in an existing association, he said."

Bloomberg - "Starwood Rises After Agreeing to Tell Zell of Offers" (1-2-08)

"Starwood climbed $2.90 to $20.80 at 2:31 p.m. on the New York Stock Exchange after earlier reaching $21.22, the biggest intraday jump since Nov. 24. The shares lost 59 percent last year. The third-largest U.S. lodging company said in a filing Dec. 31 after markets closed that it had entered into a confidentiality agreement with Equity Group to give it the opportunity to make a counteroffer. Equity Group said in February that it owned 14.75 million shares of the White Plains, New York- based hotelier."

Bloomberg - "IndyMac Bank’s Sale May Be Announced by FDIC Today" (1-2-08)

"The Federal Deposit Insurance Corp. plans today to announce the sale of IndyMac Bank to at least five investors including J.C. Flowers & Co. and Paulson & Co., according to two people familiar with the transaction. The group plans to appoint Steven Mnuchin, 46, a former Goldman Sachs Group Inc. vice president who is working on the purchase, as chief executive officer of IndyMac’s new holding company, the people said. The FDIC has been seeking a buyer for the Pasadena, California-based lender since a run on its deposits led to its collapse in July."

Orange County Register - "O.C. builder group prez eyes undramatic recovery" (1-2-08)

"I believe we will see the O.C. housing market improve in 2009, although it may not be dramatic turn. New housing starts will remain very low, while we continue to sell through existing inventories. Prices will stabilize, and buyer confidence will begin to return to the market. There is an argument that we will begin to see a supply shortage by the end of 2009 in Orange County."

Realty Times - "Market Conditions" (1-2-08)

"Regionally, according to NAR, existing-home sales in the Northeast dropped 12.0 percent. The median price in the Northeast was $257,700, down 0.1 percent from November 2007. Existing-home sales in the Midwest fell 7.4 percent in November. The median price in the Midwest was $142,400, down 11.2 percent from a year ago."

Realty Times - "Pull Up Stakes, Move Where Home Prices Grow" (1-2-08)

"Alabama, Kentucky, North and South Carolina, Oklahoma, Texas and Tennessee, all revealed price increases of 1.4 percent or better, year-over-year in the third quarter this year. Likewise, North Dakota (at 4 percent, the highest in the nation) and South Dakota (3.9 percent), Montana, Wyoming and Maine all saw some of the greatest price increases in the nation during the same period. Other southern states Arkansas, Kansas, Louisiana, Mississippi and West Virginia, along with Iowa, saw smaller price gains, but gains nevertheless."

Realty Times - "Selling Your Home in a Declining Market" (1-2-08)

"The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked."

Realty Times - "What's In, What's Out with Home Buyers in 2009?" (1-2-08)

"Collaborative home pricing. The old days of home sellers configuring a homes price are out. What's new is that the seller with their agent look at closed comparables, set a price, then the buyer and their agent agree or disagree, but in the end, a mortgage lender and their appraiser will set the price, as they are assuming the most risk in the transaction."

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