Job search: One year and counting…
“Lena Rouse has merely one resolution for 2014: Finally get a job.”
The smart home is a pipe dream
“At next week’s Consumer Electronics Show in Las Vegas, the tech industry will try to convince us that our homes will be completely automated in the next five years. Don’t believe the hype.”
Sell your home without a real estate agent
“How do I sell my home without using a real estate agent? — Bill, Chicago”
Luxury sales drive Manhattan home prices higher
“New York’s new mayor is vowing to shrink the divide between the wealthy and everyone else. But when it comes to the real estate market, he is facing an uphill battle.”
Fannie Mae, Freddie Mac got $7.9 billion in bank settlements in 2013
“WASHINGTON — Fannie Mae and Freddie Mac collected $7.9 billion from large financial institutions to settle suits over bad mortgage-backed securities purchased by the seized housing finance giants during the subprime housing boom, their federal regulator said.”
Fannie Mae, Freddie Mac may be too profitable to shut down
“WASHINGTON — Federal officials swooped in to rescue mortgage finance giants Fannie Mae and Freddie Mac in 2008 with the largest of all the financial crisis bailouts — a combined $187.5 billion — because they were considered too big to fail.”
Morningstar Executive Gives Assessment of New CFPB Rules
““Under the new CFPB [Consumer Financial Protection Bureau] rules, servicers will have to provide very detailed and accurate information to borrowers about each aspect of their loans and/or any foreclosure procedures that may occur,” according to Richard Koch, SVP at Morningstar Credit Ratings.”
Industry Completes 50K Loan Modifications for Homeowners in October
“The HOPE NOW Alliance recently announced that an estimated 50,000 homeowners received permanent, affordable loan modifications from mortgage servicers during October 2013. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).”
Alternate Home Price Index Records Weaker Gains
“While the S&P Case-Shiller Home Price Indices for October showed a significant 13.6 percent year-over-year leap, other measures saw more subdued gains for the month.”
Average private RE investment vehicle reaches $511M
“The average size of private real estate investment vehicles that closed in 2013 hit $511 million — the highest level recorded by Preqin since the start of its data analysis.”
Residential construction spending hits 2008 levels
“Construction spending on private, residential projects reached a seasonally adjusted annual rate of $346 billion in November, up 17% over November 2012. That’s the fastest pace since mid-2008.”
Lenders search for plan B
“Lenders and borrowers are looking to other avenues of borrowing as mortgage rates continue to rise and competition heightens among financial institutions.”
2014 housing forecasts filled with euphoria: Estimates looking at higher rates combined with higher prices and stagnant incomes.
“Euphoria unlike housing inventory is in plenty supply when it comes to 2014 real estate forecasts. The glue holding the housing market comes from investors and generous banking policy. The one thing about economics unlike other hard sciences is that it happens in real-time. It also assumes certain rules are fixed but that really act more like clay to fit the whims of the power structure. It was interesting to see how few analysts at the end of 2012 predicted the massive run-up in real estate prices during 2013. What is typical of course is that analysts usually go with the momentum so it is no surprise that predictions for 2014 are rosier than they were for 2013 even though most are forecasting higher interest rates and most will acknowledge that this current pace is unsustainable. Yet higher rates will add pressure on income constrained households. Investors are already showing signs of pulling back in certain markets. Let us examine the 2014 real estate forecasting landscape.”
3 ways Dodd Frank law will roil real estate in 2014
“Chris Dodd and Barney Frank have long since retired, but the namesake legislation they craftedfour years ago is about to unleash sweeping changes in the mortgage and real estate markets.”
Can Selling Real Estate Make You Rich?
“When Roman Serra, a 29-year-old with a master’s degree in art, decided to switch careers, he enrolled in a two-week real-estate course. He took a personality test online and went through a short interview at Chicago real-estate firm Baird & Warner, where he took the class. If he passes his broker’s license examination in January, he is guaranteed a spot as an independent contractor and a desk at one of the company’s 22 offices. He says studying wasn’t difficult compared with his days in college. “I wouldn’t personally consider it intense,” he says.”
AZ real estate player, reality TV star in trouble for operating without license
“PHOENIX (CBS5) – A reality TV star made a name for himself bidding on foreclosed homes. Now he’s underwater, accused of operating without a license.”
Three Northern California Real Estate Investors Agree to Plead Guilty to Bid Rigging at Public Foreclosure Auctions
“WASHINGTON—Three Northern California real estate investors have agreed to plead guilty for their roles in conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.”
Real Estate in 2014: A Need-to-Know Guide
“After year of struggles, the housing market roared back to life in 2013. The rebound will continue in 2014, but the pace will slow.”