The end is near for housing slump

Despite the weakness in housing markets, economic malaise and gloomy consumers, Fiserv continues to project that home prices will remain on track to stabilize by the end of 2012.

by Broderick Perkins
© 2011 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Don’t expect a sonic boom, but the housing market is poised to turn around next year and much of the nation should be in full-fledged recovery by 2013.

The Fiserv Case-Shiller Home Price Index for the first quarter 2011, is a lagging index, but after examining 384 markets it found signs strong enough to indicate the end is near.

“Mortgage delinquency rates have been falling for more than a year. Foreclosure rates have started to decline. The flood of bank-owned sales, which has swamped many markets, will finally begin to recede this year as fewer houses enter the foreclosure pipeline,” said David Stiff, chief economist at Fiserv.

That doesn’t mean happy days are here again just yet.

“It’s going to be a cold winter,” says Jon Sterling, director of marketing at real estate research firm Altos Research in Mountain View, CA.

Get the full story: "The End Is Near For Housing Slump"

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

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Price, package, patience keys for selling in today's market

by Broderick Perkins
© 2011 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - If you aren't willing to price your home to compete with distressed properties and package it to look like a good flip, you may be better off being patient and holding it off the market until you can get the price you really want.

Sellers forced to sell their home right now are getting creamed.

One of every six real estate agents (about 17 percent) the National Association of Realtors (NAR) polled in June reported signed contracts were cancelled before the close of escrow. That was way up from only one in 25 agents (4 percent) in May suffering cancellations and over the past 16 months, the rate of cancellations has only be 8 to 10 percent, according to NAR's June resale homes report.

It's a buyers market, but buyers aren't buying it, either because they can't hack stiff underwriting requirements or appraisals are coming in too low for lenders to risk financing.

Get the full story here: Home Sellers Fight an Uphill Battle

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

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Underwater homeowners taking on more water

Click on my big head!

Banks are selling more than three times as many distressed homes as builders are selling new ones, and half as many homes as the resale market. With as much as 39 percent slashed off what a similar resale home would cost, the distressed home sector is a real drag on home prices.

by Broderick Perkins
© 2011 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Here's one more nasty little statistic that will make underwater homeowners wheeze for air.

Banks are selling more homes than builders. In fact they are selling more than three times as many distressed homes as builders are selling new ones, according to a recent Hanley Wood Housing Intelligence (HWHI) report.

What's more, the banks' REO (for "real estate owned") homes are selling at deep, deep discounts, with as much as 39 percent slashed off what a similar resale home would cost, according to RadarLogic's latest housing market report.

That's good news for buyers, investors and others who have the cash or can somehow wrench a loan from tight fisted lenders.

Unfortunately, the price plunge is sending homeowners further underwater if they already owe more than their home is worth.

Some economists say the deep discounts on the large volume of distressed properties sent home prices double-dipping this year, at a pace greater then the home price crash of the Great Recession.

HWHI broke down the home sale share for the first quarter 2010 with existing homes comprising 61 percent of the market, REOs accounted for 29 percent of the market and new homes only 10 percent.

For the first quarter this year, REO sales swiped a greater share, apparently getting more resale and new home buyers to join the REO buying crowd -- existing home sales' share dropped to 60 percent, REOs increased to 32 percent and the sale of new home sales also dropped to only 9 percent.

The share of new home sales has been reduced by half since peak times, and the resale share decline by about one-fourth, thanks to the incursion by REOs, according to HWHI.

"Defaults are expected to reach new record highs this year which have buyers holding out for better deals and traditional home sellers battling lowball offers from banks," HWHI reports.

RadarLogic says homeowners suffering negative equity are stuck. Most can't or won't pay lenders the difference between their current mortgage balance and the price for another home, given the new home is likely to lose value.

Other than FHA loans, lenders are tighter than ever, requiring larger down payments and higher credit scores. First-time buyers don't have the stomach for handing over hard-earned money as equity "in an environment where home prices are widely expected to fall over the next 12 to 24 months," RadarLogic reported.

Investors with cash are more willing to take the risk, especially at the bargain basement prices they can get from the REO sector.

"The aggressive pricing on distressed properties is undercutting individual home sellers and new home builders alike, and wreaking havoc on local housing markets," HWHI grimly reported.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

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Finding true value in the appraisal process

Get offbeat!
Click my head!

"Helpful Tips: What Consumers Need to Know About Real Estate Appraisals" is available just as the appraisal industry is being served a new set of regulations stemming from federal regulatory overhaul known as "Wall Street Reform" (officially, the "Dodd-Frank Wall Street Reform and Consumer Protection Act").

by Broderick Perkins
© 2010 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Home buyers and sellers who know the role of professional, licensed appraisers can be sure homes are financed based on true values and enjoy a smooth transaction.

That sentiment has prompted the Appraisal Institute to offer consumers the timely "Helpful Tips: What Consumers Need to Know About Real Estate Appraisals."

The publication comes just as the appraisal industry is being served a new set of regulations stemming from federal regulatory overhaul known as "Wall Street Reform" (officially, the "Dodd-Frank Wall Street Reform and Consumer Protection Act").

The new rules are designed to protect consumers and keep appraisers independent, free from third party pressure, honest and compensated fairly.

The institute says "Appraisers have been wrongly accused of prolonging the nation's real estate downturn by developing value opinions that are below proposed sale prices."

To the contrary, "Credible and realistic value opinions help to stabilize real estate loans and investments, which promotes socially desirable real estate development. Appraisals are particularly valuable because they are an objective and unbiased source of real estate information," the institute says.

"Too many consumers in this struggling real estate market face problems with appraisals when attempting to buy or sell a home," said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. "But rather than passively endure delays in closing a sale, home owners and buyers can take proactive steps to avoid pitfalls," he added.

According to the institute, here's what consumers need to know.

• Learn the role of mortgage appraisals. Lenders order appraisals to learn what a property is worth in the open market so they can determine if the collateral supports the loan. Not necessarily provided to confirm a sales price, appraisals can help both lenders and consumers make sound financial decisions.

• Hire a qualified appraiser. Demand the use of a qualified, experienced, licensed appraiser. Memberships in good standing with a state or national trade group also provides some evidence the appraiser knows his or her stuff. Ask the lender for the appraiser's qualifications.

• Join the inspection. The institute says consumers can ask the lender if he or she can accompany appraisers on the inspection tour. Sellers may provide the appraiser with information they consider important. Take notes. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

• Get the appraisal disclosed and examine the report. Consumers have a right to a copy of the appraisal under federal law. Look for common errors including misuse of adjustments to comparables, disregarding special financing and concessions, or miscalculation of the living area.

• Appeal the appraisal or get a second opinion. Lenders typically offer appraisal appeal procedures, known as "Reconsiderations of Value." If you are aware of recent, comparable sales information or items that may not have been available or
considered by the appraiser, provide those to your lender.

If problems are found with the first appraisal, you should obtain a second appraisal. Make sure your lender uses a qualified appraiser the second time, if they didn't the first time around.

• When necessary, complain. File legitimate complaints with the appropriate state appraisal board, regulatory agency or professional appraisal organizations. Federal law mandates that lenders report legitimate complaints with appropriate regulatory authorities.

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© 2010 DeadlineNews.Com

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You are reading a sample of "News that really hits home!" now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Realtor.com Raises the Mobile App Bar

Look at men's hands, not shoes

"It's ultra cool," says Robert "The-Internet-Is-My-Office" Aldana, a television- and radio-broadcasting Intero real estate agent from San Jose, CA who taps everything from mobile real estate apps to YouTube videos to keep his listings moving.

by Broderick Perkins
© 2010 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Realtor.com's Mobile App for iPad is, hands down, mother-of-all-real-estate-apps.

It's not just the GPS assist that gets you there like real navigational GPS, the sigh candy that interrupts your normal blinking response, or the deep levels of customization that empower you to go beyond static browsing for housing.

"It's the immediacy. It's instant gratification. The investigative component has arrived to real estate mobile devices. Apps are consumers' passport to a new world of real estate. It's transforming real estate today like the Internet did 15 years ago," said Julie Reynolds, Move.com's social media guru. Move.com operates Realtor.com.

The Realtor.com Mobile App plugs into the world's most robust real estate search engine, Realtor.com, where 80 percent of all its nearly 3.5 million listings are updated every 15 minutes.

"It's ultra cool," says Robert "The-Internet-Is-My-Office" Aldana, a television- and radio-broadcasting Intero real estate agent from San Jose, CA who taps everything from mobile real estate apps to YouTube videos to keep his listings moving.

"This is going to make Redfin and Trulia cry. They have pretty decent apps, but (the app's) Scout and Draw really put this application above everybody else. But that's good for everybody. It will make them go back to the drawing board," says Aldana.

Get the full story here: "Realtor.com Raises the Mobile App Bar"

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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!" now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

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How much home can you get for $200,000?

Fresno, CA home listed for $200,000

Inventories bulging with discounted properties and historically low interest rates are sending a distinct “buyer’s market” signal to first-timers, move-up buyers and investors alike. But what can you get for the money?

by Broderick Perkins
© 2010 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Inventories bulging with discounted properties and historically low interest rates are sending a distinct “buyer’s market” signal to first-timers, move-up buyers and investors alike.

And it’s not just any buyer’s market, but one of the most affordable ever.

Knowing buyers sometimes need a little push, Move Inc.'s MortgageMatch.com went shopping, based on the median price of homes listed on Move Inc.'s Realtor.com web site.

Read "How Much Home Will $200K Buy?" to get the details.


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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!" now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Seven selling sillies that sap home sales

Mixing the $10 'BP Martini'

Some of the home sales depression comes from home sellers who still just don't get it and make mistakes that tank the deal.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At last count, nationwide, new home sales were down more than 12 percent and resale home sales down even more -- 27 percent.

In part, it's the economy. The rate of unemployment nationwide remains at just under 10 percent and some locales are still in double digits.

In the Gulf Coast area, blame the oil disaster for washing away more sales.

And, unless your state
is one of the few with a home buying tax credit, the end of the federal tax credit also took a bite out of home sales.

Some of the home sale depression, however, comes from home sellers
who still just don't get it and make mistakes that tank the deal.

To find help for sellers we went to Silicon Valley where, even as home sales dropped nearly 9 percent in August, home prices are up nearly 12 percent a year ago.

Some sellers, apparently, are making all the right moves.

We sought help from Julie Larsen Wyss, a hard core Silicon Valley Intero Real Estate Services broker associate in San Jose, CA.

Wyss, also a broker associate at North Star Mortgage Associates and short sale specialist offered these mistakes sellers ought not make if they want to move their home off the list of homes that languish unsold.

• Pricing too high. A high listing price will cause some buyers to lose interest sight-unseen. It may also lead other buyers to expect more than what you have to offer. Overpriced homes tend to take an unusually long time to sell, ultimately selling at a lower price.

"Every seller obviously wants to get the most money for his product. Ironically, the best way to do this is NOT to list your home at an excessively high price," Wyss advises.

• Mistaking refinance appraisals for the market value. Lenders often estimate the value of homes at a higher level than it's actually worth to encourage refinancing. Ask your real estate agent for the most recent information regarding property sales (similar to yours) in your community.

"This will give you an up to date and factually accurate estimate of your property value," she said.

• Forgetting to "showcase your home." When selling your home, make it look as pleasant and move-in-ready as possible. Make necessary repairs. Clean. De-clutter.

Says Wyss, "A poorly kept home in need of repairs will surely lower the selling price and will even turn away some potential buyers. In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread."

• Using the "hard sell" while showing. "Don't try haggling or forcefully selling. Allow prospective buyers to comfortably examine your property," Wyss said.

Buying a house is always an emotional and difficult decision. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

• Trying to sell to "looky-loos." A prospective buyer who shows up because they saw a for sale sign likely isn't interested in your property. Buyers who don't come through a real estate agent, typically are six to nine months away from buying. They just want to see what's available. Chances are, they still have to seller their house, haven't been to a lender and may not be able to afford a home yet.

"Your real estate agent can distinguish real potential buyers from lookers because they will take the time to determine a prospective buyer's savings, credit rating, and purchasing power. If your agent fails to do so, you should investigate on your own, avoid wasting time investigating and questioning on your own, and get a new real estate agent," Wyss said.

• Being ignorant of your rights and responsibilities. Know the details of the sales contract. They are legally binding documents that can be complex and confusing. Know your responsibilities before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? There's much more to know.

Wyss said, "Not knowing can end up costing you a considerable amount of money."

• Signing a listing contract with no escape clause. Hopefully you will choose the best real estate agent. However, stuff happens. Perhaps you misjudged your agent. Perhaps the agent has other priorities. In any case, you should have the right to fire your agent. You are the boss. He or she is your employee. You should also have the right to select another agent. Many real estate companies will simply replace one agent with another one from the same company, without consulting you.

"Take control before signing a real estate listing contract," Wyss said.

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© 2010 DeadlineNews.Com

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You are reading a sample of "News that really hits home!" now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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J.D. Power: How to find a real estate agent

Most of today's harried real estate agents are not asking buyers and sellers to provide a referral or recommendation to a friend or family member. That could be a mistake.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - One of the best ways to find a real estate agent is through a referral from a family member, friend, co-worker, professional or other person you trust -- who recently experienced a successful real estate transaction.

That may be lost on today's harried real estate agents.

Fewer then half of home buyers and sellers indicate their agent asked them to provide a referral or recommendation to a friend or family member, according to recent J.D. Power and Associates', "2010 Home Buyer/Seller Study".

"Positive recommendations are a critically important driver of new business for agents, and there is ample opportunity for improvement in this area," said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates.

"Particularly during tough times in the real estate market, asking for referrals and recommendations should be considered an essential part of doing business," Howland added.

In its third year, the study measures customer satisfaction of home buyers and home sellers with the largest national real estate companies.

The study was conducted from April to May of 2010 and included more than 3,000 evaluations from respondents who bought or sold a home between March 2009 and April 2010.

On a scale of 1,000 (100 percent satisfied), overall satisfaction among home sellers declined by 40 points from an average 782 in 2009 to 742 in 2010. Sellers this year were less satisfied with real estate marketing and the variety of services offered.

Buyers were happier. Among buyers, overall satisfaction improved by 12 points from an average 791 in 2009 to 803 in 2010. Increased overall satisfaction came from buyers being more satisfied with agents and salespeople.

Because satisfaction often hinges on the acumen of the real estate agent or salesperson, J.D. Power also offered the following tips for buyers and sellers looking for the best representation.

• Find an agent specific to your needs. Given the time it can take to buy or sell a home, you'll wan to bond with your agent. If you've previously bought or sold a home, the right agent could be the one you worked with in the past. For first-time buyers, seeking recommendations from people you trust is critical. Using the Internet also can be a good starting point for research, particularly if you are moving far from your current location.

• Consider the additional services you'll need. You may also need a loan officer, lender, title/escrow company, inspectors, appraiser, home warranty agents, movers, storage services, contractors, and more. A full-service real estate company can take some of the legwork out of finding competent service companies.

• Sellers need marketing moguls. When looking for an agent zero in on the tools used to market the home. Examine an agent's approach to open houses, online marketing and signage. Ask which websites will carry your listing, how many photos can be included, and if there will be a virtual tour and other online features. Tools that assist prospective home buyers help attract attention to the listing.

• Buyers need to understand the full cost of homeownership before they buy. Buyers should have a housing budget and expect the agent to show homes in the appropriate price range. Agents should also explain all the fees associated with the transaction and, later, ownership. There are mortgage fees, title fees and appraisal fees, inspection fees, as well as ongoing expenses including insurance, taxes, homeowner association fees, maintenance and upkeep costs and others.

Also see: "Real estate company satisfaction mixed among buyers, sellers"

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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

DeadlineNews.Com's Editorial Content Is Intellectual Property • Unauthorized Use Is A Federal Crime

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Real estate company satisfaction mixed among buyers, sellers

Sellers are less happy with real estate companies than in the past, while buyers are happier with real estate companies than they were in the past, reflecting the preponderance of buyer's markets around the nation.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At a time when real estate companies should be at the top of their game, sellers are less happy with them than in the past, due to the tough housing market.

Buyers, on the other hand, are happier with real estate companies than they were in the past, reflecting the preponderance of buyer's markets around the nation.

J.D. Power and Associates' "2010 Home Buyer/Seller Study", in its third year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies.

For the home selling experience, J.D. Power examines four factors; the agent or salesperson; marketing; the real estate office; and the variety of additional services.

For the home buying experience, satisfaction is determined by examining three factors: the agent or salesperson; the real estate office; and the variety of additional services.

Erate.com has the full story here: "Real estate company satisfaction mixed among buyers, sellers"

Also see: "J.D. Power: How to choose a real estate agent"

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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

DeadlineNews.Com's Editorial Content Is Intellectual Property • Unauthorized Use Is A Federal Crime

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Housing's fire sale continues

I survived Gulf disaster

As of July 1, one in four listings on the market experienced at least one price reduction, as sellers went after buyers with a vengeance.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - As of July 1, 25 percent of listings on the market experienced at least one price reduction, as sellers went after buyers with a vengeance.

That's a 9 percent increase from the previous month according to Trulia.com the real estate search engine reporting the news.

And, buyers? Take note.

The average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

That's a cool $50,000 off a $500,000 home for sale.

Many of the largest U.S. cities saw significant increases in price reduction levels. Twenty-two of the top 50 cities across the U.S. experienced price reduction levels at 30 percent or more, compared to just 10 cities in the previous month.

Trulia reported Minneapolis led the way with 40 percent of its home listings experiencing at least one price cut in the third straight month that Minneapolis has held the top spot.

• Erate has the full Housing's fire sale continues story.

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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Easier access to mortgage, closing costs

Quick! Click my head!

Follow the links and get these documents online anytime, especially before you are in the thick of buying or selling a home in today's market. Getting familiar with the documents now, can save a lot of headaches later.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Three documents, crucial to the homebuying transaction, give both the seller and the buyer a better fix on virtually all costs they can expect to face during the ordeal.

Including everything from the appraisal fee to the underwriter's portion of the title insurance -- as well as a sort of manual to understand how it all works -- the documents make it easier to calculate, compare and question all the costs associated with the home buying ordeal.

"This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll have to pay to close the loan" as well as other homebuying costs, writes mortgage maven, Peter Miller, publisher of the Silver Spring, MD-based OurBroker.com

• 1. Under the federal Real Estate Settlement Procedures Act (RESPA), since Jan. 1, 2010, home loan originators must give you the mandated Good Faith Estimate (GFE) within three days of accepting your application.

• 2. At closing, the lender must provide borrowers with the new Settlement Statement HUD-1, the final line-by-line list of mortgage and closing costs.

• 3. Along with the GFE, you'll also receive the new "Shopping For Your Home Loan: HUD's Settlement Cost Booklet" a guidebook to walk you through the other two documents.

Follow the links and get these documents online anytime, especially before you are in the thick of buying or selling a home in today's market. Getting familiar with the documents now, can save a lot of headaches later.

Together, the new GFE and HUD-1 documents make it easier to determine if you are getting the loan at settlement that you were offered in the GFE -- and more.

• First, the three-page GFE, provided by the mortgage broker or lender, shows the loan terms and the settlement charges you will pay if you decide to go forward with a given mortgage. It explains which charges can change before settlement and which charges must remain the same.

Notably, it also contains a shopping chart and worksheets to encourage you to shop around and compare several mortgage loans and the settlement costs of each.

• Next, the HUD-1 is a complete and final list of all your charges and credits. In addition to the cost of the property, your down payment, the financed amount, your monthly payment, and loan terms, it includes your loan type, annual percentage rate (APR), points, commissions, yield spread premiums, originating fees and other loan costs as well as title and escrow fees, closing costs, tax and insurance payments, inspection fees, attorney fees, and information and costs related to rate locks and prepayment penalties -- the works.

You have the right under Real Estate Settlement Procedures Act (RESPA) to
inspect the HUD-1 Settlement Statement before settlement occurs.

You should set aside a full day to see your HUD-1 document at least a day before closing, so you have time to go over all costs, eliminate surprises and ask the lender or other professionals involved any questions that might arise.


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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
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• National Real Estate Examiner

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Sellers slash prices after tax credit ends

Dangers of social networking

Recognizing that homebuyers need more motivation now that a federal tax credit has expired, more sellers are slashing their asking prices by an average 10 percent nationwide. That's $25,000 on a $250,000 home.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Recognizing that homebuyers need more motivation now that a federal tax credit has expired, more sellers are slashing their asking prices.

As of May 1, 22 percent of listings on the major real estate search engine Trulia.com had at least one price reduction. That's a 10 percent jump from the previous month.

Nationwide, the actual price reductions average 10 percent, but in many major cities they are well above 10 percent, according to the numbers Trulia.com released this week.

The federal homebuyer tax credit of up to $8,000 ended April 30 for civilians, though it won't end until April 30, 2011, for military personnel deployed overseas. The maximum tax credit amounts to about a 3.2 percent discount on a $250,000 home.

The National Association of Realtors attributed a surge in existing-home sales in March -- which rose 16 percent over last year and 6.8 percent from February this year -- to buyers responding to the homebuyer tax credit and other favorable conditions.

You've got news!...News that really hits home! Here's the full story: "With Tax Incentive Gone, Home Sellers Looking to Deal"

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© 2010 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Always time for a home inspection

Always time for an inspection

For $350 to $500, a professional home inspector will review the major, visible and accessible components of the home and provide a detailed written report rating each element.

by Broderick Perkins
© 2010 DeadlineNews.Com



Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - It's a good time for a home inspection.

In today's tired housing market, a home inspection can wake up buyers to what "as is" really is and give them a negotiating edge that could lead to cash or repair concessions.

For sellers, a home inspection serves as an anti-haggling tool and keeps the dickering down to a roar.

An inspection is also for new homes, given new home defects aren't just incidental.

It's also a good tool to use to assess a home's integrity after a natural disaster, including flooding, an earthquake, a wind or rain storm.

Finally, a home inspection by home owners who aren't listing their home for sale can let them know every few years what maintenance or upgrades they need to perform.

It's always a good time for a home inspection.

For $350 to $500, a professional home inspector will review the major, visible and accessible components of the home and provide a detailed written report rating each element. Typically included are the heating system; central air conditioning system (climate permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.

The inspection isn't intrusive and it may not include swimming pools, septic tanks, and other systems that require an inspection by a specialist.

The objective report should include detailed information in a way that allows the customer to make informed decisions about the findings.

The inspection also can be a learning opportunity for the buyer or seller who should attend the inspection. The inspection is an opportunity to see the inspector demonstrate systems and to get acquainted with necessary maintenance chores.

The inspection also sees through the veil of misleading staging and other cover-ups and it can help buyers uncover building permit and code violations.

Sellers can likewise use the inspection to determine what they need to do to put the home in competitive shape or price it fairly to sell as-is.

While a home inspection, purchased by the buyer or seller or both, is more common than it's ever been, too many home buyers skip the process.

That's especially true for new homes, but they also need a once over. There could be subcontractor issues missed by the contractor as well items missed by the local jurisdiction's harried building inspector.

Studies have exposed newly built single family homes with construction problems related to the building envelope; framing and structural elements and in the plumbing and electrical systems.

As homes age, given the life expectancy of certain systems, the home inspection grows in importance.

Within 10 years, foundation settling could create drainage problems; by the age of 20, appliances are well outdated and the roof and wood components exposed the weather or moisture could need replacing; at 40 years the HVAC system will likely need replacement. Older historic or architecturally significant homes can develop structural problems and need restoration.

Safety hazards that crop up in older homes include old sliding glass windows that are not tempered safety glass, missing smoke alarms and missing pressure relief valves on water heaters.

Neglect plays a role too, as the lack of preventative maintenance takes it toll. Some homeowners take better care of their car than their biggest investment.

The American Society of Home Inspector's (ASHI) "Virtual Home Inspection Tour" online can give you a sense of what a professional inspector sees, what areas he or she can't see and won't inspect and what the inspector is likely to find and where.



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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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California home sellers' losses become first-time home buyers' gains

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Sixty-seven percent of all home sellers in California did so in 2009 because they had a tough time making the mortgage payment. The first-time home buyer share of the buying market, 47 percent, exceeded the state's long-run average of 38.6 percent and was the highest since 1995.

by Broderick Perkins
© 2010 DeadlineNews.Com



Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - As economic turmoil forced most California home sales last year, doors opened to a near record share of first-time home buyers.

According to the California Association of Realtors' (CAR) "2009-2010 Survey of California Home Sellers", 67 percent of all home sellers in California did so in 2009 because they had a tough time making the mortgage payment.

Unemployment and adjustable rate mortgage (ARM) resets, along with tough underwriting and equity losses preventing refinanced bailouts, converged on home owners, forcing them to sell, the report said.

Meanwhile, CAR's "2009-2010 "State of the California Housing Market" said first-time buyers enjoyed the spoils. First-timers represented nearly half, 47 percent, of all Golden State home buyers in 2009.

The first-time home buyer share exceeded the state's long-run average of 38.6 percent and was the highest since 1995, when more than half of all buyers were first-timers.

"It is clear that the federal tax credit for home buyers worked well in 2009 and is continuing to drive home sales," said CAR President Steve Goddard.

"The home buyer tax credit is arguably the most successful strategy employed by the government's efforts to stimulate the economy," Goddard added.

Some qualified Californian home buyers enjoyed both a federal and state home buying tax credit totaling as much as $18,000. The state version, for new homes only, ran out of cash months after it was introduced last year.

Home buyers also cashed in on distressed properties. More than half of all first-time buyers purchased a foreclosure or short sale property. Distressed properties accounted for almost half of all the state's sales in 2009, an increase from 35.6 percent in 2008.

"2009-2010 Survey of California Home Sellers" also found:

• On average, homes sold for $20,958 less than the original asking price in 2009. The median difference between the selling and listing price was $32,315. The list-to-sold-price ratio was $30,000 below list for first-time sellers, but only $8,000 below list for those who had sold before.

• Among sellers, 44 percent were first-time sellers, a 33 percent increase from 2008, and nearly three times the 2007 percentage of 15 percent.

• Sellers in 2009 cited difficulty meeting the monthly mortgage obligations (30 percent); job loss (18 percent); and a higher mortgage payment (15 percent) as the primary motivation to sell. In 2008, only 20 percent cited the ability to meet their mortgage payment obligation; while 11 percent sold due to financial difficulties.

• Financial difficulties caused 63 percent of homes to fall out of escrow prior to closing often because the buyer could not land mortgages, the buyer backed out, buyer's remorse and home prices declined, among other reasons.

2009-2010 "State of the California Housing Market" also found:

• One-third of sellers experienced a net cash loss in 2009, the highest level on record since CAR started tracking the statistic in 1989.

• The median net cash gain from home sales declined 50 percent last year to $50,000 from $100,000 in 2008.

• Nearly 40 percent of buyers were prompted to buy by the federal tax credit.

• Lower home prices boosted affordability. CAR's First-Time Buyer Housing Affordability Index rose to a record 64 percent in the third quarter of 2009.

• Lower-priced distressed properties prompted more than half buyers to take the plunge. More than 70 percent of properties purchased by investors were either short sales or foreclosures.

• Low-down payment Federal Housing Administration (FHA) loans were also a lure. The percentage of home buyers using an FHA-insured loan increased to 32 percent in 2009, compared with 18.9 percent in 2008. The median down payment for FHA-insured loans was $9,888 compared with $92,000 for conventional purchase loans.

• The median price of distressed properties declined nearly one quarter to $250,000 in 2009 compared with $330,000 in 2008; non-distressed property prices decreased only 10.4 percent to $485,000 in 2009 compared with $541,000 in 2008.

• Over all, California's median home price hit bottom in February 2009 at $245,170; for the year 2009, the median was listed at $271,000 and is projected to increase to only $280,000 in 2010.

• Statewide, annual sales of existing homes are projected to reach 527,500 units in 2010, a 2.7 percent decline compared with 2009's annual rate of 540,000 units.


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© 2010 DeadlineNews.Com

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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