June 29th, 2008
More trouble for Realtors: missing signs
Housing “For Sale” signs are being stolen.
A new report from the Associated Press says that sites such as Zillow.com often come up with value estimates that are way off.
The Justice Department is spending a lot of time and resources these days going after those who have committed mortgage fraud. In fact, the department has issued more than 400 indictments since March.
As housing seemingly stretches across the entire state, horse-related businesses are finding it more difficult to operate without garnering complaints from their residential neighbors.
According to the National Association of Realtors the housing slump is causing fewer people to purchase second homes. And that is causing an interesting side effect: As the number of unsold vacation homes on the market continues to rise, their owners — who can’t unload them as quickly or for as high a price as they once could — are competing harder than ever to find renters.
There’s an interesting debate going on now between members of Congress and the Federal Housing Administration. Congress has proposed legislation requiring the FHA to back up to $300 billion worth of risky mortgage loans. The commissioner of the FHA, Brian Montgomery, opposes this legislation, saying that taking on so many bad loans would hurt his agency.
If you’d like some good news to go along with my daily dose of pessimism, then I’ve found the perfect site: www.happyrenews.com. That’s right folks, it’s really called Happy Real Estate News.com. Seriously.
The operators of real estate schools — which help train future real estate agents — are seeing attendance at their facilities dropping.
Does the steady diet of gloomy housing reports actually make the current housing crisis seem worse than it is? Do negative stories on a near daily basis erode seller confidence?
A study for the Department of Housing and Urban Development, found that loans prepared by mortgage brokers more often came with higher fees than did those loans arranged directly by lenders.
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Written by Dan Rafter [email] for b5media.
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