City Sued For Violating the Fair Housing Act The Justice Department sued one U.S. city for violating the Fair Housing Act when the city refused to allow three women with disabilities to live together in a group home. Full Story
Task Force Forms to Deepen Lending Probe Federal investigative agencies, including the IRS and the FBI, have joined together to form a task force to deepen their probe into potential crimes perpetrated by major players and individual brokers within the mortgage industry. Full Story
Credit Tightening Threatens To Prolong Housing Downturn Despite concerted efforts of central banks here and abroad, the mortgage credit crunch has spilled over into the housing production loan market, threatening to prolong the current housing downturn. Full Story
Foreclosures Increase by 112 Percent A new report shows foreclosure filings were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter. Full Story
Soft Existing-Home Sales Expected to Rise Midsummer A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by Lawrence Yun, NAR chief economist. Full Story
How to Make Serious Money by Targeting “Sure-Thing” Prospects By Craig Proctor There are still many successful agents who, like myself, will continue to make serious money selling real estate despite the bad market. So how is this possible that some agents actually do better in down markets? Well, this is exactly what I want to focus on... Full Story
Why Every Real Estate Agent Needs TWO Websites By Stephen Raitt One "Branded" and the other "Unbranded." There are two types of visitors to your website, those who've heard of you and those who don't know you at all. The first type of visitors include all the people in your accumulated network. Because these visitors already see you as a trusted information provider, it is important for them to work with you. Contrast this with the second type of visitor. These people do not know you yet... Full Story
The Real Estate Market Is Dead By Thomas M. Mitchell Buyers are sitting tight and everyone is wondering when they are going to get up. Sellers are struggling against increasing competition and the housing market is in a slump with all the continual subprime fodder splashed across the news. It's no wonder most of the brokerage industry is in a blue funk. But not everyone sees it the same way. Full Story
The IRS Forgives Until December 31, 2009 By Thomas M. Mitchell If being in default and the threat of foreclosure aren't troubling enough, the thought of the IRS coming around after the fact is sure to keep sellers up all night. However, not every tax code section will cause nightmares. Full Story
Interest
Rate Trends
Little Movement in Mortgage Rates Seen This Week Thursday, May 08, 2008 Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 6.05 percent with an average 0.3 point for the week ending May 8, 2008, down very slightly from last week when it averaged 6.06 percent. Full Story
Industry Press Releases
HUD Says Bush Plan Will Help Homeowners; House Plan Falls Short Thursday, May 08, 2008 HUD According to HUD, the Bush Administration implements a targeted, financially responsible plan to help homeowners while the House counters with a reckless approach that could leave taxpayers footing the bill. Full Story
FDIC Proposes Home Ownership Preservation Loans Thursday, May 08, 2008 FDIC The FDIC is proposing that Congress authorize the Treasury Department to make loans to borrowers with unaffordable mortgages to pay down up to 20 percent of their principal. The repayment and financing costs for these Home Ownership Preservation loans would be borne by mortgage investors and borrowers. Full Story
NAR Joins Call to Stabilize Mortgage Market Thursday, May 08, 2008 National Association of Realtors The National Association of Realtors, in a letter to members of the U.S. House of Representatives, urged Congress to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill. Full Story
NAHB Announces Best of 50+ Housing Award Finalists Thursday, May 01, 2008 National Association of Home Builders The National Association of Home Builders' announced the 2008 finalists for its Best of 50+ Housing Awards, which honor excellence and innovation in the design, development and marketing of housing for older consumers. Full Story
