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From the monthly archives:

May 2010

International Housing Market Spotty

by John TayebMay 30, 2010 commercial real estate

The international housing market improved in the first quarter of 2010 in 19 of 36 countries, according to a survey from Global Property Guide. Conditions are much better in Asia, with home prices in Hong Kong up 27 percent from a year ago. Prices in Singapore were up 24 percent, and prices in Taiwan rose [...]

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Overseas Personnel Eligible for Tax Credit

by Tayeb Realty GroupMay 30, 2010 Foreclosures

Members of the military or some federal institutions who served overseas between Dec. 31, 2008, and May 1, 2010, have another year to take advantage of the home buyer tax credits. Eligible taxpayers who are in the armed forces or who are members of foreign-service or intelligence organizations can earn home buyer tax credits if [...]

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Luxury Home Market Improving

by John TayebMay 30, 2010 Housing Market News Update

After a tough 2009, the luxury home market is on the upswing. Sales of homes with asking prices of $2 million to $5 million in the first quarter totaled 2,461, up 32 percent from the previous year. The increased sales appear to be driven by realistic seller pricing, increased buyer confidence, and improved financing options. [...]

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Mortgage Rates Close in on Record Lows

by Tayeb Realty GroupMay 29, 2010 commercial real estate

Home buyers unable to tap into a federal tax credit before it expired on April 30 are finding a consolation prize in mortgage rates, which dropped again this week to near-record lows. According to Freddie Mac, interest on 30-year fixed loans averaged 4.78 percent compared to 4.84 percent last week, while the 15-year rate slipped [...]

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Strategic Defaulters May Not Buy Again Soon

by John TayebMay 29, 2010 Housing Market News Update

How long will it be before former home owners who walked away from their mortgages can buy again? Mortgage lenders are saying that in the future, losing a home because of illness or job loss will be seen differently than choosing to abandon a mortgage obligation for other reasons. “If you made a strategic decision [...]

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Mortgage Rates Might Not Be Low for Long

by Tayeb Realty GroupMay 29, 2010 Real Estate in New York

The near-record low mortgage rates seen during the past few weeks may not be around much longer. Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates, says Stephen Stanley, chief economist at Pierpont Securities LLC. The evidence includes more consumers are paying their [...]

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Mortgage Jobs Are Coming Back

by John TayebMay 21, 2010 Housing Market News Update

MortgageDaily.com reports that U.S. banks and loan firms added 714 net new mortgage-related jobs in the first three months of this year, the second consecutive quarter for industry job growth, compared to a year earlier, when 2,076 mortgage professionals lost their jobs. Nationwide, North Carolina led in first-quarter hiring with 313 net new mortgage jobs, [...]

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Wholesalers Flip Houses, Distorting the Market

by Tayeb Realty GroupMay 21, 2010 Foreclosures

Real estate investors, who call themselves wholesalers, are snapping up distressed properties, often paying all cash and seeking a discount, preferably from a cash-strapped home owner. Then the real estate wholesaler flips the homes — often so fast that he never takes possession of the title. Instead, he signs a contract with the home’s owner [...]

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Mortgage Applications Fall Sharply

by John TayebMay 20, 2010 Foreclosures

Mortgage applications declined 27.1 percent last week compared to the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey. The unadjusted purchase index decreased 27 percent compared with the previous week and was 24.1 percent lower than the same week a year ago. This is the lowest level of [...]

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Housing Prices Could Rise 12.4 Percent by 2014

by Tayeb Realty GroupMay 20, 2010 Foreclosures

Housing prices are expected to increase 12.4 percent between 2010 and the end of 2014, predicts MacroMarkets, which surveyed more than 100 analysts and market strategists. Those interviewed didn’t all see the housing market in the same light. Joseph LaVorgna, a economist at Deutsche Bank predicts that home prices will rise 37 percent by the [...]

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