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3 Solutions for the Foreclosure Crisis

by Tayeb Realty GroupNovember 5, 2010 Foreclosures

Analysts say that despite all the fuss over foreclosures, there are really only three solutions. None of them will please everyone. 1. Refinance everybody at today’s ultra-low rates. The result would put money in people’s pockets and that would boost consumer spending. The downside is that some people would still be underwater, plus taxpayers aren’t [...]

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Time to Give Your Kids the House?

by John TayebNovember 5, 2010 Housing Market News Update

Anyone who’s contemplating bequeathing a home or some other property to someone other than a spouse or a charity might consider making the gift this year when there is no estate tax. After Jan. 1, 2011, the estate tax rate will be 55 percent (60 percent in some cases) on all but the first $1 [...]

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Will the Election Results Impact Real Estate?

by Tayeb Realty GroupNovember 5, 2010 Foreclosures

Tuesday’s election outcome will almost certainly have an impact on the real estate industry and the issues that most seriously affect it. Here are two of the initial results. Ten of the 12 state attorneys general on the executive committee heading the foreclosure probe lost their re-election bids and won’t be returning to office. Ohio’s [...]

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Foreclosures Slowed by Investigations

by John TayebNovember 4, 2010 Foreclosures

Foreclosure proceedings have slowed nationwide as both state and federal investigations force banks to retool their procedures and home owners to hire lawyers to challenge foreclosure actions. Foreclosure marketing firm RealtyTrac blamed the controversy for the 6 percent drop in foreclosure auctions in the first 25 days of October, compared with the same time period [...]

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Consumers Put Credit Card Debt Ahead of Mortgage

by Tayeb Realty GroupNovember 4, 2010 Foreclosures

A panel on consumer debt at the Mortgage Bankers Association’s annual convention discussed the changing mentality that has resulted in credit cards being paid before mortgages, even among prime borrowers. Experts addressed how real estate defaults affect credit differently, noting that a short seller would be able to buy another home in two years while [...]

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Homeownership Stays Below 67%

by John TayebNovember 3, 2010 Foreclosures

The percentage of U.S. households that owned their homes remained at 66.9 percent in the third quarter, unchanged from the second quarter, the Census Bureau said Tuesday. The homeownership rate held steady for decades at 64 percent, but climbed to 69 percent in 2004. Since the housing bubble burst in 2006, it has declined steadily. [...]

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Mortgage Purchases Rise

by Tayeb Realty GroupNovember 3, 2010 Foreclosures

Applications to purchase homes rose 1.4 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey. On an unadjusted basis, purchases increased 0.2 percent last week compared to the previous week, but were down 28 percent compared to the same week a year ago. [...]

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Analysts Predict More Declines Before Turnaround

by Tayeb Realty GroupNovember 2, 2010 Foreclosures

Analysts are saying that more home-price declines are on the way. Market analytics firm Fiserve predicts a 7.1 percent decline in prices through June 30, 2011. Mark Zandi, chief economist with Moody’s Analytics, forecasts an 8 percent drop in home prices through the third quarter of 2011, putting the total peak-to-trough decline at 34 percent. [...]

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3 Ideas Encouraging Foreclosure Solutions

by John TayebNovember 1, 2010 Foreclosures

Here are three programs that are considered promising replacements for the government’s Home Affordable Modification Program (HAMP), which has failed to stop foreclosures. · Fannie Mae and Freddie Mac would be encouraged to refinance loans for some 30 million borrowers with high-interest rate mortgages. The new mortgages would be folded into a new round of [...]

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Remodeling the Laundry Room Can Add Value

by Tayeb Realty GroupNovember 1, 2010 home improvement

Remodeling a laundry room can add a surprising amount of appeal and value to a home. Here are some key steps: Pick a theme. A laundry room doesn’t have to be institutional. Giving it personality increases appeal. Add convenience. Starting with a laundry detergent dispenser, make it easy to get the job done. Choose a [...]

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