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Home Values Impact All Areas of Economy

by Tayeb Realty GroupMay 10, 2010 commercial real estate

Real estate can be an engine or a brake for the U.S. economy. And today, it’s mostly slowing things down. “The housing market, since it was the epicenter of the crisis, is also central to the feeble recovery,” says Ethan Harris, an economist at Bank of America Merrill Lynch. Everything is interconnected: Employment is closely [...]

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More Minorities Head to the Suburbs

by John TayebMay 10, 2010 Foreclosures

Suburbs are becoming more multicultural and increasingly impoverished, according to an analysis of census data by the Brookings Institution. Arizona and nine other states lead the nation in a growing trend with an increasing number of communities that are divided between senior white populations combined with large minority families. A majority of all racial and [...]

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Prices Rising Too Fast in Other Countries?

by Tayeb Realty GroupMay 10, 2010 Foreclosures

Home prices in many parts of the U.S. are still on the road to recovery, but in other parts of the world, prices are rising so fast that some officials are worried about potential housing bubbles. In China, home prices rose by 11.7 percent from March 2009 to March 2010. In Canada, the Canadian Real [...]

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New Standards Simplify MLS Data Sharing

by Tayeb Realty GroupMay 9, 2010 commercial real estate

Real estate data sharing on multiple-listing services is about to get easier, with the Real Estate Standards Organization’s approval of real estate property standard names. The standard names were introduced by the MLS Cooperative Venture (referred to as COVE, for short) in March during RESO’s General Assembly conference. RESO oversees the NATIONAL ASSOCIATION OF REALTORS®-supported [...]

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Buyers Often Overlook Insurance Costs

by John TayebMay 8, 2010 Foreclosures

Insurance is usually the last thing people worry about when they are buying a new home. According to the Insurance Information Institute, that’s a mistake, because it will be an expense a buyer will have as long as they own the property. Here are some key issues that the institute urges every buyer to consider: [...]

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Mortgage Rates Hit 6-Week Low

by Tayeb Realty GroupMay 8, 2010 Housing Market News Update

Freddie Mac reports that the average interest for 30-year fixed mortgages was 5 percent this week, down from last week’s 5.06 percent. Meanwhile, 15-year fixed loans averaged 4.36 percent versus 4.39 percent over that same time span. Rates on five-year, adjustable-rate mortgages and on one-year ARMs also were down, averaging 3.97 percent and 4.07 percent, [...]

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Green Buildings Owners Are a ‘Good Risk’

by Tayeb Realty GroupMay 6, 2010 commercial real estate

Insurer Liberty Mutual is debuting a new “green” general liability product for apartments and condominiums as well as offices, retail, and light-industrial buildings. The program’s general liability coverage will eventually be available in all 50 states. The company will offer an indoor environment endorsement that covers bodily injury claims resulting from specialized air- and water-quality [...]

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Mortgage Volume Rises for 3rd Straight Week

by John TayebMay 6, 2010 Foreclosures

Mortgage applications to purchase homes rose 13 percent last week over the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey. This was the third consecutive week applications to purchase homes have increased, rising 24 percent compared to March. On an unadjusted basis, purchase applications increased 14.1 percent compared [...]

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NAR Grants Give Working Families a Boost

by Tayeb Realty GroupMay 6, 2010 Housing Market News Update

Despite today’s tight economy, many areas of the country have not seen a significant drop in their high cost of living. To help meet this critical need for more affordable housing for low- to moderate-income working families, the NATIONAL ASSOCIATION OF REALTOR® has awarded more than $3.4 million through the Ira Gribin Workforce Housing Grants [...]

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Fannie Tightens Interest-Only Requirements

by John TayebMay 4, 2010 Foreclosures

Fannie Mae announced Friday that it plans to require borrowers using interest-only mortgages to put down 30 percent of the sale price. Fannie Mae also said it will only buy adjustable-rate mortgages underwritten to require that borrowers could afford the loans even if interest rates reset to the higher of either: The loan’s initial interest [...]

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