Real estate round-up: November 3
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:4 million homeowners eligible for foreclosure review On Tuesday, servicers began mailing letters to the estimated 4 million borrowers whose loans were in the process of foreclosure between Jan. 1, 2009, and Dec. 31, 2010, detailing how to request a review of an individual case. Resale of the Week: 6-bedroom Craftsman house in Arlington Arlington's Lee Heights neighborhood offers some of the best aspects of suburban living, including quiet streets with cul-de-sacs to slow traffic and enable children to play safely. Walter Street: The friendliest block on the Hill Physically, the street lends itself to interaction. The modestly sized row houses squeeze next to each other and the front porches line up.� Sneak peak at the Foundry Lofts A first look inside the Foundry Lofts at the Yards, a 1918 industrial building on its way to becoming a 170-unit apartment building. First move-ins are expected at the end of November. |
National real estate news stories:What will the House decide on federal mortgage caps? Back in February, the Obama administration called for a decline in the maximum size of government-backed home loans as a way to start drawing back federal support for the nation's mortgage market. They dropped on schedule on Oct. 1 but now a movement is afoot to revive the higher limits to support the ailing housing market. |
Real estate round-up: November 1
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:Creative refinancing doubly good With interest rates remaining so low and the housing market still anemic, refinance customers abound. Most homeowners refinance to lower their interest rate, but there are many other objectives that can be accomplished through refinancing, depending upon the homeowner's particular situation. Lenders could take home's energy costs into consideration A bill introduced Oct. 20 would force the big three mortgage agencies to take account of energy costs in every loan they insure, guarantee or buy. It would also require them to instruct appraisers to adjust their property valuations upward when accurate data on energy efficiency savings are available. |
National real estate news stories:Making sense of home price data Because real estate is so local and home prices can change every few miles, homeowners and potential buyers should focus on trends in their specific neighborhoods. That means consulting a realtor who can pull up prices of similar homes that sold over the past few months. Handling high closing costs Those who are cash-poor can ask relatives for help. But some lenders advertise another option: If borrowers agree to accept a mortgage interest rate from a quarter to a full percentage point higher than they would ordinarily qualify for, they can receive credit toward their closing costs. |
Planning to refinance? Don't forget about title insurance
The government took action last week to help more homeowners with their mortgage payments. A revamped Home Affordable Refinance Program aims to remove some of the restrictions that have made it difficult for many to qualify assistance.
Historic lows on interest rates, changes coming to government programs such as HARP, it's no wonder so many Q&A and advice columns are dedicating space to homeowners' questions about refinancing, from knowing when to refinance to tips on how to avoid a mortgage refinance misstep.
One common question about refinancing relates to the settlement process, particularly title insurance.
Some homeowners are surprised when they hear they have to purchase a new title insurance policy when they refinance their mortgage. They bought a lender's and owner's policy when they purchased the home, and they want to know why they have to purchase a new title insurance policy.
To the lender, a refinance loan is no different than any other home loan. Your lender wants to insure that the new loan is protected by title insurance, just like the original lender required on your previous loan.� Lenders are protecting their investment against title related defects.
When you refinance, you are only buying a new title for the lender (a lender's policy), so your closing costs should still be less than when you purchased your home. And, while you're shopping around for the best refinance rates, be sure to shop around among title companies.
This will ensure you get the best pricing for your refinance.
Real estate round-up: October 31
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:One million new jobs means DC needs more housing A report, which can be found here, estimates that the region as a whole will need to build as many as 731,000 new units to house the workers � 211,000 units in suburban Maryland, 392,000 in Northern Virginia and 122,000 in the District. A map of architecturally impressive DC homes Your guide to fifteen of the best looking houses we could find in a handy map so you can drive/walk/bike around to see them yourself. Keep your feelings out of contracts When a contract comes up, many homeowners have a hard time saying that they want to have a lawyer look at it first. |
National real estate news stories:Loan limit battle looms for house Republicans The issue puts House Republicans in a tough spot: Lawmakers campaigned last year to end federal bailouts, including the rescue of Fannie Mae and Freddie Mac. But many lawmakers, particularly Republicans in California and New York, face pressure from real estate agents and mortgage lenders in their districts, who have been hit hard by the real estate downturn. Pending home sales index rises from one year ago Third-quarter data showed a 2.5 percent rise in GDP, compared with 1.3 percent in the second quarter. NAR expects U.S. GDP growth of 1.8 percent for the full year in 2011, with 2.3 percent GDP growth in 2012. |
Real estate round-up: October 28
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:How to buy a short sale property From the short sale home buyer's perspective, this third-party (lender) approval process is the major difference between a short sale and a regular sale. The short-sale home-buying process begins in the same manner as any other purchase: locating a home, determining a proposed offer price and preparing a written purchase offer. Winterizing helps wallet, even sales appeal According to the U.S. Energy Information Administration, most homeowners nationwide can expect a rise in costs associated with home heating this winter New park in Southwest is in the works A 4.2-acre park is slowly taking shape where a huge parking lot now exists on the southwest waterfront in Washington, D.C. The new redevelopment along the waterfront will use a denser development strategy for the buildings and wharfs, with some 50 percent open space, |
National real estate news stories:Freddie Mac CEO to step down The chief executive of Freddie Mac said he would step down next year, becoming the second CEO to resign from the mortgage-finance giant since it was taken over by the U.S. government in 2008. Economic growth in U.S., though modest, speeds up Economic growth in the United States picked up in the third quarter, the Commerce Department said Thursday, in an encouraging sign that the recovery, while still painfully slow, has not stalled. |
Real estate round-up: October 27
Headlines from the DC Metro Area:10 things to know about buying, selling your home After staying put during the economic recession, you might be tempted by stabilizing real estate prices and low mortgage interest rates to sell your house and buy your next place. What you may not realize is how long and complicated the process of buying and selling a home has become. Queen Anne-style home in Rockville gets national attention This 1900s-era 4 bed/2bath has been in the same family for the past forty years. It started out on the market at $500,000 (too high!, says Goldilocks), but has come down to $399,999 (just right!). Home prices up in half of major U.S. cities The biggest price increases were in Washington, Chicago and Detroit. The greatest declines were in Atlanta and Los Angeles. The August data provides a “modest glimmer of hope” that some areas may have bottomed out and could be turning around. |
National real estate news stories:Home prices tread water Here are four questions that borrowers should consider carefully before proceeding with a refinancing, according to experts. Be neighbors with Vice President Joe Biden for $6.9M his Hacienda-style house might look like something out of the Spanish countryside, but it actually sits next to the vice president's mansion on the grounds of the Naval Observatory in Washington, D.C. |
Real estate round-up: October 26
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:Home Affordable Refinance Program: What you need to know The HARP program, which was rolled out in 2009, is designed to help. Those who are “underwater” on their homes and owe more than the homes are worth. Policy fixes may boost refinancing If the Federal Housing Finance Agency is moderately successful in making these changes, the current refinance wave could turn into a tsunami. Dominique Strauss-Kahn's DC home hits the market The three-bedroom home at 2613 Dumbarton Street NW in Georgetown was listed on Monday for the tidy sum of $5.2 million. Washingtonian reported back in early September that the home was poised to hit the market soon.� |
National real estate news stories:Knowing when to refinance Here are four questions that borrowers should consider carefully before proceeding with a refinancing, according to experts. Restringing the housing HARP The latest iteration came Monday, when the Federal Housing Finance Agency unveiled changes to a program meant to make it easier for underwater homeowners who are current on payments to refinance into a lower-rate mortgage. Is gentrification always bad for revitalizing neighborhoods? The truth is that what some badly disinvested cities, districts, and neighborhoods desperately need is some form and degree of 'gentrification.' The challenge is to have enough without having too much. |
Real estate round-up: October 25
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:One real estate company offers a “bike-mounted tour” Bikeability is a huge selling point these days, so it's not surprising to see realtors getting on board (following the architects, who are starting to include Bikeshare in their renderings). FHA rules for condos make buying, selling difficult FHA-insured mortgages have become a mainstay of condominium unit financing in the past several years, and now account for 40 percent of all purchase loans for condos in some metropolitan markets. How value capture financing will revitalize White Flint Not only are the White Flint developers looking to include more mixed-use development in the community, they want to build new local streets to fill in a viable street grid and redesign the eight-lane Rockville Pike into a “21st century boulevard” with wide sidewalks, bike lanes, six rows of trees, and dedicated transit lanes. How to find the best refi rate? Shop around Consider speaking with someone in each of these categories: a big national bank; a credit union; a qualified and highly recommended mortgage broker (check with your local real estate agents; they usually have a list); an online lender; and a small regional lender. |
National real estate news stories:How to derail a mortgage refinance A mortgage refinance is trickier than it was a few years ago. Here are five ways to mess up. 12 questions on Obama's refi plan The Obama administration is revamping a program that's designed to let more homeowners refinance their mortgages even if they don't have any equity. |
Real estate round-up: October 19
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:Arlington tries to preserve 'essential' historic properties Unlike most communities, which label only specific buildings or properties historic, Arlington ranks all buildings over 50 years old as historically significant. Loan options for home improvement projects Today, with the low cost of building materials and contractor services, coupled with historically low interest rates, it is possible to finance $50,000 in home improvements for less than $350 a month through 203K or conventional home loans. What $725,000 buys you in DC In What X Buys You this week, UrbanTurf takes a look at properties on the market in the $715,000 to $725,000 range to give readers an idea of what type of homes are available in this price point in the DC area. |
National real estate news stories:Next generation “less confident about home ownership” A new paper by Federal Reserve Bank of Boston economists used consumer sentiment data collected in the Michigan Survey of Consumers over the summer to try to find out how the housing market's terrible state of affairs was affecting the willingness to buy a new home. Male agents list more homes, female agents list pricier ones In a blog post about the findings, Trulia said that “the average list price isn't necessarily a reflection on how aggressive the agent is on pricing. In some cases, it could mean that women take on inherently more expensive homes/neighborhoods than men, and vice versa.” |
Real estate round-up: October 18
Check in every business day for the latest edition of Real Estate Round-up, where we post a list of our favorite real estate news stories from DC and beyond.
Headlines from the DC Metro Area:A foreclosure escape hatch? A bill introduced Oct. 5 would waive the penalty if the purpose of the distribution is to make loan payments to avoid loss of a primary home to foreclosure. Buyer's experience: The 90-day rule If you feel tempted to buy a home that was purchased and renovated in a relatively short amount of time, you should probably be wary for many reasons, but one is that most lenders will not approve loans for a home that is back on the market less than 90 days after it was purchased. Optimistic signs for Spring 2012 If current trends continue during the next six months, we could see a rise in home prices during the more-active spring market to come. |
National real estate news stories:Housing inventory hits 4-year low Falling inventories are typically a sign of health because that leads to less downward pressure on home prices. 4 experts forecast 2012 housing market We asked top real estate experts Ilyce Glink of Thinkglink.com, Paul Bishop of the National Association of Realtors, Barbara Corcoran of the Today show, and Dan Green of TheMortgageReports.com to share their thoughts on the housing market in 2011. Here's their takeaway on what to expect. |
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