A New Program to Help Dilequent Borrowers, BUT...

Ocwen Financial Corp., a servicer of residential mortgages, launched a new loan modification program to reduce the principal on a mortgage for delinquent borrowers, but the borrowers must agree to let loan investors share in future appreciation of the home’s value when the market recovers >> More.

This new type of program is interesting and I wonder if other loan institutions will try something similar?

Where Did Buyer Find Their Home?

From a NAR study 36% found their homes through a real estate agent, 36% found their home through use of the internet, and 12% found their home through a yard sign or open house.  Companies like ReMax, Keller Williams, Caldwell Bankers, etc are spending large sums of advertising dollars on magazine and print media advertisement.  However only 2% of all homes purchased in 2009 were discovered using print media. As a result when finding a realtor analyze their technology knowledge. 

Latest Housing Trends Newsletter

Latest on local market trends, economic indicators, new home sales, and much much more. >> More

Internet now plays a very large roll in real estate!

Consumers in search of information about their local housing market are making national, third-party sites like Zillow and Trulia their first stop -- even though the websites of real estate brokers and agents who once served as the gatekeepers of such knowledge often have more complete listings data. This is just one of many reasons buyers and sellers should seek internet and technology savy realtors. For example companies like ReMax who put large sums of money into magazine advertisements are not adequately marketing sellers homes.>> More

Jerry Seinfeld Colorado Mansion For Sale

Fourteen thousand two hundred square foot home located in Telluride, Colorado. It has eleven bedrooms, spa, and full gym. Check out the pictures. >> More

Buyers Rejected for Loans Can Now Find Out Why

A provision in the Dodd-Frank financial reform law, which took effect this week, is requiring lenders to provide consumers with a free credit score, which will help provide new insights into why they may have been rejected for a loan or did not qualify for the best, lowest rate. >> More.

Federal Trade Commission Issuing Nearly $108 Million in Refunds

Hundreds of thousands of homeowners who took out mortgages with Countrywide Financial Corp. will soon receive their slice of a $108 million settlement over claims that the lender charged outsized fees to borrowers facing foreclosure.  The Federal Trade Commission said Wednesday that it will mail refund checks to 450,177 borrowers starting Thursday. The action is part of a settlement agreement the agency reached last year with Bank of America Corp., which acquired Countrywide in 2008. >> More

Zillow Is Going Public at Full Valuation

Zillow (Z) priced its IPO after the market closed on July 19 at $20 per share. This price equates to a fully diluted market capitalization of over $630mm. >> More

PGA joins Realtors to market golf-course homes

The Southwest Section of the Professional Golfers’ Association has teamed up with Realtors to help golfers buy homes on or near golf courses in Southern Nevada. >> More

Importance of Shopping Around for a Mortgage

A survey from Bankratefound that it can pay off for borrowers to shop around for a mortgage. In New York, for example, lender origination fees were found to vary anywhere from $700 to more than $4,000. The most expensive state is New York followed by Texas for closing costs. For more including the cheapest states go here.

Home Owners in Denial About Price

Home owners who purchased their home in 2007 or later are overpricing their homes by an average of 14 percent, according to a new study by Zillow. >> More

Congratulations Darren Clarke for winning The Open Championships!

After all the ups and downs in life including losing his wife to breast cancer you have to feel good for the guy!  At the age of 42 if the course is not designed solely for long ball hitters (like most of the PGA unfortunately) guys like Darren, Tom Watson and others can compete and actually win.  >> More

6 popular video editing apps for Android

The following is a list of the most popular photo editing apps in the Android Market, based on a keyword search at market.android.com. The rankings are based on total number of downloads and total number of user reviews. >> More

What Does the Future Hold for Jumbo Loans?

The National Association of Home Builders has said that it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding when the loan limit expires. >> More

New Survey Shows Home Buyers Use Lifestyle as Major Factor in Location

If you want to make a sale, selling the lifestyle in a community or neighborhood is becoming an important piece of the presentation of a home, according to a new survey. One in five home owners have moved or would like to move because they don’t think their neighborhood or community is a good fit to their lifestyle, according to a recent survey of more than 1,000 home owners and future home buyers. >> More

US Average Home Prices

The average US price for a home has appeared to finally hit bottom.  Although the behavior in Houston is significantly different many people watch the news and only get the US average.  As such I am including it here.  However I caution everyone as the local area can be significantly different.  For example in Houston the year-over-year price increased 0.8% last month while it declinced nationally.  Still, the plot below is clearly an indicator that the bottom has probably been reached on a national level.



Peanuts Creator Charles Schulz's Former Wine Country Estate For Sale

Charles Schulz bought from the Roman Catholic Church this Estate that includes an onsite Chapel. It is located in Santa Rosa, California and currently up for sale at $2.275 million. It is a 6 bedroom home totalling 8000 square feet. >> More

Karl to Witness Davis Cup in Austin

Sadly USA lost to Spain this past Sunday afternoon. Marty Fish was unable to beat Spain's David Ferrer thereby knocking out USA. Fish lost the first two sets and was able to win the third but David proved too much winning the fourth set 7-5 in a tie-break.  Our very own Karl Holub was able to attend the match and he reported the crowd was fantatical.  Just like what you would see at a Davis Cup match. For more info on the match go here.

Bill to merge Fannie and Freddie to be introduced.

A republican from California will introduce a bill in congress calling for the merger of Fannie and Freddie. He wants investors and banks to pay a fee to cover operating expenses. The FHFA would oversee the new company.

Golf and boating vacation in Michigan!

Having a wonderful time in Michigan with my beautiful wife. Time has been filled with golf - including a round at the incredible Belvedere Club - followed by boating and bonfires on Lake Michigan. Will be returning Sunday. I hope everyone is having a fantastic time. In addition if anyone desires a waterfront home built by the owner of Four Winns boats it is up for sale coming in at $9 million. It has a boat house capable of holding up to a 80' yacht.

Dry Spring Strains Royal St George’s Staff

As the British Open nears the course is not receiving the rain as in years past.  The dry conditions are producing some challenges.  Not to mention the harder the normal ground will make play difficult.  However, the fairways have been made wider. I personally can't wait as I wish to see how Rory will perform after winning the US Open. >> More

OOC Mandates Foreclosure Procedure Reviews

After reviewing 14 large mortgage servicers in the fourth quarter of 2010, the OCC, Federal Reserve, FDIC, and the Office of Thrift Supervision found what the regulators described as “a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing".

Banks that determine weaknesses in their processes must take immediate corrective action. >> More.

Freddie Mac Implementing Changes to Default Service Requirements

More than likely if you own a home and are making loan payments the mortgage is owned by Freddie Mac.  Your loan through a commercial lending institution was sold to Freddie Mac at some point.  However Freddie does not service loans so they contract out this portion to banks such as Chase, Wells Fargo, etc. For home owners having difficulty meeting their monthly payment obligation there are two federal programs designed to help.  First is the Home Affordable Modification Program and the other is the Home Affordable Foreclosure Alternatives initiative.  Freddie is now changing it's requirements and procedures for service banks to follow to hopefully help reduce the number of foreclosures. For more on the changes go here.