Monthly Archives: May 2010

McLean, VA - May 20, 2010 - (RealEstateRama) -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 4.82 percent. Once again, the 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent

WASHINGTON, D.C. - May 20, 2010 - (RealEstateRama) -- James H. Danis II, CMB testified today on behalf of the Mortgage Bankers Association (MBA) before the House Veterans Affairs Subcommittee Economic Opportunity at a hearing on “The Status of the Loan Guarantee Program.”

WASHINGTON, D.C. - May 20, 2010 - (RealEstateRama) -- Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.

Latest phase in project will result in 56 affordable rental apartments and townhouses. BOSTON, MA - May 20, 2010 - (RealEstateRama) -- MassHousing announced a $13.5 million construction loan commitment today to an affiliate of Trinity Financial of Boston for Phase 2B of the ongoing Washington Beech public housing redevelopment in Roslindale.

WASHINGTON, D.C. - May 20, 2010 - (RealEstateRama) -- Assistant Senate Majority Leader Dick Durbin (D-IL) today met with the Secretary of the Department of Veterans Affairs (VA), General Eric Shinseki, to discuss how to meet the needs of the estimated 1,500 veterans that go homeless every night in Illinois. Secretary Shinseki is scheduled to testify tomorrow at a joint hearing of two Senate Appropriations Subcommittees on his plan to reduce the number of homeless veterans in the United States by half over the next two years and completely by 2014

Washington, DC - May 20, 2010 - (RealEstateRama) -- Fannie Mae and Freddie Mac will deploy a complaint process for violations of the Home Valuation Code of Conduct (HVCC), according to a letter from FHFA Acting Director Edward J. DeMarco to New York Attorney General Andrew Cuomo. The letter, which outlines developments with the HVCC and related agreements, states that Fannie Mae and Freddie Mac, now in conservatorship, will not be funding the Independent Valuation Protection Institute (IVPI).

Atlanta,GA - May 19, 2010 - (RealEstateRama) -- Atlanta real estate professional Tenley Robinson,with her 22 years experience advising buyers and sellers through many changingmarkets, has joined Prudential Georgia Realty’s newest office in Buckhead. Theoffice, which hosts its grand opening celebration later this month on May 20th,is located at 3221 Peachtree Road, just south of the Peachtree and Piedmont Road intersection.

West Hartford, CT - May 19, 2010 - (RealEstateRama) -- The Connecticut Real Estate Investors Association, or CTREIA, in association with the Fairfield County Real Estate Investors Association, or FCREIA, is announcing a new FCREIA meeting. The event will take place in conjunction with the Bridgeport New Development Toolbox seminar, presented by the Bridgeport Downtown Task Force. This seminar is on Thursday, May 27, from 8:00AM to 11:00AM, at the Golden Hill Methodist Church on 210 Elm Street in Bridgeport, CT. Admission to this event is $20. All proceeds, minus expenses, will be donated to the church

Albany, NY - May 19, 2010 - (RealEstateRama) — Ezra Prentice Homes in Albany’s South End neighborhood is undergoing a major rehabilitation that will make the more than 40-year old apartments safer and more energy-efficient, and preserve affordable housing for the next generation.

May 19, 2010 - (RealEstateRama) -- Hawaii’s Largest Privately Held Mortgage Banking Institution Diversifies to Succeed and Thrive in Today’s Challenging Mortgage Industry (Honolulu, Hawaii), May 17, 2010 – Remaining strong in a currently challenging mortgage industry, NorthStar Family of Companies, Hawaii’s largest privately held mortgage banking institution, is proudly celebrating 10 years of providing Hawaii’s homeowners with efficient and competitive mortgage programs. “Our success in today’s mortgage industry is due to the fact that, when the market turned, we diversified the business into appraisals, real estate sales and development, and a work-force development program,” said Cathy Brogan, president and CEO of NorthStar Family of Companies. While over 70% of mortgage brokerage and real estate companies throughout Hawaii and across the country have been forced to shut down, NorthStar Family of Companies has remained able to not only succeed, but to also thrive, in one of the most difficult mortgage industry periods over the past 100 years.

Washington, DC - May 19, 2010 - (RealEstateRama) -- As families across New York and across the country struggle to find work after losing their jobs for no fault of their own, U.S. Senator Kirsten Gillibrand is advancing legislation to provide temporary mortgage relief for struggling families to stave off the threat of foreclosure.

Phoenix, AZ - May 19, 2010 - (RealEstateRama) -- RE/MAX New Heights Realty was recently named 2010 IMPACT Business of the Year in Arizona by the Greater Phoenix Chamber of Commerce. This marks the first time in the 23-year history of the award that a Latino-run business has received the honor.

Destin, FL - May 19, 2010 - (RealEstateRama) -- The worst housing markets forecast by Housing Predictor in 2010 are projected to do better than what was first forecast at the beginning of the year, according to the latest update of the worst 25 markets.

ORLANDO, FL - May 19, 2010 - (RealEstateRama) -- Florida Realtors’® member website, www.floridarealtors.org , took top honors nationally in the prestigious “2010 Outstanding Realtor Association Web Site Contest,” sponsored by the National Association of Realtors® (NAR) and Realtor® Association Executive Magazine.

BOSTON, MA - May 19, 2010 - (RealEstateRama) -- MassHousing recently honored 12 of its 2009 top-producing lending partners at the Agency’s annual Homeownership Awards Ceremony. The annual event recognizes MassHousing’s lending partners for their excellence in promoting and originating MassHousing Mortgage products for Massachusetts residents.

AUGUSTA, ME - May 19, 2010 - (RealEstateRama) -- Governor John E. Baldacci held a State House ceremony today to celebrate passage of LD 1121, “An Act to Protect Elderly Residents from Losing Their Homes Due to Taxes or Foreclosure." The law, sponsored by Rep. Kathleen Chase (R-Wells), allows municipalities to pass local ordinances enabling eligible seniors to defer property taxes for a period of time. “Many elderly residents on fixed incomes, especially those in lake and coastal communities, just want the ability to stay in the homes they have worked so hard to maintain,” said Governor Baldacci.

OWENSBORO, KY - May 19, 2010 - (RealEstateRama) -- First Lady Jane Beshear, along with Department for Local Government (DLG) Commissioner Tony Wilder and Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, participated in a ribbon-cutting event today for Owensboro Regional Recovery, Ltd., one of ten recovery centers that works to reduce the state’s drug and homelessness problems. Owensboro Regional Recovery, Ltd., will provide counseling, support, and hope for up to 100 men at a time who are recovering from drug and alcohol addiction.

EUGENE, OR - May 19, 2010 - (RealEstateRama) -- IDX, Inc. is pleased to announce today's addition of Realty Corner, Inc. and its owner, Reed Smith, to the growing number of real estate agents and brokers choosing to update their professional websites to better facilitate the online home search. With the use of IDX Broker software, Smith's clients can now search through thousands of Northern Nevada Region MLS (NNRMLS) listings, in an effort to match buyers with their dream property. The up-to-the-minute property details grant potential buyers access to listing information never before given to home seekers.

WASHINGTON, D.C. - May 19, 2010 - (RealEstateRama) -- Economists participating in yesterday’s NAHB Construction Forecast Conference Webinar agreed that the housing market is on the road to recovery, but cautioned that several factors could contribute to a bumpy ride in the coming months.

EUGENE, OR - May 19, 2010 - (RealEstateRama) -- Michelle Roberts of Keller Williams joins with IDX, Inc. to revolutionize her professional real estate website for both clients and agents. Now, thanks to IDX Broker software, Roberts' online home search tools enable home seekers in the Cary, North Carolina area to explore thousands of listings from the convenience of her website. The integrated IDX technology extracts raw listing data from the Triangle MLS (TMLS) listings and displays them on Roberts' site. Home seekers have more access than ever to up-to-the-minute TMLS area listings, a freedom never before afforded to potential home buyers through the online property search.

LOS ANGELES, CA - May 19, 2010 - (RealEstateRama) -- Facing the possibility of foreclosure, California homeowners may be hit with more than just losing their homes. Due to a loophole in state law, they also can be sued by their lender. For people who have refinanced a property, even if the money is used for home improvements, there is no protection should the borrower default on a mortgage that’s greater than the property’s value. Called a “deficiency” liability, under current California law, the lender can sue the former homeowner for the amount of the deficiency even after taking back the property

Tampa, FL - May 19, 2010 - (RealEstateRama) -- With weather forecasters calling for a worse-than-average 2010 Atlantic basin hurricane season, the Institute for Business & Home Safety (IBHS) offers effective ways to protect your home or business from the damaging effects of a hurricane. IBHS also dispels some common myths about hurricane preparedness

WASHINGTON, DC - May 19, 2010 - (RealEstateRama) -- Chuck Grassley today said that the U.S. Department of Agriculture, Office of Rural Development has awarded 12 loans totaling $565,963 and 12 grants totaling $521,526 to Iowa through the Rural Energy for America Program (REAP)

WASHINGTON, DC - May 19, 2010 - (RealEstateRama) -- The U.S. House passed the Home Star Energy Retrofit Act of 2010 (HR 5019) today, legislation that will spur job growth in the construction, manufacturing, and retail industries by giving families incentives to make their homes more energy efficient. The measure is projected to create 168,000 jobs across the U.S. and save 3 million families an estimated $200-$500 per year over the next 10 years ($9.2 billion total) by making their homes more energy efficient.

Ace Hardware Ranks Highest in Customer Satisfaction among Home Improvement Retailers for a Fourth Consecutive Year. WESTLAKE VILLAGE, CA - May 19, 2010 - (RealEstateRama) -- Home improvement retailers that are customer-focused are better able to attract and retain loyal customers who might have otherwise shopped at a more conveniently located retailer, according to the J.D. Power and Associates 2010 U.S. Home Improvement Retailer Satisfaction StudySM released today.

WASHINGTON, D.C. - May 19, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 14, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.1 percent compared with the previous week

WASHINGTON, D.C. - May 19, 2010 - (RealEstateRama) -- The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter of 2010, an increase of 59 basis points from the fourth quarter of 2009, and up 94 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate decreased 106 basis points from 10.44 percent in the fourth quarter of 2009 to 9.38 percent this quarter

WASHINGTON, D.C. - May 19, 2010 - (RealEstateRama) -- The National Low Income Housing Coalition(NLIHC) commends the U.S. Department of Housing and Urban Development (HUD) for its bold and forward-thinking Transforming Rental Assistance (TRA) proposal.

WASHINGTON, D.C. - May 19, 2010 - (RealEstateRama) -- Nationwide housing starts rose 5.8 percent to a seasonally adjusted annual rate of 672,000 units in April as the deadline for an important home buyer tax incentive arrived, according to figures released today by the U.S. Commerce Department.

PHILADELPHIA, PA - May 18, 2010 - (RealEstateRama) -- Metro Commercial Real Estate, Inc., the region’s premier full-service retail real estate company, has brokered the sale of two former Office Depot stores to Sixth Avenue Electronics.