Remodeling Urges Help Push ome Prices Upward, Expert Says. Does a desire for two-person showers, travertine floors and granite countertops push home prices up? Housing economist Tom Lawler, a Vienna, Va., consultant, argues that it does — and says these cravings are partly responsible for ballooning home prices throughout much of this decade.

So what if housing has hit the skids? The outlook is still pretty sunny for the commercial and multifamily building industry, according to the second-quarter databook on the sector just released by the Mortgage Bankers Association. Although the report acknowledges that consumers may not be spending as freely as they did when they thought their homes were ATMs, it’s cautiously optimistic about the future, noting “consumers are still hanging in there.” Meanwhile, demand is still strong for rental apartments in many markets.

Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Boca Raton FL condo. Visiting the Delray Beach community? Contact Realtor® Caesar Parisi for information on buying or selling an Atlantic Grove Condo in Delray Beach Real Estate.
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Many real estate prognosticators have been worrying about the slowing of the appreciation rates across real estate markets nationwide, scaring many buyers out of the market. The Office of Federal Housing Enterprise Oversite released its 2nd quarter figures on average housing prices this month and many market watchers jumped on the “dropping prices” bandwagon.

Have you been watching the interest rates lately? Bankrate.com has its average 30-year fixed rate at 6.4 percent — a drop of 3 basis points in one week and the lowest level all year. In addition, for those willing to pay more points, you could get a rate under the 6 percent threshold. Meanwhile, if the prices in your area are about to flatten before beginning their next cycle upward, and you MUST buy now, your waiting may have paid off — if you jump over the fence of indecision and get a contract written now.

Looking for a home in Addison Reserve Country Club? Realtor® Caesar Parisi is ready to help you buy your dream property.
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Without her knowledge, an unknown perpetrator used the name, Social Security number, credit history and identification of Aurora Lepe to purchase a residence and obtain two mortgages secured by the property. Lepe’s signatures on the documents were forged. Due to nonpayment of its mortgage, lender CTC Real Estate Services sold the property at a foreclosure auction sale.

After paying off the balances on the first and second mortgages, $51,334 surplus funds remained.

Not knowing what to do with the remaining funds, the lender interpleaded the money into court. The lender said to the judge the fair and equitable result would be to have Ms. Lepe receive the surplus funds to help compensate for her identity theft and all her inconveniences. Nobody contested the interpleader.

Looking for that perfect Sarasota FL home for sale? Realtor® Annette Smith is ready to help you buy or sell your dream property. (more…)

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Several members of Congress are making their strongest suggestions yet for regulators to ease their proposed guidelines on banks’ commercial real estate lending. That congressional concern could prompt regulators to make some “significant changes” when they issue final guidelines, said Mark Tenhundfeld, director of the Office of Regulatory Policy at the Washington, D.C.-based American Bankers Association. That could include more clearly applying any new requirements on a case-by-case basis, rather than banks in general, he said.

The proposals would make banks subject to extra scrutiny and possible orders to raise more capital or improve underwriting, if they exceed two ratios on real estate loans to capital. The percentage of South Florida-based banks above the threshold for a proposal on construction loans is more than double the percentage of banks nationwide in that category. Rep. Spencer Bachus, R-Ala., chairman of the Subcommittee on Financial Institutions, said at the hearing that he fears the proposals “may cause banks to shift lending patterns to what the regulator wants instead of what the market dictates.” “I’m not sure the government should be in the business of telling a bank where it ought to lend money,” he said.

To find the perfect home, Palm Beach realtor Annette Smith is available to help you be an informed home buyer or home seller in today’s changing Sarasota real estate market. (more…)

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It was hard to miss when a huge article entitled, “The Last of the 6-Percenters?” appeared on the front page of The New York Times Sunday business section. It discussed discounted brokerage services at length. In many cities,” said the Times, “real estate agents have tried to restrict access to M.L.S. information or to limit its use on the database. Some have asked state legislatures to pass laws forcing brokers to offer certain levels of service.”

These words are all about minimum services and the perception that the growing industry demand for minimum standards of practice is nothing more than a cloaked effort to stymie discount brokers. As the Times explained, “The Justice Department and the Federal Trade Commission have fought these tactics in Texas, Kentucky, Tennessee and Oklahoma, among other states, and the department is suing the National Association of Realtors, the powerful trade group of agents and brokers, over what it calls anti-competitive rules.” Anti-competitive? Why aren’t these contentions addressed head-on? The presumptions found within this article are simply unchallenged. Does this mean they’re true?

Looking for that perfect Sarasota home for sale or condo? Realtor® Annette Smith is ready to help you buy or sell your dream property. (more…)

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If you’re planning on buying or selling a home, I’ve got good news for you: Commissions taken by real estate agents have been falling in recent years and are now, on average, around 5% compared to a historical average of around 6%. On a $250,000 home, that 1% difference amounts to $2,500 — not chump change.

One reason for the drop is tied to the boom in housing prices in recent years. According to James Hagerty in The Wall Street Journal Online, “Residential real-estate commissions in the U.S. totaled $61 billion in 2004, up 42% from 2000, estimates Real Trends, an industry publication.” That wasn’t exactly good news for real estate agents, he explains, since their ranks boomed, too. The National Association of Realtors has seen its membership swell by some 63% since 2000, to roughly 1.25 million people. This was enough to drop the median annual income for Realtors by 4% between 2002 and 2004, to $37,600.

In the market for Delray Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property. (more…)

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