Can a New Web Site Streamline Home Buying?
Can a New Web Site Streamline Home Buying?
March 4, 2010, The Real Deal
Matt Daimler, a technology wiz with little background in real estate, thinks he could solve some of the most vexing problems in New York City residential sales today. His new site, Buyfolio.com, which launched Tuesday, allows buyers and brokers to communicate through a single Web page. After seeing listings on sites like Streeteasy.com and the NYTimes.com — or even brokerage sites like Corcoran.com and PrudentialElliman.com — users can save the listing to their personalized Buyfolio.com page and evaluate, compare, and organize them.
What Orange County ZIP Has Biggest Hike in Mortgage Defaults?
March 5, 2010, Orange County Register
Here’s how filings of notices of default — the first step in the foreclosure process — compare from Q4 of 2009 with the previous quarter and the previous year, according to an analysis by DataQuick. It’s a mixed bag: Countywide, default notices are down 24% from the previous quarter, but up 29% year over year.
Feb. Unemployment Rate Remains Unchanged at 9.7 Percent
March 5, 2010, Washington Post
Job losses were mild in February despite extreme snowstorms in much of the country, according to a government report released Friday, suggesting that while the labor market remains weak it is no longer getting worse. Employers cut 36,000 net jobs, the Labor Department said, and the unemployment rate was unchanged at 9.7 percent. Economists had expected losses of 50,000 or more jobs and for the jobless rate to tick upward.
Borrowers Miss Out on Billions in Savings
March 3, 2010, Wall Street Journal
The Federal Reserve has pushed mortgage rates to near half-century lows, but millions of U.S. homeowners haven't benefited from that because they can't — or won't — refinance. Falling home prices have left many owners with little or no equity, making it harder to qualify for refinancing. Moreover, stricter lending standards and higher fees by banks and mortgage giants Fannie Mae and Freddie Mac and declining incomes have made it tougher and less attractive for borrowers to seek new loans. Around 37% of all borrowers with 30-year conforming fixed-rate mortgages — who collectively hold about $1.2 trillion of home loans — have mortgage rates of 6% or higher, according to investment bank Credit Suisse. Many could reduce their rates by a full percentage point if they refinanced at current rates, about 5%. More than half could lower their rates nearly three-quarters of a percentage point, according to Credit Suisse.