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Today’s Real Estate News 4-11-2011

11 Apr

Today’s question: Obviously a 20% down payment rule would have a dramatic effect on the market if it were implemented across the board (see the first article).  What percentage of buyers would be impacted if this were implemented?  What would this do to the American economy?

Today’s news that may be of interest to you:

20% Down on Homes May Soon be Norm
The Boston Globe | April 11, 2011
Most home buyers put down less than 20 percent when they take out a mortgage, a sign of how hard it has become to scrape together enough cash to purchase a house.

Chief of New Consumer Agency Defends Goals
BusinessWeek | April 8, 2011
The White House official designing a government bureau to help consumers deal with financial institutions protested Republican efforts to kill or hobble the agency.

New Rules for Home-Loan Brokers
The Wall Street Journal | April 10, 2011
New rules governing how mortgage loan officers are paid for their work in originating home loans are meant to protect consumers and make it clearer how the mortgage professional is making money off the loan.

Bank of America Sells 1,300 Foreclosed Homes Through NSP
HousingWire | April 8, 2011
Bank of America (BAC: 13.48 0.00%) has resold 1,340 previously foreclosed homes to buyers who used grants from the Department of Housing and Urban Development.

Obama Readies Broad Plan to Reduce Deficit
The Washington Post | April 11, 2011
President Obama this week will lay out a new approach to reducing the nation’s soaring debt, proposing reductions in spending on entitlements such as Medicare and Medicaid and renewing his call for tax hikes on the rich.

From the National Association of Realtors®:

Where You’ll Find the Most Stubborn Sellers
If a property hasn’t sold after about 2.5 months, home sellers reduce their list prices by roughly 8 percent, according to Trulia.com. But some sellers wait even longer. Find out where America’s most stubborn sellers live.

Growth Slows in U.S. Cities
A study of Census data shows that many major cities are losing residents. Since 2000, 14 of the 15 most populous U.S. cities saw more people moving out than moving in.

Anthony Carollo 2007 EMAIL  

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2 responses to “Today’s Real Estate News 4-11-2011

  1. lee tate

    April 11, 2011 at 10:31 am

    20% down would have eliminated most of the causes for the housing crash because buyers would have had more to lose and the toxic loans would have been mostly eliminated. If that were the case, the market wouldn’t have declined so much. My view is that real estate values may not have declined at all (so far). However, the huge surge in values in 04 to 07 would also not have happened because the market demand would have been much smaller. Combining these two opposing factors could make home values essentially what they should be anyway.

    My company finances the down payment for our employees, particularly the emigrants, so that they can still participate in home ownership and the company takes on some of the risk. Keeping their jobs has made all of the risk essentially zero for us.

     
  2. Joe Mann

    April 11, 2011 at 4:27 pm

    This is NOT a way to avoid the meltdown we had before. This is a subtle but powerful way to change the culture of this country. Homeownership is about freedom. This would make freedom less available to everyone. This is a move by Obama et. al. to make the citizenry more dependent on governemnt and less free.

     

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