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ckymoun writes:

A New Yorker who bought his apartment with help from a municipal housing program is suing the city of Yonkers, claiming it severely limited his resale profit.

Wayne Brunson is asking a court to invalidate a restrictive mortgage he signed with the city. He's seeking $181,500 in lost profit. He says he was prevented from selling the co-op at its true market value.

His attorney says the restrictions were not fully explained to Brunson when he got his loan.

The desegregation settlement program helps low-income minorities buy property

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ckymoun writes:

Two Google-related real estate tidbits so far this week. Coldwell Banker has teamed up with Google-owned YouTube and HomeGain has added Google's Street View.

Coldwell Banker launched its own YouTube channel, Coldwell Banker On Location. According to Coldwell Banker, it's the first the first branded YouTube channel to use dynamic IP lookup to automatically serve up local results.

My visit automatically landed me in Seattle and offered me mapped video listings, introductions to agents and overviews of neighborhoods, including Ballard, Queen Anne, Capitol Hill and Columbia City.

"Video is a critical part of how today's consumers want to explore real estate, and we intend to use it to an extent never before seen in our industry," Jim Gillespie, Coldwell Banker's president and chief executive, said in a news release.

The channel also will include content from the Associated Press, CNN, Reel Productions TV, This Old House and TurnHere.

HomeGain, meanwhile, is providing Google Street View images of homes when visitors use its instant home values tool to check home prices or search comparative and recent home sales. The feature also allows users to move up and down the street "to see adjacent homes and to get a general visual sense of the neighborhood," HomeGain said in a news release.

"We added this feature to give consumers the power to view millions of homes so that they can make better initial home buying and selling decisions," Louis Cammarosano, HomeGain's General Manager, said in the release.

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ckymoun writes:

For one, prices have already fallen substantially. Another is the cost of money, which is extraordinarily low when mortgages are available below 5 percent. Throw in the government's $8,000 incentive for first-time home buyers, and you've got a lot of accelerant in the market.

Anecdotally, the spring real estate market sounds upbeat, too. Talk is cheap, but most of it is encouraging at the moment.

That doesn't mean that everyone sees improvement in real estate markets right now. Some economists, such as Patrick Newport of IHS Global Insight, think the spring season will be weaker than it was last year.

"I don't think you're going to see sales or prices collapsing," Newport says. "But I think it's going to be worse than last year. Sales are going to continue to drop and then level off in the middle of the year."

That's only a couple of months away. Newport, like Case, also sees the ups and downs of real estate sales records during the first three months of the year as a signal that the worst may nearly be over.

"When you see numbers bouncing around like that, it may be a sign things are starting to hit bottom," Newport says.

The real estate recovery is complicated because there are really two markets at work. One is made up of homes sold by conventional owners and the other, an auction market, is dominated by distressed and foreclosed property.

Sellers appear to be biting the bullet and unloading heavily discounted property in the auction market. The big question: How much more distressed real estate is still in the pipeline?

There are reasons to be more optimistic about America's real estate markets soon. But the broader economy still has an impact on the people who buy and sell homes.

The recovery that may be on the horizon will stay there if hundreds of thousands of people continue to lose their jobs every month.

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The broken economy isn't a single problem. It's a hundred different things that aren't working or paying or selling the way they should. But in the midst of a deep recession, some economic problems are more critical than others.
Discuss

The big three: growing unemployment, America's shaky financial system, and the staggered real estate market.

We're all in for much tougher times if the pace at which people are losing their jobs, still in excess of 600,000 per month, doesn't slow down.

The financial system will get a vote of confidence, or not, after the government releases the results of its big-bank stress tests later this week.

And then there is real estate, the original sin of our economic calamity. Depending on how you tilt the frame, the real estate picture is actually starting to look better. It is one modest reason to be more optimistic.

A real estate recovery is important to the economy because home prices and mortgages were at the heart of the excesses that got us into so much trouble.

Improvement in real estate markets would ease the grip of other economic problems, like damaged bank balance sheets.

The real estate news isn't uniformly good, and only some people interpret the monthly blare of news and data as positive. I would be one of them. Don't call this the start of a recovery yet, but the bottom may not be very far away.

All the leading real estate economic reports were dismal in January, the worst for many years, or ever. Those same reports nearly all ticked up in February, a hint of a market bottom to some. Then the numbers for March came in all over the board, some improving and others taking a step back.

"Those two months were the first time in a long time that things were not pointing straight downward," says Wellesley College economist Chip Case. "I take that to mean a bottom isn't about to crash into us, but we're closer than people think."

One final real estate statistic, issued just yesterday: Pending sales of existing US homes increased by 3.2 percent in March, after a 2 percent increase in February, according to the National Association of Realtors. That marked the first back-to-back monthly improvement in more than a year.

Figures for pending resales are important because they offer a good indication of what actual sales will look like in the near future. That would be right about now, if you are looking at March contracts.

Speaking of right now, there are powerful incentives working in the favor of real estate markets.

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ckymoun writes:

Warren Buffett said that the real estate business his company Berkshire Hathaway owns is seeing a small improvement in housing demand. The National Association of Realtors seemed to confirm his observations when it announced that the index for pending home sales went up in March. This data helped send the stock market higher as it stays true to form by rising on the most modest news.
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The recession has gone on so long and has been so crippling that the eyes of the wishful begin to play tricks. A small piece of economic information, like one month of very modestly improved housing numbers or one week of a slight decrease in jobless claims, sets off a chain reaction. If one set of numbers is OK, the next set will be better. Real estate prices will stop falling everywhere, if they stop falling in hard hit Nevada. (See pictures of Las Vegas.)

Home prices will not get better until the elements that made housing prices perform so well for almost ten years return. Those elements may not come back with the force that they had in 2003, 2004, and 2005, but they must make a modest recovery for housing to recover. People have to be able to believe that they have some meager job security. A bank has to tell them that it wants their business. And, they have to feel that they can, if only rarely, get a raise.

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ckymoun writes:

Except for low home prices and very low mortgage rates, all of the elements for a recover in housing are missing. Those two things should be enough, but balanced against them are shrinking access to credit, an inability of Americans to get higher wages, and crippling unemployment. (See pictures of Cleveland struggling with unemployment.)

The April unemployment figures will be out later this week. Six hundred thousand people lost jobs last month, according to most estimates. Two and a half million people have lost work since the beginning of the year. A housing recovery cannot occur in the presence of the massive collapse in unemployment. The devastation of the potential home buying base is too great. Many of the people who lose jobs will also lose their houses and that increases the inventory of unsold homes.

Consumers have lost access to credit. The fact that mortgage rates have dropped does not even begin to offset that. Qualifying for a mortgage is harder than ever. Banks have reason to be cautious. One of the large credit bureaus just released a report that says 4.7% of payments for bank-issued credit cards were late sixty days or more in March, an increase of 38% over the same month last year. According to Reuters, "In March, lenders closed 20 million card accounts, sending the total down by 58 million since the peak in July 2008 to 380 million." Banks will not be lending to consumers as long as there are no solid and sustained signs of an economic recovery. They cannot afford the risk after all of the write-offs they have already taken. (See pictures of TIME's Wall Street covers.)

The single biggest enemy to a housing recovery may be the fact that there is no increase in real wages. The failing economy has ruined any chance that the average worker will make more this year than he did last. Many people will probably make less this year than they did in 2008, although the government figures are not precise enough to show that. Anecdotally it is almost certainly true. Earning a higher wage with unemployment more than 10% has to be nearly impossible in some of the largest states including Florida, Michigan, and California.

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The service has made several key changes to its rules in the past year, some before and some after the lawsuit was filed, including:

• Slashing its membership fee in half to $2,500. The government said the fee charged, which had been $5,000, was the highest by far among listing services.

• Changing a rule requiring commercial office space for all real estate agencies, a rule that banned home offices and offices outside the Midlands. The new rule says agencies must follow state law, which requires brokers to “establish and maintain a specific office location” that is “accessible to the public during reasonable business hours.” The law does not define whether accessibility can be via the phone or Internet or whether the office must be in South Carolina.

• Allowing agents to enter into agreements with sellers that allow homeowners to find their own buyers and avoid paying a commission.

The battle was worth the fight because of the protection to the public, said Bob Baucom, manager of the listing service.

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ckymoun writes:

A proposed settlement of an antitrust lawsuit announced Monday will allow “low-priced and innovative” real estate brokers to better compete in the Columbia area, according the U.S. Justice Department.The department filed a suit last year against the listing service, which controls the database of homes for sale in the Columbia area. The Justice Department said the listing service’s rules hindered brokers who offered lower commissions or operated outside the Midlands.Listing service officials said they were pleased with the settlement, which they said keeps consumer protections in place.QSince a federal probe began in 2006, the Consolidated Multiple Listing Service has changed many of the rules that were challenged by the Justice Department, including lowering membership fees and ending requirements that real estate brokers have a storefront office.
The settlement calls for the service to open its membership to any broker holding a real estate license for South Carolina and allows “For Sale by Owner” signs on property that is listed with a real estate agent under a certain type of contract.

The settlement also requires the listing service to charge members only for what it costs to run the service. It does not stipulate a membership fee, leaving the amount up to the board.

The database, which is controlled by leaders of Columbia’s major real estate firms, offers the most comprehensive list of homes for sale in the region.

“I am extremely happy with the settlement,” said Ron Roe, chief executive of Russell & Jeffcoat Realtors, the Midlands’ largest real estate firm and a board member of the listing service. “It allows us to still protect the companies and the consumer.”

The listing service said it won several key victories in the settlement.

The service will continue to require criminal background checks of agents. The checks are important, Roe said, to prevent thieves and sex offenders from having easy access to homes.

Also any company that belongs to the listing service and refuses to get errors and omissions insurance — similar to medical malpractice insurance — must disclose that on all documents released to the public; previously, the company would have been kicked out of the listing service.

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ckymoun writes:

hursday's "stress-test" results will bring fresh scrutiny to the nation's biggest banks. They also are likely to highlight the woes from commercial real-estate loans that are piling up at large and small banks alike.

In the worst-case scenario, federal regulators examining the 19 largest U.S. banks are projecting losses of up to 12% on commercial real-estate loans over two years, according to a document viewed by The Wall Street Journal. The regulators are likely to cite commercial-property debt problems as a major reason why at least some of the large banks need additional capital.
Such losses likely would cause even deeper misery, and risk of failure, at small and medium banks because they tend to have disproportionally more exposure to commercial real-estate loans than giant institutions. While regulators have indicated they won't allow the 19 stress-tested banks to fail, that group doesn't include more than 500 banks with assets of less than $1 billion that have too much exposure to commercial real estate and are at the most risk of failing, according to an analysis by Foresight Analytics LLC.

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Net trading income was at a negative 162 million euros, compared to a loss of 98 million a year earlier.

HRE's chief executive Axel Wieandt said the Munich-based bank was making "good progress" in its restructuring efforts. It cut some 130 jobs since the end of 2008, and now has a workforce of 1,656 employees.

Total assets declined to 411.1 billion euros, compared with 419.7 billion as of December 2008. Overall lending fell to 258.5 billion euros in the first quarter from 267.3 billion three months earlier.

The German government has been forced to step in to save the bank, eager to maintain the stability of Germany's covered bond market in which HRE is a key player. It has propped up the bank with more than 100 billion euros in capital and guarantees and now wants to take full control of it.

HRE offered no details on how many shareholders had opted to take up the German government's 1.39 euro per share offer which expired late Monday.

A group representing 14 percent of HRE shareholders advised by U.S. investor J.C. Flowers -- the bank's biggest shareholder after the German government with its roughly 23-percent stake as of Monday -- has declined to accept the offer. ($1=.7554 Euro) (Editing by Hans Peters)

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