6 real estate headlines: 31-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

DC estate tax at $35M six months early Washington Business Journal: Every D.C. estate tax dollar received between April and September is a bonus and could be used to ease budget cuts.	Tax breaks for property losses Inman News: A "casualty" is damage, destruction, or loss of property due to an event that is sudden, unexpected, or unusual. Deductible casualty losses can result from many different causes.
Washington hot spot for young professionals Washington Examiner: Young professionals look for a home that is a good value, in move-in condition, includes all appliances and requires little to no renovations or improvements.	Be realistic when refinancing a home loan Bankrate.com: If your personal finances are less solid, you may have to overcome some obstacles before getting a new home loan.
Pending home sales dive in April Wall Street Journal: The number of people who signed contracts to buy previously occupied homes in the U.S. tumbled last month, the latest sign that the battered sector is struggling to rebound.	Five things to watch: Hello, summer CNBC: Analysts aren't looking for much good news in the struggling housing market, as a two percent decline is expected. Then again, there's good news if you're a prospective home buyer.

http://twlv.net/shlaow

6 real estate headlines: 27-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Rates fall for 6th straight week Washington Business Journal: Signs of a slowing economy continued to bring mortgage rates down, with a 30-year fixed-rate mortgage falling to the lowest level of the year this week.	Who pays the most in property taxes? CNN Money: Two main factors contribute to property taxes: the amount of services local governments provide, and the revenue shared by state governments.
Counseling before borrowing The New York Times: Prepurchase education, although traditionally aimed at low- and moderate-income first-time buyers, is available to anyone.	Foreclosure sales high, but volumes drop Wall Street Journal: The foreclosure sales' data, and a drop in foreclosure activity suggest banks are moving cautiously.
This is what it takes to get approved for a mortgage HSH.com: Mortgage applicants must now meet strict debt-to-income limits, often set to 45 percent. This means that your monthly debts--housing costs, bills, etc.--may not exceed 45 percent of your documented monthly income.	Booming boomer population straining 'burbs Washington Examiner: As baby boomers enter retirement and begin collecting pensions and Social Security, government funding for those programs will be in trouble.

http://twlv.net/4SMex8

How short sales and foreclosures impact your credit score

As the number of home foreclosures and short sales continue to dominate the housing market, it is important for foreclosure homeowners and short sale sellers to understand the impact of their decisions on their credit scores. �

In a May 2, 2011 article in the Baltimore Sun by Eileen Ambrose, an interview with FICO scores director Joanne Gaskin, discusses the potential hazards on credit scores.

While many argue that a short sale impacts credit scores less than a foreclosure or deed-in-lieu of foreclosure, Ms. Gaskin states that "[B]oth are considered a default.� There is little difference in impact." �

However, it is possible for a short sale to have less impact depending on how the lender reports the short sale to the respective credit bureaus.� If the short sale lender does not include the amount of shortage from the sale, the homeowners FICO score would be approximately 35 points higher than if the homeowner underwent a foreclosure.

Another myth that Ms. Gaskin addresses is that being 30 days late on a mortgage payment will not affect a credit score as much as being 90 days late.� This is untrue because once you are late, the damage to your credit score has been done.� "The first 30 days late makes a significant impact and it takes a good deal of time to repair that credit," according to Ms. Gaskin.

Below is a chart for every homeowner to consider when making a tough decision between a short sale and foreclosure and the impact on their credit score. �

** Please note, that before making any decisions, it is important to speak with a financial advisor to determine the true impact on you personally, as the information below is general in nature and may not reflect your specific situation. **

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Starting FICO Score (range 300-850)	Type of Delinquency/Default	Impact on Credit Score	Length of Time for Credit Score to Recover
680 (low)	30 days late on mortgage	Decrease 60-80 points	9 months
	90 days late on mortgage	Decrease 60-80 points	9 months
	Short Sale (no balance shortfall reported)	Decrease 50-70 points	3 years
	Short Sale (balance shortfall reported)	Decrease 85-105 points	3 years
	Foreclosure	Decrease 85-105 points	3 years
720 (good, but not ideal)	30 days late on mortgage	Decrease 90-110 points	2-1/2 years
	90 days late on mortgage	Decrease 110-130 points	3 years
	Short Sale (no balance shortfall reported)	Decrease 95-115 points	7 years
	Short Sale (balance shortfall reported)	Decrease 130-150 points	7 years
	Foreclosure	Decrease 130-150 points	7 years
780 (prime)	30 days late on mortgage	Decrease 90-110 points	3 years
	90 days late on mortgage	Decrease 110-130 points	7 years
	Short Sale (no balance shortfall reported)	Decrease 105-125 points	7 years
	Short Sale (balance shortfall reported)	Decrease 140-160 points	7 years
	Foreclosure	Decrease 140-160 points	7 years

 

http://twlv.net/bEXwIQ

6 real estate headlines: 25-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Behind the numbers: A surprise from new home sales Wall Street Journal: Sales climbed 7.3% on a monthly basis to a seasonally adjusted annual rate of 323,000 in April, the Commerce Department said Tuesday morning. Economists had expected 300,000.	Where we live: Rollingwood Washington Post: The neighborhood, west of Rock Creek Park and south of East West Highway, started as a single 100-acre estate with a 30-room castle and grand gatehouse.
10 markets with fastest rising real estate prices Inman News: Two Florida markets saw the highest jumps: median list price in Fort Myers-Cape Coral rose 25.7 percent to $225,000, and the median in Miami rose 8.6 percent to $239,000.	Top 5 worst housing markets Bankrate.com: House prices fell in most of the country from the beginning of 2010 to the first quarter of 2011. Check out the five fastest-falling markets.
First-time homebuyers leading the way Washington Examiner: First-time homebuyers still play a leading role in the metropolitan area's real estate show, snatching up low-interest rates and freeing sellers who want to move up in the market.	It can pay to snoop on your neighbors Wall Street Journal: Going to the open house of a home for sale down the block may make you feel like a nosy neighbor. But there are good reasons, beyond sheer curiosity, to take a peek inside.

http://twlv.net/usJEdd

6 real estate headlines: 24-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Home remodeling? Watch out for scams CNN Money: For many homeowners, the warmer months is the prime time to remodel a kitchen or bathroom. But beware -- there are some contractors who may offer you a deal that's simply too good to be true.	Real estate news: U.S. steps up loan scrutiny Wall Street Journal: Three years after the financial crisis peaked, banks face a new wave of scrutiny and potential penalties for actions that contributed to the mortgage meltdown, possibly raising their costs for the cleanup.
Mortgage rates remain near record lows HSH.com: Unless inflation begins to create more cause for concern, there's little indication that economic conditions will change to any great degree, creating increased influence on the direction of mortgage rates.	MoCo moves to attract more mixed-use projects Washington Examiner: Two new zoning codes are being introduced as modifications to the existing code allowing for urban-looking, mixed-use development.
Consumers trending toward shorter term mortgages Washington Post: More than one out of three borrowers who ditched their 30-year fixed-rate loans opted to replace them with 15-year or 20-year mortgages at near-record low rates.	Service members grapple with housing market MSNBC: But for members of the military who must comply with relocation orders or face disciplinary action, waiting out the housing crash is often not an option.

http://twlv.net/7PM13G

6 real estate headlines: 20-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

10 tips for surviving the housing market CNBC: How do homeowners, who have most of their equity in depressed real estate, slog through until it becomes a seller's market?	Foreclosure rate retreats from record highs Inman News: The combined percentage of loans in foreclosure or behind by at least one payment was 12.31 percent, down from 13.6 percent during the fourth quarter. That equates to about 6.1 million loans.
'Move up' homebuyers moving in Wall Street Journal: First-time buyers had dominated the market in the last few years since they weren't saddled with an existing home to sell in a down market.	Too few first-time homebuyers to absorb inventory Housing Wire: The number of first-time homebuyers coming to market this spring is not enough to absorb the amount of housing inventory on the market.
How to get over the house that got away Washington Post: How to get over the house that got away is a common problem, real estate agents say. It's particularly difficult for first-time buyers.	Mortgage approval: Does your home pass the test? HSH.com: Before your mortgage application can be approved, your mortgage lenders will require that a professional appraisal be done on the property proving that it is worth as much or more than you are attempting to borrow.

http://twlv.net/Junchf

6 real estate headlines: 19-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

8 tips for a successful open house Bankrate.com: You're throwing open the doors to sell your home. Now how do you make sure the right people show up?	Should we celebrate lower home prices? HSH.com: The relentless expansion of home size since World War II�encouraged by federal subsidies, including the mortgage-interest tax deduction�arguably resulted in many Americans being "over-housed."
Developer hoping to win federal agency for PG County Washington Examiner: Naylor Road is one of four sites that county officials are highlighting as prime federal office space.	April brings modest rise in housing listings Wall Street Journal: Nationally, inventories typically rise in April from March as the busy shopping season gets underway. Over the last 28 years, the average increase in April has been around 5%.
District losing affordable housing deal Washington Post: The project is a case study of the breakdowns in the nation's $2 billion-a-year affordable-housing program, in which extensive construction delays have derailed the development of thousands of homes.	New residential developments on 14th Street just keep coming DC Urban Turf: Here is a quick rundown of residential projects that are either under construction or planned for 14th Street between R Street and Euclid Street.

http://twlv.net/AzoMcI

6 real estate headlines: 18-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Jim Morrison grew up around here Curbed DC: In one of his old homes, the current owner says the ghost of The Doors lead singer still comes around once in a while to spook her out a little bit.	Bank denied your refi? Join the club Bankrate.com: Two of the biggest impediments to refinancing under HARP are having mortgage insurance on the loan or having a second mortgage.
Housing starts drop 10 percent CNN Money: Housing starts, the number of new homes being built, fell 10.6% in April to an annual rate of 523,000 units, down from a revised 585,000 in March, the Commerce Department said.	Tough housing market slams Realtor income Housing Wire: Realtor income dropped every year since 2002 when the peak salary hit $52,200 and salaries are down 34.7% between then and 2010.
Bad weather adds to home builders woes Washington Examiner: Housings starts in the U.S. unexpectedly fell in April as flooding and tornadoes in the South shut down construction sites and homebuilders continued to struggle almost two years into an economic recovery.	U.S. mortgage applications rise Washington Post: Mortgage applications in the U.S. increased last week to the highest level since December as cheaper borrowing costs made refinancing more attractive.

http://twlv.net/O1WDTq

6 real estate headlines: 17-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Financing foreclosed homes The New York Times: For would-be owner-occupants without cash, the federally insured 203(k) loan is key. Borrowers can roll projected rehab costs into the loan.	The costs of buying and selling Patch.com: The purchase price of a house is only part of the total cost associated with a closing � here's a list of associated fees that you should be aware of ahead of time.
Safeway plots mixed-use development Tenleytown Washington Post: Tenleytown could become the third in a string of redevelopment projects Safeway has begun in order to expand and update its stores and leverage its Washington-area real estate holdings.	The Post's HUD investigation: How damning? Washington City Paper: HUD hit back against reporter Debbie Cenziper's overall conclusion, arguing that the HOME program has been largely successful.
10 cities where rents are spiking US News & World Report: Eventually, higher rents could turn many tenants into buyers, since purchasing a home will start to seem like a bargain compared with sending a monthly check to a landlord.	Economists disagree on meaning of 'recovery' Inman News: The continuing plague of distressed properties is feeding a cycle wherein distressed sales push prices downward, which creates more negative equity among homeowners.

http://twlv.net/jA5Zt6

6 real estate headlines: 16-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

5 refi blunders to avoid Bankrate: When interest rates are low, plenty of homeowners rush to refinance before evaluating the true consequences of their actions.	Pace of foreclosures slowed further in April� Washington Examiner: The decline had less to do with any turnaround in the housing market than with foreclosure processing delays that appear to be getting worse.�
Virginia home sales resilient despite no tax credit VAR Buzz: When the federal home buyer tax credit ended in mid 2010, many real estate markets across the United States started to falter and decline.	Is the Miami condo revival the real thing? Wall Street Journal: The city's condo inventory has started moving again, as prices have been cut dramatically. The persistent, unanswered question, of course, is where all the money to build out the next wave of new condos is going to come from.
How lower loan limits will affect DC housing DC Urban Turf: What the change means for borrowers is likely higher down payments and interest rates, and dealing with more stringent underwriting guidelines from lenders.	Education and homeownership go hand in hand National Association of Realtors: The Home Ownership Participation for Everyone (HOPE) Awards were held last week.

http://twlv.net/UoGvGf

6 real estate headlines: 12-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Rent or buy: A matter of lifestyle The New York Times: As this year's spring buying season nears its peak, the relative merits of renting and buying are closer than they have been since the housing bubble began inflating almost a decade ago.	Florida shows signs of recovery National Mortgage News: Florida existing home sales increased 13% and existing condominium sales increased 29% over the first quarter 2010, according to the Florida Association of Realtors.
Sales volume up, but home prices falling Wall Street Journal: A Realtors' trade group says existing-home prices rose in 34 out of 153 metropolitan statistical areas in the first quarter compared to a year ago	Florida existing homes, condo sales jump Housing Wire: Florida existing home sales followed the national trend upward in the first quarter, jumping 13% compared to the year prior to more than 44,500 homes statewide.
Facebook founder 'likes' homeonwership Inman News: Unconfirmed reports, indicate Mark Zuckerberg purchased a $7 million property in a northern Palo Alto neighborhood near University Avenue.�	Timing the real estate market MD Suburban Homes: Just like the mighty oak, the best time to buy a house was 25 years ago. The next best time to buy is now. Interest rates are pretty damn low, and prices have retreated to pre-bubble levels.

http://twlv.net/LaF7MV

6 real estate headlines: 11-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

DC home sales in April 2nd highest since 2006 DC Urban Turf: While pending sales in April fell by 4.8 percent when compared to the heavy level of activity in March, the sales figures still represented the fourth highest monthly total in the past 45 months.	Looking for a cheaper mortgage? Try FHA HSH.com: Until recently, FHA mortgages were less popular than conventional mortgages because they require both upfront and monthly mortgage insurance premiums, full documentation of income and assets, and limit the amount you can borrow.
How to go green? Look to DC's Ledroit Park The Atlantic: Located a little over a mile north of downtown D.C. and bordering Howard University, LeDroit Park was once a planned, architecturally unified, and carefully landscaped suburb carved out of rural land.	How does a condo differ from a co-op? Bankrate.com: Co-ops and condos, both of which are common-interest developments featuring for-purchase apartment units, require little or no maintenance on your end.
No end in sight for National Mall sprawl Washington Examiner: From the National Park Service's point of view, the Mall's sprawl was nipped in the bud when the Reserve Act, passed in 2003.	Reports of mortgage fraud reach record levels Wall Street Journal: Reports of mortgage fraud, which have been increasing since the housing boom, rose to their highest level on record in 2010, Treasury Department figures showed.

http://twlv.net/4jadOI

6 real estate headlines: 10-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Alexandria Waterfront plan advances Washington Examiner: Over the loud protests of residents, the unfinished Alexandria waterfront plan is moving ahead to the City Council for approval.	Home market tumbles Wall Street Journal: U.S. home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom.
28 percent of homeowners underwater Housing Wire: Home values in the first quarter fell 3% from the prior quarter and are now nearly 30% lower than the June 2006 peak.	How to sell in tough times CNN Money: Nearly five years into the housing bust, when many experts thought the real estate market would at least have stabilized, sales and prices are still dropping in most of the country.
6 ways buyers can boost qualifying income Inman News: Borrowers without the income required to qualify for the mortgage they need have many possible options.	Homeowners drowning in negative equity CNBC: If you have no desire or need to sell your home, then falling home prices are just on paper and likely temporary, right? Depends on how you look at it.

http://twlv.net/EYJP0X

Post occupancy &#40;a.k.a. rent back&#41; agreements

You just signed a contract to buy your dream home, the one with the white picket fence, the game room and the custom kitchen.� The only issue is that the sale of your property is taking place on June 20, while this house will not be ready until June 25.� Immediately you call the buyers of your property, and while they have no problem waiting to move into the property, the lock on their loan expires on June 20.� Now what?

The solution is a simple one, and it is frequently used.� The Post Settlement Occupancy Agreement, sometimes also called a Rent Back Agreement, is an agreement whereby the buyer of a property agrees to allow the seller of the property to stay on at the property past the settlement date. �

Typically the seller agrees to pay the buyer a per diem fee in exchange for being permitted to stay in the property past the closing date.�� Usually the per diem charge is the equivalent of the buyers PITI (Principal, Interest, Taxes, Insurance) on the property and, if applicable, condo dues or homeowner's association dues.� This way it is not costing the buyer anything to allow the seller to stay on. �

Also, typically a security deposit is withheld from the seller's funds by the title company.� This is a way for the buyer to be protected and make sure that the seller has not damaged the property during the rent back period.� After a final inspection at the end of the rent back period, assuming that everything goes well, the buyer informs the title company to release the security deposit back to the sellers.� If there is a problem during the final inspection, the buyers and sellers need to come to an agreement on how the security deposit is to be distributed.

The purpose of the security deposit is to make sure that there is no damage to the property during the rent back period.� It is not to be withheld as an escrow for repairs that were discovered in the original home inspection.� Often buyers will attempt to use the rent back security deposit to cover home inspection item repairs that were never completed, but this is an improper use.

Also, creation of a rent back agreement does not create a Landlord-Tenant relationship.� The standard GCAAR form that most agents use in the DC metro area makes this point clear.� The District of Columbia recognizes tenant rights such as the tenants first right of refusal, so the distinction is an important one. �

Post Settlement Occupancy Agreements are quite common and they offer a great solution to the difficulties of timing the purchase settlement and the sale settlement in a manner that is convenient for all parties.

http://twlv.net/kWC0iN

6 real estate headlines: 09-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

DC defends Live Near Your Work Washington City Paper: The best way to get people to live near where they work is to help create affordable housing, and the best way to get people to live near transit is to make transit an excellent service.	White House data reveals fragility of housing Housing Wire: The Obama administration released April's Housing Scorecard Friday, detailing housing data and trends from March compiled from the Department of Housing and Urban Development and the Treasury Department.
More homebuyers should put faith in Good Faith Estimate Washington Post: A recent survey found the GFE may not be improving shopping as intended. After receiving the disclosure, 56 percent of buyers say they did no comparison shopping among lenders.	Mortgage delinquencies post big drop in March Wall Street Journal:Mortgage delinquencies fell by 12% in March, the biggest monthly drop since the housing bust began, to the lowest level since 2008, an improvement driven by declines in the number of newly delinquent loans.
Tyson's new look could spread to Fairfax Washington Examiner: A new look for streets and sidewalks at the remade Tysons Corner is set become a template for redevelopment throughout Fairfax County, signaling a move away from traditional suburbia to a collection of mini-cities.	Inflation? Worry about recovery first Inman News: All of the debasement/inflation howling boils down to one thing: how you feel about the Fed's quantitative easing ("QE") operations. None of the hard data supports the howlers.

http://twlv.net/GOQF0N

6 real estate headlines: 06-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Baby boomers DC's fastest growing population Washington Examiner: More empty nesters and twentysomethings are living in the District and are largely responsible for the city's first population boom in 50 years, new census data show.	A look inside the foreclosure pipeline CNBC: The subprimes, Alt-A's, the bad lending of the housing boom, have largely moved through the system already, and big banks and servicers are getting more aggressive with loan modifications.
So, you're self-employed and want to buy a home DC Urban Turf: Self-employed borrowers can get the same interest rates as their salaried peers, but they have to go a little farther to show lenders they're capable of borrowing a sizable sum of money.	Vets: Don't overlook a VA loan for refinance HSH.com: If you have improved your credit, been self-employed long enough for your income to be counted, if your condo has obtained VA approval, or if you can get a better interest rate with VA financing.
Mortgage rates hit 5-month low Housing Wire: Freddie Mac released its mortgage rate findings, which show the 30-year, fixed-rate mortgage dropping to 4.71% and the 15-year FRM hitting a new yearly low of 3.89%.	Madonna's childhood home priced for a song Wall Street Journal: Madonna shared the two-story colonial with her seven siblings until she left home at the age of 18 to become, well, Madonna.

http://twlv.net/IINfIt

Live Near Your Work

The DC Office of Planning is now searching for three District employers to partner in a pilot program that will offer homebuyers up to $12,000 toward their down payment and closing costs on a home near their place of employment or transit.

"OP will match employer contributions (up to $6,000 per participating employee) to attract and retain DC residents, with the primary purpose of encouraging employees to live close to their place of employment and/or transit," according to a statement.

A Request for Applications (RFA) for up to $200,000 in matching homeownership grants, to be administered by qualified DC-based employer was released for the pilot program known as Live Near Your Work on April 29, 2011.

Applications for consideration in the first round of selection are due June 17, 2011. Applications received after this deadline will be considered in the second round of selection, with an October 7, 2011 deadline, if three partners are not selected in the first round.

We will keep you posted as this story develops. http://twlv.net/zPB2Pj

6 real estate headlines: 05-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

DC wants to pay you to live near your work Washington City Paper: The Office of Planning is launching a pilot program that will match employer grants of up to $6,000 per person for closing and down payment assistance on homes near Metro stations and bus lines.	Bin Laden's $1M mansion no 'spartan cave' Inman News: Unquestionably, the most interesting piece of real estate on the entire planet today is the "mansion" compound where Osama bin Laden was found.
Bid a fond adieu to the living room Washington Examiner: According to a study by the National Association of Home Builders, by 2015 the living room may vanish from new homes.	Can mandatory mediation save DC homes from foreclosure? Washington Post: The law covers residential loans in the District secured by a deed of trust or a mortgage that was used to acquire or refinance real property.
When does a short sale make sense? Wall Street Journal: For a bank to consider a short sale, you must owe more than your house is worth and demonstrate hardship.	Is home ownership overrated? Smart Money: Decades of policies designed to foster home ownership are being reexamined, from taxpayer support for the giant mortgage agencies to the tax deduction for mortgage interest.

http://twlv.net/hmvMjK

6 real estate headlines: 04-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

To rent or to buy? Washington Post: There is a chance that federal policy could back away from the pro-ownership stance that has been in effect for decades.	3 reasons every homeowners needs title insurance HSH.com: The robo-signing scandal and the explosion of mortgage fraud make it clear that--given the reliance on computer data--title insurance is more necessary than ever.
Appraisals still a problem Economist's Outlook (NAR): Appraisal issues continue to be a problem according to the latest Realtors® Confidence Index Survey. Respondents reported delays, lower sales prices, or cancellations in 35 percent of recent transactions.	2000-2010: Not a 'lost decade' for real estate Speaking of Real Estate (NAR): Housing values in every state went up to some extent (except in Michigan, which, let's face it, has economic problems that extend well beyond residential real estate between the years 2000-2010).
Size of Eastern Market project stalls approval Washington Examiner: The chief complaint has been that the Pennsylvania Avenue building is about 20 feet too tall compared with neighboring structures.	Take a bite out of closing costs CNN Money: Closing costs are certainly a consideration for both new loans and refinancing. But it's important to not lose sight of what should be your first priority � getting the lowest rate possible.

http://twlv.net/vcxpgy

Florida existing home sales increase

Florida's existing home and condominium sales rose in March 2011, according to the latest housing report released by Florida Realtors.

Existing home sales increased 12% during March 2011 with a total of 18,522 homes sold statewide compared to 16,540 homes sold statewide in March 2010.� Florida's median sales price for existing homes last month was $126,300 compared to a year ago figure of $136,000 which is a 7% decrease.

In addition, in Florida's year-to-year comparison for condominiums, 9,703 units sold statewide in March 2011 compared to 7,830 units in March 2010 for an increase of 24%. The statewide existing condominium median sales price last month was $84,300, whereas in March 2010 it was $94,800 for an 11% decrease.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home and existing condominium sales in March 2011.� This is the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condominium sales across the State of Florida.�

Ample supply of available housing at very attractive prices coupled with historically low interest rates and restored consumer confidence are fueling the apparent uptick in real estate sales across the Sunshine State.�

Furthermore, a strengthening economy will continue to support this upward trend in real estate transactions in Florida.� Interested buyers should consult with a highly qualified Florida Title Insurance Company to guide them through the purchase process.

http://twlv.net/efweTm

6 real estate headlines: 03-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Shopping for title services can save you a bundle HSH.com: Lenders normally require borrowers to pay for lender's title insurance, which protects the lender against liens and title defects. Homebuyers can also purchase owner's title insurance to protect their investment.	New federal loans allow homeowners to finance energy efficiency DC Urban Turf: Backed by the Federal Housing Administration (FHA), the loans will offer homeowners up to $25,000 to make energy-efficient improvements.
Can the mortgage industry pull together? Wall Street Journal: The Mortgage Bankers Association tapped David Stevens, the former commissioner of the Federal Housing Administration and Obama administration housing adviser, as its new chief executive officer in March.	Grab a second home bargain CNN Money: Before leaping in, though, you need to ask yourself two questions: Why is this happening now? And how can I take advantage of it?
4 ways to ace your home inspection Bankrate.com: Avoiding a money pit is one reason to hire a home inspector, but savvy homebuyers can get more value than that from the building inspection.	10 tips for surviving the housing market CNBC: The economy is starting to improve but the housing market has yet to show any significant signs of recovery, which has homeowners nervous.

http://twlv.net/Mu5R17

6 real estate headlines: 02-May

A daily dose of headlines for real estate agents, mortgage lenders, homebuyers and home sellers.

Buying is cheaper than renting Bankrate.com: The trend is expected to continue through the rest of the year as the rental market gains strength. Rents have started climbing and apartment vacancies have been dropping.	The mysterious charms of DC's alleys Washington City Paper: Unlike in older cities, where alley dwellings were constructed later as real estate pressures mounted, DC alleys were built in conjunction with middle-class housing in the years of the city's rapid expansion following the Civil War.
Downtown faces stiff competition from redeveloped 'burbs Washington Examiner: Downtown's property tax rate of nearly 1.9 percent is nearly double the rate in most suburban office hubs like Alexandria, Rosslyn or Bethesda.	Foreclosure side effect: Bidding wars Housing Wire: The factors feeding the competition stem from the fact that many traditional homeowners can't or won't sell, leaving deal-hungry buyers clamoring for bank-owned foreclosures.
Do homebuilders have a future? Wall Street Journal: Bargain-priced foreclosures remain stubborn competition. Would-be buyers can't qualify for mortgages. High unemployment rates persist.	How borrowers could lose with new mortgage rules HSH.com: In the end, the Federal Reserve standards go as far as possible to assure the best interests of the lending community the Fed is supposed to regulate.

http://twlv.net/4z3ujk