MLS Group Seeks Top-Level .MLS Domain

MLS Group Seeks Top-Level .MLS Domain

A group of 15 multiple-listing services has formed a nonprofit company to build and manage a top-level Internet domain, .MLS, which will be available to MLSs.

The group hopes that at least 175 of the country’s 900 MLSs will join by the fourth quarter of this year. At that point, it plans to apply to the Internet Corp. for Assigned Names and Numbers (ICANN) for the right to obtain and manage the .MLS top-level domain.

Applying for and developing a .MLS domain is expected to cost about $185,000. One challenge will be persuading ICANN that this group speaks for the industry. "If the industry doesn't support it, it won't happen," says Brian Larson, an attorney and consultant advising the company.

Source: Inman News, Matt Carter (03/29/2010)

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

A Good Time to Buy a High-End Home

A Good Time to Buy a High-End Home

Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient.



Buyers with cash have the best opportunities. Buyers who need a mortgage should move especially quickly. With the Federal Reserve ending its purchases of mortgage securities this month, the mortgage market is likely to rise from its current low level. Even if prices fall further, the rising cost of borrowing could eliminate any savings.



As Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, says, this is a "very good time to be a buyer at the high end."



Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/27/2010)

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

REALTOR® Magazine-Daily News-30-Year Rates Just Shy of 5 Percent

Link:

REALTOR® Magazine-Daily News-30-Year Rates Just Shy of 5 Percent

30-Year Rates Just Shy of 5 Percent


Freddie Mac reports slightly higher mortgage rates this week, with the average interest on a 30-year fixed loan topping off at 4.99 percent from the previous week's 4.96 percent and from 4.85 percent a year ago.



Here’s a look at how other rates fared:

• 15-year fixed loans bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago.

• Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier.

• One-year ARMs were 4.20 percent versus 4.12 percent and 4.85 percent, respectively.



Source: Wall Street Journal, Nathan Becker (03/26/10)



© Copyright 2010 Information Inc.

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

Transportation Costs Hurt Housing Affordability

Transportation Costs Hurt Housing Affordability


A new study contends that only 39 percent of U.S. communities are affordable for typical households when the cost of transportation is included in the calculation of housing costs.



The Center for Neighborhood Technology analyzed the Housing + Transportation Affordability Index, which examined 161,000 neighborhoods housing 80 percent of the U.S. population, and concluded that for most families, transportation is the second-largest household expense.



It is also a fairly unmanageable one, the study concluded, because it is difficult for families to estimate the full cost of a location before they move there. Gas prices and employment demands aren’t very predictable for many.



Factors that can help people control transportation costs include walkable neighborhood streets, access to public transit, and nearby retail.



Source: Center for Neighborhood Technology (03/23/2010)

Emily Lee

606-499-7836

Realty Group II

423-869-5111

Spring for a Bathroom Makeover

Spring for a Bathroom Makeover


Potential buyers may walk away if bathrooms are outdated and unappealing. Here are some low-cost ways to give the facilities a facelift:



• Scrub-a-dub-dub. Give everything, including drawers and cabinets, a deep cleaning.



• Paint the walls. Remove aging wallpaper and paint the space with a bright semi-gloss shade made for use in the bathroom.



• Replace aging fixtures. Put a tub liner over the old tub and update sinks, toilets, and faucets.



• Accessorize. Buy fresh, new linens, rugs, and shower curtains.



Source: News Mark Inc., Jenna Shields (03/22/2010

 
 
 

EMILY LEE

606-499-7836

http://www.emilyleerealty.com/

http://www.harrogatetnhomes.com/

 

REALTY GROUP II

423-869-5111

FHA

FHA Head: Don't Raise Down Payments


Now is not the time to raise the downpayment requirement on a Federal Housing Administration loan, warns FHA Commissioner David Stevens.



Stevens, testifying before a committee of the U.S. House, said his agency would probably insure 300,000 fewer home loans per year if the mandatory down payment was raised from 3.5 percent to 5 percent — a 40 percent increase.



Congress has been considering various ways to put FHA on a sounder financial footing. Besides increasing the downpayment requirement, another suggestion under discussion is raising the upfront mortgage insurance premium to 2.25 percent of the loan amount, up from 1.75 percent currently.



The National Association of REALTORS® also opposes the proposal to raise the mandatory down payment for an FHA loan. The FHA remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices, said Charles McMillan, NAR immediate past president, in testimony before the House Subcommittee on Housing and Community Opportunity.



“As the leading advocate for housing issues, NAR believes that one of the best ways Congress can help strengthen FHA is to quickly consider and pass legislation that would make current loan limits permanent,” McMillan said. “It’s important to note that higher balance FHA loans perform better than lower balance ones. While some argue that higher balance loans put taxpayers at risk, such loans actually strengthen the program and reduce risk to the fund.”



Explaining that FHA has played an important role in the recent housing and economic crisis by filing the gap left by private lenders, McMillan said FHA insured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans. “Historically, FHA’s market share has hovered between 10 and 15 percent of all loans. And when the private market is strong enough to return, we welcome a reduced FHA market share,” he said.



McMillan said NAR was also concerned that FHA wanted to decrease seller concessions to 3 percent. Reducing seller concessions could put homeownership out of reach for many buyers, he said, because it could require buyers to pay more at closing.



Source: Associated Press, Alan Zibel, and NAR (03/11/2010)

EMILY LEE with THE REALTY GROUP II

New Site Specializes in Sub-Subprime

New Site Specializes in Sub-Subprime


Here’s another possible way to cash in on the foreclosure action.



Newly introduced ReBuildUS.com charges $99 a month for access to rundown houses that banks want to unload. Foreclosure investor James Odell Barnes, who pays rock bottom for homes in poor neighborhoods, purchased the properties for RebuildUS.



Investors must purchase a minimum of five homes. The site includes links to companies that will manage the properties and handle selling them on an installment basis to buyers who can’t otherwise get bank loans – the sub-subprime market.



“It’s not an overnight get-rich scheme,” warns Benjamin Kim, founder and majority owner of RebuildUS.



Source: The Wall Street Journal, James R. Hagerty (03/02/2010)

Emily Lee
606-499-7836
Realty Group II
423-869-5111