More on the Fed’s plan : Bernanke said that the Fed is prepared to issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit. The details of the program, first announced in December, have been undergoing revisions but are expected to include requirements that lenders document borrowers’ incomes and verify that they could make the mortgage payments, including the higher payments that come when adjustable-rate loans reset.
Date Archives July 2008
A Cautionary Tale – Yet another Due Diligence Question for Buyers, Sellers and Realtors
( ed. note : one of my more favorite questions of late is, “tell me about one of your dissatisfied clients, and why they were so dissatisfied”) We’ve never seen a lender hauled before a panel of their peers on ethics charges (as happens in the Realtor community) though there’s certainly been ample cause. … There are a lot of good lenders who can get deals closed in this lending environment and will tell you if it’s not going to work.
Recapping yesterday’s radio appearance discussing the Charlottesville Real Estate Market
In short we spent about forty five minutes rambling about the state of the Charlottesville area real estate market and touched on the following topics (from memory) – – Have green homes reached a tipping point? … At least one story idea came of the show, and I might try to write a story about it in the next couple of weeks – what percentage of properties are on the market in the respective localities in the Central Virginia region?
Albemarle now has Curbside Recycling
Private enterprise has taken the lead where government cannot – courtesy of a Channel 29 story – For twenty bucks a month, My Recycling Club will … come pick it up every other week…… In response to an email, Sue Battani said, “The news blurb has created quite a buzz for us and we are very excited about it.
Media Appearance on Sunday
Tune in to WNRN this Sunday where I will be discussing the Charlottesville area real estate market. If there are any particular topics you would like me to address, please let me know .
Are Green Homes the new “Trophy” Homes?
The market is moving beyond individual green products and into the realm of green developments – because the market is demanding LEED-certified Neighborhood Developments (although I’d argue that LEED-ND has not yet reached mainstream vernacular) Courtesy of the National Association of Realtors’ On Common Ground magazine * – Experts interviewed for this article were unanimous on one point: collecting green-certiï¬ed houses into a conventional subdivision on a former farm ï¬ eld at the edge of the metro area would not a green neighborhood make. … For proof that “Smart” Growth is mainstream, check out this partnership that defies presumptions about Realtors always wanting to build, build, build at all costs – Those are some of the results of the 2007 Growth and Transportation survey sponsored by the NATIONAL ASSOCIATION OF REALTORS® and Smart Growth America.
A simple question leads to an interesting conversation
One of my favorite snippets from the conversation is this – I would – but there is a very clear and important difference (between Realtors and attorneys) – they clearly disclose the entirely adversarial nature of their relationship. … The difference alone in the barriers to access from a career standpoint – beginning with three years of real academic training – go a long, long way to ensuring a much higher set of professional standards.