Friday, December 7, 2012

VIDEO: Wells Fargo CEO says Fannie and Freddie need to change

Despite the $10 trillion mortgage market and 20% of mortgages underwater, values are moving forward in the industry, CEO John Stumpf of Wells Fargo told CNN's Geoff Colvin this week. However, Stumpf is "bullish on housing" and is encouraging a Fannie Mae and Freddie Mac policy change. 

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/zqk20MbqkcU/video-wells-fargo-ceo-urges-policy-changes-improve-housing-market

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Thursday, December 6, 2012

Walmart Mortgages Would Appeal to 1 in 3 U.S. Consumers

Filed under: ,

A mortgage from Walmart might have appeal to consumers.One in three U.S. consumers would consider a mortgage from retailer Walmart and almost half would consider one from online payment provider PayPal, according to a financial services study released on Monday.

The results might be especially disconcerting for banks because the two companies don't even offer mortgages.

The study shows that consumers are willing to try alternative lenders as borrowers focus on price, customer service and trust in their provider when selecting a mortgage, said Doug Hautop, lending practice lead at the Carlisle & Gallagher Consulting Group, which conducted the survey.

"There is a real threat from new entrants," Hautop said.

The study's results were based on online responses from 618 U.S. consumers in September.

Non-bank mortgage companies such as Quicken Loans and Nationstar Mortgage Holdings Inc. have been gaining market share as some large banks, such as Bank of America Corp., pull back in a business that burned them during the financial crisis.

Carlisle & Gallagher, based in Charlotte, N.C., provides consulting services to five of the top eight U.S. mortgage originators, Hautop said.

A Walmart Stores Inc. spokeswoman declined to comment on the survey. The retailer provides small business loans at its Sam's Club stores, but doesn't offer mortgages.

A spokesman for PayPal Inc., a subsidiary of online auction site eBay Inc., said it offers credit lines for customer purchases, but hasn't announced plans to move into the mortgage business.

Basic Banking In Style

It's not unheard of, though, for retailers to enter the mortgage business. In late 2011, warehouse retailer Costco Wholesale Corp. began offering home loans online through select lenders. The company doesn't disclose loan volume, but the service has gone well, said Jay Smith, Costco's director of financial services.

"We have tried to make it a service where members see significant value on rates and fees," Smith said.

While the Carlisle & Gallagher survey found that 80 percent of U.S. consumers would consider a mortgage from a non-bank, there was a bright spot for traditional banks. Seventy percent of respondents said that they would prefer to have their mortgage with one of their main banks, although only 39 percent currently do so.

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Two-thirds of respondents said the high cost of getting a loan was the most painful aspect of the mortgage application process, followed by slow execution (56 percent) and poor communication with the lender (32 percent).

"Banks have a captive audience, and have folks who are willing and wanting to do business with them," Hautop said. "It means it's time to go back to the basics for our banks."

In the past year, banks, including Wells Fargo & Co and JPMorgan Chase & Co, have benefited from surging consumer demand to refinance their mortgages at low interest rates. But in the coming year, refinancings are forecast to decline, so banks will need to focus more on serving customers taking out loans to purchase homes, Hautop said.

See also:
Mortgage Interest Tax Deduction Battle Brews in Washington as 'Fiscal Cliff' Looms
Buy That Vacant Foreclosure Next Door? Not So Fast!
For First-Time Homebuyers, It's Still a Tough Market

More on AOL Real Estate:
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Source: http://realestate.aol.com/blog/2012/12/03/walmart-paypal-mortgages-us-consumers/

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Bid winner for FHA-backed troubled mortgages named

New Jersey Community Capital was selected by the U.S. Department of Housing and Urban Development to purchase 399 troubled mortgages as part of a national 9,000-unit auction of properties facing foreclosure. This is the largest auction of distressed Federal Housing Administration-insured single-family home loans.

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/osjP70lfqZc/hud-njcc-assist-homeowners-avoiding-foreclosure

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Wednesday, December 5, 2012

Hedge-fund manager turned billionaire predicts greater housing rebound

A hedge-fund manager turned billionaire who made his money betting on the collapse of the housing market is now seeing positive results in his recent residential investments. In fact, a $298.4 million real-estate fund managed by Paulson & Co. would be worth as much as twice the total amount invested if the properties were sold today.

The Wall Street Journal
Craig Karmin

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/DkXo8skaMzk/hedge-fund-manager-turned-billionaire-predicts-greater-housing-rebound

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Appraisers in Splitsville

Real-estate appraisals?always more of an art than a science?can be a tough business. And it's never more complicated than in divorce, where the home is often one of the biggest assets being divided.

Source: http://online.wsj.com/article/SB10001424127887324851704578133200609815808.html?mod=residential_real_estate

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Tuesday, December 4, 2012

Re/Max debuts new mobile-ready website

4 companies involved in yearlong effort

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Source: http://feedproxy.google.com/~r/inmannews/~3/iYiUvNcbpkw/remax-debuts-new-mobile-ready-website

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enotes - July 11, 2011

MAAR's weekly electronic newsletter for the week of July 11, 2011.

Source: http://www.mplsrealtor.com/downloads/enotes/2011_07-11.htm

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Whit Peyton stepping down as leader of CBRE Minneapolis office

Whit Peyton, who has been running the Twin Cities brokerage business for CBRE Group Inc. for more than two decades, will step down as managing director at the end of the year. He will be replaced by Blake Hastings, former senior vice president with Cassidy Turley/BRE in Phoenix, according to a news release from CBRE. >Click to the right to see photos of the two men. >>>>> CBRE is the largest commercial real estate brokerage firm in the Twin Cities, with 89 metro area brokers,?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/v1NHaUyich0/cbre-names-phoenix-exec-to-lead.html

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Thursday, November 29, 2012

Whit Peyton stepping down as leader of CBRE Minneapolis office

Whit Peyton, who has been running the Twin Cities brokerage business for CBRE Group Inc. for more than two decades, will step down as managing director at the end of the year. He will be replaced by Blake Hastings, former senior vice president with Cassidy Turley/BRE in Phoenix, according to a news release from CBRE. >Click to the right to see photos of the two men. >>>>> CBRE is the largest commercial real estate brokerage firm in the Twin Cities, with 89 metro area brokers,?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/v1NHaUyich0/cbre-names-phoenix-exec-to-lead.html

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New Hampshire Child Falls Down Laundry Chute, Gets Trapped in Wall



A New Hampshire couple has a lot to be thankful for: Their 2-year-old son miraculously survived tumbling down a two-story laundry chute and getting trapped inside the walls of their home on Thanksgiving Day.

Melissa Pendlebury and Eric Leger of Manchester, N.H., told WHDH-TV in Boston that they woke up to "a bloodcurdling scream" around 7 a.m. Thursday and heard their son, Cayden (pictured below after the incident), crying.

"My sister said, 'Oh my God, he's in the wall!'" Pendlebury recalled.

Cayden had crawled through a 10-inch-wide latch on the second floor of their home. The latch opened to a shaft that used to be used as a laundry chute, leading to the basement. The family now uses it for cables and Internet wires.

Cayden dropped about 20 feet, FOX 25 in Boston reported, and became tangled in the wires, dangling by his legs.

"The screams that came out of him -- I never want to hear that again," Leger told TV station WCVB. "[I wasn't] able to do anything."

But there was one thing he did to try and calm his son.

"I just punched a hole in the wall so I could get to him and at least hold his hand," Leger added in an interview with WHDH.

%Gallery-123614%
Firefighters rushed to the home after the family alerted them and had to cut wires and remove plaster to rescue the toddler through an opening in the basement. Cayden was taken to the hospital but released shortly thereafter with nothing more than a couple of bumps and bruises.

The family quickly nailed the latch shut and covered it with plaster after the incident, but that didn't stop little Cayden's young curiosity. In a video on FOX 25's website, Cayden is shown still attempting to open the latch door after it was sealed.

"Never doubt a child whatsoever 'cause they'll get into things you'd never even think about," Leger said.

Pendlebury was able to look back on the mishap with relief and a little laugh. She said that they had been planning a nontraditional Thanksgiving with movies at home and Chinese takeout.

"I guess he really did start it off nontraditional," she said of her son.

Shafts and chutes in homes and buildings aren't perilous only for curious little boys like Cayden. In August, a San Diego woman lost her balance in the shower and fell out her bathroom window and down the 15-foot light shaft of her apartment building.

Boston News, Weather, Sports | FOX 25 | MyFoxBoston

See also:
Woman Almost Loses Arm When Struck by Construction Debris in Storm
Do Guard Dogs Protect Homes From Burglars? These Pooches Didn't
Deadly House Explosion Investigated as Homicide



More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find
homes for sale in your area.
Find
foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

 

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Source: http://realestate.aol.com/blog/2012/11/24/new-hampshire-child-falls-down-laundry-chute-gets-trapped-in-wall/

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On Location: Outside Seoul, an Artist?s Retreat Finds Magic in Plywood

A Korean artist?s retreat finds magic in plywood.

Source: http://www.nytimes.com/2012/11/22/greathomesanddestinations/outside-seoul-an-artists-retreat-finds-magic-in-plywood.html?partner=rss&emc=rss

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Tuesday, November 27, 2012

New Hampshire Child Falls Down Laundry Chute, Gets Trapped in Wall



A New Hampshire couple has a lot to be thankful for: Their 2-year-old son miraculously survived tumbling down a two-story laundry chute and getting trapped inside the walls of their home on Thanksgiving Day.

Melissa Pendlebury and Eric Leger of Manchester, N.H., told WHDH-TV in Boston that they woke up to "a bloodcurdling scream" around 7 a.m. Thursday and heard their son, Cayden (pictured below after the incident), crying.

"My sister said, 'Oh my God, he's in the wall!'" Pendlebury recalled.

Cayden had crawled through a 10-inch-wide latch on the second floor of their home. The latch opened to a shaft that used to be used as a laundry chute, leading to the basement. The family now uses it for cables and Internet wires.

Cayden dropped about 20 feet, FOX 25 in Boston reported, and became tangled in the wires, dangling by his legs.

"The screams that came out of him -- I never want to hear that again," Leger told TV station WCVB. "[I wasn't] able to do anything."

But there was one thing he did to try and calm his son.

"I just punched a hole in the wall so I could get to him and at least hold his hand," Leger added in an interview with WHDH.

%Gallery-123614%
Firefighters rushed to the home after the family alerted them and had to cut wires and remove plaster to rescue the toddler through an opening in the basement. Cayden was taken to the hospital but released shortly thereafter with nothing more than a couple of bumps and bruises.

The family quickly nailed the latch shut and covered it with plaster after the incident, but that didn't stop little Cayden's young curiosity. In a video on FOX 25's website, Cayden is shown still attempting to open the latch door after it was sealed.

"Never doubt a child whatsoever 'cause they'll get into things you'd never even think about," Leger said.

Pendlebury was able to look back on the mishap with relief and a little laugh. She said that they had been planning a nontraditional Thanksgiving with movies at home and Chinese takeout.

"I guess he really did start it off nontraditional," she said of her son.

Shafts and chutes in homes and buildings aren't perilous only for curious little boys like Cayden. In August, a San Diego woman lost her balance in the shower and fell out her bathroom window and down the 15-foot light shaft of her apartment building.

Boston News, Weather, Sports | FOX 25 | MyFoxBoston

See also:
Woman Almost Loses Arm When Struck by Construction Debris in Storm
Do Guard Dogs Protect Homes From Burglars? These Pooches Didn't
Deadly House Explosion Investigated as Homicide



More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find
homes for sale in your area.
Find
foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

 

Permalink | Email this | Comments

Source: http://realestate.aol.com/blog/2012/11/24/new-hampshire-child-falls-down-laundry-chute-gets-trapped-in-wall/

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Sale closer than ever for one-time Vikings stadium site in Arden Hills

The Board of Ramsey County Commissioners is preparing to give final approval to buy a 430-acre site known as the TCAAP site in Arden Hills from the federal government. Then the real fun begins. Once the transaction is complete, Ramsey County and Arden Hills officials will work together on a plan for the redevelopment of the property, which had been a proposed site for the Minnesota Vikings stadium before that project ended up in downtown Minneapolis. The county's budget for the acquisition is $30?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/Fu2oxyDDeUY/ramsey-county-poised-to-acquire-tcaap.html

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enotes - May 31, 2011

MAAR's weekly electronic newsletter for the week of May 31, 2011.

Source: http://www.mplsrealtor.com/downloads/enotes/2011_05-31.htm

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Monday, November 26, 2012

Sunday, November 25, 2012

Weekly Market Activity Report - March 21, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of March 21, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_03-21.pdf

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Dominium changes ownership structure

The recent death of one of the co-founders of multifamily housing developer Dominium has prompted the organization to reorganize its ownership structure and add a new partner for its development projects. David Brierton, who co-founded Plymouth-based Dominium in 1972, died in late September. Dominium purchased the ownership interest of the other co-founder, Jack Safar, and of Brierton?s estate. Safar, along with Brierton?s estate, will remain owners in 170 existing partnerships, but they have?

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/Q7P6TRGdPSk/dominium-changes-ownership-structure.html

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Tuesday, November 20, 2012

Foreclosure mess awaits states hit by Sandy

Before Superstorm Sandy hit, New York, New Jersey and Connecticut were already reporting a big spike in foreclosures. In a few months, it will be even worse.

Source: http://rss.cnn.com/~r/rss/money_realestate/~3/lxcbPxOA1o4/index.html

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Foreclosure filings edge up in October: RealtyTrac

The Irvine, Calif.-based foreclosure research firm reported 186,455 default notices, scheduled auctions and bank repossessions. That is up 3% from September and indicates that one out of every 706 U.S. homes faced a foreclosure filing last month.

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Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/OJ25i0omHI8/foreclosure-filings-edge-october-realtytrac

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