Source: http://www.mplsrealtor.com/downloads/market/FSS/fss_2011-04.pdf
Wednesday, October 31, 2012
Foreclosures and Short Sales - April 2011
A comprehensive, monthly view of the foreclosure and short sales situation in the Twin Cities housing market.
Homeowner Kimberly Smith's Mortgage Loan Modification Saved Her Only $1.61 Per Month
Filed under: News, Refinancing
Stone Mountain, Ga., resident Kimberly Smith couldn't believe her eyes when she saw how much she was saving on her mortgage under a loan modification with Bank of America. That's not to say that it was a generous amount: Her monthly payments went down by a grand total of $1.61.
"It has to be a Halloween joke," Smith told WXIA-TV in Atlanta. "They have got to be kidding.... I mean, they wasted more on postage and FedEx [sending the notification] than what I am getting as a reduction."
Smith was trying to reduce her mortgage's interest rate through the federal government's Making Home Affordable program, which determines reductions based on a fixed percentage of income. But while her modification was being processed, her income took a steep dive.
"My job was on the line, and I had to either take a pay cut or probably would not have a job," she said.
Bank of America told WXIA that Smith's drop in pay was factored into determining her reduction, which is why it ended up so low. But after Smith's story aired on the TV news, the bank said that it would look into a way to get Smith a more substantial reduction.
A little more than a week later, the bank came through. Smith's new loan modification dropped her interest rate from 7.87 percent to 4 percent -- a much heftier savings of $262 a month.
"I cried. I was excited," Smith told WXIA after the new modification came through. "I was just happy. It was a blessing because without you all, I would not be able to get what I have now."
While this story had a happy ending, there have been a number of others involving Georgia homeowners tangling with banks that haven't come to such an amicable end. Two cases in Atlanta were particularly heart-wrenching: In one, a woman lost her home after Bank of America foreclosed on the property, claiming that she wasn't paying her mortgage. But it turned out that another institution owned the woman's loan -- which she had been current on -- and because of a paperwork foul-up BofA falsely believed it should have been receiving her payments. And another homeowner nearly lost her home after county officials placed a lien on her property and sold it to recover the debt on a tax bill that wasn't even hers.
If you're looking for help getting a loan modification, find out how to qualify, and learn how a loan mod can help you avoid foreclosure and why you should be seeking help now. For more information on loan mods, visit AOL Real Estate's Refinance Mortgage Center, and check out the federal Making Home Affordable program and the Home Affordable Modification Program.
See also:
Bank of America Hit by Another Discrimination Complaint Over Foreclosed Homes
Vacant Homes Plague Neighbors as Lenders Drag Feet
Loan Officer Lifts the Lid on Deceptive Lending in 'The Liar and His Loans'
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.
Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.
Tuesday, October 30, 2012
With Housing Recovering, Perfect Time for a Kitchen Remodel?
By Ryan Nickum
The past few months have shown plenty of signs the housing market is recovering, but it's interesting to note the Joint Center for Housing Studies of Harvard University says spending on home remodeling projects will accelerate as well.
"Strong growth in sales of existing homes and housing starts, coupled with historically low financing costs, have typically been associated with an upturn in home remodeling activity some months later," said Kermit Baker, director of the Remodeling Futures Program at the Joint Center. "This combination is expected to produce a favorable outlook for home improvement spending over the coming months."
Not only is this good news for the economy, it's great news for those with outdated kitchen cabinets, subpar appliances and linoleum floors. Consider this news your green light to finally upgrade your kitchen.
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Consider the Costs
When determining whether to remodel your kitchen, make sure you're scaling it to your budget and your available time. There's nothing fun about a partially completed remodel because you ran out of time or money, unless you're looking for an excuse to microwave Hot Pockets for all your meals.
If you choose to embark on this home improvement project, take heart in the fact that many experts say a modest kitchen remodel offers a higher level of return on investment than most other home improvement projects, especially if you do the work yourself. However, that doesn't necessarily mean you'll end up making that money back. According to Remodeling Magazine's 2011-2022 Cost vs. Value Report, a kitchen remodel has an average of 65.7-72.1% return on investment when you sell your home.
If the increased popularity of cooking programs and home improvement television shows is any indicator, the kitchen is rapidly becoming the focal point of not only homebuyers, but also homeowners. It seems an increasing number of homes hitting the market have more cash sunk into the kitchen than other rooms in the house. From expensive countertops and industrial stoves to spacious kitchen islands and farmhouse sinks, Americans are committed to maximizing their kitchen space.
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Get Inspired
While American homes are awash in stainless steel appliances and granite countertops, there are plenty of other options out there. If you're looking for inspiration, the internet is a treasure trove of inspiring kitchens. Pinterest is a great source for photos of dream kitchens and innovative designs to get your creativity flowing. Members tend to repost identical photos, but with thousands of new members joining each day it's a great source for ideas.
Online real estate listings are another great way to see firsthand how other people have made made the most of their kitchen. Unlike the staged photos you'll see in design magazines, these listing photos show the kitchens of actual people like yourself. It's a simple way to virtually tour thousands of kitchens around the country, which is helpful because styles tend to vary by region. Compare the edgier, modern kitchens in Los Angeles and Miami with more traditional kitchens in Atlanta or Washington, D.C. Or check out beach houses in the Hamptons or ranch homes in Austin, Texas.
For more rustic kitchens, look for areas outside major urban areas and play around with the keyword search by typing in "farmhouse" or "country." For more modern styling, try keywords like "chef's kitchen" or "contemporary kitchen."
There's a lot of decisions to make before starting on a kitchen remodel, especially the budget and the scope of the project. Starting with firm plans and a concrete budget will keep the project from running away with itself. Whether it's just a general update or a full-blown remodel, it's important to have the paramaters firmly set.
Cosmetic changes like paint colors, cabinet doors or countertops are far simpler and cheaper than redoing the floors or replacing appliances. Be sure to consider storage options, how much counter space you'll need for prep and appliances, and other variables that will affect usability. It's tempting to go with the latest trends, but those often end up looking dated the fastest. It's hardly worth the effort if you end up with a kitchen identical to everyone else on the block.
For those who've put off home improvement projects like a kitchen remodel because of the recession, key economic indicators are saying the time is right to start them now. On the other hand, sometimes it's easier to change houses than to update an existing one.
See more on Estately.com:
This Lame Reality TV Show Aims to Destroy Silicon Valley
Movin' On Up: The Hilary Swank Housing Story
A Woman's Place is in Her Own Ma'am Cave
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.
Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.
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Foreclosure Activity Up, Buyers Still in Control While Sellers Anxiously Wait
News release covering Twin Cities housing statistics for February 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-03.pdf
Monday, October 29, 2012
Foreclosures and Short Sales - May 2011
A comprehensive, monthly view of the foreclosure and short sales situation in the Twin Cities housing market.
Source: http://www.mplsrealtor.com/downloads/market/FSS/fss_2011-05.pdf
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Sunday, October 28, 2012
enotes - February 7, 2011
MAAR's weekly electronic newsletter for the week of February 07, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_02-07.htm
SIGTARP: Hardest Hit Fund helping more homeowners
"Every state is showing tremendous progress and remains singularly focused on getting assistance out to homeowners," said Andrea Risotto with the Treasury. "To date, more than 77,000 families have been assisted by the program with another 30,000 in progress."
The 200+ - June 2011
MAAR's tracking tool for local housing market activity has been updated with data through June 2011.
Saturday, October 27, 2012
Orchid Island eyes REIT IPO, again
Orchid Island filed with the SEC to raise up to $45 million in an initial public offering. The move bodes well for the markets, as it is an indication that demand is stronger now then back in the summer when Orchid first filed.
Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/wK505PCqKvo/orchid-island-attempts-reit-ipo-again
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Top reasons to opt for seller financing
Situation can be a win-win for buyers, sellers
Source: http://feedproxy.google.com/~r/inmannews/~3/7O6-pKl2F5s/top-reasons-opt-seller-financing
Friday, October 26, 2012
Square Feet: The Essex House on Central Park Is Again a Marriott Hotel
With last month?s sale by Dubai Group, the hotel on Central Park South returned to Strategic Hotels and Resorts. Marriott has become its operator.
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Manhattan Megaproject Set to Rise
Construction is set to begin on the first stage of a $15 billion city-within-a-city that aims to reshape Manhattan's desolate far West Side.
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Thursday, October 25, 2012
Broker puts his Silicon Valley condo on the market for $1
Ken DeLeon hopes other sellers will consider adopting his pricing strategy
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Wednesday, October 24, 2012
Monthly Market Indicators - March 2011
A comprehensive look at the entire Twin Cities housing market in one location.
Source: http://www.mplsrealtor.com/downloads/market/MMI/archive/mmi_2011_03.pdf
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Tuesday, October 23, 2012
Great Recession creates 4.8 million renters
The United States added 4.8 million renters in the past six years while losing 1.7 million owner households as the dynamics of the real estate space changed in the wake of the 2008 financial meltdown, according to the Mortgage Bankers Association.
Another Member of U2 Tries to Exit Eldorado
Adam Clayton of U2 has put his own three-bedroom co-op at the Eldorado on the market for $8.695 million.
enotes - February 21, 2011
MAAR's weekly electronic newsletter for the week of February 21, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_02-21.htm
Monday, October 22, 2012
enotes - June 27, 2011
MAAR's weekly electronic newsletter for the week of June 27, 2011.
Source: http://www.mplsrealtor.com/downloads/enotes/2011_06-27.htm
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Government: We plan to sue more banks
Read full story for latest details.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/VyJq_4LTqvs/index.html
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Sunday, October 21, 2012
Multifamily housing developer Dominium co-founder Brierton dies
David Brierton, a co-founder of multifamily housing developer Dominium, has died at the age of 70. The Plymouth-based company said Brierton died Thursday after losing a battle with cancer. Brierton was born in Waukesha, Wis., served three years in the Air Force, and received bachelor's and master's degrees from the University of Wisconsin. He and Jack Safar started Dominium in 1972, when Brierton was 30 years old. They also founded Dominium Development & Acquisition in 1999. The company said?
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Saturday, October 20, 2012
Boundaries for Popular Brooklyn Schools Are Redrawn
Zones for some of Brooklyn?s most-sought-after elementary schools, including Public School 321 in Park Slope are changing in a new plan.
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Victorian Home (Style Spotlight)
Filed under: Design, News, Lifestyle
By Vanessa Brunner
For most people, the term "Victorian architecture" defines a diverse but singular style. The reality is that this term encompasses several architectural house styles, all of which were used during the mid to late 19th century. The name, of course, comes from the reigning British queen at the time: Victoria.
Victorian homeowners were very social; dinner parties took place several times a week and consisted of pre- and postmeal activities. For these socialites, having a house that was impressive and built in the latest style was key. (The ornate look was soon spurned, however, by the development of new construction technology, particularly the availability of affordable wood and the ability to incorporate steel into buildings.)
Although Victorian architecture is rooted in England, it quickly spread worldwide as British architects started to emigrate to Canada, Australia, New Zealand and the United States. Eventually, improved communications in the 19th century began to inform international architects of the latest and greatest styles and trends, and the Victorian influence in houses grew.
Still, what's considered the Victorian period differs from country to country, along with the names of its architectural styles. In the United States, the Victorian style was generally popular from 1860 to 1900. San Francisco in particular is well known for its Victorian style houses. In Australia, the Victorian period is recognized as 1840 to 1890. Melbourne's world-heritage Royal Exhibition Building and Rialto Building are both good examples of classic Victorian architecture in Australia.
Many Victorian-era homes combine several different styles and features, but the following is a basic guideline for the most common Victorian architectural styles.
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See more on Houzz:
Photos: Browse 65k+ photos of home exteriors
Photos: Browse thousands of traditional home design ideas
Help: Find an architect in your area
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Source: http://realestate.aol.com/blog/2012/10/18/victorian-houses-style-spotlight/
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What I Love: What I Love ? A Lounge of Her Own
Susanne Bartsch, the Swiss party hostess, is partial to the Chinese beds in her home at the Chelsea Hotel.
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Friday, October 19, 2012
Weekly Market Activity Report - March 28, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of March 28, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_03-28.pdf
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Weekly Market Activity Report - May 16, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 16, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-16.pdf
Thursday, October 18, 2012
End of Comparison to Heightened Spring 2010 Tax Incentive Market Draws Nigh
News release covering Twin Cities housing statistics for April 2011.
Source: http://www.mplsrealtor.com/downloads/inside/press-releases/news_2011-05.pdf
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Debriefing: Debriefing ? To Bricks and Mortar, Add Harmony and Luck With Feng Shui
Buildings hire Judith Wendell, a feng shui practitioner, to help them appeal to Asian clients.
Far West Side ? ?Downtown? Feel Turns Up in Midtown
A primarily industrial area north of 34th Street and west of Eighth Avenue is turning into a comfortable residential neighborhood with a slightly downtown feel.
Wednesday, October 17, 2012
Another Member of U2 Tries to Exit Eldorado
Adam Clayton of U2 has put his own three-bedroom co-op at the Eldorado on the market for $8.695 million.
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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Tuesday, October 16, 2012
English Heritage
Owned by the Codrington family for about 1,000 years, this 13-bedroom property in Tormarton, England, includes one room that dates back to the Norman Domesday invasion.
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Monday, October 15, 2012
Debriefing: Debriefing ? To Bricks and Mortar, Add Harmony and Luck With Feng Shui
Buildings hire Judith Wendell, a feng shui practitioner, to help them appeal to Asian clients.
Hard Rock in California
This Mediterranean-style home in Camarillo, Calif., was built with stone and a touch of rock-star glamour, including a recording studio and salon.
Sunday, October 14, 2012
Less expensive home sales benefit subprime bonds: Amherst
Deals with a greater concentration of loans backing lower-priced homes should continue to experience a lower foreclosure discount because of the robust investor bid, which will translate into a decline in severity. Higher-priced homes, on the other hand, are likely to struggle.
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Multifamily housing developer Dominium co-founder Brierton dies
David Brierton, a co-founder of multifamily housing developer Dominium, has died at the age of 70. The Plymouth-based company said Brierton died Thursday after losing a battle with cancer. Brierton was born in Waukesha, Wis., served three years in the Air Force, and received bachelor's and master's degrees from the University of Wisconsin. He and Jack Safar started Dominium in 1972, when Brierton was 30 years old. They also founded Dominium Development & Acquisition in 1999. The company said?
Saturday, October 13, 2012
WCCO radio and Cambria plan downtown Minneapolis showroom, studio
Cambria Holdings and CBS Radio are planning some sort of a showroom for Cambria's products on the first floor of WCCO's headquarters building in downtown Minneapolis. The space at 625 Second Ave. S. has been vacant since Nick's Sports World closed at the site in 2008. Cambria has big signs in the window that the company hopes will generate buzz prior to a big "reveal" that's planned when the space is finished, according to Heather Risk, a spokeswoman for Cambria. "It's a partnership of CBS and?
Fed's Lacker sees QE3 mortgage bond buys as wrong economic cure
While speaking at the University of Virginia Friday, Lacker said he supports keeping interest rates low, but believes MBS purchases by the Fed reduce borrowing rates for conforming home loans while lifting interest rates for other borrowers.
Friday, October 12, 2012
The (Almost) All-American Home
An architect tries ? and nearly succeeds ? to prove that a house can be built with only made-in-the-U.S.A. materials.
Source: http://www.nytimes.com/2012/10/14/magazine/the-almost-all-american-home.html?partner=rss&emc=rss
Weekly Market Activity Report - April 18, 2011
MAAR's Weekly Market Activity Report for the Twin Cities ? Week of Apr 18, 2011.
Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_04-18.pdf
Thursday, October 11, 2012
Austin Is Well as Dell Slims
ell has been scaling back its manufacturing operations in the Austin, Texas, area in recent years but the region has a strong technology sector, and real-estate executives estimate that more than 75% of the space vacated by Dell has been filled.
Economic View: Housing Fever Can Work Both Ways
In 2004, there was little about the economic climate that would explain why a housing peak should be coming soon. But something else, hard to discern, was driving things.
Source: http://www.nytimes.com/2012/10/07/business/housing-fever-can-work-both-ways.html?partner=rss&emc=rss
Wednesday, October 10, 2012
The 200+ - May 2011
MAAR's tracking tool for local housing market activity has been updated with data through May 2011.
Downtown Minneapolis parking rates on the rise; faster than national average
A new survey by Colliers International shows that the average price to park a car in downtown Minneapolis increased 8 percent in the past year, to $13 a day. The increase was one of the largest jumps in the country. Phoenix increased 50 percent to $12 per day. Prices increased double-digit percentages in Charleston, S.C., Honolulu, and San Francisco. Daily parking rates for 56 downtown districts around the country increased an average of 2.9 percent in 2012 to an average of $17.19, up from $16.71. Monthly?
Tuesday, October 9, 2012
New York Real Estate Questions and Answers
When the neighbor?s dog barks for hours; board-negotiated cable fees; a tenant concerned about eviction.
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