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February 19, 2012
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Daily News Articles

  • Housing Affordability Reaches New Records
    02/17/2012

    Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. 

    The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

  • Top 10 States for Foreclosures in January
    02/17/2012

    Foreclosures ticked up in January nationwide as more banks continued to work through backlogs of defaulting mortgages on their books, RealtyTrac reports. 

    For more than five years, Nevada has been the state leader with the highest rate of foreclosure filings in the country. In January, one in every 198 homes received a foreclosure notice in the state. 

    Still, Nevada is seeing progress: The state saw an 8 percent decrease in foreclosure activity from December to January, and filings were down 52 percent year-over-year. 

  • Housing Starts Post Highest Level in 3 Years
    02/17/2012

    Housing starts rose 1.5 percent in January from December, led by a surge in apartment construction, the Commerce Department reported Thursday. 

    Housing starts in January reached a seasonally annual rate of 699,000 units, reaching its highest level since October 2008.

    The main reason for the January increase was due to a 14.4 percent rise in groundbreaking on rental properties or buildings with five units or more.

  • 30-Year Rates Continue to Hold at Record Lows
    02/17/2012

    Fixed-mortgage rates continue to hover at record lows, with the 30-year fixed-rate mortgage staying at the record low of 3.87 percent since the first week of February, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage, the most popular choice among home buyers, has been below 4 percent for the past 11 weeks. 

    Here’s a closer look at mortgages rates for the week ending Feb. 16: 

  • Bernanke: Low Rates Will Help Banks
    02/17/2012

    Ben Bernanke, the Federal Reserve chairman, says keeping interest rates low will spur loan demand and eventually help improve banks’ profitability in the long run, The Wall Street Journal reports. 

    The Fed has made a rare vow to keep key rates “exceptionally low” until late 2014. 

    But banks have expressed concern over the Fed’s low-interest-rate policy, saying that it is costing them profitability and that overly strict regulations on banks’ are preventing an increase in lending activity. 

  • FSBO Site Founder Reaches Out to Real Estate Pros
    02/17/2012

    ForSaleByOwner.com founder and former chief operating officer Colby Sambrotto made headlines in August 2011 when he hired a real estate broker to sell his Manhattan condo. Now he’s working to bridge the gap between FSBOs and real estate pros with his most recent online venture, USRealty.com.

  • Don't Miss: Apply for $1,000 Grants, Mentoring
    02/17/2012

    REALTOR® Magazine is seeking candidates for the 2012 Volunteering Works grant and mentoring program, which helps REALTORS® who are are launching a volunteer effort. Don't miss the Feb. 24 deadline!

  • Update Your Office During Lenovo's 'You Pay What We Pay' Event
    02/17/2012

    Through the REALTOR Benefits® Program, for a limited time, NAR members can receive exclusive discounts offered only to Lenovo employees on its entire product line, including ThinkPad and IdeaPad notebooks and accessories.

  • Foreclosures Pick Up Pace, Banks Work Through Glut
    02/16/2012

    Foreclosures increased again in January as banks continued to work through a large backlogs of defaulting loans in their books, RealtyTrac reports. The number of foreclosure filings — including default notices, scheduled auctions, and bank repossessions — increased 3 percent from December to January. 

    However, the numbers were significantly down compared to one year earlier, RealtyTrac reports. 

    Last month, one in every 624 households received a foreclosure filing — a drop of 19 percent compared to January 2011. 

  • Investors Get Ready for FHFA's Foreclosure Bulk Sales
    02/16/2012

    The Federal Housing Finance Agency announced it will soon be piloting a foreclosure-to-rental program, in which it’ll offer qualified investors the chance to buy a pool of foreclosed homes all at once as long as long as they agree to rent the properties for a specified period. 

    The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, says Fannie will be debuting the program, with pools of its properties available in some of the hardest hit areas by the foreclosure crisis. Freddie Mac and FHA loans may be considered later.