Here are the stats for April 2014. It appears things have slowed slightly from this time last year. Prices have gone up, but that’s a function of the incredibly low inventory; 2.8 Months! For the details, connect to this link: RMLS Market Action April 2014
Executive Summary. The RMLS™ Market Action Report for April shows the following: Continue reading “Interest Rates and The Housing Recovery – Are We There Yet?”
Maiden Voyage. This is the very first of what hopefully will be a series of periodic newsletters. I am hedging when I say “periodic” – but at least every three months. [If you’ve not signed up yet, go to link here!]
For readers of my website [here], they know that I alternate between objectivity and subjectivity, the latter occasionally morphing into a “rant.” Why? Because I can, that’s why! I’ve spent my legal career trying to grow a practice; going along to get along. I’ve been out on my own for four years, have a satisfying solo real estate practice, and so have fewer toes to step on. In other words, I don’t worry so much about expressing my personal opinion today. Besides, who’s gonna fire me?! Continue reading “Q-Law Newsletter’s Maiden Voyage!”
Wall Street Journal (May 8, 2014 by, Nick Timiraos, “5 Takeaways on Fannie, Freddie Earnings” ): “Mortgage giants Fannie Mae and Freddie Mac are sending $10.2 billion to the U.S. Treasury after reporting combined first-quarter profits of $9.3 billion. But Thursday’s earnings reports hinted at a possible cooling off in the profits of both companies, which have benefited from large one-time gains over the past several quarters. They also suggested a modestly softer housing demand.” Continue reading “Fannie, Freddie, And The Future”
How embarrassing! After galloping into town with six shooters blazing, the new sheriff, err, correction, the CFPB, or as they like to refer to themselves – in J. Edgar terms – “the Bureau,” just got ignominiously shot down. It seems that the uber-regulator charged with single-handedly protecting American consumers from themselves, has a little housekeeping of its own. [It must be kinda hard to finger-wag at private financial service companies over their accounting records, when your own books are in disarray ~PCQ]. Continue reading “CFPB Slapped Down For Accounting Deficiencies”
“Black Knight” – The black knight is a literary stock character, often contrasted with the knight-errant; also see white knight. The character famously appeared in Arthurian literature and has been adapted and adopted by various authors, in cinema and popular culture. The character is sometimes associated with death. Wikipedia [Underscore mine. ~PCQ]
“Sometime associated with death”?! What self-respecting company would ever choose a name that’s “sometimes associated with death? Was “Grim Reaper Inc.” already taken? Continue reading “What’s In A Name? Just Ask Black Knight!”
Like the prodigal son, equity has returned home. For the past five years, as collapsing values wiped out trillions of dollars of home equity, one had to wonder how long we would have to wait to see its return. According to a recent article in The M Report, here, not only is it returning, but fewer homeowners are pulling it out again. ~Phil
AND THE AWARD GOES TO… [complimentary drum roll here] Jason Furman and James Stock! [Hereinafter collectively referred to as “J&J.”] Both economists,[1] apparently shilling for the White House, are calling for the dismemberment of Fannie and Freddie, the government sponsored enterprises, or “GSEs,” with something – anything – else. They have recently co-authored a puff piece [“The Moment is Right for Housing Reform”] that managed to make it onto the Wall Street Journal opinion page, mercifully “below the fold.”
Both gentlemen appear to have all the right credentials to be comfortably ensconced in the ivory towers of Ivy League academia. But for all their whiz-bang credentials in economics and statistics [here], one would think this article would contain a little more meat and a little less mush. In fact, the article is so packed with political pablum it ought to carry a warning against reading it without first putting on a bib. The piece appears to be directed to those folks in the audience who nod knowingly, but know nothing. In other words, J&J’s intent is not to inform, but to influence. To its credit, the article appears to comply with the federal mandates set forth in the “No Idiot Left Behind” learning program for useless information. Congratulations guys!
Continue reading “Nuts and Dolts: White House Puff Piece On “Housing Reform””
The April 19, 2014 Economist reports [Credit where credit’s due] that the ratings agencies are making a financial comeback after their near-death experience following the financial crisis, circa 2007-2009. For those readers who believed that Moody’s, S&P, and to a lesser degree, Fitch, were pure as the wind-driven snow, let me correct the record: During the years 2005 – 2008 the ratings agencies got paid big bucks to give inflated ratings to security offerings from large investment banks so that institutional investors would pay billions of dollars to purchase them. Many of these investments were filled to the brim with subprime mortgages. But they were pumped and packaged in such a way as to be rated as “investment grade.” Continue reading “Ratings Agencies: Still Shilling for Shillings”
Introduction. Armageddon? End Times? The Four Horsemen of the Apocalypse? Lately, it appears that Mother Nature has been working overtime, what with floods, earthquakes, landslides, and other assorted natural disasters around the world. What’s a home buyer to do?! And what about their real estate broker? How well Realtors® respond to their buyers’ concerns about these issues speaks volumes about how well they balance their clients’ need for information versus their own risk management responsibilities. With that backdrop, let’s explore the issue of real estate brokers’ disclosure duties concerning potential natural hazards.
What Does Oregon Law Say? Generally, the laws in Oregon are more favorable to brokers than those of our neighbor to the south. In California, they are generally held to a higher standard; specifically, being unaware of a particular hazard may not be sufficient to avoid liability. California law holds brokers to a test different than Oregon. In California the question is “Should the broker have known of the risk?”
Continue reading “Natural Hazards: Sellers’, Buyers’, and Realtors’® Rights, Duties And Obligations”
In a recent Wall Street Journal article entitled “Mortgage Lenders Ease Rules for Home Buyers in Hunt for Business” by Nick Timiraos and Annamaria Andriotis, we continue to hear that banks are beating the bushes for borrowers; and they are relaxing some of the tough lending requirements that have stymied may would-be homebuyers over the past few years. The reason? The refi boom which was triggered by ever lower interest rates has about run its course. In the search for other profit centers, many banks are trying to fill the void with loan origination business. Continue reading “Easing Bank Credit Standards And Lending Terms? It’s About Time!”
