Why Millennials don't buy in to mentoring Older generations must demonstrate their mastery

BY GAHLORD DEWALD, FRIDAY, JULY 27, 2012 Inman News®

Monks image via Shutterstock.

Last week I attended the memorial service for one of my early mentors, Dan Carr of the Golgonooza Type Foundry and Letterpress (I sometimes joke that I'm the last of the "printer's devils"). These kinds of things naturally remind me of the wealth of ideas and wisdom passed on to me from those who have gone before and how truly influential one can be.

There are all manner of things I would never have learned or thought about had I not been influenced by Dan at the time I was. Most likely entire aspects of my thinking would be significantly different, and likely poorer.

Earlier this year, at the National Association of Realtors' Midyear meetings, I was invited to participate in the pilot of a scenario planning program NAR put together. During this event, small groups were assembled to play some "what if" around different possible futures.

Fears for the US economy are overdone Commentary: Whatever the Fed does will raise hopes -- and some interest rates

BY LOU BARNES, FRIDAY, JULY 27, 2012 Inman News®

Ben Franklin on $100 bill image via Shutterstock.

Next week sets up as three difference-making days, markets right now pulling chips and setting new bets.

The Fed will conclude a meeting on Wednesday, and we'll get the July survey from theInstitute for Supply Management (ISM) the same day. Thursday the European Central Bank will meet. Friday comes the whale: employment stats for July.

The tilt going in: the first substantial selling of 10-year T-notes in weeks, its yield up from brief visits to 1.39 percent to 1.53 percent today, the high in three weeks. Why traders would unload the safety play just when the party is getting ugly ... takes a little telling.

5 questions every buyer should ask their agent Mood of the Market

BY TARA-NICHOLLE NELSON, MONDAY, JULY 30, 2012 Inman News®

Counting pennies image via Shutterstock.

In this day and age, one can easily get educated about homebuying online, on your couch and in your pajamas -- and while watching "House Hunters International," no less! Yet there are still nuances and insights on the process that are best communicated one to one, from a human professional who has been through this process dozens or hundreds of times. Accordingly, first-time buyers are frequently given the sound advice to vigorously interview agents before hiring them, and lists of interview questions are all over the Web.

That said, in the Profile of Home Buyers and Sellers recently released by the National Association of Realtors, 81 percent of first-time buyers said the benefit of having an agent was that the agent helped get them educated about the buying process, and more than half of all buyers said their agent pointed out features or faults of a property that they would not otherwise have noticed.

Century 21 TV ads airing during Olympics Franchisor's 'Smarter, Bolder, Faster' campaign featured during Super Bowl

BY INMAN NEWS, MONDAY, JULY 30, 2012 Inman News®

U.S. soccer image via Shutterstock.

Real estate franchisor Century 21 Real Estate LLC is taking its "Smarter, Bolder, Faster" TV ad campaign to the 2012 Summer Olympics.

The Realogy Corp. subsidiarysays the TV commercials -- part of a high-profile campaignlaunched last year -- will air more than 100 times during NBC Sports Network and MSNBC broadcasts. The Olympics, held in London, kicked off Friday and run through Sunday, Aug. 12.

Century 21 ran a 30-second "Smarter, Bolder, Faster" spot in February during the third quarter of Super Bowl XLVI. The ad featured real estate mogul Donald Trump, NFL Hall of Famer Deion Sanders, and U.S. Olympic speed skater Apolo Ohno.

"Earlier this year we showcased the capabilities of our real estate professionals on the largest single-day sports event in the U.S. with our first-ever Super Bowl commercial," said Bev Thorne, Century 21's chief marketing officer, in a statement. "Now our commercials will air throughout the next two weeks during what we expect will be the most viewed games in television history."

4 opportunities agents should cash in on Grow your real estate business in 2012

BY BERNICE ROSS, MONDAY, JULY 30, 2012 Inman News®

Sack of money image via Shutterstock.

Editor's note: This is the first of a two-part series.

At the recent AFIRE (Awesome Females in Real Estate) conference, Deborah Falcone, real estate director for the Wall Street Journal, shared the Journal's latest research on the key trends currently shaping today's real estate market as well as ways brokers and agents can capitalize on these trends to grow their business.

1. Investors move the market
According to the National Association of Realtors, the number of homes purchased in 2011 by investors jumped 65 percent to 1.2 million. Investors represented 27 percent of all home sales.

Opportunity: Working with investors will continue to be a great source to expand your business whether you are an individual agent or a brokerage. Many Gen Yers are having difficulty finding employment or are so burdened with college loans that they cannot afford to purchase a home. As a result, "Gen Rent" will continue to drive the demand for rental properties and investments.

5 green energy projects with buyer appeal Real Estate Tax Talk

BY STEPHEN FISHMAN, FRIDAY, JULY 27, 2012 Inman News®

Wind turbine image via Shutterstock.

In this difficult real estate market, one way homeowners can make their property more attractive to potential buyers is to install energy-saving equipment such as solar panels and solar water heaters.

This can not only increase the value of a home, it can also result in a tax credit for the homeowner. A tax credit results in a dollar-for-dollar reduction in your taxes -- for example, a $1,000 tax credit reduces the amount of taxes you pay by $1,000. Moreover, you may claim tax credits regardless of whether you itemize deductions on IRS Schedule A.

The residential energy tax credit helps individual taxpayers pay for residential alternative energy equipment. You can get the credit for installing such equipment in your primary residence or second home, and for new construction. This credit is for residential property only, not rentals. It is scheduled to be phased out at the end of 2016, so you have some time to act.

Don't wait for NAR to rethink the future Realtor Notebook

BY TERESA BOARDMAN, THURSDAY, JULY 26, 2012 Inman News®

Man holding lightbulb image via Shutterstock.

It has been my observation that people who are not members of the National Association of Realtors are more supportive of the organization than many of its members.

To me, as a member, NAR is big and bureaucratic and seems out of touch with the average member. The average member is much older than the ideal member, more likely to be female, and may not have health insurance but still pays dues every year.

And every year, NAR launches some new initiative. The latest is called "Rethink the Future of Real Estate."

According to a dedicated website created by NAR, rethinkfuture.com, the Rethink initiative will launch in August. A number of workshops will be held with a goal of reaching 20,000 people before publication of a final report at NAR's 2013 annual conference.

Most traffic to third-party sites doesn't convert into sales How to take advantage of Trulia, Zillow leads at no cost

BY BERNICE ROSS, THURSDAY, JULY 26, 2012 Inman News®

Discouraged woman image via Shutterstock.

The major third-party websites such as Realtor.com, Trulia and Zillow like to promote how many "unique" visitors they have to their respective sites. For agents and brokers alike, the question is whether all this traffic is something that translates into closed transactions for their respective businesses.

I recently did a three-part series on listing syndication including a look at how some brokerages are addressing the syndication issue. After the first part of the series ran, I received a nice call from one of the people at Zillow. She shared that they had 35 million unique visitors the preceding month.

NAR urges lenders to release REOs Lack of inventory blamed for decline in pending home sales

BY INMAN NEWS, THURSDAY, JULY 26, 2012.

Inman News®

Hydroelectric dam image via Shutterstock.

The National Association of Realtors today urged lenders to release any bank-owned properties that have been held back in markets with inventory shortages, blaming the tight supply of homes as a factor in a 1.4 percent decline in pending home sales from May to June.

Although NAR's Pending Home Sales Index slipped to 99.3 in June, that's up 9.5 percent from the 90.7 reading recorded a year ago, marking 14 consecutive months of year-over-year gains. An index of 100 is equal to the average level of contract activity during 2001, a "historically healthy" year for housing sales.

NAR Chief Economist Lawrence Yun said buyer interest "remains strong, but fewer home listings mean fewer contract signing opportunities. We've been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors."

Yun thinks housing starts will likely need to double over the next two years to satisfy the pent-up demand for both rentals and ownership.

Husband's affair inspires FSBO marketing campaign 'Adulterers need not apply'

BY INMAN NEWS, WEDNESDAY, JULY 25, 2012 Inman News®

Photo of for sale sign via GreatFamilyHome.com.

A Beaverton, Ore., woman has created what may be the most successful single-property "for sale by owner" website in history by advertising that her home is up for sale because her husband of 10 years left her for a younger woman.

"Husband left us for a 22 year old," says a sign in the front yard of Elle Zober's home. "House for sale by scorned, slightly bitter, newly single owner."

Realtor tries a new tack with music video Lip-synced spot designed to get clients to 'Call Me Maybe'

BY PAUL HAGEY, WEDNESDAY, JULY 25, 2012 Inman News®`

Video camera image via Shutterstock.

A Realtor in North Carolina is trying (tongue-in-cheek) a new tack to get potential clients to call -- making a music video. Call me, maybe?

Justin Bieber's done it. TheHarvard Baseball team's done it. Katy Perry's done it. The Miami Dolphins Cheerleader shave done it. Now a Realtor has done it.

Jessica Edwards, 30, an agent with Coldwell Banker Sea Coast Realty in Wilmington, N.C., got seven girlfriends together on a Monday evening a couple of weeks ago, hired her listings videographer and filmed a lip-synced music video of Carly Rae Jepsen's hit pop song, "Call Me Maybe," currently the No. 3 single in the iTunes Music Store.

Listingbook AI now available through 70 MLSs Agents can monitor, collaborate with clients searching for properties

BY INMAN NEWS, WEDNESDAY, JULY 25, 2012 Inman News®

Fiber optic filaments image via Shutterstock.

Listingbook LLC has signed agreements with 10 multiple listing services to make the company's client management system, Listingbook AI, available to MLS members and their clients.

The Greensboro, N.C.-based company says it now has agreements in place with 70 MLSs representing about 60 percent of agents nationwide to provide access to Listingbook AI.

Listingbook AI allows real estate agents to provide their clients -- homebuyers and sellers -- with access to their local MLS data through Listingbook.

Buyers and sellers who sign up to work with an agent gain access to public records, recent and past sales, community and school information, taxes, and loan estimates. Real estate agents can use Listingbook AI to monitor and collaborate with their clients.

ByOwner.com relaunches as free classifieds site New owners expand coverage to include rentals, autos, boats, jobs

BY INMAN NEWS, WEDNESDAY, JULY 25, 2012.

Inman News®

Newspaper classifieds image via Shutterstock.

The new owners of the "for sale by owner" website ByOwner.com have revamped it by expanding its coverage beyond real estate, eliminating fees for users placing classified ads, and syndicating inbound and outbound postings from other classified portals.

Under the ownership of Boca Raton, Fla.-based Wild Wild West Group LLC, ByOwner.com will generate revenue by selling ads to nonclassified advertisers such as apartment communities and auto dealerships, President Greg Sullivan said. For now, paid advertising is limited to ads served up by Google's AdSense program.

ByOwner.com, which previously served homeowners selling their properties "FSBO" -- without the help of a real estate broker -- is not getting out of the real estate business. In addition to offering free classifieds advertising properties for sale or rent, the site also plans to offer a "flat fee" listing program for sellers who want their homes advertised in a multiple listing service (MLS).

3 alternatives to signpost fliers Don't force would-be buyers to call for information

BY ALISHA ALWAY BRAATZ, WEDNESDAY, JULY 25, 2012 Inman News®

For sale sign image via Shutterstock.

Let me start with my No. 1 pet peeve in real estate : a "for sale" sign in front of a house with no information other than the Realtor's phone number.

Now, I have heard a LOT of reasons as to why this is a preferable practice. Mostly, I think, these justifications come from a very selfish place in the heart of the Realtor. Here are the two most oft-heard -- and hideous -- excuses:

• If you don't list a price, then people are forced to call you for more information. When they call you, voila! A lead! Not providing a price on a sign is a lead generation tool!
• Fliers are a waste of money. People just take them and throw them in the trash, so it is better not to provide one at all.

New-home sales fall short of expectations Pace slackens from May to June, but rises 15.1 percent from last year

BY INMAN NEWS, WEDNESDAY, JULY 25, 2012 Inman News®

New-home image via Shutterstock.

Sales of new single-family homes dropped 8.4 percent from May to June, but at a seasonally adjusted rate of 350,000 homes per year were up 15.1 percent from the same time last year, the Census Bureau reported today.

While the June numbers fell short of some analysts' expectations, sales for the first half of the year are ahead of projections, and today's report "was still fairly solid," according to Bill McBride of the blog Calculated Risk.

4 tips for writing powerful real estate copy Use numbers, action verbs to appeal to buyers' senses

BY BERNICE ROSS, MONDAY, JULY 23, 2012 Inman News®

Lockbox image via Shutterstock.

The headlines you write for your listings, website, blogs and ads can make or break your business. How effective are you at writing a great real estate headline?

One of best tools available for writing ads, blog posts or articles is the Headline Analyzer from the Advanced Marketing Institute. The Headline Analyzer allows you to see how your headlines compare against those written by professional copywriters.

To use the Headline Analyzer, begin by entering your headlines, select "real estate" as the field in which you are interested, and the Headline Analyzer will evaluate how effective your headlines are based upon three different dimensions: intellectual, empathetic and spiritual. The most effective headlines appeal to all three groups.

Little apps can simplify your life Dropbox, Sparrow, CoBook, and Fantastical are simplified interfaces for everyday tasks

BY GAHLORD DEWALD, FRIDAY, JULY 20, 2012 Inman News®

Sparrow image via Shutterstock.

For the past year or so I've noticed something about my computer use: I'm slowly replacing the core software and features that get used day in, day out.

It all started with Dropbox.

One of the core features of a computer is that it stores stuff. Spreadsheets, word processing documents, code and so on are all kept somewhere on the computer. On the hard drive.

It's such a core feature of a computer that the size of the hard drive is one of those things that gets promoted. One of those "size matters" situations.

One of the hassles, though, is that the bigger the hard drive, the more I seem to scatter stuff all over. Sure, it's mostly in a folder labeled, "Documents." And yes, it's all backed up about six ways from Sunday.

But there's that pile of random stuff on the desktop -- what I like to think of as the remains of frenzied creative activity. And there's the pile of items on my RAID array. It isn't in one place.

Home sellers using rent-back as safety net Avoid moving twice by staying in your old home while shopping for a new one

BY DIAN HYMER, MONDAY, JULY 23, 2012 Inman News®

Moving image via Shutterstock.

Some sellers who own one home and want to move to another have been having a difficult time making the move in the current housing market. Most sellers can't afford to buy a new home first, move in and then sell the old house.

Financial constraints usually force sellers into a position where they need to sell first, unless they are buying in a soft market where sellers are open to accepting offers made contingent on the sale of another property.

For sellers who need to sell first, the nagging question is: Where do I move when this house sells? If you can buy contingent on the sale of your current home or contingent on the close of that sale if you already have a buyer for your home, you can move directly from your current home to the new one.

Austin Realtors sign up for Matrix CoreLogic: 25 MLSs now using platform acquired in 2011 Tarasoft deal

BY INMAN NEWS, MONDAY, JULY 23, 2012 Inman News®

Binary data image via Shutterstock.

The Austin Board of Realtors (ABoR) has signed a multiyear agreement to offer CoreLogic Inc.'s Matrix MLS platform to its 9,000 members alongside of ABoR's current Fusion/MLXchange MLS system, also from CoreLogic.

"Matrix provides the speed and mobile accessibility that many of our members are looking for," said ABoR CEO Matt Maire in a statement. "By offering Matrix alongside our existing MLS system, we can expand our menu of services and empower our members to differentiate themselves in a competitive market."

ABoR is the ninth new MLS to sign up for Matrix since CoreLogic acquired the platform's Canadian-based developer, Tarasoft Corp., in September 2011 for $30.3 million. In January, Michigan's largest MLS, Realcomp II Ltd., signed a multiyear agreement to use Matrix.

Shoot for recommendations, not referrals | Enthusiastic customers can't imagine anyone buying or listing real estate with anyone but you

BY DAVID FLETCHER, WEDNESDAY, JULY 18, 2012 Inman News®

Two thumbs up image via Shutterstock.

I have two puzzles for you. Ready?
If Agent A has a database of 100 names of people from social networking or business cards who have never referred business to her, how many referrals do you think Agent A would receive if the database were increased to 1,000 names?
The correct answer is that she'll receive referrals at about the same rate as you receive them from your own networking database. My guess is that is somewhere around 1 percent or less.
Here's another puzzle.
Agent B just left a closing with a commission check in hand. The buyers said at the closing, "We have no complaints." In other words, they are a satisfied customer.

Realtor.com beta testing site redesign NAR listing portal will employ 'adaptive' home page

BY INMAN NEWS, WEDNESDAY, JULY 18, 2012 Inman News®

Mouse in maze image via Shutterstock.

Realtor.com operator Move Inc. is beta testing changes to the official listing portal of the National Association of Realtors that the company says are aimed at making the site easier to navigate and use.

First-time visitors will see a simplified home page that encourages them to "dive into search," while returning visitors will be served up a location-specific landing page that "intelligently remembers what they've been doing on the site," said Move Creative Director Amit Kulkarni in a blog post explaining the planned changes.

HUD boosting sales of distressed FHA loans Purchasers must delay foreclosure for a minimum of 6 months

BY INMAN NEWS, WEDNESDAY, JULY 18, 2012 Inman News®

Tampa, Fla. image via Shutterstock.

The U.S. Department of Housing and Urban Development is now accepting applications from investors interested in buying pools of severely distressed mortgages formerly insured by the Federal Housing Administration, HUD announced today.

Under its Distressed Asset Stabilization Program, on Sept. 12, HUD will be selling about 9,000 defaulted loans, about 40 percent of which will be located in four metropolitan areas particularly hard-hit by the foreclosure crisis and with large inventories of real estate owned (REO) properties: Chicago; Newark, N.J.; Phoenix; and Tampa, Fla.

September's single-family loan sale will represent a sharp ramp-up for the program, which has thus far sold more than 2,100 such loans since its inception in 2010.

Underwater homes keeping a lid on inventory | CoreLogic: Tight market conditions fueling price increases

BY INMAN NEWS, WEDNESDAY, JULY 18, 2012 Inman News®

Underwater homes image via Shutterstock.

Home prices saw the largest spring gain in a quarter century during the three months through May, but the sluggish economy threatens further price recovery, according to a monthlyreport from economists at real estate and mortgage data aggregator CoreLogic.

After reaching a low for the downturn in February, home prices rose 5.6 percent during the three months ending in May -- the largest increase within the same three-month period in the last 25 years, CoreLogic said.

May was also the third consecutive month home prices posted year-over-year gains, increasing by 2 percent. Among the 100 largest metro areas, 71 saw price increases -- the largest number since November 2006, according to CoreLogic.

A pending home price index from CoreLogic indicates that prices rose a further 1.6 percent from May to June.

Mobile game ad campaign deemed a success | Century 21's presence in 'We City' generates 5.4 million welcome-screen views

BY INMAN NEWS, WEDNESDAY, JULY 18, 2012 Inman News®

Tablet user image via Shutterstock.

Last year, franchisor Century 21 Real Estate launched an advertising campaign on We City, a social, mobile online game where users build SimCity-like virtual metropolises. This year, it was recognized as a success.

The campaign -- along with about 700 other print, Web and video winners -- was awarded aHermes Creative Award platinum honor, the contest's highest. The annual contest, which recognizes successful and innovative work, is run by the Association of Marketing and Communication Professionals and had 4,700 entries this year.

Real estate odds and ends: Look for more Realtors, smaller apartments, and Bruce Wayne in Chicago A global roundup of real estate industry items of interest

BY MARY UMBERGER, WEDNESDAY, JULY 18, 2012 Inman News®

Bikeworldtravel / Shutterstock.com

Glimpses (and confirmed sightings) across a very broadly defined real estate landscape:

He's a 1 percenter

That's one interesting way to get a tax deduction: Facebook.com founder Mark Zuckerberg refinanced the mortgage on his Palo Alto, Calif., home in April with a 1.05 percent adjustable-rate mortgage on a loan of $5.95 million,according to the San Jose Mercury News.

Boldface names department

If Wayne Manor were real, it would list for $32.1 million, calculates Movoto.com. The blog on the online brokerage's site, inspired by the release of the latest Batman flick, "The Dark Knight Rises," decided, inexplicably, that Gotham City is really Chicago, and created a listing for the imagined home of the Caped Crusader's alter ego, Bruce Wayne.

Real estate odds and ends: Look for more Realtors, smaller apartments, and Bruce Wayne in Chicago A global roundup of real estate industry items of interest

BY MARY UMBERGER, WEDNESDAY, JULY 18, 2012 Inman News®

Bikeworldtravel / Shutterstock.com

Glimpses (and confirmed sightings) across a very broadly defined real estate landscape:

He's a 1 percenter

That's one interesting way to get a tax deduction: Facebook.com founder Mark Zuckerberg refinanced the mortgage on his Palo Alto, Calif., home in April with a 1.05 percent adjustable-rate mortgage on a loan of $5.95 million,according to the San Jose Mercury News.

Report: Countrywide tried to influence policymakers Lawmakers positioned to affect GSE reform received discounted loans

BY INMAN NEWS, TUESDAY, JULY 17, 2012 Inman News®

Gifts image via Shutterstock.

Mortgage lender Countrywide Financial Corp. gave sweetheart deals on mortgage loans to members of Congress and other influential Washington policymakers with the goal of reaping political and financial benefits, according to a Congressional committeereport.

The report, released earlier this month, is the result of a three-year investigation by the U.S. House of Representatives' Committee on Oversight and Government Reform, chaired by Republican Rep. Darrell Issa.

The investigation began after the news media began reporting that several lawmakers and other government officials got loans through a VIP program referred to as "Friends of Angelo." Angelo Mozilo was CEO of Countrywide.

Home equity protection insurance yanked off the market | No explanation from backers, including venture capital firm Kleiner Perkins

BY KEN HARNEY, TUESDAY, JULY 17, 2012 Inman News®

Empty seats image via Shutterstock.

Its Silicon Valley venture capital backers saw it as a game-changer for real estate, and envisioned themselves picking off $250 million a year out of a potential $25 billion market: insurance policies that would protect the nation's homeowners from one of their deepest fears -- further losses in their equity.

Known as "Home Value Protection," the plan was featured on CNBC, FOX Business and publicized in news articles across the country.

As recently as June 20, Scott Ryles, chairman and CEO of the company that developed it, San Francisco-based Home Value Insurance Co., told journalists at the National Association of Real Estate Editors' annual conference in Denver that despite continuing home value declines in many local markets, his policyholders "have financial protection and peace of mind knowing they are insured against a housing market that continues to prove difficult to predict."

Average Americans no richer than 25 years ago From AOL Real Estate

BY AOL REAL ESTATE, TUESDAY, JULY 17, 2012.

Returning students image via Shutterstock.

Editor's note: The following item is republished with permission of AOL Real Estate. See the original article: Middle Class Didn't Lose as Much Wealth as Thought, Scott Winship of Brookings Institution Says.

By TEKE WIGGIN

Americans are richer than they might think, though it may not seem like it.

The Census Bureau recently released data that indicated a drop of more than 35 percent in median household wealth between 2005 and 2010, while the Federal Reserve released a survey weeks ago that found that median net worth plummeted by 39 percent from 2007 to 2010.

HARP refinancings take off Share of loans going to underwater borrowers also picking up

BY INMAN NEWS, TUESDAY, JULY 17, 2012 Inman News®

Leaping dog image via Shutterstock.

As mortgage rates continued to hit new depths, the number of refinancings completed through the Obama administration's mortgage refinance program more than doubled year over year in May, according to a monthly report from the Federal Housing Finance Agency.

Last fall, the FHFA, which regulates government-sponsored enterprises Fannie Mae and Freddie Mac,announced several changes to the Home Affordable Refinance Program (HARP) in an effort to boost participation.

Lenders using new credit score may approve more loans CoreLogic providing supplemental consumer credit data for new FICO Mortgage Score

BY ANDREA V. BRAMBILA, MONDAY, JULY 16, 2012 Inman News®

Credit score image via Shutterstock.

Mortgage lenders now have access to a new credit score designed to uncover potential borrowers' hidden credit histories and more accurately predict mortgage loan performance.

Last fall, Santa Ana, Calif.-based real estate and mortgage data aggregator CoreLogic signed an agreement with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

10 tips for successfully handling multiple offers | Agents, are you prepared for market shift?

BY BERNICE ROSS, MONDAY, JULY 16, 2012 Inman News®

Purchase offer image via Shutterstock.

Editor's note: This is the first in a two-part series.

When I was actively selling real estate in Southern California, multiple offers were a fact of life. While you may think that receiving two or more offers on one of your listings is a great situation to be in, actually it's not. For properties that sell with a single offer, the fallout rate is 10 percent. For properties where there are two or more offers, the fallout rate increases to 50 percent.

Rising home prices bring 700,000 homeowners above water CoreLogic: Negative equity concentrated among homes under $200,000

BY INMAN NEWS, FRIDAY, JULY 13, 2012 Inman News®

Home on life preserver image via Shutterstock.

Rising home prices helped more than 700,000 homeowners regain equity in their homes during first quarter, but 11.4 million borrowers still owed more on their mortgage than their homes were worth, according to the latest reportfrom data aggregator CoreLogic.

The number of U.S homeowners with negative equity declined by 6 percent in the first quarter compared to the fourth quarter, leaving 23.7 percent of all homes with mortgages underwater. That's down from 25.2 percent in the fourth quarter.

When the 2.3 million borrowers with less than 5 percent equity, which CoreLogic calls "near-negative equity," are included, 28.5 percent of mortgaged homes were either underwater or nearly underwater in the first quarter, down from 30.1 percent.

An alternate approach to mortgage shopping Commentary: Regulators can't see past best mortgage price

BY LOU BARNES, FRIDAY, JULY 13, 2012 Inman News®

Bloodhound image via Shutterstock.

Midsummer is known in the news biz as "silly season." In the absence of real news, headlines run "MAN BITES DOG." It's a little early this year, but it got hot early. The usual time is on the cusp of July to August, when Europe shuts down for a month's vacation; this year Europe may shut down somewhat later, for longer.

Only one piece of hard economic data this week: An index gauging the sentiment of small-business owners dumped three points of index optimism in June. That's a lot for a single month, but the overall index value is still in the middle of the chatter back to 2010.

Internet scams use Re/Max brand Franchisor warns consumers of email account phishing, rental schemes

BY PAUL HAGEY, FRIDAY, JULY 13, 2012 Inman News®

Cybercrime image via Shutterstock.

The Re/Max real estate brand name has been used in at least two recent online scams, one an email account phishing ploy, the other a false rental scheme.

The online scams appear to be part of the larger milieu of Internet fraud, which, according to the FBI, increased 3.4 percent last year in the U.S. and totaled $485.3 million in losses.

The global real estate franchisor, which has more than 90,000 affiliated agents, has issued warnings for both on its website.

A still-active website that "spoofs," or pretends to be a Re/Max website, attempts to obtain victims' email login and password info. The site has no connection to Re/Max, as evidenced by its address: dijitalkataloog.com.

How to rent out your vacation home, tax free | Real Estate Tax Talk

BY STEPHEN FISHMAN, FRIDAY, JULY 13, 2012 Inman News®

Vacation home image via Shutterstock.

The best type of income is tax-free income. Ordinarily, any rental income you receive is taxable. However, there is one little-known exception that can be particularly useful this time of year.

You can rent out your vacation home for up to 14 days per year and all the rental income you receive is tax-free, no matter how much you earn. In fact, you don't even have to report the income to the IRS.

This rule can provide you with a real windfall if you own a vacation home in a desirable area where people are looking for short-term rentals.

Traditional metrics don't capture the value of social media Measures need revising, or people will get burned by brand marketing

BY GAHLORD DEWALD, FRIDAY, JULY 13, 2012 Inman News®

Gauges image via Shutterstock.

Marketing online has, in many respects, been a battleground between two different camps of marketing strategy: branding and direct.

One camp brings years of cognitive science, psychology, and the language and imagery of narrative to the battleground. The other brings statistics, algorithmic math, and the language and imagery of systems. In between is almost every combination of those things you can imagine.

In a practical sense, direct marketing tends to focus on very clear metrics that obviously relate to the bottom line. The branding camp also has metrics, but their connection to the bottom line is seemingly more tenuous.

California foreclosure law draws industry fire 'Homeowner Bill of Rights' could restrict supply of short sales, REOs

BY ANDREA V. BRAMBILA, THURSDAY, JULY 12, 2012 Inman News®

Monopoly houses image via Shutterstock.

A package of bills designed to protect California homeowners facing foreclosure and signed into law Wednesday have drawn praise from consumer groups and criticism from some industry participants.

Identical bills S.B. 900 and A.B. 278, which make up the key provisions of the legislation, were passed by the state Legislature last week and will go into effect Jan. 1, 2013.

Known as the Homeowner Bill of Rights, the legislation bans so-called "dual tracking" and will stall the foreclosure process while mortgage servicers review applications for a loan modification.

Unique, local blog content trumps generic | Realtor Notebook

BY TERESA BOARDMAN, THURSDAY, JULY 12, 2012 Inman News®

Full house image via Shutterstock.

Daily posts on my real estate blog and my interactions on Facebook constantly remind me of how local real estate is.

Yet much of the information about real estate on the Internet, including agent marketing materials and testimonials, is generic. Some days it feels like we are in our own separate world.

There are a ton of generic agent websites out there. There are even special themes for real estate agent blogs, so they all have a similar look and feel. It's as if someone decided they have to look a certain way and feature the same stock photography.

Rockford Broker named #1 in the US

ROCKFORD (WIFR) -- Rockford has made another national list, but this time around, it’s for a good reason.

John Murray is a managing broker at Key Realty in Rockford and in 2011 he sold 1,199 homes. That's the equivalent of three homes sold per day. So that makes Murray the number one broker in the country, according to the Wall Street Journal. Murray is a Rockford native and says he's happy to bring some positive recognition to his hometown.

"It’s humbling and it makes me proud at the same time. I'm proud to represent Key Realty, I'm proud to represent all the hard working men and women of our association, because there are a lot of hard working realtors. And I'm proud to represent Rockford," says Murray.

To give you an idea of just how busy he is, Murray got a work call during his interview with 23 News.

Key Realty, Inc. is a full service real estate brokerage dedicated to feasible and sustainable homeownership in Northern Illinois. Understanding the real estate market allows Key to be successful in this current downturn. In fact, 2011 was the best year for Key Realty, selling over 1500 homes in the Northern Illinois area! Please give us a call at 815-713-1100 and let us demonstrate our expertise by helping you buy or sell your home.

When EXPERIENCE counts, trust Key Realty. Your Key to Success!

Signs that California real estate is making a comeback | Several data point to early stages of seller's market

BY BERNICE ROSS, THURSDAY, JULY 12, 2012 Inman News®

Happy man jumping image via Shutterstock.

A host of factors could send the real estate market back into a tailspin.

Will "Taxmageddon" send us back into recession?

Will Freddie Mac, Fannie Mae and FHA continue to exist?

Will the mortgage interest deduction and low down payments disappear?

Will the euro fail?

Will unemployment and weak manufacturing data in the U.S. and China continue to be the norm?