HUD Secretary Alphonso Jackson Stepping Down
U.S. Housing and Urban Development Secretary Alphonso Jackson announced today he will be stepping down as the nation’s chief housing officer. Jackson will conclude his government service as the nation’s 13th HUD Secretary on April 18, 2008.
“During my time here, I have sought to make America a better place to live, work and raise a family,” said Jackson, who served as Deputy Secretary and then Secretary. “I take great pride in working alongside some of the most dedicated civil servants in America. The hardworking people at HUD make a difference in the lives of thousands of Americans daily.”
Vacation and Investment Home Sales Declined With The Overall Market In 2007
The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®.The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.
Curb Appeal Can Get Buyers in the Door
When it comes to purchasing a home, buyers do indeed judge a book by its cover, according to a new nationwide survey of real estate agents commissioned by JELD-WEN® Windows & Doors.
Curb appeal has traditionally been an important part of the sales process; however, the recently released Real Estate Agent Community Trends (REACT) survey found that it is absolutely essential to getting buyers in the door and fostering a sale. Specifically, 82 percent of agent respondents said they have had potential buyers decline to look at the interior of a home based on the exterior appearance.
Refinance Applications Up 82.2 Percent In Latest MBA Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased 46.1 percent compared with the previous week and was up 41.1 percent compared with the same week one year earlier.
Federal Prosecutors Announced Indictments In Major Mortgage Fraud Scheme
United States Attorney McGregor W. Scott; FBI Special Agent in Charge Drew Parenti; and Internal Revenue Service Criminal Investigation Special Agent in Charge Scott O’Briant announced today the indictment of 19 individuals for mortgage fraud-related offenses under Operation Homewrecker. The leader of this nationwide scam is CHARLES HEAD, 33, of Los Angeles, California, who targeted homeowners in dire financial straits, fraudulently obtaining title to over 100 homes and stole millions of dollars through fraudulently obtained loans and mortgages. Operation Homewrecker is the product of an extensive investigation by the FBI and IRS Criminal Investigation.
California Sales Decrease 28.5 Percent, Median Home Price Falls 26.2 Percent
Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Although sales rose for the fourth straight month in February by 9.5 percent compared to the previous month, they continue to be dragged down by the ongoing effects of both the credit/liquidity crunch and tighter underwriting standards that have reduced the pool of qualified buyers who can obtain a loan,” said C.A.R. President William E. Brown.