Highlights
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of tr...
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions involve a real estate agent, the rest were simply buyers and sellers hooking up independently. By-owner sales are popular among many people, in part because it saves on commissions. But even more buyers favor using a real estate agent who has the expertise and time to negotiate the complex processes. It may be obvious that no purchase in your life will ever be as crucial, but the good news is that it does not have to be as intimidating as you think. The single best piece of advice is not to let the big numbers and the jargon unnerve you. Simple, easy-to-understand step-by-step advice and instructions are available in literally hundreds of books in the library, on-line articles and websites (enter the words "real estate tips" and "selling" or "buying" in any search engine). Most give the exact same information although each may have a bit of a bias such as favoring by-owner or using a Realtor. Other significant advice: have patience; this can often be a long process and time usually is on your side. Trust your instincts; if a deal seems too good to be true, there's often a reason. Believe in options; just like buying a used car, there is always another house out there. Buying a home is essentially a lengthy parade of complex decisions, starting with whether this is the right time to be making a transaction. But the websites and books lay out the specific criteria you can use to make an informed judgment call rather than just making a blind guess. For buyers, the process includes finding out precisely how much you can spend on a house without destroying your standard of living; locating financing; identifying a large array of potential homes so you are not focused on one choice; visiting, inspecting and evaluating properties; negotiating a deal, and closing the deal.
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Energy Commission poised to boost building energy standards
SACRAMENTO -- California homes and buildings are about to become a lot more energy efficient, if state regulators, as expected, approve new building standards. The Energy Commission has scheduled for Thursday a last debate and vote on triennial, 2013...
Tags: Politics, Science and Technology, Alternative Energy, Standards, Environmental Issues
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Finally, it's mortgage do-over time
This month, Bank of America said it would start reducing mortgage balances by $150,000 on average for up to 200,000 underwater homeowners behind on their payments. The biggest news was the dog that didn't bark. Few pundits or Internet commenters...
Tags: Federal Reserve, Housing Industry, Money and Monetary Policy, Mortgages, Credit Ratings
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California is a Romney home state too
LA JOLLA — David and Cristina Sear were walking their Doberman pinschers in this seaside neighborhood when a big U-Haul truck pulled up around the corner from the $12-million beachfront home Mitt and Ann Romney had just bought. The driver could not...
Tags: Robin Abcarian, Holidays, Regional Authority, Personal Service, Services and Shopping
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Bank of America, Barclays sell Archstone stake
NEW YORK — Bank of America Corp. and Barclays Bank are selling their 26.5% stake in apartment building owner Archstone to Lehman Bros. Holdings Inc.'s bankruptcy estate for $1.58 billion.
The transaction disclosed Friday will give Lehman's estate...Tags: Companies and Corporations, Equity Residential, Lehman Brothers Holdings Inc., Financially Distressed Companies, Services and Shopping
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Celebrity sellers have little effect on home prices
Their internationally recognized names sell music and movie tickets. They promote perfumes and presidents. But when it comes to selling their own houses, celebrities often find that their cachet doesn't pull in the cash.
Actors Goldie Hawn and Kurt...Tags: O.J. Simpson, Goldie Hawn, Personal Service, Science and Technology, Services and Shopping
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Home resales rise in April
Americans are buying more homes in every region of the country, the latest indication that the housing market could be on the mend. An increasing portion of those sales is from first-time buyers, who are critical to a housing recovery. Sales of...
Tags: Homes, Services and Shopping, Real Estate Sales, Real Estate, Auto Trends
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Home sale contracts declined last month in California
The number of contracts signed for new home purchases in the Golden State dropped nearly 8% last month as the inventory of homes for sale remained tight, according to a real estate group. The California Assn. of Real Estate’s home sale index of...
Tags: Homes, Inventories, Services and Shopping, Real Estate Sales, Real Estate
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FHA may loosen limits on condo mortgages
WASHINGTON — Thousands of condominium owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing Administration is readying changes to its...Tags: Federal Housing Administration, Loans, Housing Industry, House Building, Mortgages
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Buyers of Olympic-Bundy property plan creative office campus
The West Los Angeles site of a proposed medical office and residential complex opposed by neighbors because of its size has been purchased by a local real estate company that vows to keep its development aspirations in check. Hudson Pacific Properties...
Tags: Realty, Sales, Business
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After slamming brakes on growth, China reaches for stimulus
BEIJING — After months of careful tinkering aimed at slowing China's supercharged economy, Chinese officials may have gotten more than they bargained for: The nation's economic engine is decelerating with alarming speed.
Industrial production in...Tags: Caterpillar Inc., China, General Motors Corp., Services and Shopping, Money and Monetary Policy
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Southern California housing data signal turnaround
Southern California's housing market showed signs of turning the corner in April as foreclosures made up the smallest share of sales in four years and the region's median home price increased for the first time since late 2010.
Among other evidence of...Tags: Politics, Morgan Stanley Dean Witter & Company, Housing and Urban Planning, Services and Shopping, Symptoms
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