Source: Housingwire
By: Catherine Sherman
While the kitchen is a place to gather in the home, it's not everyday you invite guests into your master bathroom -- especially when a camera is rolling. But Sylvia Roberts did just that. Her extravagant six-acre estate has been transformed into the home of country-music star Rayna Jaymes, played by Connie Britton (pictured below with co-star Hayden Panettiere) in ABC's "Nashville."
"Initially when I signed up to do the pilot, I had no idea it would turn into a hit TV series," Roberts said. "The process has been a little bit longer than expected, but I'm excited. I feel like it will get picked up for the next season." But while Roberts is having fun playing host to television stars, her property has yet to secure a buyer. She listed the home in October 2010 for $22.5 million and has since dropped the asking price to $19.5 million. Even for prestigious Belle Meade, Tenn., a city within Nashville, this is a lot to pay for a six-bedroom.
"The price range is limited in terms of who it attracts," said Steve Fridrich of Fridrich & Clark Realty, the listing agent for the property. "Exposure for the house has been good. Of course, on a TV show they don't say the house is for sale." While Fridrich was initially skeptical about whether "Nashville" would help sell the home, Roberts says that she would do it all over again in a heartbeat. "To me, it's amazing," she said. "For years, Nashville has been looked at as a redneck, hillbilly situation, but it's a warm, loving community and they have tried to represent that."
Roberts and her ex-husband purchased the 20,533-square-foot estate in April 1999. Over the past 14 years, she's raised a family, hosted charity events and weathered a flood filling her basement with five feet of water. But with a massive wine cellar, European wash bins and a spiraling staircase, any signs of damage were washed away with the flood.
"You don't really understand the home until you walk in the door," Roberts said. "Then you feel the warmth." The home's traditional Georgian style was inspired by A. Hays Town, a famous American architect influenced by the Spanish, French and Creole history of Louisiana. "We were in New Orleans and saw these brick columns [designed by Town] there," Roberts explained. "They were amazingly unique, so that's what we did. We didn't plaster over the columns."
And Roberts didn't stop there: She worked closely with interior designer Mary Spalding, filling the home with antiques and old light fixtures. "It's custom-built, every detail," Fridrich said. "It would be tough to rebuild it." But that's exactly what the producers of "Nashville" did. After shooting at the home for a few weeks, Roberts says the crew has only come by a dozen or so times to take measurements and photos of the landscape.
"They made a set duplicating my home," she explained. "From the coffee pot to the stove, the brick, the mortar -- they measured and took an exact replica of my home."
But a lack of movie cameras hasn't kept Roberts away from the show. Whether hosting viewing parties with her friends or making time for media interviews, she's embraced the adventure that is "Nashville." In fact, she may even play a cameo role in an upcoming episode. "I'm not going to have made that much money, but I've made so many new friends, and it's opened doors I didn't foresee," she said.
Due to the publicity on the show, Roberts says, the estate is going to be marketed overseas. A buyer from Atlanta also has recently shown interest. "It's kind of like 'Downtown Abby,' " said Fridrich. "That house is famous now and will always be famous." Hopefully, fame will turn into a sale. Today marks 911 days since the home hit the Nashville real estate market.
URL to original article: http://www.housingwire.com/fastnews/2013/04/09/nashville-house-hits-market-195-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 10, 2013
Tuesday, April 9, 2013
Fresno court: Motorist can't use hand-held map
Source: The Business Journal
Written by PAUL ELIAS, Associated Press
(AP) — Steven Spriggs was stopped in a traffic jam near downtown Fresno and thought nothing of whipping out his iPhone 4 and clicking on the map feature to see if there was an alternate route around the construction mess. He was startled when he looked up and saw a California Highway Patrol motorcycle officer ordering him to pull over. He showed the officer that he was looking at a map and not texting or talking. "'Pull over,'" Spriggs recalled the officer as saying. "'It's in your hand.'" A little more than a year later, Spriggs is at the heart of a novel court case that has technology blogs and social media sites buzzing about the $160 ticket plus court costs he was ordered to pay for "distracted driving." A court commissioner and then a three-judge appellate panel of the Superior Court found Spriggs guilty of violating a California law that bans motorists from texting or conducting phone conversations with hand-held devices. The judges rejected Spriggs' argument that they were expanding the law by refusing to toss out the ticket he got in January 2012. Spriggs, who graduated from law school but is not a practicing attorney, represented himself before the commissioner and then the appeals panel. He initially brought a paper map to court to argue that it was legal to hold it while driving. Not persuaded, the traffic court commissioner found him guilty. Next, he appealed to the three-judge panel of Fresno Superior Court, arguing in a legal brief that the iPhone has a flashlight feature and other functions that can be useful to a driver and aren't as dangerous as texting or talking. That hearing lasted all of 30 seconds because no one from the CHP or district attorney's office appeared to oppose the appeal by Spriggs. He still lost. Fresno County Judge Kent Hamlin, writing on March 21 for the three-judge panel upholding the commissioner's ruling, said "the primary evil sought to be avoided is the distraction the driver faces when using his or her hands to operate the phone. That distraction would be present whether the wireless telephone was being used as a telephone, a GPS navigator, a clock or a device for sending and receiving text messages and emails." The ruling doesn't apply outside of Fresno County. Nevertheless, Spriggs said he is troubled that police can now pull over motorists they suspect of simply holding their mobile phones. Spriggs, a fundraiser for Fresno State, said he's unsure if he has the time or money to pursue further appeals to the California Court of Appeal and the state Supreme Court. "I'm just a little guy who is frustrated," Spriggs said. "I don't see how they can extend this law." He actually supports the prohibition on texting and conversing on hand-held devices while driving, saying his adult son's leg was badly broken in 2010 when he was struck by a motorist who was chatting on a mobile phone. Judge Hamlin acknowledged in his ruling that changes in the law may be needed. "It may be argued that the Legislature acted arbitrarily when it outlawed all 'hands-on' use of a wireless telephone while driving, even though the legal use of one's hands to operate myriad other devices poses just as great a risk to the safety of other motorists," the judge wrote in the March 21 ruling. "It may also be argued that prohibiting driving while using 'electronic wireless communications devices' for texting and emailing, while acknowledging and failing to prohibit perhaps even more distracting uses of the same devices, is equally illogical and arbitrary." But the judge said it's up to the Legislature to amend the law. Until then, Hamlin wrote, courts are compelled to deem illegal nearly all uses of hand-held phone by motorists.
URL to original article: http://www.thebusinessjournal.com/news/technology/5610-fresno-court-motorist-can-t-use-hand-held-map
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by PAUL ELIAS, Associated Press
(AP) — Steven Spriggs was stopped in a traffic jam near downtown Fresno and thought nothing of whipping out his iPhone 4 and clicking on the map feature to see if there was an alternate route around the construction mess. He was startled when he looked up and saw a California Highway Patrol motorcycle officer ordering him to pull over. He showed the officer that he was looking at a map and not texting or talking. "'Pull over,'" Spriggs recalled the officer as saying. "'It's in your hand.'" A little more than a year later, Spriggs is at the heart of a novel court case that has technology blogs and social media sites buzzing about the $160 ticket plus court costs he was ordered to pay for "distracted driving." A court commissioner and then a three-judge appellate panel of the Superior Court found Spriggs guilty of violating a California law that bans motorists from texting or conducting phone conversations with hand-held devices. The judges rejected Spriggs' argument that they were expanding the law by refusing to toss out the ticket he got in January 2012. Spriggs, who graduated from law school but is not a practicing attorney, represented himself before the commissioner and then the appeals panel. He initially brought a paper map to court to argue that it was legal to hold it while driving. Not persuaded, the traffic court commissioner found him guilty. Next, he appealed to the three-judge panel of Fresno Superior Court, arguing in a legal brief that the iPhone has a flashlight feature and other functions that can be useful to a driver and aren't as dangerous as texting or talking. That hearing lasted all of 30 seconds because no one from the CHP or district attorney's office appeared to oppose the appeal by Spriggs. He still lost. Fresno County Judge Kent Hamlin, writing on March 21 for the three-judge panel upholding the commissioner's ruling, said "the primary evil sought to be avoided is the distraction the driver faces when using his or her hands to operate the phone. That distraction would be present whether the wireless telephone was being used as a telephone, a GPS navigator, a clock or a device for sending and receiving text messages and emails." The ruling doesn't apply outside of Fresno County. Nevertheless, Spriggs said he is troubled that police can now pull over motorists they suspect of simply holding their mobile phones. Spriggs, a fundraiser for Fresno State, said he's unsure if he has the time or money to pursue further appeals to the California Court of Appeal and the state Supreme Court. "I'm just a little guy who is frustrated," Spriggs said. "I don't see how they can extend this law." He actually supports the prohibition on texting and conversing on hand-held devices while driving, saying his adult son's leg was badly broken in 2010 when he was struck by a motorist who was chatting on a mobile phone. Judge Hamlin acknowledged in his ruling that changes in the law may be needed. "It may be argued that the Legislature acted arbitrarily when it outlawed all 'hands-on' use of a wireless telephone while driving, even though the legal use of one's hands to operate myriad other devices poses just as great a risk to the safety of other motorists," the judge wrote in the March 21 ruling. "It may also be argued that prohibiting driving while using 'electronic wireless communications devices' for texting and emailing, while acknowledging and failing to prohibit perhaps even more distracting uses of the same devices, is equally illogical and arbitrary." But the judge said it's up to the Legislature to amend the law. Until then, Hamlin wrote, courts are compelled to deem illegal nearly all uses of hand-held phone by motorists.
URL to original article: http://www.thebusinessjournal.com/news/technology/5610-fresno-court-motorist-can-t-use-hand-held-map
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, April 8, 2013
Mayor to host ‘Road Map for Fresno’
Source: The Business Journal
Mayor Ashley Swearengin will host a community gathering, “The Road Map for Fresno,” Tuesday evening and speak with Fresno residents about the direction of the city. The event will be held April 9 from 6 to 7:30 p.m at Hope Lutheran Church, 364 E. Barstow Ave. The mayor will provide an overview of the opportunities and challenges facing the community. Topics that may be included are jobs, neighborhoods, city services and the city’s budget. The doors will open at 5:30 p.m.
URL to original article: http://www.thebusinessjournal.com/news/government-and-politics/5598-mayor-to-host-road-map-for-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mayor Ashley Swearengin will host a community gathering, “The Road Map for Fresno,” Tuesday evening and speak with Fresno residents about the direction of the city. The event will be held April 9 from 6 to 7:30 p.m at Hope Lutheran Church, 364 E. Barstow Ave. The mayor will provide an overview of the opportunities and challenges facing the community. Topics that may be included are jobs, neighborhoods, city services and the city’s budget. The doors will open at 5:30 p.m.
URL to original article: http://www.thebusinessjournal.com/news/government-and-politics/5598-mayor-to-host-road-map-for-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Americans outlook on housing defies overall economic pessimism
Source: Housingwire
By Kerri Ann Panchuk
Consumers surveyed for Fannie Mae’s recent housing market update remain skeptical about the U.S. economy, while maintaining a sense of optimism about the overall housing recovery. This contradiction seems unusual, giving the two economic indicators are generally linked. For the past few years, housing economists, including chief economist Jay Brinkmann with the Mortgage Bankers Association, have made the obvious connection between job security and a sustainable housing recovery. But today’s market may be in unusual shape and Fannie Mae’s March 2013 National Housing Survey is shedding new light on this phenomenon. Only 35% of survey respondents to the GSE’s survey believe the economy is on the right track, down three percentage points from February. Yet, 48% of respondents believe home prices will rise in the next 12 months, and the share that expects prices to drop remains at a survey low of 10%. Twenty-six percent of the 1,001 Americans surveyed also believe now is a good time to sell a home, while the share of respondents who said they would buy if moving in the near future fell 3 percentage points to 64%, which is still relatively high. Fifty-percent of the respondents say home prices could rise in the next year, the highest level reached since the survey’s inception. Meanwhile, the percentage who think mortgage rates will rise increased to 46%, the highest level since May 2011. But relatively positive news on the housing side is not reflective of how consumers feel about the overall economy, the survey suggests. Only 20% of survey respondents said their household income is higher than it was 12 months ago, a slight decrease from a month earlier. And the percentage of respondents who believe their personal financial situations will get worse over the next year rose by 4 percentage points to 21%. Meanwhile, 32% reported higher household expenses when compared to 12 months ago, a slight uptick from February. Lackluster consumer confidence in the face of a housing recovery may give credence to reports such as this metrostudy report from Hanley Wood in which economists suggest the real estate recovery is largely driven by investor activity and not necessarily the creation of demand among traditional homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/08/americans-outlook-housing-defies-overall-economic-pessimism
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Consumers surveyed for Fannie Mae’s recent housing market update remain skeptical about the U.S. economy, while maintaining a sense of optimism about the overall housing recovery. This contradiction seems unusual, giving the two economic indicators are generally linked. For the past few years, housing economists, including chief economist Jay Brinkmann with the Mortgage Bankers Association, have made the obvious connection between job security and a sustainable housing recovery. But today’s market may be in unusual shape and Fannie Mae’s March 2013 National Housing Survey is shedding new light on this phenomenon. Only 35% of survey respondents to the GSE’s survey believe the economy is on the right track, down three percentage points from February. Yet, 48% of respondents believe home prices will rise in the next 12 months, and the share that expects prices to drop remains at a survey low of 10%. Twenty-six percent of the 1,001 Americans surveyed also believe now is a good time to sell a home, while the share of respondents who said they would buy if moving in the near future fell 3 percentage points to 64%, which is still relatively high. Fifty-percent of the respondents say home prices could rise in the next year, the highest level reached since the survey’s inception. Meanwhile, the percentage who think mortgage rates will rise increased to 46%, the highest level since May 2011. But relatively positive news on the housing side is not reflective of how consumers feel about the overall economy, the survey suggests. Only 20% of survey respondents said their household income is higher than it was 12 months ago, a slight decrease from a month earlier. And the percentage of respondents who believe their personal financial situations will get worse over the next year rose by 4 percentage points to 21%. Meanwhile, 32% reported higher household expenses when compared to 12 months ago, a slight uptick from February. Lackluster consumer confidence in the face of a housing recovery may give credence to reports such as this metrostudy report from Hanley Wood in which economists suggest the real estate recovery is largely driven by investor activity and not necessarily the creation of demand among traditional homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/08/americans-outlook-housing-defies-overall-economic-pessimism
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, April 5, 2013
Positivity expected at April 11 Real Estate Forecast
Source: The Business Journal
Experts painted a positive real estate picture at last year’s Real Estate Forecast titled “Looking Up.” Real estate is expected to continue on an upward growth curve and this year’s speakers, besides forecasting new opportunities, will look into the nuts and bolts of succeeding in today’s real estate market. They will address this year’s theme, “Unlock the Mystery.” The forecast, presented by the Economic Development Corporation serving Fresno County, is set for 5:30 p.m. April 11 at the Radisson Conference Center in Fresno. A lot of changes have taken place in real estate since the big bubble burst of 2007. So knowing today’s market and how to benefit from it is key for buying, selling or leasing real estate in the home, office, industrial, apartment, farm and retail markets. A select group from the real estate and finance industries will address the changes and discuss upcoming opportunities. Bobby Fena, senior vice president of Central California Colliers International Office Properties Group and Phil Souza, senior vice president of Grubb & Ellis/Pearson Commercial, will serve as masters of ceremonies. Speakers include: Stewart Randall, senior vice president of Central California Colliers International, addressing industrial real estate; Tony Cortopassi, senior associate with Cushman & Wakefield, looking at office real estate; John M. Shamshoian, broker and owner at Realty Concepts Ltd., discussing residential real estate; Andrew Hansz, professor and Gazarian Real Estate Center director at Craig School of Business, Fresno State, providing insight into finance and real estate; Robin Kane, senior vice president of Hendricks & Berkadia Apartment Real Estate Advisors, addressing multi-family real estate; Stanley Kjar, senior sales associate for Pearson Realty, digging into agriculture real estate; Doug Cords, real estate broker with Commercial Retail Associates, looking at retail real estate; Matt Renney, associate with Mohr-Rurik Capital Group Inc., discussing real estate finance. Randall will highlight the potential for a solid comeback in the industrial building market. Local industrial construction was almost non-existent for five years coming into 2013. But new warehouses are taking shape including a 96,000-square-foot industrial building in the 230-acre North Pointe Industrial development just south of E. North Avenue and just west of freeway 99 in south Fresno. Meanwhile, plenty of space exists in south and north Fresno for companies seeking to rent industrial space. When it comes to the office market, vacancies are forecast to continue their decline, especially in north Fresno. “The Herndon north submarket for office has improved the most over the last 12 months and seems to have an increased activity, which should continue to decrease vacancy in 2013,” Cortopassi said recently. The housing market will continue somewhat frustrating in that despite all the foreclosures in recent years, inventory remains very tight. Traditional sales are on the increase and that is good news for home shoppers seeking to move quickly into a Fresno-area home. Shamshoian is expected to address the declining home inventory and the rise in home prices. Home prices have risen more than 7 percent from last year. Sales happen much quicker than they did in 2012. Kane will report on an especially brisk apartment real estate market. Apartments and other multi-family housing are said to be renting 10 times faster now than they were two years ago. In a recent interview, Kane said that apartment buyers are looking for larger properties to invest in. He said low-income apartments sell extremely well, but buyers normally need incentives or a tax break to profit from them. Faced with higher payroll taxes and soaring gasoline prices, lower priced apartments are attractive to families, Kane said. That has bolstered demand among investor-buyers, he said. Looking at agricultural real estate, an abundance of buyers are in the market for prime farmland. “Demand is very high,” Kjar said recently. “With most farmers making a decent return in farming, there is little to no motivation to sell.” That has driven land prices up, he said. But water availability could play a role. “Demand could soften if water allocations don’t increase this year for areas on the westside,” Kjar said. Demand will also be affected by interest rates and the value of the dollar in other parts of the world. “If interest rates continue to rise and the dollar gets stronger in other parts of the world, it will affect the export market, which drives local agriculture,” Kjar said. “This could lead to a softening in demand and land prices.” Addressing retail real estate, Cords will report that the retail market is showing sings of resurgence. Newer shopping centers like the Clovis Crossing Shopping Center have plenty of potential. In a recent interview, Cords said shopping centers with good tenants in good locations within Fresno and Clovis are doing well. Older shopping centers are having a tougher time, Cords said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5580-positivity-expected-at-april-11-real-estate-forecast
For further information on Fresno Real Estate check: http://www.londonproperties.com
Experts painted a positive real estate picture at last year’s Real Estate Forecast titled “Looking Up.” Real estate is expected to continue on an upward growth curve and this year’s speakers, besides forecasting new opportunities, will look into the nuts and bolts of succeeding in today’s real estate market. They will address this year’s theme, “Unlock the Mystery.” The forecast, presented by the Economic Development Corporation serving Fresno County, is set for 5:30 p.m. April 11 at the Radisson Conference Center in Fresno. A lot of changes have taken place in real estate since the big bubble burst of 2007. So knowing today’s market and how to benefit from it is key for buying, selling or leasing real estate in the home, office, industrial, apartment, farm and retail markets. A select group from the real estate and finance industries will address the changes and discuss upcoming opportunities. Bobby Fena, senior vice president of Central California Colliers International Office Properties Group and Phil Souza, senior vice president of Grubb & Ellis/Pearson Commercial, will serve as masters of ceremonies. Speakers include: Stewart Randall, senior vice president of Central California Colliers International, addressing industrial real estate; Tony Cortopassi, senior associate with Cushman & Wakefield, looking at office real estate; John M. Shamshoian, broker and owner at Realty Concepts Ltd., discussing residential real estate; Andrew Hansz, professor and Gazarian Real Estate Center director at Craig School of Business, Fresno State, providing insight into finance and real estate; Robin Kane, senior vice president of Hendricks & Berkadia Apartment Real Estate Advisors, addressing multi-family real estate; Stanley Kjar, senior sales associate for Pearson Realty, digging into agriculture real estate; Doug Cords, real estate broker with Commercial Retail Associates, looking at retail real estate; Matt Renney, associate with Mohr-Rurik Capital Group Inc., discussing real estate finance. Randall will highlight the potential for a solid comeback in the industrial building market. Local industrial construction was almost non-existent for five years coming into 2013. But new warehouses are taking shape including a 96,000-square-foot industrial building in the 230-acre North Pointe Industrial development just south of E. North Avenue and just west of freeway 99 in south Fresno. Meanwhile, plenty of space exists in south and north Fresno for companies seeking to rent industrial space. When it comes to the office market, vacancies are forecast to continue their decline, especially in north Fresno. “The Herndon north submarket for office has improved the most over the last 12 months and seems to have an increased activity, which should continue to decrease vacancy in 2013,” Cortopassi said recently. The housing market will continue somewhat frustrating in that despite all the foreclosures in recent years, inventory remains very tight. Traditional sales are on the increase and that is good news for home shoppers seeking to move quickly into a Fresno-area home. Shamshoian is expected to address the declining home inventory and the rise in home prices. Home prices have risen more than 7 percent from last year. Sales happen much quicker than they did in 2012. Kane will report on an especially brisk apartment real estate market. Apartments and other multi-family housing are said to be renting 10 times faster now than they were two years ago. In a recent interview, Kane said that apartment buyers are looking for larger properties to invest in. He said low-income apartments sell extremely well, but buyers normally need incentives or a tax break to profit from them. Faced with higher payroll taxes and soaring gasoline prices, lower priced apartments are attractive to families, Kane said. That has bolstered demand among investor-buyers, he said. Looking at agricultural real estate, an abundance of buyers are in the market for prime farmland. “Demand is very high,” Kjar said recently. “With most farmers making a decent return in farming, there is little to no motivation to sell.” That has driven land prices up, he said. But water availability could play a role. “Demand could soften if water allocations don’t increase this year for areas on the westside,” Kjar said. Demand will also be affected by interest rates and the value of the dollar in other parts of the world. “If interest rates continue to rise and the dollar gets stronger in other parts of the world, it will affect the export market, which drives local agriculture,” Kjar said. “This could lead to a softening in demand and land prices.” Addressing retail real estate, Cords will report that the retail market is showing sings of resurgence. Newer shopping centers like the Clovis Crossing Shopping Center have plenty of potential. In a recent interview, Cords said shopping centers with good tenants in good locations within Fresno and Clovis are doing well. Older shopping centers are having a tougher time, Cords said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5580-positivity-expected-at-april-11-real-estate-forecast
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 3, 2013
Fannie's record profit a symbol of housing rebound
Source: The Business Journal
Written by MARCY GORDON, AP Business Writer
( AP) — Home prices are up. Foreclosures are down. Construction is up. And now comes the latest sign of the U.S. home market's revival: Fannie Mae, the mortgage giant that nearly collapsed five years ago, has earned its biggest yearly profit ever. Fannie Mae earned $17.2 billion last year and said Tuesday that it expects to stay profitable for "the foreseeable future." It also paid $11.6 billion in dividends to the U.S. Treasury in 2012. And last year was Fannie's first since its takeover by the government in 2008 that it asked for no federal aid. As recently as 2011, Fannie lost nearly $17 billion and requested nearly $26 billion in aid. Once symbols of the reckless risk-taking that fed the housing bubble, Fannie and its smaller sibling Freddie Mac were seized by the government in 2008 after they were buried by bad mortgages. Taxpayers have spent $188 billion to rescue the two firms — the costliest bailout of the financial crisis. Fannie still has a long way to go to repay taxpayers. It received $116 billion in aid. So far, it's repaid $35.6 billion. Freddie received $72 billion and has paid back nearly $24 billion. Freddie has reported positive earnings for five straight quarters. Fannie and Freddie don't actually make loans. But they exert huge influence in the housing market because they help make loans available. They do so by buying mortgages from lenders, packaging them as bonds, guaranteeing them against default and selling them to investors. Together, Fannie and Freddie together own or guarantee about half of all U.S. mortgages — nearly 31 million home loans worth $5 trillion. And along with other federal agencies, they back about 90 percent of new mortgages. The two companies nearly folded because of huge losses on risky mortgages they purchased. Fannie and Freddie bore some responsibility for those losses. Like banks, they relaxed their lending standards during the housing boom and failed to thoroughly check incomes and assets. High-interest loans, some with low "teaser" rates, were doled out to risky borrowers. Now, the two companies are benefiting from the home market's steady recovery. Nationally, prices have risen nearly 9 percent since bottoming in March 2012. The number of homes repossessed by lenders has reached its lowest point since September 2007, according to RealtyTrac, a foreclosure listing firm. And the proportion of loans Fannie holds or guarantees that are at least 90 days' delinquent is down: The figure dropped to 3.3 percent at the end of 2012, compared with 5.5 percent in early 2010. Fannie earned $7.6 billion in the October-December quarter, a quarterly record for the company. About $1.3 billion of the gain came from a settlement paid by Bank of America Corp. related to mortgages that soured during the housing crash. Fannie paid the Treasury a quarterly dividend of $2.9 billion. Under federal policy, Fannie and Freddie must turn over their profits to the government. Fannie's fourth-quarter earnings compared with a net loss of $2.4 billion in the final quarter of 2011. "Our financial results improved significantly in 2012, and we expect our earnings to remain strong over the next few years," Timothy Mayopoulos, Fannie's CEO, said in a statement. Fannie and Freddie had grown spectacularly during the housing boom as home prices soared and demand for mortgages exploded. The two rushed to compete with big banks for dominance in the mortgage market. In doing so, they bought or guaranteed mortgages they once would have deemed too risky. The two were championed by powerful lawmakers in Washington. And they compensated their executives with pay that was high even by the standards of Wall Street. After their takeover by the government, Fannie's and Freddie's pay and bonus structure came under fire when it was revealed that 12 executives received a total of $35.4 million in salary and bonuses in 2009 and 2010. Fannie's chief executive received about $9.3 million for the two years, Freddie's $7.8 million. Once mainstays of the New York Stock Exchange, the stocks of both companies traded above $60 in 2007. Since 2010, both have been listed on the Over-the-Counter Bulletin Board, an electronic quotation service. They're trading below $1. After it took control, the government owned 80 percent of each company, and a federal regulator has made financial decisions. The government provided taxpayer aid in exchange for preferred stock. The stock pays 10 percent interest, which Fannie and Freddie have been repaying in dividends each quarter in which they make a profit. As recently as mid-2011, some experts had suggested that Fannie and Freddie were so deep in debt to the government that it could take decades for them to be able to repay the taxpayers. But the past 12 to 18 months have market a solid advance for the housing market, noted Ken Mayland, president of ClearView Economics, and Fannie and Freddie are benefiting. "It's a spirited recovery," he said. "The housing sector will be by far the strongest (economic) sector growth-wise."
URL to original article: http://www.thebusinessjournal.com/news/national/5521-fannie-s-record-profit-a-symbol-of-housing-rebound
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by MARCY GORDON, AP Business Writer
( AP) — Home prices are up. Foreclosures are down. Construction is up. And now comes the latest sign of the U.S. home market's revival: Fannie Mae, the mortgage giant that nearly collapsed five years ago, has earned its biggest yearly profit ever. Fannie Mae earned $17.2 billion last year and said Tuesday that it expects to stay profitable for "the foreseeable future." It also paid $11.6 billion in dividends to the U.S. Treasury in 2012. And last year was Fannie's first since its takeover by the government in 2008 that it asked for no federal aid. As recently as 2011, Fannie lost nearly $17 billion and requested nearly $26 billion in aid. Once symbols of the reckless risk-taking that fed the housing bubble, Fannie and its smaller sibling Freddie Mac were seized by the government in 2008 after they were buried by bad mortgages. Taxpayers have spent $188 billion to rescue the two firms — the costliest bailout of the financial crisis. Fannie still has a long way to go to repay taxpayers. It received $116 billion in aid. So far, it's repaid $35.6 billion. Freddie received $72 billion and has paid back nearly $24 billion. Freddie has reported positive earnings for five straight quarters. Fannie and Freddie don't actually make loans. But they exert huge influence in the housing market because they help make loans available. They do so by buying mortgages from lenders, packaging them as bonds, guaranteeing them against default and selling them to investors. Together, Fannie and Freddie together own or guarantee about half of all U.S. mortgages — nearly 31 million home loans worth $5 trillion. And along with other federal agencies, they back about 90 percent of new mortgages. The two companies nearly folded because of huge losses on risky mortgages they purchased. Fannie and Freddie bore some responsibility for those losses. Like banks, they relaxed their lending standards during the housing boom and failed to thoroughly check incomes and assets. High-interest loans, some with low "teaser" rates, were doled out to risky borrowers. Now, the two companies are benefiting from the home market's steady recovery. Nationally, prices have risen nearly 9 percent since bottoming in March 2012. The number of homes repossessed by lenders has reached its lowest point since September 2007, according to RealtyTrac, a foreclosure listing firm. And the proportion of loans Fannie holds or guarantees that are at least 90 days' delinquent is down: The figure dropped to 3.3 percent at the end of 2012, compared with 5.5 percent in early 2010. Fannie earned $7.6 billion in the October-December quarter, a quarterly record for the company. About $1.3 billion of the gain came from a settlement paid by Bank of America Corp. related to mortgages that soured during the housing crash. Fannie paid the Treasury a quarterly dividend of $2.9 billion. Under federal policy, Fannie and Freddie must turn over their profits to the government. Fannie's fourth-quarter earnings compared with a net loss of $2.4 billion in the final quarter of 2011. "Our financial results improved significantly in 2012, and we expect our earnings to remain strong over the next few years," Timothy Mayopoulos, Fannie's CEO, said in a statement. Fannie and Freddie had grown spectacularly during the housing boom as home prices soared and demand for mortgages exploded. The two rushed to compete with big banks for dominance in the mortgage market. In doing so, they bought or guaranteed mortgages they once would have deemed too risky. The two were championed by powerful lawmakers in Washington. And they compensated their executives with pay that was high even by the standards of Wall Street. After their takeover by the government, Fannie's and Freddie's pay and bonus structure came under fire when it was revealed that 12 executives received a total of $35.4 million in salary and bonuses in 2009 and 2010. Fannie's chief executive received about $9.3 million for the two years, Freddie's $7.8 million. Once mainstays of the New York Stock Exchange, the stocks of both companies traded above $60 in 2007. Since 2010, both have been listed on the Over-the-Counter Bulletin Board, an electronic quotation service. They're trading below $1. After it took control, the government owned 80 percent of each company, and a federal regulator has made financial decisions. The government provided taxpayer aid in exchange for preferred stock. The stock pays 10 percent interest, which Fannie and Freddie have been repaying in dividends each quarter in which they make a profit. As recently as mid-2011, some experts had suggested that Fannie and Freddie were so deep in debt to the government that it could take decades for them to be able to repay the taxpayers. But the past 12 to 18 months have market a solid advance for the housing market, noted Ken Mayland, president of ClearView Economics, and Fannie and Freddie are benefiting. "It's a spirited recovery," he said. "The housing sector will be by far the strongest (economic) sector growth-wise."
URL to original article: http://www.thebusinessjournal.com/news/national/5521-fannie-s-record-profit-a-symbol-of-housing-rebound
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic: Home prices rise the most in seven years
Source: Housingwire
By Kerri Ann Panchuk
February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday. The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas. CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included. Without distressed properties, prices rose 1.5% month-to-month. Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February. The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%). On the flip side, the states where prices dropped the most include Delaware, with a 4.4% drop, Alabama (1.5% decline) and Illinois where values fell 1%. Still, for all transactions, the home price index remains 26.3% below levels reached during the market’s peak in April 2006.
URL to original article: http://www.housingwire.com/news/2013/04/03/corelogic-home-prices-rise-most-seven-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday. The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas. CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included. Without distressed properties, prices rose 1.5% month-to-month. Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February. The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%). On the flip side, the states where prices dropped the most include Delaware, with a 4.4% drop, Alabama (1.5% decline) and Illinois where values fell 1%. Still, for all transactions, the home price index remains 26.3% below levels reached during the market’s peak in April 2006.
URL to original article: http://www.housingwire.com/news/2013/04/03/corelogic-home-prices-rise-most-seven-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
All of the sudden, the time to sell is NOW!
Source: Housingwire
Posted by Megan Hopkins
It seems the transition is complete. In a recent survey by Redfin, 82% of agents described now as a "good time to sell," while only 57% described now as "a good time to buy." Let’s back up to the third quarter of 2012, when 54% of the agents polled considered it a good time to sell, but 75% called it a good time to buy. This complete ‘180’ in the housing markets can only be backed by dangerously low inventory, prices that continue to appreciate and low interest rates pushing buyers to buy now. I recently wrote about a house my husband and I put an offer in on. I felt fairly confident about our offer and we’d managed to tour the house less than 24 hours after it had gone on the market, putting our offer in the same day. Unfortunately, within a day, four other offers were put in and the seller chose a higher one. As a buyer, this is discouraging. It’s frustrating to know there is zero ‘wiggle room’ when it comes to negotiations and often homes are selling above the appraisal value. On the other hand, I can only imagine sellers are riding high and feeling good, as multiple offers pour in on their homes within a day. In fact, 98% of agents surveyed by Redfin agreed that sellers are becoming more confident about the market. With that in mind, 83% of agents agree that buyers also are becoming more confident, so it’s not totally a lost cause for those of us trying to find a home. Working in this industry, I can’t tell you how many people I’ve heard say "the time to buy is now." Well, as a buyer (often frustrated with this sellers’ market), I can tell you that the time to sell is now as well.
URL to original article: http://www.housingwire.com/rewired/2013/04/02/all-sudden-time-sell-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
Posted by Megan Hopkins
It seems the transition is complete. In a recent survey by Redfin, 82% of agents described now as a "good time to sell," while only 57% described now as "a good time to buy." Let’s back up to the third quarter of 2012, when 54% of the agents polled considered it a good time to sell, but 75% called it a good time to buy. This complete ‘180’ in the housing markets can only be backed by dangerously low inventory, prices that continue to appreciate and low interest rates pushing buyers to buy now. I recently wrote about a house my husband and I put an offer in on. I felt fairly confident about our offer and we’d managed to tour the house less than 24 hours after it had gone on the market, putting our offer in the same day. Unfortunately, within a day, four other offers were put in and the seller chose a higher one. As a buyer, this is discouraging. It’s frustrating to know there is zero ‘wiggle room’ when it comes to negotiations and often homes are selling above the appraisal value. On the other hand, I can only imagine sellers are riding high and feeling good, as multiple offers pour in on their homes within a day. In fact, 98% of agents surveyed by Redfin agreed that sellers are becoming more confident about the market. With that in mind, 83% of agents agree that buyers also are becoming more confident, so it’s not totally a lost cause for those of us trying to find a home. Working in this industry, I can’t tell you how many people I’ve heard say "the time to buy is now." Well, as a buyer (often frustrated with this sellers’ market), I can tell you that the time to sell is now as well.
URL to original article: http://www.housingwire.com/rewired/2013/04/02/all-sudden-time-sell-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, April 1, 2013
Homebuyers shouldn't fall for these three real estate myths
Source: Housingwire
by Brendon DeSimone
As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works. Their assumptions may come from TV reality shows or watching their parents' house-hunting experiences. Maybe they've learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized "real estate myths." Here are three such myths that many less-seasoned home buyers and sellers assume are true.
Myth No. 1: Spring is the best time to sell a home Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn't necessarily the best time to sell a home anymore.
The reality: The best time to sell is during the holidays and right after. Today, more than half of buyers aren't married, and their decisions aren't based upon school schedules. So spring isn't as relevant as it used to be. Instead, the best time to sell a home is in November, December and January. It’s a supply-and-demand issue. Most sellers assume buyers aren't seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note. After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn't even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.
Myth No. 2: Always start with your lowest offer There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is good old Uncle Bob saying "never offer the full asking price." That strategy might work if you’re trying to buy a used computer on eBay. And it worked in some real estate markets years ago. But times have changed.
The reality: A low offer may get you nowhere fast. A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. In this environment, constantly throwing in low offers because that’s what your Uncle Bob advised you to do will likely lead to disappointment. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.
Myth No. 3: A cash offer trumps all. There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.
The reality: A savvy seller may be more tempted by a solid financed offer. Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods. A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets. The agent might even arrange a call between the seller and the buyer’s lender.
Learn your market. When you become a buyer or seller, especially for the first time, the most important thing you can do is learn your market. Talk to a savvy local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled — not only in April, but every other month of the year.
URL to original article: http://www.housingwire.com/fastnews/2013/04/01/homebuyers-shouldnt-fall-these-three-real-estate-myths
For further information on Fresno Real Estate check: http://www.londonproperties.com
by Brendon DeSimone
As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works. Their assumptions may come from TV reality shows or watching their parents' house-hunting experiences. Maybe they've learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized "real estate myths." Here are three such myths that many less-seasoned home buyers and sellers assume are true.
Myth No. 1: Spring is the best time to sell a home Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn't necessarily the best time to sell a home anymore.
The reality: The best time to sell is during the holidays and right after. Today, more than half of buyers aren't married, and their decisions aren't based upon school schedules. So spring isn't as relevant as it used to be. Instead, the best time to sell a home is in November, December and January. It’s a supply-and-demand issue. Most sellers assume buyers aren't seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note. After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn't even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.
Myth No. 2: Always start with your lowest offer There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is good old Uncle Bob saying "never offer the full asking price." That strategy might work if you’re trying to buy a used computer on eBay. And it worked in some real estate markets years ago. But times have changed.
The reality: A low offer may get you nowhere fast. A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. In this environment, constantly throwing in low offers because that’s what your Uncle Bob advised you to do will likely lead to disappointment. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.
Myth No. 3: A cash offer trumps all. There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.
The reality: A savvy seller may be more tempted by a solid financed offer. Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods. A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets. The agent might even arrange a call between the seller and the buyer’s lender.
Learn your market. When you become a buyer or seller, especially for the first time, the most important thing you can do is learn your market. Talk to a savvy local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled — not only in April, but every other month of the year.
URL to original article: http://www.housingwire.com/fastnews/2013/04/01/homebuyers-shouldnt-fall-these-three-real-estate-myths
For further information on Fresno Real Estate check: http://www.londonproperties.com
NAHB: Homebuyers can afford higher-priced homes
Source: Housingwire
By Megan Hopkins
The National Association of Home Builders is convincing buyers that they can afford a higher-priced new home by utilizing data from the U.S. Census Bureau and the Department of Housing and Urban Development. NAHB discovered that those looking to buy can actually purchase a more expensive newer home while achieving the same annual operating costs as an older, existing home. "Homebuyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home," said NAHB Chairman Rick Judson. A study by NAHB first researched how utility, maintenance, property tax and insurance costs vary depending on how old the home is. The study found that a home built before 1960 would average $564 a year in maintenance costs, while homes built post-2008 average $241. Additionally, operating costs average nearly 5% of the home’s value for older homes made before 1960, while the costs average less than 3% when the home was built after 2008. "They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget," noted Judson. Also studied by NAHB were the first year after tax costs of owning a home — purchase price, mortgage payments, annual operating costs and income tax savings — which revealed that a buyer can afford to pay 23% more for a new home than a property build before 1960 and still maintain the same amount of first-year annual costs. Although mortgage payments will be greater with a higher-priced home, the lower operating costs means the homeowner will pay the same annual costs they’d pay with a lesser-priced, older home with a smaller mortgage payment, but higher operating expenses. NAHB notes that new home benefits include open space floor plans, creative storage options and entertainment resources that cater to more modern lifestyles. "For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings," said Judson. "Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home."
URL to original article: http://www.housingwire.com/news/2013/04/01/nahb-homebuyers-can-afford-higher-priced-homes-0
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
The National Association of Home Builders is convincing buyers that they can afford a higher-priced new home by utilizing data from the U.S. Census Bureau and the Department of Housing and Urban Development. NAHB discovered that those looking to buy can actually purchase a more expensive newer home while achieving the same annual operating costs as an older, existing home. "Homebuyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home," said NAHB Chairman Rick Judson. A study by NAHB first researched how utility, maintenance, property tax and insurance costs vary depending on how old the home is. The study found that a home built before 1960 would average $564 a year in maintenance costs, while homes built post-2008 average $241. Additionally, operating costs average nearly 5% of the home’s value for older homes made before 1960, while the costs average less than 3% when the home was built after 2008. "They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget," noted Judson. Also studied by NAHB were the first year after tax costs of owning a home — purchase price, mortgage payments, annual operating costs and income tax savings — which revealed that a buyer can afford to pay 23% more for a new home than a property build before 1960 and still maintain the same amount of first-year annual costs. Although mortgage payments will be greater with a higher-priced home, the lower operating costs means the homeowner will pay the same annual costs they’d pay with a lesser-priced, older home with a smaller mortgage payment, but higher operating expenses. NAHB notes that new home benefits include open space floor plans, creative storage options and entertainment resources that cater to more modern lifestyles. "For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings," said Judson. "Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home."
URL to original article: http://www.housingwire.com/news/2013/04/01/nahb-homebuyers-can-afford-higher-priced-homes-0
For further information on Fresno Real Estate check: http://www.londonproperties.com
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