Over the next year, lenders are expected to make about $36 billion in new home equity loans, compared to $34 billion in 2008, according to Moody's Economy.com. Most of this money is expected to go towards home improvements rather than luxury items.

The 2010 growth in equity lending will be limited to homeowners whose properties are worth more than what they owe. According to Zillow, more than a fifth of U.S. homes with mortgages had negative equity in the fourth quarter.

Despite the economic distress, unemployment claims are lightening and banks are done tightening their lending standards. Property prices are expected to rise this year, the first time since 2006, raising home owners' equity.

Read more in the Bloomberg report on BusinessWeek.com.

Posted in Education And Training, MBI News, Buyer Resources, Seller Resources

The FHA is tightening its belt when it comes to mortgage loans, on the heels of an investigation into 15 FHA lenders whose FHA mortgage insurance claims were markedly high.

Myriad notices and comments about the impending qualification changes have been announced, but will take effect this spring, including raising mortgage insurance fees that borrowers must pay, capping the amount of cash that sellers can contribute for closing costs and requiring higher down payments for borrowers with poor credit scores.

With foreclosure rates tapering off in February compared to January, there is hope on the horizon, albeit rates are still higher than that of the previous year. The FHA is insuring as many as 50% of all purchase loans, as compared to 3% before the collapse of the subprime market.

With the tighter restrictions on FHA loans, the options for seeking other financing simply don't exist, making some wonder if this will add fuel to the fire to the weakened housing market.

Read more at Realty Times.

Posted in Education And Training, MBI News, Buyer Resources, Seller Resources

The use of smartphone apps to find real estate information is booming with home buyers.

Realtors and brokerages are using free apps to help their current and potential customers find listings and data about homes on the market or just sold, as well as geo-mapping information, as GPS is used more and more on mobile platforms.

Zillow's free app has been downloaded 970,000 times, with users looking up two million homes a month. With so much useage, it's no wonder why more and more companies are building apps for home buyers.

Read more in the Wall Street Journal online.

photo credit: Nimbuzz

Posted in Technology And You, Buyer Resources, Seller Resources

Metro Brokers Exclusive is a branded sector of Metro Brokers, Inc. that showcases premier homes valued at $500,000 and above. This identity program will mark all homes meeting the criteria with new signage to distinguish the category, while streamlining homebuyers and sellers suited to this value category. Additionally, there is a Web site to list and market homes in this upper-end price division at www.metrobrokersexclusive.com.

"Metro Brokers Exclusive is an incredibly efficient tool for our brokers to distinguish their properties and to recruit new members who solely represent high-end homes," said Mark Eibner, member of the Metro Brokers Trademark Committee and broker/owner of Realty Oasis. "Potential homebuyers will come to recognize the Metro Brokers Exclusive brand as a mark of premium value for homes up front, and will benefit from the ease of accessing listings suited to the category through our dedicated Web site."

The Metro Brokers Exclusive identity is the first major variance from the Metro Brokers signature red and yellow sign in the association's 30-year history. The newly designed logo speaks directly to the upper-end housing market and will feature a maroon and gold Metro Brokers Exclusive logo on a white background. The look is recognizably different, yet maintains its association with Metro Brokers.

MetroBrokersExclusive.com will offer a portal for homebuyers to access these premier listings, and other online features include access to available Metro Brokers REALTORS® participating in the program, and the capability for buyers to schedule a showing, contact brokers, save specific homes in their online portfolio, and print brochures from listings of interest. The Web site will also serve as a database for brokers, providing access to upload images and maintain their own property data including their background, contact information and all listings.

Visit www.metrobrokersexclusive.com or call Mark Eibner at 303-268-6000 for more information.

Posted in Marketing, Exclusive Collection, MBI News, Buyer Resources, Seller Resources

Home prices are low, with historically cheap mortgages and the extension of the homebuyer tax credit, now open to even more buyers. With signs of potential turnaround, you may be wondering if now is the best time to buy before prices rise.

Money Magazine writes about questions you should be asking yourself to decide whether or not buying now is the right time for you.

Will you still be able to make the tax credit? If you haven't started looking, it may not be possible. How much could you stand to lose by waiting? If you're in an area where prices continue to decline, maybe you can wait--but some people in some areas may see a jump in mortgage rates. Can you sell your current home quickly? Selling now can be tricky and pricing aggressively is paramount to selling quickly.

Read more on CNNMoney.com.

Posted in Education And Training, MBI News, Buyer Resources