Archive for May, 2007
« Previous EntriesBuying Virtual Real Estate Is Neither Easy Or Cheap
Thursday, May 31st, 2007In our
going series of articles about Second Life, the enormously popular
make-believe on-line universe, we come back to the question of whether
one can or WHY on earth they would own virtual real
estate.
Anshe Chung would probably give you a loud and
clear “yes.” Chung is the avatar of a Chinese-born teacher living in
Germany who claims to own about a million dollars in virtual
land in Second Life; land that she buys, sells, leases, and
employs several people to help her manage…
Mortgage Rates Surge While Applications and Refinancing Weak
Wednesday, May 30th, 2007Maybe it is just temporary, but it looks like the worm - that is the
mortgage interest rate version of it - has finally
turned.
Freddie Mac’s Primary Mortgage Market Survey for the previous week had
some pretty heart-stopping data for those who may have hoped for
continued low rates. However, this is similar to a
pattern begun just about a year ago when rates moved into the
high 6.80 percent range over a three month spring and summer period only
to reverse and achieve a long term run in the 6.06-6.20 percent range.
Who knows where it will go this time…
Local MLS shuts down Redfin house review feature but other sites are still sponsoring them. In the meantime the CBS/NAR squabble goes a few more rounds.
Tuesday, May 29th, 2007There is some additional news and a bit of a sidebar to the story
about the 60 Minutes feature on Redfin a week or so ago
and the strong reaction of the National Association of
Realtors to that story. The run-up can be
read here.
Existing Home Sales Were Down 2.6 Percent In April
Friday, May 25th, 2007On Thursday the Census Bureau and the Department of Housing and Urban
Development released figures for
home sales in April that showed a big increase in sales and a drop in
both median and average home sale prices. Media coverage has speculated
that the both outcomes were a result of price cuts by builders in an
attempt to get product moving and inventories reduced.
On Friday the National Association of Realtors® released its report on
the April sales of existing homes. The data showed
a…
New Home Sales Jump In April
Thursday, May 24th, 2007According to figures released on Thursday by the Department of Housing
and Urban Development and the U.S. Census Bureau, new house
sales in April showed the first improvement of the year, and a
substantial one at that.
The National Association of Realtors® is expected to release figures
for April sales of existing homes at the end of the
week.
Mortgage Rates Move Up On Inflation Worries
Thursday, May 24th, 2007According to Frank Nothaft, vice present and chief
economist of Freddie Mac, “Mortgage rates inched up this week following
the Federal Open Market Committee statement reiterating that the
predominant concern remains the risk that inflation will fail to moderate
as expected. However…
Virgin Acquires Majority Stake In Family-Centered Mortgage Company
Wednesday, May 23rd, 2007Never underestimate Sir Richard Branson.
The mega-millionaire Brit has been an innovator from the beginning of
his career and now it is hard to remember exactly when and where that
started because his company, Virgin, is into so many industries and Sir.
Richard himself seems to be everywhere. Now Virgin is officially in the
mortgage business.
But it is a mortgage business with a real twist…
Home Builder Confidence Is Down And Permitting Appears To Reflect It
Tuesday, May 22nd, 2007NAHB’s chief economist David Seiders said, “The pattern of building
permits clearly shows that the dramatic downward
correction in housing production still is underway. Home buyer
demand has been sent into another down leg by the abrupt tightening of
mortgage lending standards, and there is an increasingly heavy supply of
vacant housing units on the market. Under these conditions…”
NAR Counterpunches After 60 Minute Segment on Discount Agents
Wednesday, May 16th, 2007It didn’t take the National Association of Realtors
(NAR) long to come out swinging at CBS after the network
aired a report on discount real estate brokers. The report, anchored by
Leslie Stahl was aired on 60 Minutes last Sunday and can
be seen in its entirety by visiting our
Second Life Businesses Can Rake In Some Surprising Profits and Participants
Wednesday, May 16th, 2007But a big part of the Second Life economy is virtual real
estate and besides entrepreneurship many factors motivate
residents to purchase property. People want privacy in their second life,
they want a place to bring their friends or gather with people of similar
interests, and they want a place to use Second Life’s creative tools to
build homes, castles, and fantastical structures. All of this is driving
an active and pricey real estate market. And some
surprising players in the real world of real estate are taking notice.