Monday, March 22, 2010
New York's foreclosure backlog rivals Miami
Miami has a somewhat surprising peer in its foreclosure backlog rate: the comparatively unscathed New York metro area. The New York region has the second-largest backlog rate for bad loans among the country's top 10 markets, according to a recent Barclays Capital report. With 21 percent of its loans still in the delinquency pipeline, the region, which thus far hasn't been hit nearly as hard as Miami by price declines, could take just as long as the worst-off markets to recover as the dud loans work their way through the system. The Miami market also bears the weight of a substantial foreclosure backlog, the report says, having worked its way through just 18 percent of the process of liquidating its delinquent loans. The common ground likely stems from the judicial foreclosure process in states like New York and Florida. Since judges have to sign off on all foreclosures there, the process is more prone to delays. [WSJ] Tags: barclays capital new york
Friday, March 19, 2010
Thursday, March 11, 2010
House hunting via real estate apps
House hunting via real estate apps:
NEW YORK – March 11, 2010 – Smart phone apps are becoming increasingly popular among homebuyers, sellers and the real estate professionals who serve them.
Zillow.com, which has a free app, says people are using it to look up 2 million properties a month. In addition to Realtor.com, other popular apps include ones offered by ZipRealty, Coldwell Banker, Better Homes and Gardens, and the Corcoran Group.
The apps provide the same information that Web sites do, but they allow users access without having to lug a computer around. They can make house hunting easier for both practitioners and buyers because the information is so immediately and widely available.
“Within a minute, I had enough information to say it’s not worth driving” 25 miles to inspect the home, says Jon Mirmelli, a buyer who otherwise might have asked his real estate professional to meet him there.
Source: The Wall Street Journal, James R. Hagerty (03/09/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688"
NEW YORK – March 11, 2010 – Smart phone apps are becoming increasingly popular among homebuyers, sellers and the real estate professionals who serve them.
Zillow.com, which has a free app, says people are using it to look up 2 million properties a month. In addition to Realtor.com, other popular apps include ones offered by ZipRealty, Coldwell Banker, Better Homes and Gardens, and the Corcoran Group.
The apps provide the same information that Web sites do, but they allow users access without having to lug a computer around. They can make house hunting easier for both practitioners and buyers because the information is so immediately and widely available.
“Within a minute, I had enough information to say it’s not worth driving” 25 miles to inspect the home, says Jon Mirmelli, a buyer who otherwise might have asked his real estate professional to meet him there.
Source: The Wall Street Journal, James R. Hagerty (03/09/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688"
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