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We have moved to Sterling, VA!

2011-08-08T11:03:00.000-07:00

Our office Address, Phone # and Fax # have changed!

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Phone: 703.404.4877

Fax: 703.404.3888

Address: 117 Norwood Pl., Sterling, VA 20164

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March 2011 Washington, DC MarketWatch by MRIS Videos

2011-04-21T12:33:00.000-07:00

March 2011 Maryland Suburbs MarketWatch by MRIS Videos

2011-04-21T12:31:00.001-07:00

March 2011 Northern Virginia MarketWatch by MRISVideo

2011-04-21T11:50:00.000-07:00

Senate Panel Advances Bankruptcy Foreclosure Mediation Bill -- Fannie and Freddie Restart Frozen REO Sales

2011-04-01T11:46:00.000-07:00

By: Carrie Bay on 03/31/2011

Obama to Nominate New Overseer for Fannie and Freddie

President Obama said Friday that he intends to nominate North Carolina Banking Commissioner Joseph A. Smith, Jr. to head the Federal Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and Freddie Mac.

If confirmed by the Senate, Smith will replace Edward DeMarco, who has served as acting director of the agency since September 2009.

Lawmakers have been urging the president to appoint a permanent FHFA director for months now. More specifically, they’re calling for someone who will “aggressively pursue claims” on behalf of Fannie Mae and Freddie Mac to force lenders to buy back bad loans that were sold off to the GSEs during the housing boom, according to letters sent to the president from Rep. Barney Frank and Rep. Paul Kanjorski.

The timing of Smith’s appointment would put him at the center of the administration’s efforts to reform the nation’s housing finance system and decide the future of Fannie and Freddie. Officials have said they plan to put forth a proposal for restructuring the two mortgage companies early next year.

read more...

Senate Panel Advances Bankruptcy Foreclosure Mediation Bill
The Senate Judiciary Committee on Thursday approved legislation that would give bankruptcy courts the authority to order face-to-face meetings between homeowners and their lenders for foreclosure mediation.

The Limiting Investor and Homeowner Loss in Foreclosure Act (S. 222) passed the committee with a 10 to 8 vote, clearing the way for it to move on to the full Senate.

The legislation would not give bankruptcy judges the power to modify mortgages or slice off a portion of the principal like the controversial bankruptcy cramdown proposals that have repeatedly failed in Congress.

Instead, it would give bankruptcy judges a mechanism for opening up the lines of communication between homeowners and creditors in order to explore work out options and optimally, avert a foreclosure action.

Sen. Sheldon Whitehouse (D-Rhode Island) authored the bill. His proposal is modeled after a program in his home state.

“Too many families…have been hurt by a broken foreclosure system fraught with long waits on the phone, lost paperwork, and an inability to speak with someone who’ll give their last name or make a decision,” Whitehouse said.

read more...

Fannie and Freddie Restart Frozen REO Sales

Both Fannie Mae and Freddie Mac have instructed their selling agents to move forward with transactions involving foreclosed properties in cases where sales were suspended due to potential problems with the legal paperwork.
The GSEs were forced to temporarily halt the sale of certain properties two months ago when news surfaced that some of the nation’s largest servicers – including Bank of America, JPMorgan Chase, and GMAC Mortgage – had been employing robo-signers who failed to comply with clearly defined state laws when handling foreclosure documentation.

Fannie and Freddie also employed the services of the so-called foreclosure mill law firm of David J. Stern in Florida, which is currently under intense investigation for forging foreclosure documentation. Both companies terminated their business dealings with the Stern firm in early November.

read more...

The Washington Post: AT HOME

2011-03-25T14:12:00.000-07:00

Our guide to spring vegetable gardening watch video...
Salanova, a curly-headed superstar
House Calls: The mantel doesn’t light her fire

HOME & GARDEN, HOUSE CALLS: A Finished Homework AreaDesign Solutions
• Remove the fireplace and install drywall in its place.

• Reduce clutter by adding a shelving unit for keeping books and backpacks organized and out of sight.

• Place a rug over the wall-to-wall carpet to bring color and pattern into the room.

• Add a corner desk next to the kitchen for a homework area near Mom and Dad.

• Remove the wood paneling, hang drywall and paint: Benjamin Moore's Van Courtland Blue Hang art and accessories to add personality.

- Jennifer Mangum and Suzan Meredith, Designers

read more...

Should I Buy A Home Now?

2011-03-11T12:39:00.000-08:00

The Zillow Home Value Index fell 26% from its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.

According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”

But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. It’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment.” reported Zillow.com.

However, if you’ve been watching, waiting, and wondering when to buy, now the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market. Some predictions indicate it will improve half-way through this year while "homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com

read more...

5 Tax Tips, Tricks and Traps for Homeowners

2011-03-11T12:30:00.000-08:00

Ask Tara @Trulia
make smart decisions w/Tara's real estate + mortgage need-to-knows

Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.

That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.

At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.

1. You Have to Itemize Your Return to Claim Your Deductions

During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.

2. Plan Ahead and Be Strategic When Taking a Home Office Deduction

According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.

3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012

While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.

Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.

4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal

Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.

5. Don't Forget Those Closing Costs

If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.

Note: This post first appeared on WalletPop.com on 2.28.2011.

P.S. - You should follow Trulia and Tara on Facebook, too!

Welcome to Open House on Sunday 1:00 pm to 3:00 pm

2011-03-11T12:01:00.000-08:00

Just Listed towhhouse for sale in Centreville, VA!
List Price: $279,900
3 bedrooms, 2.5 bathrooms 3 finished levels with fully finished basement with recreation room, den and half bath. Beautifully renovated with top quality upgrades.
granite counter tops, stainless steel appliances 42" upgraded maple cabinets. New
hardwood floors main level, carpet upper and lower level. New windows, doors, screens, bathroom vanities, fixtures, crown molding and custom paint in/out. New water heater, newer HVAC and roof. MUST SEE!

For more info click here

Understanding Fairfax County Real Estate Assessments

2011-03-02T13:33:00.000-08:00

State of the Commonwealth Address

2011-03-02T13:30:00.000-08:00

Governor McDonnell Opens Westbound I-66 HOV Ramps

2011-03-02T13:29:00.000-08:00

Transforming Tysons

2011-03-02T13:26:00.000-08:00

January 2011 Washington DC MarketWatch

2011-02-21T07:11:00.001-08:00

January 2011 Maryland Suburbs MarketWatch

2011-02-21T07:10:00.001-08:00

January 2011 Northern Virginia MarketWatch

2011-02-21T07:09:00.003-08:00

U.S. Department of Treasury: Obama Administration Plan Provides Path Forward for Reforming America’s Housing Finance Market, Winding down Fannie Mae and Freddie Mac

2011-02-15T09:27:00.000-08:00

2/11/2011 | Page Content

Reforms Will Shrink the Government’s Footprint in Housing Finance on a Responsible Timeline, Help Protect Taxpayers

Plan Includes Critical Measures to Help Fix the Fundamental Flaws in the Mortgage Market, Better Target Government’s Support for Affordable Housing

WASHINGTON – Today, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options.

“This is a plan for fundamental reform – to wind down the GSEs, strengthen consumer protection, and preserve access to affordable housing for people who need it,” said Treasury Secretary Tim Geithner. “We are going to start the process of reform now, but we are going to do it responsibly and carefully so that we support the recovery and the process of repair of the housing market.”
“This report provides a strong plan to fix the fundamental flaws in the mortgage market and better target the government’s support for affordable homeownership and rental housing,” said Housing and Urban Development Secretary Shaun Donovan. “We must continue to take the necessary steps to ensure that Americans have access to quality housing they can afford. This involves rebalancing our housing priorities to support a range of affordable options, from promoting much-needed financing for quality, affordable rental homes to ensuring the availability of safe, and sustainable mortgage products for current and future homeowners.”
The Obama Administration's reform plan will:
read more...

MORTGAGE NEWS: Housing Finance Reform: Reduced Loan Limits, Larger Down Payments, Higher FHA MIP Fees

by Adam Quinones

The long-awaited report on the future of housing finance has been released by the Obama Administration.

Below is the presser....

I highlighted some talking points. The first thing to take away from this paper is the Administration's intention to wind down Fannie and Freddie on a responsible timeline. That tells you this reform/winding down process will take many years and much debate. 5 to 7 years according to Treasury Secretary Tim Geithner. There's nothing wrong with that though. Slow and steady works as long as lenders have funding liquidity in the process. The main goal is to get housing finance reform done right....the first time, this market can only take so much more stress, rewriting regs repeatedly would be detrimental to the overall housing recovery process.

Next on the list of observations is a tightrope transition from government supported loan funding to private investor supported loan funding. It appears the Administration is taking an "if we don't do it, someone else will" approach. They will attempt to accomplish their objective of reducing the government's "footprint" in the secondary mortgage market by tightening underwriting guidelines and raising fees. They believe this will effectively "level the playing" field and lower the barriers to entry for private investors. We hope risk retention (skin in the game) regs don't "unlevel" that playing field. READ MORE: Proposed Risk Retention Reform Affects Banker and Broker Loan Pricing

There is a ton of discussion still to be had. For now, read on...
read more...

THE WASHINGTON POST: Administration proposals to overhaul federal housing role draw fire from left

2011-02-14T08:49:00.000-08:00

By Zachary A. Goldfarb and Brady Dennis
Washington Post Staff Writers | Saturday, February 12, 2011; 1:25 AM
The Obama administration's plan to overhaul the U.S. housing market drew fire Friday from some of the president's traditional allies, who argued that proposals in the newly released report could make it too costly for many Americans to buy a home.

But while consumer and civil rights groups broke with President Obama over the long-awaited white paper, the plan met with little objection - and even praise - from Republicans, who have pilloried the administration over its housing policies.

Senior administration officials offered a series of suggestions for scaling back the federal role in the housing market, which has been on government life-support since the mortgage meltdown three years ago. In the near term, the administration wants to require larger down payments and higher fees for home loans and reduce the number of borrowers getting government-backed loans. Beyond that, the plan calls for eliminating Fannie Mae and Freddie Mac and putting private financial firms at the center of the mortgage market.

The future of Fannie and Freddie
The White House is going to propose a range of options to reform Fannie Mae, Freddie Mac and the mortgage market, which could cause changes to the face of American housing. (CBS News).

Watch Video...

Obama administration proposals to reduce federal role in housing market

By Dina ElBoghdady

Washington Post Staff Writer | Friday, February 11, 2011; 11:46 PM

The Obama administration is pressing to scale back the federal government's role in the mortgage market. On Friday, it presented Congress with several proposals that would raise the costs of federally backed loans, a move designed to help the private sector better compete with Fannie Mae, Freddie Mac and the Federal Housing Administration. Here are some highlights from the administration's report:
read more...

THE WASHINGTON POST: Washington area is beginning to bounce back from recession, economists say

2011-02-14T08:31:00.000-08:00

No, there aren't huge signing bonuses, or personal concierge services, or the jaw-dropping luxury perks that companies threw at top talent back in the boom days of the '90s. But with the pall of the Great Recession finally lifting, some Washington area companies are handing out iPads at interviews and rewarding employees with $5,000 referral bonuses and trips to France.

As other parts of the United States continue to stagger under nearly double-digit unemployment, large swaths of the Washington region's economy are beginning to bounce back, even if fitfully, economists say.

After 17 straight months of job losses, the District and its suburbs had nine consecutive months of employment growth through the end of last year, totaling more than 23,000 new positions, according to the Center for Regional Analysis at George Mason University. The last four months of 2010 were particularly strong, although economic forecasters said it could be years before the recovery is fully realized. Some sectors, including construction and manufacturing, continue to face significant slides.

With a relatively low unemployment rate of less than 6 percent, the Washington region has long been buoyed by the economic engine that is the federal government. Although the government is helping the recovery, the area's increasingly diversified economy is paying off: Businesses from a variety of sectors - including tech start-ups, hotels and retailers - have begun to open their wallets and hire, a positive sign, given sharp cuts expected in defense spending, officials said.

"The Washington area economy is leading the way, or at least recovered the fastest and is generating jobs at a much greater rate than any other metro area," said Stephen Fuller, director of the George Mason center. "The private sector is beginning to pull away from its dependence" on the federal government.
read more...

The Wall Street Journal: Fannie, Freddie Phaseout Proposed

2011-02-11T11:58:00.000-08:00

By NICK TIMIRAOS And ALAN ZIBEL

WASHINGTON—The Obama administration unveiled a proposal Friday for winding down mortgage giants Fannie Mae and Freddie Mac, spelling out three options for what could take their place and setting the stage for a debate over the nation's $10.6 trillion mortgage market.

The steps, outlined in a "white paper," are likely to mean higher borrowing costs and more-limited access to home loans for consumers. Treasury Secretary Timothy Geithner said establishing a new system could take five to seven years.

"This is a plan for fundamental reform of the housing market," Mr. Geithner said, cautioning that "we're going to proceed on this path of reform very carefully."

View Document

All of the administration's proposals envision a scaled-back role for the government, and officials emphasized the goal of restoring the market for mortgage-backed securities issued without the government's guarantee.

The initial reaction on Capitol Hill was positive. Rep. Scott Garrett, (R., N.J.), a frequent critic of the administration, said, "I'm encouraged to see the administration included a number of reform ideas that track closely with my own."

One option proposed by the administration includes a new government backstop of certain mortgages under a federal 'reinsurance' model, while another would proposes a more limited backstop that would scale up primarily during times of economic crisis. The third option proposes no such government backstop beyond existing federal agencies such as the Federal Housing

CNN Money: Obama wants big changes in mortgages

2011-02-11T11:46:00.000-08:00

By Ben Rooney, staff writerFebruary 11, 2011: 11:30 AM ET
NEW YORK (CNNMoney) -- The Obama administration on Friday officially unveiled its plan to remake the mortgage market and reduce the government's role in housing finance by winding down Fannie Mae and Freddie Mac.
The highly anticipated "white paper" outlines steps the administration says will help draw private capital back into the mortgage market, curb unfair lending practices and make federal support for borrowers more targeted.
The plan would phase in changes over a period of years and push back the most dramatic restructuring, which would require congressional approval, until as late as 2018. (Colin Barr: The long goodbye). read more...

CNBC: Mortgage Costs to Rise As Government Lessens Role

2011-02-11T11:44:00.000-08:00

Published: Friday, 11 Feb 2011 | 12:21 PM ET
The Obama administration laid out three broad options Friday for reducing the government's role in the mortgage market. All three would almost certainly lead to higher interest rates and costs for borrowers.

by CNBC.com
--------------------------------------------------------------------------------

The administration said in a report that the government should withdraw its support for the mortgage market slowly, over five years or more. The report describes a path for winding down the troubled mortgage giants Fannie Mae and Freddie Mac.

But rather than making a single recommendation, the administration offered Congress three scenarios and will let lawmakers shape the final policy.

The options are:

United Staes Treasury: Housing Finance Reform

2011-02-11T11:41:00.000-08:00

On February 11, 2011, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options.this photo is courtesy of http://www.treasury.gov/

Read the Report on Reforming America’s Housing Finance Market.

Read the press release.

Press Center

8/17/2010

Page Content

August 17, 2010

Conference on the Future of Housing Finance

On August 17, Treasury and HUD hosted the Obama Administration's Conference on the Future of Housing Finance at Treasury. Secretary Geithner was joined by HUD Secretary Shaun Donovan and senior White House, HUD, and Treasury officials, as well as a wide cross-section of stakeholders, including citizen and consumer advocacy groups, economists, investors, lenders, market researchers, mortgage servicers, and many others. The conference provided an additional opportunity for the Administration to hear a diverse set of perspectives on the key issues surrounding housing finance reform and to make certain that all of the best ideas are on the table as it continues to develop a comprehensive housing finance reform proposal for delivery to Congress by January 2011. click here to read more...

Obama Administration Plan Provides Path Forward for Reforming America’s Housing Finance Market, Winding down Fannie Mae and Freddie Mac

2/11/2011

Page Content

Reforms Will Shrink the Government’s Footprint in Housing Finance on a Responsible Timeline, Help Protect Taxpayers

Plan Includes Critical Measures to Help Fix the Fundamental Flaws in the Mortgage Market, Better Target Government’s Support for Affordable Housing

WASHINGTON – Today, the Obama Administration delivered a report to Congress that provides a path forward for reforming America’s housing finance market. The Administration’s plan will wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline. The plan also lays out reforms to continue fixing the fundamental flaws in the mortgage market through stronger consumer protection, increased transparency for investors, improved underwriting standards, and other critical measures. Additionally, it will help provide targeted and transparent support to creditworthy but underserved families that want to own their own home, as well as affordable rental options. click here to read more ...

Obama Unveils Program to Stem Foreclosures

2011-02-07T10:48:00.000-08:00

Obama Offers Way for Homeowners to Save Bucks

2011-02-07T10:13:00.000-08:00

Your Path to a More Affordable Mortgage

2011-02-07T10:12:00.000-08:00

Ways To Avoid Foreclosure

2011-02-07T10:06:00.000-08:00

Avoid Foreclosure: Know Your Options

2011-02-07T10:05:00.000-08:00

MRIS: December, 2010 -- Real Estate MarketWatch

2011-01-21T07:46:00.001-08:00

December 2010 Northern Virginina MarketWatch

December 2010 Washington, DC MarketWatch

December 2010 Maryland Suburbs MarketWatch

Federal officials studying how to protect housing market

2011-01-21T07:44:00.000-08:00

By Zachary A. Goldfarb
Washington Post Staff Writer
Tuesday, January 18, 2011; 10:52 PM

Federal officials took two steps Tuesday to attempt to reduce the likelihood of a second financial crisis caused in large part by large declines in the housing market.

The first would try to tackle the problem of foreclosures. The Federal Housing Finance Agency, which oversees the massive mortgage finance companies Fannie Mae and Freddie Mac, said it would consider a new approach to how home loans are managed by banks. Critics say the current system makes it more lucrative for a bank to foreclose than to find ways to modify loans to allow struggling borrowers to stay in their homes.

read more...

Sharga Says U.S. Housing Prices May Bottom in 2011
Jan. 13 (Bloomberg) -- Rick Sharga, senior vice president at RealtyTrac Inc., discusses the outlook for the U.S. housing market and home foreclosure filings. The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, according to RealtyTrac. Sharga speaks with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg) (Bloomberg)
launch video...

A 10+! Gorgeous house for Sale in Sterling, VA

2011-01-13T06:35:00.000-08:00

$349,900. Spectacular Renovated Bright 2lvl,4BR,2.5BA home w/ oversized 2-car garage! New Italian custom tile throughout-out the main level with vaulted ceilings! Gourmet EIK w/granite counters, S/S appliances and tiled floor opens to spacious backyard! Upper level boasts 4 generous sized BR's w/ample closet space and 2 FB's updated from head to toe! Updates include windows, siding, baths, paint, flooring, fixtures and more!

For more info
click here

Top Real Estate Updates: Week of December 29th, 2010

2010-12-29T12:32:00.000-08:00

Washington region posts gains as home prices still falling in most U.S. cities
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, December 29, 2010; 12:56 AM

The Washington region posted the highest year-over-year home price gains in the nation this fall, as real estate values slumped in nearly every other metropolitan area, a key housing report said Tuesday.

A healthy job market, particularly for high-salaried workers, buoyed demand and prices for housing in the D.C. area, local economists said. Home values climbed 3.7 percent in Washington in October from a year earlier, making it one of only four regions nationally to avoid a dip in prices, the Standard & Poor's Case-Shiller home-price index said.

read this article...

U.S. home prices drop 1.3% from September to October
By Dina ElBoghdady
Washington Post Staff Writer
Tuesday, December 28, 2010; 10:37 AM

Home prices fell in the nation's major metropolitan areas from September to October, with six regions hitting new lows, and they're not expected to rebound anytime soon.

The Standard & Poor's/Case-Shiller index, long considered a reliable gauge of the housing market's health, reported Tuesday that prices of single-family homes dropped 1.3 percent in all 20 regions it tracks.

The housing market's collapse crippled the economy, and a recovery in home prices is considered critical to getting the market back on track. But many economists predict that home prices will continue to fall into the new year and possibly beyond.

more from Washington Post.com, view video

Best Places to Live: Best places for the rich and single in 2010

2010-12-28T14:09:00.000-08:00

We're not saying you're a gold digger. But you could follow the money to these 25 affluent cities, where singles are abundant.

Ranked #11. Arlington, VA
Population: 212,173
Single: 41.6%
Median family income: $104,452

Just a stone's throw from the nation's capital, Arlington is packed with Washington's movers and shakers, especially Department of Defense workers from the nearby Pentagon. Wind down with wonks at a pub on Wilson Boulevard. For a rowdier night, hit one of several live-music venues and comedy clubs -- or take to the dance floor at Clarendon Ballroom, which also boasts a rooftop bar. If you're more into the artsy scene, walk across the Roosevelt Bridge and catch a world-renowned music or theater performance at the Kennedy Center across the Potomac River. --H.Y.
read more...

Ranked #14. Towson, MD

Population: 52,301Single: 35.4% Median family income: $102,302

Do you think the brain is the sexiest part of the body? This small community near Baltimore boasts a significant population of professors as the home of Towson University and Goucher College, two of the biggest employers in the area. On Friday nights, academics loosen their bow ties and swing by Towson's Feet on the Street block parties featuring local bands. After the party winds down, crowds saunter down Allegheny Avenue, the town's main downtown strip, to local eateries and bars. --H.Y.

read more...

CNN MONEY: Best Places to Live in 2010 - Money's list of America's best small cities

2010-12-28T13:59:00.000-08:00

And the winners are...

These terrific small cities -- even now -- boast plenty of jobs, great schools, safe streets, low crime, lots to do, charm, and other features that make a town great for raising a family.

1. Eden Prairie, MN
2. Columbia/Ellicott City, MD
3. Newton, MA
4. Bellevue, WA
5. McKinney, TX

6. Fort Collins, CO
7. Overland Park, KS
8. Fishers, IN
9. Ames, IA
10. Rogers, AR

Best Places to Live in 2010 : Top 100 - full list

Ranked 25. Gaithersburg, MD

Top 100 rank: 25

Population: 59,000

Compare Gaithersburg to Top 10 Best Places

Gaithersburg's ability to attract start-up companies has allowed it to rebound from the recession better than many other places. The town offers plenty of incubator-styled office space.

Large employers nearby include Northrop Grumman and Lockheed Martin.

Gaithersburg is just an hour's train ride to D.C. and hour car ride to downtown Baltimore, so residents can work in either town - and soak up the culture of both. --Najib Aminy

Ranked #30. Centreville, VA
Population: 54,000
Compare Centreville to Top 10 Best Places

This historic town (it has some Civil War sites) is a close-knit suburban community with a great location.

Washington, D.C., is anywhere from 40 minutes to an hour and a half away, depending on traffic. Centerville is also 20 minutes from Herndon, Tysons Corner, and Reston.

With major shopping centers nearby and the Bull Run Mountains an hour's drive away, Centerville lives up to its name. --N.A.

Ranked #47. Alexandria, VA

op 100 rank: 47

Population: 145,000

Compare Alexandria to Top 10 Best Places

On the banks of the Potomac River, Alexandria offers a fusion of suburban and urban living that's just a stone's throw from the nation's capitol.

A strong government presence and a prosperous retail sector supports the local economy; many boutiques and locally owned stores lend a small-town vibe. The annual Festival of the Arts attracts nationally known artists. --N.A.

CNN Money: Top-earning towns 2010

2010-12-28T13:35:00.000-08:00

Ranked #1. Bethesda, MD

Bethesda, Md., residents pull in more than $170,000 a year. Which other places in our Best Places database have high incomes?

Population: 56,763
Median family income (per year): $172,541
Median home price: $725,000

There's a party for every season in this commuter town: Enjoy concerts and ice sculpting in the winter and Taste of Bethesda in October; schmooze with Pulitzer Prize winning authors at April's literary festival; and enjoy the strains of delta blues, soul and swing in the summer.

Year-round a dozen art galleries and hundreds of diverse restaurants woo suburbanites away from cul-de-sac comforts for days and nights downtown. An abundance of home fashion stores and graduate degrees (one in two residents has one) sets a swanky tone for this small community with big city style.

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Ranked #9. Burke, VA

Population: 54,974
Median family income (per year): $127,036
Median home price: $335,000

This upscale community is a haven for government officials and federal contractors seeking a break from the capitol. But it also attracts residents who work for local businesses in nearby Arlington.

The living is easy in this town, which puts shopping, pools, sports fields and footpaths within convenient reach. The prototypical suburb, it boasts great schools, high-end shops and well-tended footpaths.
Burke Centre Conservancy, a 1,700-acre planned residential community with 5 neighborhoods, pools and community centers is at the heart of it all.

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Ranked # 16. Reston, VA

Population: 58,718 Median family income (per year): $122,212
Median home price: $268,000

Neither a town nor a city, this unincorporated community has forged its identity since the mid-1960s when it first began wooing residents to its open air and neighborhood amenities.
Today it still stands apart with a special approach to governance. The Reston Association, a community service organization overseen by elected community members, maintains the high quality of life locals expect.
Environmental excellence has long been its claim to fame, but it pushed that distinction to new heights with the opening of Nature House, a LEED Gold certified year-round environmental education center.
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Ranked #21. Ellicott City, MD

Population: 62,179
Median family income (per year): $116,820
Median home price: $380,000

From Art Deco to Victorian, this town's architecture is rich in tradition. Locals enjoy reveling in history, whether feasting on local cuisine at the Trolley Stop (originally built as a tavern in 1833) or trading ghost stories about residents of old who died in fires, floods and the Civil War.

Founded in 1772, Ellicott City lays claim to the oldest railroad terminus and operating flourmill in the country. With roots so deep, it's no surprise that its antique mall wins rave reviews too.

Real Estate News brought to you by CNN Money

2010-12-28T13:26:00.000-08:00

• Welcome to Zombieland: Ladera Ranch, California

• Foreclosure freeze coming

• Should you gift your kid a down payment?

• House hunters are too scared to buy despite low prices

• Buy a foreclosure - save 30% on the price

• Mortgage tax break in the crosshairs

• Home prices fall 2%

• Foreclosure scandal impact: Sales dry up

• New home sales: Down 80% from the boom

• Existing home sales slow down
• Add 2.1 million houses to the glut

• Improve your home for the holidays

• Most (and least) affordable cities

• Fewer homeowners behind on payments

• It doesn't pay to remodel your home

• Servicers must improve loan modifications, say state AGs

• Foreclosure mess prompts call for stress tests

• Canada's coming housing bust

• Repossessions fall 9% in October
• Home sales plummet 25%

• Million-dollar homes: Massive discounts

• Pay down the mortgage or save for retirement?

• Homebuilders' survival lessons

• Get a high-quality remodel for less

• How one city dodged the recession

• What the election means for foreclosures and robo-signing

• Buy a wreck: 5 foreclosure specials

• 3 ways low mortgage rates can work for you

• American dream fades for more as homeownership falls

• Obama administration sings new tune on foreclosures

• Home prices expected to slide another 8%

• Foreclosure? Don't worry. You can still vote

• Befuddled by foreclosures?

• Australians swoop in on U.S. foreclosures

• I was a robo-signer

• Sin City is still foreclosure central

• Wells Fargo to update foreclosure docs

• New home sales in slow recovery

• Google eyes purchase of massive NY building - report

• Home prices sag

• Obama mortgage mods dwindle

• Existing home sales on the rise

• Robo-signing: Just the start of bigger problems
How to buy a foreclosure in a robo-signing world

• We'd like to return these bad loans, please

• Buy a foreclosure in a robo-signing world

• What $1 million buys in a blighted neighborhood

• Foreclosure mess: Fake signatures and lavish gifts

• U.S. eyes criminal violations in foreclosure crisis

• Illinois sheriff may halt evictions

• You're not getting your house back

• Foreclosure probe: Problems aren't 'systemic'

• Housing mess: You can't stay if you don't pay

• Housing starts hit 5-month high

• Countrywide's Mozilo to pay $67.5 million settlement

• Ohio AG to Ally: Stop foreclosure sales

Home price plunge is widespread

10:46am: Prices drop in all 20 key cities in the S&P/Case-Shiller index, a sign that a double dip in housing is coming -- or has already arrived.
New home sales climb - but recovery is sluggish

Dec 23: New home sales edged higher in November, the government reported Thursday, but the recovery remains sluggish from a year ago.

Hooray? Higher mortgage rates spurred home sales uptick

Dec 23: The country's economic engine seems to be running in reverse as more expensive borrowing spurs home sales, and an uptick in borrowing sends mortgage rates back down. More

Home sales creep up - but are still off 30%

Dec 22: Existing home sales picked up steam in November but are still down nearly 30% from this time last year, an industry report said Tuesday.

America's most overvalued cities

Jan 27: Most markets were overvalued four years ago. No more. In the majority of markets now, homes sell at a discount to their fair market price.
more...

Buying a Home: Top things to know - brought to you by CNN Money

2010-12-28T13:22:00.000-08:00

1. Don't buy if you can't stay put.

2. Start by shoring up your credit.

3. Aim for a home you can really afford.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

5. Buy in a district with good schools.

6. Get professional help.

7. Choose carefully between points and rate.

8. Before house hunting, get pre-approved.

9. Do your homework before bidding.

10. Hire a home inspector.

NEXT: Are you ready to own?

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Make your own White House holiday decor

2010-12-23T10:54:00.000-08:00

The Washington Post's Jura Koncius talks with the White House Chief Floral Designer about two holiday decorations that can be made at home. (Anna Uhls/The Washington Post)
click here...

Google Voice will have Santa call any of your friends...

2010-12-23T09:18:00.001-08:00

Just for fun - Google Voice will have Santa call any of your friends and give them a custom message that includes their name and details about them. It's a fascinating use of technology - and a lot of fun. Check it out at SendACallFromSanta.com

2010-12-23T07:06:00.000-08:00

Merry Christmas and Happy Holidays!

Fairfax Real Estate »Fairfax Foreclosures »

Homes For Sale in Alexandria, VA and Arlington, VA

2010-12-23T06:53:00.001-08:00

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406 Oronco St, Alexandria, VA
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Washington area is wealthiest and most educated region in the nation, census data show

2010-12-15T06:31:00.000-08:00

By Carol Morello and Dan Keating

Washington Post Staff Writers

Wednesday, December 15, 2010; 12:05 AM

The Washington area's affluence and education levels make it the wealthiest and most educated region in the nation, according to census data released Tuesday that reflect five years of relative prosperity compared with the rest of the country.

During that period, Fairfax and Loudoun were the only two U.S. counties with median household incomes surpassing $100,000. Tiny Falls Church, which is an independent city and counted separately, had that median income level, as well. Five of the region's suburban counties - Fairfax, Arlington, Loudoun, Montgomery and Howard - plus Alexandria and Falls Church, were among 17 places in the United States in which more than half of the residents have at least a bachelor's degree.

In Loudoun, more than a third of the households are married couples with children, making it one of the country's bastions of the traditional family. The District, Baltimore and Richmond reflected the other extreme, with nuclear families making up fewer than one in 10 households.

The census data released Tuesday offer a more intimate glimpse of hundreds of the Washington region's neighborhoods than has been available. Among other things, the data will be used to provide a better understanding of segregation in the area and other U.S. communities.

The figures combine information gathered from 2005 to 2009 in the American Community Survey, a detailed questionnaire mailed monthly to a cross section of Americans.

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U.S. foreclosure-prevention program fell short, Congressional Oversight Panel says

2010-12-14T06:25:00.001-08:00

By Brady Dennis
Washington Post Staff Writer
Tuesday, December 14, 2010; 1:29 AM

The Treasury Department's primary foreclosure-prevention program has failed to live up to expectations and has suffered from a lack of "meaningful goals," according to a report from a congressional watchdog panel due out Tuesday.

The government's Home Affordable Modification Program, or HAMP, is on pace to prevent 700,000 to 800,000 foreclosures - a significant figure, but far fewer than the 3 million to 4 million struggling homeowners Treasury officials originally hoped to help, according to the bipartisan Congressional Oversight Panel.

"This has turned out to be a lot more complicated and a lot harder" than expected, the panel's chairman, Sen. Ted Kaufman (D-Del.), told reporters. He said he didn't consider HAMP a "failure" because it had helped many homeowners, but he added, "I think the program has just turned out to be smaller and has had a lot less impact" than anticipated.

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Holiday Guide

2010-12-10T06:22:00.000-08:00

Holiday decor at the White House

Click Here to view Holiday Guide

Gallery: Trees twinkle in Georgetown

Housing agencies clash over mortgage-relief program

2010-12-10T06:14:00.000-08:00

By Dina ElBoghdady and Zachary A. Goldfarb
Washington Post Staff Writers
Friday, December 10, 2010; 1:07 AM

The top federal agencies responsible for setting housing policy are clashing over a new program designed to help borrowers whose homes are worth less than they owe on their mortgages, according to industry and government sources.

The Federal Housing Administration says the program could avert foreclosures, but the Federal Housing Finance Agency has concerns that the program, if expanded to include the government-controlled mortgage giants Fannie Mae and Freddie Mac, could be a logistical nightmare that would cost taxpayers too much, the sources said.

About one in four borrowers is underwater. Without equity in their homes, these borrowers tend to be vulnerable to foreclosure because it is difficult for them to refinance or sell their homes. Housing advocates have said that helping these borrowers is important to stem the nation's foreclosure tide.

At issue is an FHA program launched in September that would allow some underwater borrowers who are current on their mortgages to refinance into more-affordable loans with a smaller loan balance and lower interest rate.

The agency, which answers to President Obama, says the program is an intelligent approach to avoid foreclosures among borrowers whose homes have substantially declined in value.

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October 2010 Northern Virginia MarketWatch

2010-12-09T08:02:00.001-08:00

October 2010 Real Estate Market Statistics for:

Prince William County, VA

Brought to you by Real Estate Business Intelligence. For more reports visit RBIntel.

5 Things to Do Now in Order to Buy a Home in 2011

2010-12-09T06:55:00.000-08:00

Ask Tara @Trulia
make smart decisions w/Tara's real estate + mortgage need-to-knows
Brought to you by Trulia.
There are lots of purchases that are highly prone to impulse buying: shoes on sale, puppies at the pound, and carrot cupcakes with cream cheese buttercream frosting come instantly to mind. (But that's just me.)

But houses? Not so much. Savvy, regret-free homebuying can take weeks or months of financial and lifestyle research and planning. If you want 2011 to be the year you become a homeowner, here are 5 things you should be doing, as we speak.

1. Minimize your holiday spending and save your cash. Instead of using the holiday sales to acquire a new winter wardrobe of cashmere sweaters, hold the discretionary spending down so you can give yourself the gift of homeownership! If you are serious about buying a home next year, don't run up additional credit card debt on gifts this year. Instead, make homemade cards or write holiday letters this year for everyone except the kiddos. And even for the kids, consider scaling back on the stuff, spending more of your time with them than your money, and getting started now saving toward your home purchase. (I don't think too many folks would argue that a less materialistic holiday season would hurt anyone, at any age.)

Kickstart your 2011 homebuying resolution by starting a "Home" savings account at an high-interest, online bank (the discipline-boosting goal is a bank that isn't super easy to transfer funds out of when you run low on cash), and set up an automatic deposit into it every payday. To get specific about your savings goal, if you're cash-flush, obviously a 20% down payment will get you top notch interest rates and provide you with the maximum ability to manage your monthly payments. If you're going to be more of a bootstrapping buyer, an FHA loan might be right up your alley - they offer a down payment of 3.5% of the purchase price.

All buyers should plan to have at least 3 percent of the purchase price saved up for closing costs, even if you want the seller to chip in. The lower-priced the home you want to buy, the more percentage points you should be willing to chip in for closing costs. It's easy for closing costs on an $150,000 FHA loan to run as high as $4,000 or more, considering transfer taxes, inspections, appraisals and mortgage insurance fees. So, even the scrappiest buyer should have a savings target somewhere around 6.5% of their target home's price. To buy a $200,000 home, for example, that would mean a savings target of $13,000.

Local real estate and mortgage pros can help you clarify realistic "cash to close" expectations and savings targets for your area - ask them, on Trulia Voices.

2. Research financing, areas homes, prices, agents and online. Smart homebuying takes a lot of research and knowledge-gathering. Since most buyers find it much harder to qualify for a mortgage than it is to find a home you'd love to live in, start with studying up on home financing and what it will take for you to get a home loan (note: FHA loans are preferred by the average homebuyer on today's market who has less than a 10% down payment, so start your research there).

If you're considering relocating next year, now's the time to start narrowing down states, cities and even neighborhoods that may or may not work for you. Take into account the job market, housing and other costs of living, and income and property tax rates, as well as the critical lifestyle inputs that vary from state-to-state, like weather and whether the place is a personality fit for you and the life you want to live, be it urban sophisticate or outdoors adventurer.

Also, start to develop a feel for home prices in a what-you-get-for-your-money type way, and start narrowing down the home styles and even neighborhoods that might fit your aesthetic preferences and lifestyle. If you're one of those rare buyers-to-be who is not already obsessively house hunting, hop on Trulia and start regularly checking out homes and neighborhoods, making sure to take advantage of the neighborhood ratings and reviews feature, which empowers you to surface what other folks think and say about an area.

3. Rehab your credit, if you need to. Go to AnnualCreditReport.com and check out your credit reports - from all 3 bureaus - for free. (Note - these will not give you your credit score for free - that costs extra, but it will give you the actual detailed credit reports.) Audit them for errors and do the work of disputing inaccuracies to have them corrected. Pay particular attention to: accounts that are not yours/you never opened, derogatory information that should have "aged off" your report by now (i.e., 7 years for late payments, 10 for bankruptcies) and balances or credit limits that are inaccurate (i.e., your credit card balance is listed at $2500, but you actually only owe $250.) These are the errors most likely to foul up your financing, so follow the instructions each bureau provides to correct them, stat. While you're at it, don't close any accounts, even if you are able to pay some down or off - actually, check out these tips for getting the bank to give you the best possible home loan, without unintentionally making your score worse!

4. Run your numbers. In the past, some overextended homeowners complained that they felt pushed into a mortgage they couldn't afford. Pundits blamed that on the real estate and mortgage industry, but I have witnessed firsthand many a homebuyer push themselves or their spouses into buying too expensive of a home. Eliminate this issue entirely by doing this - run your own numbers, before you ever even talk to a salesperson or start looking at homes beyond your means. (I assure you, once you see the million dollar home you think you can afford, the $250,000 home you can actually afford will be underwhelming.)

Get your monthly finances in order, and get a clear read on how much your monthly bills are - outside of housing. Decide how much you can afford to spend every month for housing, when you buy your home. Get clear on exactly how much cash you plan to have at hand to put into your transaction up front. When, in the next step, you begin working with a mortgage broker, you'll want to share these numbers with them, early on in your conversation, to empower them to tell you what home price you can afford - not based on their rubrics, but based on what you say you want to spend every month and what you want to put down.

5. Talk to a real estate and mortgage broker (1 of each). Trulia is a great place to find an engaged, communicative, tech-savvy real estate broker or agent in your area. You can use our Find a Pro directory or simply start participating in the Trulia Voices Community, asking your questions and tagging them for the town where you plan to buy a home, and paying attention to the agents who give timely, thorough responses to your questions, and communicate in a language you understand.

Drop one (or a few) an email, letting them know you'd like to work on putting an action plan together for buying a home next year, and would like to talk with them about what action steps need to go on the list. Ask them to brief you on the timeline of a transaction in your local market, and to point out for you things like when along the process you'll need to bring money in, when you'll need to miss work and come into their office or the closing office, whether they offer conveniences like digital document signing, and generally the local standard practices about which buyers you'll need to know. Depending on your target home purchase timeline, they might even want you to take a spin with them and look at a few properties to reality-check your expectations or narrow down a broad wish list.

In addition to chatting with them about timing your purchase vis-à-vis your other life events and plans for the year, make sure to ask for referrals to a local, trustworthy mortgage broker or two - preferably one that has worked with them and closed a number of transactions with their clients. (In fact, many busy real estate pros will want you to talk with their trusty mortgage partner before they get too involved in your planning process. You may think you only need a month to get ready to buy, but once the mortgage folks weigh in, it might turn out that you actually need a few.) When you do get in touch with the mortgage maven, if you're serious about buying, you will want them to actually pull your credit report, check the actual FICO scores that come up on their system and give you their professional recommendations for what final tweaks you can do to your debts to get your credit score where it needs to be.

Homes For Sale in VA, DC & MD

2010-12-08T08:50:00.000-08:00

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December 2010: SAAB, REALTORS® Video Newsletter

2010-12-07T12:46:00.000-08:00

Read and subscribe for Our Video News:
More Articles: "Why Buy a Home?";
"Disclosure: Safest Way To Sell A Home";
"Should I Take My Home Off the Market During the Holidays?";
"Tips for an Eco-Friendly Holiday";
"Value in Homeownership".

To view more news Selected by SAAB, REALTORS® click here.

States, mortgage lenders in talks over fund for borrowers in foreclosure mess

2010-11-17T06:40:00.000-08:00

By Ariana Eunjung Cha and Brady Dennis
Washington Post Staff Writers
Wednesday, November 17, 2010; 12:03 AM

State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said.

This Story
States, mortgage lenders in talks over fund for borrowers in foreclosure mess
Liu Calls for Independent Audit of Foreclosure Practices
Don't underestimate foreclosure crisis, watchdog warns
Foreclosure Nation
Full coverage: Foreclosure system in chaos
Q and A: Head of probe says victims of wrongful foreclosure should get compensation
View All Items in This Story
View Only Top Items in This Story
The fund would present a solution for both sides, helping banks avoid lengthy and costly court challenges from homeowners and aiding state investigators in their efforts to seek relief for homeowners who were wronged, the officials said.

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Top News: week of November 15th, 2010

2010-11-16T13:26:00.000-08:00

Don't underestimate foreclosure crisis, watchdog to warn

By Brady Dennis and Ariana Eunjung Cha
Washington Post Staff Writers
Tuesday, November 16, 2010; 12:09 AM

A congressional oversight panel is set to warn on Tuesday that a widespread problem of flawed and fraudulent foreclosure paperwork could upend the housing market and undermine the nation's financial stability, just as the issue is coming under greater scrutiny this week in Washington.

The report, issued by the Congressional Oversight Panel, which monitors the government's bailout program, marks the first time a federal watchdog has weighed in on the nationwide foreclosure mess.

The panel echoed concerns raised by consumer advocates and financial analysts, who have said that although the consequences of the foreclosure debacle remain unclear, the problems could throw into doubt the ownership not only of foreclosed properties but also the millions of ordinary mortgages that were pooled and traded by investors around the world.
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FHA's cash reserves rebounding, audit shows
By Dina ElBoghdady
Washington Post Staff Writer
Tuesday, November 16, 2010; 12:08 AM

The Federal Housing Administration's cash reserves remain below the level required by law, but they have not deteriorated much since last year and taxpayer funding will not be necessary to buoy the agency even under worst-case scenarios, federal officials said Monday.

The officials cited an independent audit, due to be released Tuesday, that examined the excess cash the agency must set aside to deal with unexpected losses in its flagship home-buying program. That program has played a critical role in propping up the housing market and currently supports one in five home purchases nationwide.

As of Sept. 30, the agency's reserves had an estimated value of $4.7 billion, up from $3.6 billion a year earlier. The current total represents 0.5 percent of all outstanding single-family home loans insured by the FHA, compared with 0.53 percent a year earlier. The margin narrowed from the previous fiscal year because the agency is insuring more loans.
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100 Best Companies to Work For 2010

2010-11-10T14:01:00.000-08:00

100 Best Companies to Work For

Top 100

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Stocks soar after Federal Reserve's move to bolster U.S. economy

2010-11-05T12:20:00.000-07:00

By Neil Irwin and Lori Montgomery
Washington Post Staff Writers
Friday, November 5, 2010; 12:37 AM

The Federal Reserve's aggressive action this week to boost the economy sent stocks soaring Thursday to their highest level in two years as investors expressed renewed confidence that someone in Washington was finally giving the sluggish recovery a lift.

The Dow Jones industrial average was up nearly 2 percent, erasing the last of the breathtaking losses that followed the failure of the investment bank Lehman Brothers in September 2008 and the resulting panic over a possible collapse of the global financial system. Other major U.S. stock indexes were also up sharply.

The Fed's decision to pump $600 billion into the economy through a massive program of Treasury bond purchases was a dramatic move at a time when the White House and Congress have been unable to muster a coherent policy for fueling the recovery and reducing a stubbornly high jobless rate.

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Area unemployment drops in Sept. after private-sector job gains

2010-11-04T06:21:00.000-07:00

By V. Dion Haynes
Washington Post Staff Writer
Thursday, November 4, 2010; 12:03 AM

The Washington area led the nation in employment growth with 56,000 new jobs created over the 12-month period that ended in September, according to federal government data released Wednesday.

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Fed to buy $600 billion in bonds in effort to boost economic recovery

2010-11-04T06:19:00.000-07:00

By Neil Irwin
Washington Post Staff Writer
Thursday, November 4, 2010; 12:31 AM

The Federal Reserve escalated its efforts to get the U.S. economic recovery back on track Wednesday, again entering the realm of risky and untested policy in response to the worst downturn in generations.

The plan to pump $600 billion into the financial system is designed to stimulate the economy in large part by lowering mortgage and other interest rates.

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September jobless rates down in D.C. and Virginia, up in Maryland

2010-10-25T07:00:00.000-07:00

By V. Dion Haynes
Washington Post Staff Writer
Saturday, October 23, 2010; 3:03 AM
Unemployment rates in September dropped in the District and Virginia but rose by 0.2 percentage points in Maryland, according to federal government data released Friday. The numbers illustrate long-term improvement in the regional job market but prolonged reluctance among employers to significantly expand their payrolls because of lingering uncertainty about the economy.

Maryland's rate jumped to 7.5 percent from 7.3 percent in August, according to Bureau of Labor Statistics data. The rates fell by 0.1 points to 9.8 percent in the District and to 6.8 percent in Virginia. The U.S. unemployment rate in September remained steady at 9.6 percent.
"This has just been a very tenuous time," said Ann D. Lang, senior economist at the Virginia Employment Commission. "Retail sales rose in September - there's some spending going on," but employers are "holding back a little and concerned about jobs and if we're going to get on a solid road here." more...

Fannie Mae, Freddie Mac bailout cost is likely to rise to $154 billion, agency projects

2010-10-22T07:18:00.000-07:00

By Zachary A. Goldfarb
Washington Post Staff Writer
Friday, October 22, 2010; 12:13 AM

The bailout of Fannie Mae and Freddie Mac is likely to cost taxpayers an additional $19 billion and may cost as much as $124 billion more if the economy starts shrinking again, according to a government projection released Thursday. The rescue of the mortgage giants, which has helped keep the housing market alive amid economic crisis and recession, already has a price tag of $135 billion. The money went to cover losses on defaulted home loans.
The ballooning price of the Fannie and Freddie bailout comes as the Obama administration celebrates news of lower costs on other financial rescues. Administration officials are also preparing to release a plan for reforming the two companies in coming months.
more...
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Lawyers got it right on the foreclosure mess

2010-10-22T06:14:00.000-07:00

By Eugene Robinson
Friday, October 22, 2010

Don't blame the lawyers. The crisis over faulty or fraudulent paperwork in mortgage foreclosures -- which is either a big deal or a humongous deal, depending on which experts you believe -- is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.

Banks and other lenders, it seems, made statements in courts of law that turned out not to be true. Because judges have such an underdeveloped sense of humor when it comes to prevarication, this mess may be with us for a while.

more...

Fannie, Freddie bailout could double, regulator says

2010-10-21T12:20:00.000-07:00

By Zachary A. Goldfarb
Washington Post Staff Writer
Thursday, October 21, 2010; 11:53 AM

The federal bailout for Fannie Mae and Freddie Mac could double in size during the next three years, according to projections from the companies' federal regulator.

Fannie and Freddie, the federally controlled mortgage finance giants, probably will need at least another $73 billion and perhaps as much as $215 billion from taxpayers in the next three years to meet their financial obligations, the Federal Housing Finance Agency said, but much of that money would automatically be returned to the government.

The growing taxpayer infusions will cover losses Fannie and Freddie suffer on home loans, as well as payments the companies must make to the U.S. Treasury in exchange for a federal guarantee to provide cash to keep the companies solvent. more...
Gardner Doesn't Sees Fannie, Freddie Overhaul Until 2013: Video

Task force probing whether banks broke federal laws during home seizures

2010-10-20T10:04:00.000-07:00

By Zachary A. Goldfarb
Washington Post Staff Writer
Wednesday, October 20, 2010; 12:11 AM

Federal investigators are exploring whether banks and other financial firms broke U.S. law when using fraudulent court documents to foreclose on people's homes, according to sources familiar with the effort.

The criminal investigation, still in its early days, is focused on whether companies misled federal housing agencies that now insure a large share of U.S. home loans, and whether the firms committed wire or mail fraud in filing false paperwork.

Although prosecutors across the country previously opened a patchwork of inquiries, a broader federal effort targeting companies that improperly evicted people from their homes is only now taking shape. This comes at the same time that investors have begun to hold firms accountable for selling securities composed of mortgages that were improperly serviced.

more...
Thousands of Foreclosures are put on hold. Click here to Watch the Video.

Foreclosure freeze leads to uneasy politics for Democrats

2010-10-19T10:50:00.000-07:00

By Steven Mufson
Washington Post Staff Writer
Tuesday, October 19, 2010; 7:26 AM

The details of the foreclosure mess are ugly and complicated. The politics of it are even worse.
The calculus is clear for most Democratic incumbents, especially those in tight races like Senate Majority Leader Harry M. Reid: Nothing could be worse on the eve of elections than images of people being booted out of their homes by big banks that have relied on sloppy, if not fraudulent, paperwork.

But reviving the economy requires repairing the housing market, which won't happen until foreclosed properties and delinquent mortgages are dealt with. So the White House, which is looking past the midterm elections, has been restrained. Housing and Urban Development Secretary Shaun Donovan wrote over the weekend that "a national, blanket moratorium on all foreclosure sales would do far more harm than good, hurting homeowners and home buyers alike."
more...

Whalen Calls U.S. Foreclosure Crisis a `Cancer': Video

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U.S. presses mortgage lenders to fix documents, but foreclosures can continue

2010-10-14T14:13:00.000-07:00

By Zachary A. Goldfarb,Dina ElBoghdady and Ariana Eunjung Cha
Washington Post Staff Writers
Thursday, October 14, 2010; 12:31 AM

Federal regulators sought Wednesday to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while insisting that foreclosures continue apace. more...

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Housing troubles face new Pr. George's county executive

2010-10-14T14:11:00.000-07:00

By Ovetta Wiggins
Washington Post Staff Writer
Thursday, October 14, 2010

Less than a year after Prince George's County lost millions in federal housing aid, a report is calling on the next county executive to revamp the housing department by conducting a national search for a director, setting up a local trust fund for housing needs and offering more rental housing. more...

Financial regulators planning worldwide rules for large firms

2010-10-12T07:02:00.000-07:00

By Howard Schneider
Washington Post Staff Writer
Sunday, October 10, 2010; 9:09 PM

International bank regulators are planning a fresh wave of rules for the world's most important financial companies in an effort to ensure that firms considered "too big to fail" are better protected from collapse - and that taxpayers are insulated from the fallout if they do. more...

Reston-based company MERS in the middle of foreclosure chaos

2010-10-08T09:51:00.000-07:00

By Brady Dennis and Ariana Eunjung Cha

Washington Post Staff Writers
Friday, October 8, 2010; 12:01 AM

As courts across the country face a wave of foreclosures, a name little known to the public has cropped up on thousands of court filings as a stand-in for prominent banks, lenders and mortgage servicers. more...

Top Real Estate Updates: Week of September 4th, 2010

2010-10-04T12:29:00.000-07:00

Home prices up, but growth rate slows
U.S. home prices
Case-Shiller Index, US House Prices, (2000 = 100)
By Les Christie, staff writerSeptember 28, 2010: 10:38 AM ET

NEW YORK (CNNMoney.com) -- Home prices have risen for five straight months, but the rate of growth has slowed, according to an industry report released Tuesday.
Prices inched up 0.6% in July compared with June, according to S&P/Case-Shiller 20-city home price index. On a year-over-year basis, prices rose 3.2% compared with July 2009. more...

Mortgages under 5% are back in bloom
With one of the key measures below the benchmark for the second week in a row, would-be home buyers face the best rates since the spring.

By Julianne Pepitone, CNNMoney.com staff reporter
Last Updated: October 8, 2009: 1:03 PM ET

NEW YORK (CNNMoney.com) -- The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Home mortgage rates fell for the sixth straight week, according to two key measures, with one of them pointing to a sub-5% rate for the 30-year fixed loan for the second week in a row. more...

The powers (of attorney) that be: What you need to know now

By Harvey S. Jacobs

Special to The Washington Post
Saturday, October 2, 2010

On Oct. 1, the Maryland General and Limited Power of Attorney Act took effect. The changes make it more difficult to delegate a power of attorney, and so this tool can no longer be regarded as a last-minute alternative to attending a real estate closing.
Dubbed "Loretta's Law," the measure was partially the result of one family member abusing the power entrusted to her by her elderly aunt. more...

J.P. Morgan Chase to freeze foreclosures over flawed paperwork

2010-10-01T08:05:00.000-07:00

By Ariana Eunjung Cha
Washington Post Staff Writer
Wednesday, September 29, 2010; 11:36 PM

J.P. Morgan Chase, one of the nation's leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit. more...

Walking away with less

2010-10-01T08:03:00.000-07:00

By Dina ElBoghdady and Dan Keating
Sunday, September 26, 2010; 4:03 AM
A new wave of distressed home sales is rippling, more quietly this time, through American cities and suburbs. Its unsettling effects are playing out here in Manassas, along Brewer Creek Place, a modest, horseshoe-shaped street lined with 98 brick townhouses. Several years after the U.S. foreclosure crisis erupted, the U-Hauls are back.
The last time, banks seized nearly every fourth house on the street through foreclosure. This time, homeowners are going another route: a short sale. more..

Here's more information about the program.

Report gives stimulus package high marks

2010-10-01T07:55:00.000-07:00

By Lori Montgomery
Washington Post Staff Writer
Friday, October 1, 2010; 1:38 AM
The massive economic stimulus package President Obama pushed through Congress last year is coming in on time and under budget - and with strikingly few claims of fraud or abuse - according to a White House report to be released Friday. more...

Products add value to homes without major reconstruction

2010-09-27T08:01:00.000-07:00

By Sandra Fleishman
Special to The Washington Post
Saturday, September 25, 2010

Companies at a to-the-trade only remodeling show in Baltimore recently exhibited a variety of products meant to add value to existing homes without major reconstruction. Affordability, energy conservation, green materials and easy maintenance were recurring themes throughout the show.
more...

Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process

2010-09-23T10:49:00.000-07:00

By Ariana Eunjung Cha and Brady Dennis
Washington Post Staff Writers
Thursday, September 23, 2010; 2:36 AM

The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials. more...

Congress passes financial reform bill

2010-07-16T12:38:00.001-07:00

By Brady Dennis
Washington Post Staff Writer
Friday, July 16, 2010

Congress gave final approval Thursday to the most ambitious overhaul of financial regulation in generations, ending more than a year of wrangling over the shape of the new rules and shifting the government's focus to the monumental task of implementing them... read more

Housing Industry Poised to Recover in 2010

2010-06-29T09:48:00.000-07:00

Written by: David Lereah Thu, December 17, 2009
Market Activity, Market Commentary

As we approach the New Year, we are more hopeful about prospects for 2010 compared to the dismal performance of 2009. This past year was a year of crises. The economy was on the brink of Depression, shedding 8 million jobs during the past two years, while the unemployment rate climbed sharply to 10 percent (as of this writing) from 4.9 percent. The U.S. credit markets and banking system virtually collapsed, foreclosures became rampant and the housing sector crashed with home values plummeting 10 to 15 percent in most metropolitan areas across the nation.
Government bailouts were commonplace, with taxpayer dollars replenishing the coffers of Wall Street companies, large financial institutions, insurance companies and even the automobile industry. As 2009 draws to a close, we collectively breath a sigh of relief; acknowledging that the economy and housing markets somehow survived. The convoluted maze of government programs and subsidies, a multi-billion stimulus package and an overly accommodative monetary policy conducted by the Federal Reserve heroically kept the economy from falling into the abyss. For all the criticism directed at government decision making throughout the year, something worked. We are in a much better place today than we were yesterday.
As we enter 2010, the economy is rebounding, the credit markets thawing and the housing sector recovering. Read more...

Mortgage rates hit all-time low, but lending activity remains quiet

2010-06-25T08:39:00.000-07:00

By Dina ElBoghdady

Washington Post Staff Writer

Friday, June 25, 2010
Mortgage rates have hit an all-time low, but consumers are responding with a big "So what?"

Fairfax County supervisors authorize transformation of Tysons Corner

2010-06-24T07:49:00.000-07:00

By Kafia A. Hosh and Derek Kravitz

Washington Post Staff Writers

Wednesday, June 23, 2010
Fairfax County officials on Tuesday approved a landmark proposal to allow the transformation of Tysons Corner from a sprawling, auto-dependent office park into vibrant, walkable city. Read more...

Housing sales decrease in May, dashing hopes of quick recovery

2010-06-24T07:47:00.000-07:00

By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, June 23, 2010
Sales of previously built homes dropped in May after huge gains the previous two months, a sign that the federal tax credit that helped energize sales at the start of the selling season has sputtered out sooner than expected.
The National Association of Realtors reported Tuesday that sales of existing single-family homes, townhouses, condominiums and cooperatives fell 2.2 percent, to a seasonally adjusted rate of 5.66 million units, in May from April, snapping hopes of a robust housing recovery anytime soon. Analysts surveyed by Bloomberg had expected an increase of 6 percent. Read more...

TOP News: Week of June 14th, 2010

2010-06-14T11:07:00.000-07:00

Lenders go after money lost in foreclosures
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, June 16, 2010

After the bank foreclosed on Fernando Palacios's Gainesville home in March, he thought he was done with what he described as the most stressful financial situation of his life.

The bank sold the home for far less than Palacios owed on it, as often happens with foreclosures. What Palacios did not see coming was the letter from his lender demanding that he pay the shortfall: $148,064.02. "I really thought I was through with this house," said Palacios, who fell behind on payments when the economy soured and his cleaning business stumbled.

MD homeowners gain protection in foreclosure process
By Ovetta Wiggins
Washington Post Staff Writer
Thursday, May 20, 2010; 4:10 PM

Maryland Gov. Martin O'Malley signed legislation Thursday that creates a foreclosure mediation program designed to help beleaguered homeowners stay in their homes.

The bill gives homeowners the legal right to mediation with their lender during foreclosure proceedings.

House Passes FHA Reform Bill Authorizing Higher Premiums
In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA).

The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan says will increase FHA’s capital reserves and reduce risks to the FHA insurance fund.

Fannie Mae: Media Center

2010-06-10T08:27:00.000-07:00

Fannie Mae: Media Center
Financial News & Press Releases

Up in the Air - Home Values Up, But How Much Owners Can Recoup in Recovery?

2010-06-03T06:18:00.000-07:00

Luxury Living Special Section
by Rima Assaker

Saab’s company has been providing real estate and mortgage services since 1987, so he has seen the dips and peaks this industry can weather. “With banks and financial institutes sinking, the condition of the housing market has become volatile,” said Saab. “However, the principle stays the same, and people will continue to invest in real estate.”

Saab, who has personally invested in multiple foreclosure and other properties, pointed out that “real estate investment has always been one of the key profit areas for banks and other financial institutions.”

“Investing in a house has always been considered one of the safest ways to safeguard our money. Owing to this investment fundamental, people continued investing in real estate during the period between the late 1990s and 2005, even though the prices were reaching their all-time highs,” he explained.

“Housing prices will increase with time, and will surpass the heights we saw during the late 1990s through 2005,” Saab predicts. “I don’t foresee that to happen in a blink of an eye, but we will see those prices again in between seven to 10 years.”
...
Saab points out that investment opportunities abound due to foreclosure properties that have flooded the market. “Foreclosures and short-sales will make up as much as 40 percent of total sales for the next 30 to 36 months,” he said. “The percentage could possibly be greater, depending upon how eager banks will be to put their inventory on the market. Their preferences will be to pace their releases to keep prices from plummeting, but the sheer numbers may make that impossible for some banks.”Saab advises that “even after the supply begins to dwindle, the effect upon home prices will continue for at least another year.”
...
Capital CushionAs negatively as homebuyers and real estate investors may view the market, the Washington region is still considerably better off than most markets across the country.“We live in the metropolitan area of the nation’s capital,” said Saab. “This is a government, defense, high-tech and business center. Everyone wants to be here because this is where the jobs are.”Evers, who has more than 35 years of real estate experience, agrees. “Companies [and their employees] want to be here, but in addition, it’s a beautiful location and a beautiful city. It’s a plum place to live for so many reasons … it’s like the courtiers wanting to be closer to court — anything to do with the government, the people want to be close.”And government often equals job stability, Saab notes. “There is a ton of money running around Washington, D.C.,” he said. “It’s clearly shown by the fact that people can handle a $3,500 to $4,500 per month mortgage or rent payment. Income is not going to change anytime soon in D.C. or its suburbs.”“The D.C. metro area is also very transient, meaning people come in and out of it frequently, which also raises the demand for buying and selling homes,” adds Long & Foster’s Bacchus. “People come to Washington to get things done, and they will always need to come to and be in Washington to do business and make things happen in the country.”He concludes: “The D.C. area has no idea what it is like to be in a Midwestern or Southern state, or some places in Florida, where there is no semblance of industry and no economic engine to support the economy. We are very lucky.”
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