Local Address Archive by Category

Washington home sales and The Weekend Poll

How much did the $8,000 first-time buyer tax credit boost local home sales? By about 1,900 deals that otherwise would not have occurred, according to local real estate analysts Delta Associates. The area's high prices and high number of transients makes our market less influenced by first-timers than most other parts of the country, Delta analysts say in a report released with Metropolitan Regional Information Systems Inc., the local multiple listing service.

By Elizabeth Razzi | November 6, 2009; 06:00 AM ET | Comments (1)

Fannie Mae to allow some troubled owners to rent back

Fannie mae announced a new program Thursday that will allow some homeowners facing foreclosure to hand the deed back to their lender but remain in the home as a renter. The idea behind their new "Deed for Lease Program" is that allowing rent-backs will minimize family displacement and stanch the deterioration of neighborhoods plagued by vacant foreclosures, according to Fannie's announcement.

By Elizabeth Razzi | November 5, 2009; 02:39 PM ET | Comments (3)

Get Free Alerts if Someone Messes With Your Deed

First American CoreLogic's ePropertyWatch service allows users to set up a password-protected account and receive e-mail updates reporting recent home sales, foreclosures and, most important, the registration of any changes to public records reflecting your ownership of the home. Such changes could include liens or deed transfers filed without you knowing about it.

By Elizabeth Razzi | October 15, 2009; 06:00 AM ET | Comments (4)

A Flood of Solar Events and The Weekend Poll

The 19th Annual Metro Washington, D.C., Tour of Solar Homes and Buildings is scheduled for this weekend, Oct. 3-5. And the National Mall is in the process of turning into one solar-powered housing development.

By Elizabeth Razzi | October 2, 2009; 06:00 AM ET | Comments (0)

Lousy Loan Offers Still Coming by Mail

If anyone thinks mortgage brokers have been chastened by the financial calamity we've all been through the past few years, think harder. My husband and I received a particularly shoddy refinancing offer just a few weeks ago.

By Elizabeth Razzi | September 22, 2009; 06:00 AM ET | Comments (4)

Appraisers Say 'Don't Blame Us'

I had a cup of coffee the other morning with someone at the heart of the appraisal fuss that has prevailed this summer. And he's sick of his industry getting blamed for low appraisals that kill deals. "We are really tired of getting slammed," he said. "Show me the data," said Don Blanchard, chief compliance officer and deputy general counsel for Lender Processing Services, which owns LSI, one of the nation's biggest appraisal management companies.

By Elizabeth Razzi | August 26, 2009; 06:00 AM ET | Comments (3)

Jobs, Foreclosures and The Weekend Poll

We have seriously bad news out of the Mortgage Bankers Association. More than 9 percent of all mortgage loans outstanding on one- to four-unit homes were at least one month behind on payments during the second quarter. That number, which is adjusted to reflect seasonal trends, broke the previous quarter's record level of delinquencies, and it doesn't even include people already in the foreclosure process. Count them in, and 13.6 percent (not seasonally adjusted) of loans are in trouble. That's the most MBA has recorded since they started keeping track in 1972.

By Elizabeth Razzi | August 21, 2009; 06:00 AM ET | Comments (3)

Foreclosure Info via iPhone and The Weekend Poll

An iPhone is now your ticket to more on-the-go info on home prices and foreclosures. First American CoreLogic released a free iPhone app, RealQuest Home Value Pro, that lets you tap into estimated values for specific addresses and neighboring properties as well as data on nearby foreclosures, pre-foreclosures, auctions and bank-owned properties.

By Elizabeth Razzi | August 14, 2009; 06:00 AM ET | Comments (0)

Price Increases Coming in Foreclosure Hot Spots?

Another report based on Metropolitan Regional Information Systems data says the supply of for-sale homes in the Washington area fell in July, to 5.3 months' worth. "That level of supply is considered at or below equilibrium," according to the folks at Metrostudy, a consultant hired by MRIS, the local multiple listings service. And because supply is below the six-month threshold that marks a balanced market, they expected prices to rise soon. However, not everyone agrees.

By Elizabeth Razzi | August 12, 2009; 06:00 AM ET | Comments (14)

Short Sale Plan Coming, and The Weekend Poll

The federal government may try to nudge lenders to approve more short sales soon. But will the feds really be able to convince lenders to clear the path for more of these deals? Here's an interesting snippet from the online chat held Thursday with the Post's Renae Merle and Michael S. Barr, the Treasury Department's assistant secretary for financial institutions.

By Elizabeth Razzi | August 7, 2009; 06:00 AM ET | Comments (2)

Choosing Bankruptcy to Avoid Foreclosure

Even though you cannot get rid of your mortgage payments through bankruptcy, about one in five people who went through mandatory pre-bankruptcy credit counseling said they were doing so to avoid losing their homes to foreclosure, according to Consumer Credit Counseling Services of Greater Atlanta. That organization provides counseling throughout the United States.

By Elizabeth Razzi | August 6, 2009; 06:00 AM ET | Comments (1)

Geography of Distress

I want to direct you to a valuable package of work produced by a team of writers and editors at the Post. They've produced an interactive map of residential foreclosures by Zip code from January 2007 to June 2009 for the Washington metro area. Hardest hit, they say, is Woodbridge's 2011 Zip code, which had 3,041 homes lost.

By Elizabeth Razzi | July 30, 2009; 03:15 PM ET | Comments (2)

Freddie Mac's Having a Foreclosure Sale

Freddie Mac just sweetened the deal for people willing to make a home out of one of its foreclosures. Through Oct. 30, Freddie is offering to pay a buyer's closing costs, up to 3.5 percent of the sales price. And as part of Freddie's "Smart Buy" program, it is throwing in a free two-year warranty on the home's electrical, plumbing, air conditioning and heating systems, plus major appliances such as water heaters, stoves, washers and dryers, dishwashers, and refrigerators.

By Elizabeth Razzi | July 22, 2009; 06:00 AM ET | Comments (2)

Appraisal Quality Getting More Attention

Will it appraise? Low-quality appraisals done by appraisers parachuting in from a different market are among the top complaints this summer. Freddie Mac recently issued a reminder to lenders that it's their responsibility to make sure that appraisals are performed by people who are well-qualified and familiar with the local market.

By Elizabeth Razzi | July 16, 2009; 06:00 AM ET | Comments (6)

Mortgage Fraud Rising in the Washington Area

Maryland is on the FBI's top ten list for states with the most mortgage fraud, and the District is among jurisdictions "newly identified as having significant mortgage fraud problems," according to the bureau's 2008 Mortgage Fraud Report, which was just released. Nationwide, the number of mortgage fraud suspicious-activity reports referred to law enforcement increased 36 percent over 2007, the report says. And the government's economic stimulus programs could fuel further increases, according to the FBI.

By Elizabeth Razzi | July 9, 2009; 06:00 AM ET | Comments (4)

Help for Renters After Landlord's Foreclosure

It's one thing to know about your rights; it's another thing to know how to assert them. Renters wondering how they can assert their rights to remain in their home after the landlord has lost it to foreclosure can find answers from an online legal toolkit put together by the National Low Income Housing Coalition and the National Housing Law Project. You don't have to have a low income to benefit from the information.

By Elizabeth Razzi | June 24, 2009; 06:00 AM ET | Comments (0)

Regulator Warns Public About Reverse Mortgages

"While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages -- and that should set off alarm bells," Comptroller of the Currency John C. Dugan said in a speech to a banking group.

By Elizabeth Razzi | June 9, 2009; 09:06 AM ET | Comments (2)

Come n' Get Yer Foreclosures!

It looks like we're heading into a foreclosure-sale weekend in the Washington area. Bus tours and auctions are both scheduled.

By Elizabeth Razzi | June 4, 2009; 06:00 AM ET | Comments (1)

Will the Busy Real Estate Market Last?

Yesterday I had a quick cup of coffee with Glenn Kelman, president and CEO of Redfin, an online real estate brokerage, and Karen Krupsaw, the company's manager of the DC-area market. And while they said business is way, way up this spring ("our best May and June ever," according to Kelman) he expressed some concern about whether it would stay that way going into fall.

By Elizabeth Razzi | June 3, 2009; 06:00 AM ET | Comments (4)

What If There Weren't All Those Foreclosures?

Distressed home-sales--foreclosures and short sales--magnified the price decline in California since 2006 by about 5.4 percentage points, according to a research paper from the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac. The study attempts to quantify the effect of distressed home sales on home price measures such as FHFA's House Price Index.

By Elizabeth Razzi | May 28, 2009; 06:00 AM ET | Comments (5)

Renters Get New Protection From Foreclosure

Renters now have more protection against losing their homes under the new foreclosure prevention bill President Obama signed into law yesterday afternoon.

By Elizabeth Razzi | May 21, 2009; 06:00 AM ET | Comments (2)

Market Up, or Down, Or?

Check back through the day for updates filed from the National Association of Realtors' daylong economic summit. We're in the Marriott Wardman Park's giant ballroom, and through the day we'll hear from former Labor Secretary Robert Reich, Havard's Eric Belsky and Martin Feldstein, the Wharton School's Susan Wachter, former Fed Chairman Alan Greenspan, Carnegie Mellon University's Allan Meltzer and others, roughly in that order.

By Elizabeth Razzi | May 12, 2009; 09:18 AM ET | Comments (3)

Discriminatory Housing Ads Proliferate Online

Fair housing complaints spiked up 17 percent over the past year, according to a report just out from the National Fair Housing Alliance, a DC-based consortium of more than 220 private, non-profit fair housing groups around the country. They blame the foreclosure crisis, which has forced a lot of families into the rental market, and the rise of Internet advertising, which has scant gatekeeping regarding the content that's posted. After I saw NFHA's report, I spent about half an hour searching Washington-area for-rent ads on Craigslist just to see what I might find. In just that brief search, I found a few eye-openers--and then called NFHA's President and CEO, Shanna Smith, to solicit her reactions.

By Elizabeth Razzi | May 5, 2009; 06:00 AM ET | Comments (1)

Mortgage Crisis Show, Tonight on WAMU and WHUT

I'm looking forward to the questions that will come up this evening during a panel discussion I have been invited to join at Howard University. It's part of their week-long special on the mortgage crisis and is being led by WAMU radio host Kojo Nnamdi. The broadcast will be live on Howard University Television, WHUT,and WAMU 88.5. at 8 p.m.

By Elizabeth Razzi | April 30, 2009; 02:40 PM ET | Comments (0)

Feds Charge Metro Dream Homes Officers

According to a Justice Department announcement, officers of Metro Dream Homes have been indicted by a federal grand jury in the alleged mortgage fraud scheme, which the Justice Department says was worth $70 million. Charges were filed against Andrew Hamilton Williams, Jr., 58, of Hollywood, Fla., founder and owner; Michael Anthony Hickson, 46, of Commack, NY, chief financial officer; Isaac Jerome Smith, 46, of Spotsylvania, president; Alvita Karen Gunn, 31, of Hanover, Md., vice president of operations.

By Elizabeth Razzi | April 28, 2009; 06:00 AM ET | Comments (0)

Guilty Pleas in Foreclosure-Avoidance Scheme

If anyone doubts there are "smooth-talking con artists who take advantage of people who fall behind on their mortgage payments," to quote Rod J. Rosenstein, U.S. Attorney for the District of Maryland, consider the story of two locals who appear to have prison sentences of up to 20 years in their futures--and that's on just one of the charges. They also agreed to forfeit more than $2.2 million in proceeds from criminal activity. Yesterday Cheryl Brooke, 52, of Upper Marlboro and Winston Thomas, 43, of New Carrollton, pleaded guilty to participating in a foreclosure-avoidance scheme that defrauded homeowners and mortgage lenders, according to an announcement from Rosenstein's office.

By Elizabeth Razzi | April 15, 2009; 06:00 AM ET | Comments (0)

Book Review: Reduce Debt, Reduce Stress

I'm happy to recommend a new book full of detailed advice on solving credit problems, Reduce Debt, Reduce Stress: Real Life Solutions for Solving Your Debt Crisis, by Gerri Detweiler, Marc Eisenson and Nancy Castleman.

By Elizabeth Razzi | April 14, 2009; 06:00 AM ET | Comments (1)

In-Person Loan Modification Comes to D.C.

J.P. Morgan Chase is opening a loan modification center in a fifth-floor office at 1350 I Street, N.W., in the District, near the McPherson Square Metro station. Anyone in the Washington area with a loan serviced by Chase, Washington Mutual or EMC can go in and ask for help saving their home.

By Elizabeth Razzi | April 9, 2009; 06:00 AM ET | Comments (0)

'We Will Find You and We Will Punish You'

Attorney General Eric Holder had this message for people and companies engaged in ripping-off homeowners on the verge of foreclosure: "If you prey on vulnerable homeowners with fraudulent mortgage schemes, or discriminate against borrowers, we will find you and we will punish you."

By Elizabeth Razzi | April 7, 2009; 06:00 AM ET | Comments (3)

Why Ask an Ex-Con for Mortgage Help?

Did you hear the one about the convicted felon who's now in the mortgage-modification business?

By Elizabeth Razzi | April 1, 2009; 06:00 AM ET | Comments (2)

Layoff Worries vs. Buyer Incentives

Worries about layoffs and their tendency to drastically interfere with one's ability to make a monthly mortgage payment don't seem to be burdening first-time buyers as much as they weigh upon existing homeowners. About 18 percent of people who consider themselves first-time home buyers said they plan to make a purchase this year so they can take advantage of the new $8,000 tax credit, according to an early-March survey commissioned by Move Inc., the company that operates a listings Web site for the National Association of Realtors. Among all surveyed, first-timers and repeat customers alike, 5.8 percent said they planned to buy within one year; and another 13 percent said they planned to buy in the next two years. The survey revealed a world of worry, though, among current owners. A recent job loss in the household is causing 27 percent to fear they may default on their loan. Another...

By Elizabeth Razzi | March 24, 2009; 06:00 AM ET | Comments (3)

How Many Foreclosed or Homeless?

One of the biggest frustrations in trying to report about this housing crisis and recession is the lack of reliable numbers on two of its most dire outcomes: foreclosures and homelessness. There are numbers out there; they just aren't very reliable or, especially with regard to homelessness, up-to-date. It's hard to count people as they fall off the map. Like most major media outlets, The Post reports foreclosure numbers from RealtyTrac each month, mostly because there's no other source that's better. But I don't know anyone who uses those numbers, including reputable economists, who isn't frustrated by the fact that the same home often gets counted more than once in their statistics. They count all the steps that lead to the actual foreclosure, from default notices to auction sales, so a single address that goes into foreclosure adds to the statistics several times. And it's important to remember that RealtyTrac...

By Elizabeth Razzi | March 16, 2009; 06:00 AM ET | Comments (1)

Surprise! It's a Bailout for Vacation Homes, Too

I'm shocked that people aren't jumping all over the revelation that the no-equity mortgage refinance program unveiled yesterday is going to be available for vacation homes and one-to-four unit rental properties as well as for owner-occupied homes. The Post's Renae Merle reported this detail, which she found in the program rules published by Fannie Mae and Freddie Mac. The refinances are available to borrowers who bought their properties using Fannie or Freddie loans and who are not behind on their payments, but who don't have enough equity to qualify for an ordinary refinance. It's half of a two-part homeowner bailout program. The other half encourages loan modifications that can reduce interest rates and payments for borrowers already in default or near foreclosure. That loan-modification plan is restricted to a borrower's primary residence. But President Obama never made such a distinction when he first announced the broad outline of his plan...

By Elizabeth Razzi | March 6, 2009; 06:00 AM ET | Comments (5)

Sharpen Your Elbows to Get In on Borrower Bailout

Ah, it was good to see so much detail laid out for the government's new refinance and loan-modification programs for borrowers at risk of foreclosure. The 17 pages of guidelines are government poetry, what with all the acronyms, formulas and step-by-step directions. It makes for lousy reading, but all those details increase the odds that the program will actually work. If you don't believe me, consider the infinitely complicated IRS Form 1040 and its effectiveness at separating you from your money. If a quick run through this calculator indicates you may qualify for a refinance (available even if falling values have wiped out your equity, as long as you're current on payments) or a loan modification (available if you're behind on payments or on the verge of foreclosure) get your financial documents together quickly and call your lender. They are going to be swamped with calls. Some of the largest...

By Elizabeth Razzi | March 5, 2009; 06:00 AM ET | Comments (2)

My Day at the Foreclosure Hotline

I traveled to Freehold, N.J., in January to spend a day getting to know some of the people who staff the Homeowners HOPE hotline (888-995-4673), and to listen in on of the calls they field from people who are afraid of losing their homes. The result is the "Talk to Me" story in the March 1 issue of Washington Post Magazine. One of the things that struck me was that almost everyone working at the call center is female. I spotted a couple of men, but overwhelmingly the hum that rose up from the cubicles carried a feminine tone. Maybe it's evidence that women make good listeners; maybe it's evidence that women need the jobs. But it's not a fluke. The Department of Housing and Urban Development says 78 percent of all housing counselors are female. Stacie Rillo, the counselor who allowed me to shadow her through a work day,...

By Elizabeth Razzi | March 2, 2009; 06:00 AM ET | Comments (0)

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