With foreclosures rising nationwide, prices falling, and inventories swelling to historic levels, investors with a discerning eye and knowledge of the foreclosure process can build a profitable portfolio of distressed properties, says James Saccacio, CEO of RealtyTrac, which tracks foreclosure data.
Saccacio offers this basic advice to foreclosure investors:
* Know your market. The most important tool in your real estate investing toolbox is knowledge of the area where you plan to invest.
* Develop an appropriate investment strategy. Find an investment strategy that will work in your market, and then do what it takes to implement that strategy.
* Make the foreclosure process work for you. Decide what foreclosure buying technique works best with your investment strategy and your strengths as a person.
* Scrutinize each deal. Many real estate investors wrongly assume that if a home is in foreclosure it's a good deal.
* Rely on a trustworthy team. You'll be in over your head if you try to do all the work involved in foreclosure investing on your own.
* Network with banks and lenders. In a slow real estate market, banks and other lenders are saddled with larger inventories of foreclosed properties and will be more motivated to sell those properties at bargain prices.
* Act quickly, but don't be in a hurry. A slow real estate market gives you the upper hand as a buyer, but you'll still need to act quickly to get the best deals.
— REALTOR® Magazine Online
Friday, June 29, 2007
Thursday, June 28, 2007
3 Reasons to Be Happy About the Housing Market
The worst of the housing bust may be behind us, some economists say. Here are three reasons for their somewhat optimistic look on housing.
1. Fewer houses built mean fewer houses waiting to be sold. In May, the number of new housing units completed fell to 1.534 million from 1.542 million in April and 1.61 in March. "The numbers [of starts] are at a low enough level that the inventories can start to be worked down," says National Association of Home Builders Chief Economist David Seiders.
2. Mortgage rates are going up, but the economy is strong enough that people can afford the increase. "The economy appears able to absorb these subtractions, especially since they remain on track to be smaller than what the market grew accustomed to over the past year," says Action Economics Chief Economist Mike Englund in a June 19 note.
3. There’s no improvement yet, but the decline has slowed. "I don't think we're out of the woods here, but we may not be that far from the bottom. Since late last year things have been trending downward but not nearly as rapidly now as during 2006," says Seiders.
Source: BusinessWeek Online, Maya Roney (06/20/2007)
1. Fewer houses built mean fewer houses waiting to be sold. In May, the number of new housing units completed fell to 1.534 million from 1.542 million in April and 1.61 in March. "The numbers [of starts] are at a low enough level that the inventories can start to be worked down," says National Association of Home Builders Chief Economist David Seiders.
2. Mortgage rates are going up, but the economy is strong enough that people can afford the increase. "The economy appears able to absorb these subtractions, especially since they remain on track to be smaller than what the market grew accustomed to over the past year," says Action Economics Chief Economist Mike Englund in a June 19 note.
3. There’s no improvement yet, but the decline has slowed. "I don't think we're out of the woods here, but we may not be that far from the bottom. Since late last year things have been trending downward but not nearly as rapidly now as during 2006," says Seiders.
Source: BusinessWeek Online, Maya Roney (06/20/2007)
Wednesday, June 27, 2007
Passing the All-Crucial Sniff Test in Selling the Home
In addition to depersonalizing and de-cluttering, experts say home sellers need to be concerned about odors.
Sales associates polled informally by REALTOR® Magazine Online a few years ago said the lingering presence of pets, tobacco, mildew, and decay in the air are major deal-breakers.
Given that not everyone smells the same odors and that people can become accustomed to a particular smell over time, it is important for property sellers to have their sales associates or another objective party inform them about unpleasant scents in their homes.
According to Chevy Chase, Md.-based Long & Foster practitioner Joan Cromwell, if buyers "can't imagine clearing the smell, they can't imagine occupying that space." The smell of cat urine is especially difficult to remove, with Chris Coffin of the Alexandria, Va.-based branch of the cleaning company ServiceMaster estimating that spot-cleaning carpets and replacing the carpet pad would cost home buyers upwards of $400; removing and replacing saturated floors would cost much more. Coffin adds that it often takes three cleanings to remove nicotine odors from walls, and some cases involve the replacement of insulation.
Experts urge home buyers to be wary of air fresheners, candles, and other scents when touring homes, as they could be used to conceal offensive odors. A better solution for sellers, they say, is to clean drapes, sheets, and pet bedding as well as to air out the house.
Source: Washington Post, Dina ElBoghdady (06/23/07)
Sales associates polled informally by REALTOR® Magazine Online a few years ago said the lingering presence of pets, tobacco, mildew, and decay in the air are major deal-breakers.
Given that not everyone smells the same odors and that people can become accustomed to a particular smell over time, it is important for property sellers to have their sales associates or another objective party inform them about unpleasant scents in their homes.
According to Chevy Chase, Md.-based Long & Foster practitioner Joan Cromwell, if buyers "can't imagine clearing the smell, they can't imagine occupying that space." The smell of cat urine is especially difficult to remove, with Chris Coffin of the Alexandria, Va.-based branch of the cleaning company ServiceMaster estimating that spot-cleaning carpets and replacing the carpet pad would cost home buyers upwards of $400; removing and replacing saturated floors would cost much more. Coffin adds that it often takes three cleanings to remove nicotine odors from walls, and some cases involve the replacement of insulation.
Experts urge home buyers to be wary of air fresheners, candles, and other scents when touring homes, as they could be used to conceal offensive odors. A better solution for sellers, they say, is to clean drapes, sheets, and pet bedding as well as to air out the house.
Source: Washington Post, Dina ElBoghdady (06/23/07)
Tuesday, June 26, 2007
How reliable are square-footage figures? Variables that skew public record
Misrepresenting square footage can get a seller into big trouble. If a buyer relies on a seller's disclosure about the living square feet in his home and the buyer later finds out that the representation was overly ambitious, a lawsuit could ensue.
Sellers have a tendency to round up the number of square feet in their home. The more cautious approach would be to round down. The safest approach would be to make no representation about square feet at all. In an ideal world, this would be the perfect solution. In the real world, however, buyers want to know how many square feet are included.
It's easy to understand why. Most buyers are busy and don't want to waste time looking at homes that won't work for them. Describing a listing by the number of bedrooms and bathrooms, without any reference to square feet, is a safe approach. But, it tells buyers little about the actual size of a listing.
In the diverse housing stock in many older neighborhoods, such as the desirable Rockridge area in Oakland, Calif., three-bedroom homes range in size from about 1,300 square feet to more than 3,000 square feet. To say a house has three bedrooms tells a buyer little about the usable space.
When the number of livable square feet -- square feet excluding such things as decks, terraces, garages, basements and storage rooms -- is not provided in the listing information, buyers often search on their own for this information.
It's not that hard to come up with a figure. Simply go to Zillow.com and type in an address. The square-footage figure that pops up is presumably from the public record. Unfortunately, the "public record" often doesn't reflect reality. It may be accurate for new homes that haven't been modified since the original building permits were approved. The figure is far more subject to error for older homes that have been remodeled over the years.
Remodels are often done without building permits, which wouldn't be reflected in the public record. However, even when add-ons are done with permits, the public record is not always changed to reflect the increase in square feet.
HOUSE HUNTING TIP: It's a good idea for buyers to visit the local building or planning department to find out what documents are on record regarding a listing they're considering buying. This should be done during the inspection contingency time period. If possible, ask for copies of all the permits that were taken out on the property, starting with the original building permit.
If permits for obvious modifications to the property are missing, this could indicate the seller, or a previous owner, took shortcuts. Or, it could reflect a shortcoming in the planning department records. For example, fires in the City of Oakland Planning Department partially destroyed the permit archives.
Buyers often like to compare listings they're considering based on the price per square foot. This is a far-from-accurate way to figure out if you're paying a fair price for a property, unless you're looking at homes in a new housing development where there is little variability.
Also, if the figures you're using are from the public record, which is often wrong, the reliability is even more in question. The most accurate source of square footage is the information from the local permitting agency. If that information is not available, a licensed appraiser can measure the house to provide square-footage calculations.
THE CLOSING: Keep in mind that an appraiser might call a room a bedroom -- even though it wasn't permitted as such by the building department -- if the work was done by licensed professionals and complies with building-code requirements.
By Dian Hymer
Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.
Sellers have a tendency to round up the number of square feet in their home. The more cautious approach would be to round down. The safest approach would be to make no representation about square feet at all. In an ideal world, this would be the perfect solution. In the real world, however, buyers want to know how many square feet are included.
It's easy to understand why. Most buyers are busy and don't want to waste time looking at homes that won't work for them. Describing a listing by the number of bedrooms and bathrooms, without any reference to square feet, is a safe approach. But, it tells buyers little about the actual size of a listing.
In the diverse housing stock in many older neighborhoods, such as the desirable Rockridge area in Oakland, Calif., three-bedroom homes range in size from about 1,300 square feet to more than 3,000 square feet. To say a house has three bedrooms tells a buyer little about the usable space.
When the number of livable square feet -- square feet excluding such things as decks, terraces, garages, basements and storage rooms -- is not provided in the listing information, buyers often search on their own for this information.
It's not that hard to come up with a figure. Simply go to Zillow.com and type in an address. The square-footage figure that pops up is presumably from the public record. Unfortunately, the "public record" often doesn't reflect reality. It may be accurate for new homes that haven't been modified since the original building permits were approved. The figure is far more subject to error for older homes that have been remodeled over the years.
Remodels are often done without building permits, which wouldn't be reflected in the public record. However, even when add-ons are done with permits, the public record is not always changed to reflect the increase in square feet.
HOUSE HUNTING TIP: It's a good idea for buyers to visit the local building or planning department to find out what documents are on record regarding a listing they're considering buying. This should be done during the inspection contingency time period. If possible, ask for copies of all the permits that were taken out on the property, starting with the original building permit.
If permits for obvious modifications to the property are missing, this could indicate the seller, or a previous owner, took shortcuts. Or, it could reflect a shortcoming in the planning department records. For example, fires in the City of Oakland Planning Department partially destroyed the permit archives.
Buyers often like to compare listings they're considering based on the price per square foot. This is a far-from-accurate way to figure out if you're paying a fair price for a property, unless you're looking at homes in a new housing development where there is little variability.
Also, if the figures you're using are from the public record, which is often wrong, the reliability is even more in question. The most accurate source of square footage is the information from the local permitting agency. If that information is not available, a licensed appraiser can measure the house to provide square-footage calculations.
THE CLOSING: Keep in mind that an appraiser might call a room a bedroom -- even though it wasn't permitted as such by the building department -- if the work was done by licensed professionals and complies with building-code requirements.
By Dian Hymer
Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.
Thursday, June 21, 2007
Mortgage Rates Drop After 7-Week Climb
Mortgage rates broke a 7-week streak of increases, with the average 30-year fixed mortgage rate falling back to 6.76 percent, according to Bankrate’s weekly national survey of large lenders.
The national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
The average 15-year fixed rate mortgage, popular for refinancing, dropped by an equal amount, to 6.45 percent, Bankrate said in its report. With larger loans, the average jumbo 30- year fixed rate dipped back below the 7 percent mark to 6.99 percent. Adjustable rate mortgages were no different, with the average one-year ARM inching lower to 6.18 percent and the 5/1 ARM sinking to 6.58 percent.
After rising significantly in the preceding three weeks, mortgage rates responded to signs that core inflation was moderating as the Federal Reserve has forecast, Bankrate said.
“Any indication that inflation is less of a threat is good news to bond investors that fear its erosive effects on the purchasing power of a bond's fixed payments. The resulting increase in bond prices pushed both bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds,” the report said.
Fixed mortgage rates remain nearly one-half percentage point higher than at the beginning of May. At the time, the average 30-year fixed mortgage rate was 6.28 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,019.16.
With the average 30-year fixed rate now 6.76 percent, the same loan originated today would carry a monthly payment of $1,071.28.
Source: Bankrate.com
The national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
The average 15-year fixed rate mortgage, popular for refinancing, dropped by an equal amount, to 6.45 percent, Bankrate said in its report. With larger loans, the average jumbo 30- year fixed rate dipped back below the 7 percent mark to 6.99 percent. Adjustable rate mortgages were no different, with the average one-year ARM inching lower to 6.18 percent and the 5/1 ARM sinking to 6.58 percent.
After rising significantly in the preceding three weeks, mortgage rates responded to signs that core inflation was moderating as the Federal Reserve has forecast, Bankrate said.
“Any indication that inflation is less of a threat is good news to bond investors that fear its erosive effects on the purchasing power of a bond's fixed payments. The resulting increase in bond prices pushed both bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds,” the report said.
Fixed mortgage rates remain nearly one-half percentage point higher than at the beginning of May. At the time, the average 30-year fixed mortgage rate was 6.28 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,019.16.
With the average 30-year fixed rate now 6.76 percent, the same loan originated today would carry a monthly payment of $1,071.28.
Source: Bankrate.com
Tuesday, June 19, 2007
Regulators Seek End to Shady Credit Score Sites
Mortgage industry regulators are trying to crack down on Web sites that offer consumers a fast way to boost their credit scores and look a lot more appealing on loan applications.
These sites promise to connect a home shopper's credit history to a stranger's credit card or provide pay stubs from bogus companies. One even offers consumers the opportunity to rent a well-stocked bank account for a month.
''We think these types of Web sites are increasing,'' says Frank McKenna, chief fraud strategist at BasePoint Analytics, which helps banks and mortgage lenders identify fraudulent transactions.
The operators of these sites are hard to track down because they shut down and disappear when investigators come calling. These sites also are hard to police because it is unclear which laws, if any, the they're breaking, says McKenna. The repercussions for the consumers are clear, as it's illegal to lie on a form, but there aren’t laws that specifically prohibit what the Web sites are doing.
One site, RaiseCreditScoreNow.com offers to add a person to four separate $20,000 credit lines with 10 years of perfect pays for $4,000. The site says that doing so could increase an individual’s credit score by 200 points in 90 days.
Another company, SeasonedTradeLines.com, says it has an inventory of 100 real, verifiable credit card accounts with perfect payment histories dating back to 1974.
Fair Isaac Corp., which developed FICO credit scores, says it is trying to shut down this practice, which it calls piggybacking.
Source: The New York Times, Julie Creswell (06/16/2007)
These sites promise to connect a home shopper's credit history to a stranger's credit card or provide pay stubs from bogus companies. One even offers consumers the opportunity to rent a well-stocked bank account for a month.
''We think these types of Web sites are increasing,'' says Frank McKenna, chief fraud strategist at BasePoint Analytics, which helps banks and mortgage lenders identify fraudulent transactions.
The operators of these sites are hard to track down because they shut down and disappear when investigators come calling. These sites also are hard to police because it is unclear which laws, if any, the they're breaking, says McKenna. The repercussions for the consumers are clear, as it's illegal to lie on a form, but there aren’t laws that specifically prohibit what the Web sites are doing.
One site, RaiseCreditScoreNow.com offers to add a person to four separate $20,000 credit lines with 10 years of perfect pays for $4,000. The site says that doing so could increase an individual’s credit score by 200 points in 90 days.
Another company, SeasonedTradeLines.com, says it has an inventory of 100 real, verifiable credit card accounts with perfect payment histories dating back to 1974.
Fair Isaac Corp., which developed FICO credit scores, says it is trying to shut down this practice, which it calls piggybacking.
Source: The New York Times, Julie Creswell (06/16/2007)
Quote of the Day, June 19, 2007
Nobody can make you feel inferior without your permission.
-Eleanor Roosevelt-
-Eleanor Roosevelt-
Monday, June 18, 2007
Real Estate Companies Sued for Alleged Kickbacks
The Justice Department filed a lawsuit Thursday against two big real-estate brokerage firms, alleging they took illegal kickbacks for steering home sellers to a provider of information about such hazards as earthquake and flood risks that are needed for disclosure statements.
The lawsuit was filed in federal court for the central district of California over a now-dissolved venture between Realogy Corp., the owner of the Coldwell Banker and Century 21 groups; Prudential California Realty, a franchisee of Prudential Real Estate Affiliates, a unit of Prudential Financial Inc. Newark, N.J.; and information provider Property I.D. Corp., Los Angeles. It seeks to recover what it calls "illegitimate profits" generated by "sham" joint ventures.
The lawsuit alleges the real estate companies and Property I.D. set up joint ventures designed to funnel payments of $25 per report — a quarter of the fee paid by home sellers — to the real estate companies in exchange for referrals.
The Department of Housing and Urban Development, which has been investigating the case since 2005, argues that this arrangement violated a provision of the Real Estate Settlement Procedures Act (RESPA), which bans kickbacks for the referral of services related to the settlement of home sales.
The three companies deny wrongdoing, including any violation of RESPA. Realogy says the hazard reports aren't covered by RESPA, and they believe they acted lawfully in the joint venture.
Source: The Wall Street Journal, James R. Hagerty (05/25/07)
The lawsuit was filed in federal court for the central district of California over a now-dissolved venture between Realogy Corp., the owner of the Coldwell Banker and Century 21 groups; Prudential California Realty, a franchisee of Prudential Real Estate Affiliates, a unit of Prudential Financial Inc. Newark, N.J.; and information provider Property I.D. Corp., Los Angeles. It seeks to recover what it calls "illegitimate profits" generated by "sham" joint ventures.
The lawsuit alleges the real estate companies and Property I.D. set up joint ventures designed to funnel payments of $25 per report — a quarter of the fee paid by home sellers — to the real estate companies in exchange for referrals.
The Department of Housing and Urban Development, which has been investigating the case since 2005, argues that this arrangement violated a provision of the Real Estate Settlement Procedures Act (RESPA), which bans kickbacks for the referral of services related to the settlement of home sales.
The three companies deny wrongdoing, including any violation of RESPA. Realogy says the hazard reports aren't covered by RESPA, and they believe they acted lawfully in the joint venture.
Source: The Wall Street Journal, James R. Hagerty (05/25/07)
Sunday, June 17, 2007
A Warning to Those Who Use 1031 Exchanges
Investors using 1031 exchanges to defer capital-gains taxes on an investment property they have sold can run into trouble if the Internal Revenue Service-required qualified intermediary, known as a QI, has financial trouble.
IRS regulations say that investors can’t touch the money from the sale of an investment property and must use a QI to manage the money while their search for a “like kind” property to invest in. The IRS doesn’t place restrictions on where the money is invested.
In the past year, at least two independent QIs have allegedly misappropriated client funds. In one case, businessman Donald McGhan is accused of operating a Ponzi scheme with money in his care — he lost more than $95 million of customer proceeds. The 1031 Tax Group has filed for bankruptcy protection after its principals lost $151 million through bad investments and loans.
The Federation of Exchange Accommodators, the qualified intermediaries' industry-trade group, says it has been working with states and the federal government to enhance oversight of the industry.
Source: The Wall Street Journal, Peter Lattman and Kemba Dunham (05/26/07)
IRS regulations say that investors can’t touch the money from the sale of an investment property and must use a QI to manage the money while their search for a “like kind” property to invest in. The IRS doesn’t place restrictions on where the money is invested.
In the past year, at least two independent QIs have allegedly misappropriated client funds. In one case, businessman Donald McGhan is accused of operating a Ponzi scheme with money in his care — he lost more than $95 million of customer proceeds. The 1031 Tax Group has filed for bankruptcy protection after its principals lost $151 million through bad investments and loans.
The Federation of Exchange Accommodators, the qualified intermediaries' industry-trade group, says it has been working with states and the federal government to enhance oversight of the industry.
Source: The Wall Street Journal, Peter Lattman and Kemba Dunham (05/26/07)
Wednesday, June 13, 2007
California Fast Facts
Calif. median home price - April 07:
$597,640 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 07:
Santa Barbara So. Coast $1,475,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 07:
High Desert $317,420 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 07:
25 percent (Source: C.A.R.)
Mortgage rates - week ending 6/7:
30-yr. fixed: 6.53%; Fees/points: 0.4%
15-yr. fixed: 6.22%; Fees/points: 0.4%
1-yr. adjustable: 5.65%; Fees/points: 0.7%
(Source: Freddie Mac)
$597,640 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 07:
Santa Barbara So. Coast $1,475,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 07:
High Desert $317,420 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 07:
25 percent (Source: C.A.R.)
Mortgage rates - week ending 6/7:
30-yr. fixed: 6.53%; Fees/points: 0.4%
15-yr. fixed: 6.22%; Fees/points: 0.4%
1-yr. adjustable: 5.65%; Fees/points: 0.7%
(Source: Freddie Mac)
What to Know About Using IRA Money for Real Estate
Self-directed IRAs give investors lots more options than do traditional company-sponsored retirement plans, including the option of investing in real estate.
For many people, real estate is the alternative investment of choice, according to Tom Anderson, president of PENSCO Trust, a custodial firm specializing in self-directed IRAs.
"The slowdown in the real estate market really hasn't affected our business because we're talking about investment properties versus personal residences, and people are taking advantage of down market opportunities," he says.
The rules and regulations for investing an IRA in real estate are complex, and failure to pay attention will result in substantial taxes and penalties, experts say.
Accountant Ed Slott, founder of the IRAhelp.com Web site, offers these suggestions:
* Set up a separate IRA for real estate investments. Even if only a small portion of the IRA is used for real estate, the IRS could penalize the entire balance in a prohibited transaction.
* Check the investment scenario with custodians and other professionals who have experience in these transactions and can spot red flags.
* If possible, choose to invest in a Roth IRA. The money in the Roth has already been taxed and any distributions, including capital gains on the property, are generally tax-free.
Source: MarketWatch, Marla Brill, (06/06/07)
For many people, real estate is the alternative investment of choice, according to Tom Anderson, president of PENSCO Trust, a custodial firm specializing in self-directed IRAs.
"The slowdown in the real estate market really hasn't affected our business because we're talking about investment properties versus personal residences, and people are taking advantage of down market opportunities," he says.
The rules and regulations for investing an IRA in real estate are complex, and failure to pay attention will result in substantial taxes and penalties, experts say.
Accountant Ed Slott, founder of the IRAhelp.com Web site, offers these suggestions:
* Set up a separate IRA for real estate investments. Even if only a small portion of the IRA is used for real estate, the IRS could penalize the entire balance in a prohibited transaction.
* Check the investment scenario with custodians and other professionals who have experience in these transactions and can spot red flags.
* If possible, choose to invest in a Roth IRA. The money in the Roth has already been taxed and any distributions, including capital gains on the property, are generally tax-free.
Source: MarketWatch, Marla Brill, (06/06/07)
Thursday, June 7, 2007
Fed Chair: Home Slump Lasting Longer than Expected
Federal Reserve Chairman Ben Bernanke told a bankers’ conference in South Africa Tuesday that the U.S. housing slump will last longer than he had previously expected, but it hadn’t spilled over into other parts of the economy.
Speaking via satellite, he also expressed concern about rising inflation, but made it clear that it was unlikely that the Fed would raise interest rates any time soon.
The Fed meets next on June 27-28, and many economists predict policymakers again will hold a key interest rate steady at 5.25 percent, where it has been for a year.
Bernanke said that when home sales leveled off last year, it appeared that demand had stabilized, but sales have continued to decline further this year and tighter lending standards have further constrained demand. Lessened demand makes it harder to sell off the still-large supply of unsold homes, he said, and as a result, construction “will likely remain subdued for a time.”
Source: The Wall Street Journal, Greg Ip (06/06/2007)
Speaking via satellite, he also expressed concern about rising inflation, but made it clear that it was unlikely that the Fed would raise interest rates any time soon.
The Fed meets next on June 27-28, and many economists predict policymakers again will hold a key interest rate steady at 5.25 percent, where it has been for a year.
Bernanke said that when home sales leveled off last year, it appeared that demand had stabilized, but sales have continued to decline further this year and tighter lending standards have further constrained demand. Lessened demand makes it harder to sell off the still-large supply of unsold homes, he said, and as a result, construction “will likely remain subdued for a time.”
Source: The Wall Street Journal, Greg Ip (06/06/2007)
Tuesday, June 5, 2007
Quote of the Day, June 5, 2007
We are what we pretend to be, so we must be careful what we pretend to be.
- Kurt Vonnegut
Google Adds Street-Level Views and Services
Google is introducing street-level map views of U.S. cities, starting with San Francisco, New York, Las Vegas, Denver, and Miami. Other metropolitan areas will follow, the company says.
Through a Web browser, users of Google Maps can navigate around a city, virtually walking the streets, checking out restaurants, landmarks, and homes.
Google also announced Mapplets, which can display a variety of information about a small area, including home-for-sale listings and crime data. The tool also can be used to measure distance between objects.
Other companies have experimented with similar services, including Amazon’s A9.com, which dropped its BlockView mapping venture when its CEO joined Google as vice president of engineering.
Source: Reuters News, Eric Auchard (05/29/07)
Through a Web browser, users of Google Maps can navigate around a city, virtually walking the streets, checking out restaurants, landmarks, and homes.
Google also announced Mapplets, which can display a variety of information about a small area, including home-for-sale listings and crime data. The tool also can be used to measure distance between objects.
Other companies have experimented with similar services, including Amazon’s A9.com, which dropped its BlockView mapping venture when its CEO joined Google as vice president of engineering.
Source: Reuters News, Eric Auchard (05/29/07)
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