Housing activity this year will be somewhat lower than in earlier forecasts, with clearer analysis of the effects of stricter lending standards and a decline in subprime mortgage origination, according to the latest projections by the National Association of Realtors(R). Lawrence Yun, NAR senior economist, said one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth. "Home buyers today are purchasing for the long-term, generally with a realistic ... [full story]

Q: I want to add my partner onto the title of my condo as a 50 percent owner. When filling out the deed, do I put that I am transferring a 50 percent ownership to him or does that happen when we record the document? The deed says “all that real property situated, etc.” Should I change the word all to 50 percent? We will record the deed as tenants in common. A: Thanks for ... [full story]

Mortgage rates inched higher, with the average 30-year fixed mortgage rate rising to 6.29 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.24 discount and origination points.  The average 15-year fixed rate mortgage, popular for refinancing, remained at 6 percent. With larger loans, the average jumbo 30-year fixed rate was also unchanged at 6.54 percent. On adjustable rate mortgages, the average 5/1 ARM and ... [full story]

We'll soon be in the vacation season, and many families will become motivated to purchase their own vacation (or second) home. Considering today's prices of those second homes, a great deal of thought needs to focus on the financial aspects of making such a purchase. Making those added monthly payments may mean cutting back on other expenses - less money spent on such things as dining out. There are some unique financial advantages of acquiring ... [full story]

Q: This is a comment about your article last Sunday about "buyer's agents." This area is one of my pet peeves as an attorney.As a matter of law, unless the buyer is paying the "agent" from the buyer's own pre-sale funds and the "agent" expects to be paid from the proceeds of the sale, then the "agent" is by definition an agent of the seller only.No one ever tells the buyer this until it is ... [full story]

Q: My father has passed away and had no will. How will his home that he owns with his current wife (not my mother) be divided after it sells? The house is titled in both my dad and stepmother's name, and he has three children.They paid $60,000 for the property in 1995 and today it is worth $200,000 to $250,000.A: The answer to your question depends on how your father and stepmother owned the property. ... [full story]

Unusually bad winter weather in February curtailed home shopping, slowing sales that closed in March, which may have been dampened further by a decrease in subprime lending volume, according to the National Association of Realtors. After rising for three consecutive months, total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- fell 8.4 percent to a seasonally adjusted annual rate(1) of 6.12 million units in March from a pace of 6.68 million in February, ... [full story]

A proposal to place a six-month moratorium on home foreclosures resulting from subprime home mortgage loans has been made by several consumer and housing related groups. "Nobody wins when a home goes into foreclosure," said John Robbins, chairman of the Mortgage Bankers Association. "Consumers lose their homes and suffer a ding on their credit rating, and lenders and investors lose significant amounts of money. "The industry wants to take every possible step to avoid foreclosure. ... [full story]

We have signed a 30-day contract with a Realtor to sell our home in Maryland. If, after the 30 days are up, someone contacts us to purchase our home, do we owe the Realtor any fees? Is there any sort of "grace period" for the Realtor?  I'd like to think that most home sellers read through their listing agreement before signing it. But whether it's listing agreements, loan papers, or even a buyer's contract for purchase, ... [full story]

Fixed mortgage rates broke a string of four consecutive increases, dipping this week in response to favorable news on the inflation front. The average 30-year fixed mortgage rate slid to 6.29 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, inched lower to 6.02 percent. With larger loans, the average jumbo ... [full story]

Q: My mother-in-law, who is disabled due to a stroke, used a quit claim deed to sign over her house to my wife for $1 a couple of months ago before my mother-in-law went into the nursing home. My mother-in-law owes the bank $95,000 on the mortgage to the home.Because my wife had been her mother's primary caregiver for more than two year, she is entitled to keep the house and does not have to ... [full story]

Fixed mortgage rates continued to climb this week. The average 30-year fixed mortgage rate rose to 6.31 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing increased to 6.04 percent. On larger loans, the average jumbo 30-year fixed rate moved slightly to 6.58 percent. Adjustable rate mortgages stepped-up with the average ... [full story]

Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, but higher loan standards will slow the housing recovery, according to the latest forecast by the National Association of Realtors. David Lereah, NAR's chief economist, said the changes are necessary for the long-term health of the housing market. "We want to people to be able to stay in their ... [full story]