Real Estate Blog

I’m happy to announce that LoanSifter has become Zillow’s latest Quote API integration provider.

Zillow Quote API automates quotes submitted by lenders on Zillow Mortgage Marketplace through an application programming interface (API).  When a loan request is submitted by a borrower, lenders using the Zillow Quote API receive the full set of details the borrower provided.  Lenders can use pricing engines, either their own or through any of Zillow’s integration providers, to instantly create custom loan quotes based on the information the borrower has provided.  Then, the quote is automatically sent back to Zillow for the borrower to view.  With the Zillow Quote API, this process happens almost instantaneously.

By integrating the Zillow Quote API, LoanSifter is able to offer wholesale and correspondent investors fast pricing and automated quoting on Zillow Mortgage Marketplace.  This integration opens up another door for more lenders within Zillow Mortgage Marketplace to serve a larger number of borrowers, helping them benefit from the most competitive rates available at any given time.

Welcome, LoanSifter!  We look forward to seeing quotes from your participating lenders on Zillow Mortgage Marketplace.

Read more from the original source:
LoanSifter Integrates Zillow Quote API

Over the past few months, some Zillowites made headlines for their stellar contributions to the real estate industry, the Zillow Web site, and Zillow Blog, so we wanted to take a moment to congratulate them:

• Rich Barton and Lloyd Frink - Inman’s 100 Most Influential Real Estate Leaders: 2008
• Drew Myers - Inman’s 25 Most Influential Bloggers 2008
• Diane Tuman - World’s Most Powerful Property People
• Ken Kaufman - Finalist, Exceptional DBA of the Year 2008

Now, get back to work!

More here:
Zillowites Receive Awards

Law enforcement officials are trying hard to snuff out a foreclosure scam in San Diego, CA. According to today’s San Diego Tribune, a scam artist by the name of Maurice Simmons, identifies homes that are abandoned — usually due to foreclosure — then he files official-looking grant deeds with county recorder offices. The deeds are bogus, but county recorder officials say they don’t have time to ascertain their authenticity. Simmons then re-keys the locks, posts these documents in the windows of the homes and turns the house over to people who are looking for a place to live. All along, these people are under the belief that Simmons is the rightful owner of the home. Simmons defends himself by saying,

Advertise Here

“Bankers are defrauding people, and all I’m doing with this program is helping people get into homes who deserve to have a home but who got screwed,” Simmons said in interviews before his arrest. “I’m tired of people getting thrown out of their homes and no one seems to care.”

It sounds like a Robin Hood-type story of stealing from the rich and giving to the poor, but the added twist is that Simmons says he’s operating under common law and not judicial law. Alongside the “quiet title” document claiming ownership, he also posts signs on homes declaring “Spiritual Sanctuary” and “No Tresspass.” When the rightful owner shows up — usually after purchasing the home through a foreclosure sale — they find it occupied.

Real estate scams are on the rise, as witnessed by another recent story about an elderly couple in Ohio who seems to have been swindled with a mortgage they didn’t need. Chalk this up as another weird foreclosure story.

Read more here:
Scam Alert: Bogus Grant Deeds on Abandoned Homes

While much of the news coming out of Zillow’s Q3 Real Estate Market Reports last week was grim—1/3 of Americans who sold a home in the past year lost money— there is some good news to share for  select parts of the country. In Central/Western New York and various cities in North and South Carolina, home values are actually increasing.

Ithaca, NY, home to Cornell University and Ithaca College, saw the greatest gains in home values nationwide, up 5.6% since last year, bringing the Zillow Home Value Index to $179,000. At a time when many markets are starting to see home values depreciate over 5 years, Ithaca’s 5-year annualized change is a healthy 7.8%. It’s difficult to pinpoint an exact reason for Ithaca’s appreciation, though it’s clear the city didn’t experience the huge rise in home prices that many markets did over recent years.

The New York Times recently noted that the city is luring second home owners and retirees with its picturesque setting on Cayuga Lake (you may be familiar with the “Ithaca is Gorges” slogan), cultural offerings and burgeoning  wine industry.

Ithaca is a reasonable four hour drive from New York City, where many Cornell and Ithaca alums live. If those alums are looking to escape New York City during summer weekends, like most NYC residents try to do, I can see the appeal of turning to a beautiful lake town like Ithaca, where you can practically buy a house for the price of a summer share in the Hamptons.

Ithaca wasn’t the only New York city with good news. I was thrilled to call my hometown paper, the Rochester Democrat and Chronicle, to tell them that Rochester’s home values rose 3.1% year over year. The city with the greatest 5-year annualized appreciation in the country was Glens Falls, NY .

Other bright spots nationwide include:

• State College, PA -  home values rose 4.0%
• Jacksonville, NC - home values rose 3.9%
• Winstom Salem, NC - home values rose 3.4%
• Bay City, MI - home values rose 3.2%
• Greenville, SC -  home values rose 2.8%

Have a theory as to why these cities are bucking the downward trend we see elsewhere across the country? Chime in on the Ithaca thread in Zillow Discussions with your thoughts, I’d love to hear your two cents.

Good News for New York State

We’ve quietly added yet another real estate widget to our offerings for real estate professionals. For those who have their listings on Zillow (not sure what you are waiting for if you haven’t uploaded your listings already) — the latest My Listings widget gives you a way to showcase your Zillow listings on your own web site or blog. The widget automatically displays listings associated with your Zillow account and allows a visitor to scroll through them.

For an example of the widget in action, you can check out the Stockton Real Estate Specialist, a blog written by Pat Holkesvig.

Read more here:
Show Off Your Zillow Listings

(Photo courtesy Dallas Morning News)

A recent article in the Dallas Morning News revealed that 10,000 Baby Boomers are turning 60 every day. And these boomers — those born between 1946 and 1964 — are the driving force behind universal design, which is becoming a popular home improvement trend. Basically, it’s designing a home that is accessible and useful to everyone, but mostly for our rapidly aging population of boomers.

• An American Institute of Architects survey revealed most homeowners are asking for greater accessibility within the home through wider hallways, fewer steps and single-floor design. This percentage is up from 66 percent the year before.
• The National Association of Home Builders also reported that 63 percent of upscale builders and 56 percent of average home builders believe they’ll see a growing trend toward universal design over the next decade as Baby Boomers advance in age and decline in health.

Universal design elements include:

• No-step entry
• One-story living. Everything is on one level, which is barrier-free
• Wide doorways (32-36 inches wide)
• Wide hallways (36-42 inches wide)
• Extra floor space
• Pull handles instead of knobs on cabinetry
• Under-cabinet lighting
• Adjustable rods and pullout shelving in closets
• Lever handles on doors instead of knobs
• No-step showers and baths

Be sure to catch up on what we’re seeing in Zillow for kitchen designs, bathroom designs and living spaces. What you’ll see are for sale homes that are real homes lived in by real people. Yes, the real deal!

Source:
Remodeling Trend: Universal Design

Thirty-year fixed mortgage rates have remained pretty stable for the past two weeks, hovering around 6.00 percent. The average rate last week was 6.03 percent, down just a bit from 6.09 percent the week before, according to the Zillow Mortgage Rate Monitor, which we compile with real rate quotes from Zillow Mortgage Marketplace.

And rates haven’t changed much this week, either. As of Tuesday morning, the 30-year fixed rate was at 5.91 percent.

Rates stayed pretty steady on a state level, as well.

The rest is here:
Mortgage Rates Still Stable

Red, white… orange?

Yakima, WA, a rural town in Washington state’s wine country, has something new to toast to — home values. Relatively speaking, that is.

The Yakima Valley in Eastern Washington was one of the top performing real estate markets in Washington state during the third quarter. On a national level, Yakima ranked in the top 20% of US real estate markets with a year-over-year change of just -1.0%.

The splattering of orange in the map below illustrates home value appreciation over the past five years. Orange represents year-over-year value change of +5%. (Layman’s translation: orange = “whew, my house is still appreciating!”)

What’s keeping Yakima home values out of the red? Well, maybe the answer is in the red.

In recent years, Washington’s wine industry has become the fastest-growing agricultural sector in the state. The number of Washington wineries has increased 400% in the last decade, attracting 2 million annual visitors to Washington wine country and creating a $2 million wine-tourism industry.

Despite (or perhaps because of) the economic downturn, people are still shelling out for the necessities in life. Like, good wine.

Here is the original post:

Earlier today, we wrote a post about two homes that miraculously survived the Santa Barbara wildfire. Unfortunately, the home of actor Christopher Lloyd (Doc Brown in “Back to the Future”), was not one of them. His home at 1050 Coyote Rd., Santa Barbara, CA, (address according to Celebrity Real Estate) was destroyed by fire, reports Ann Brenoff of the LA Times.

Read the rest here:
Christopher Lloyd Loses His Home in Montecito Fire

The 117th edition of the Carnival of Real Estate is now posted over at Agent Genius. Author Benn Rosales awarded 5 top picks, but all submissions got a link!  You’ll have to head over and take a look to see who received this week’s top honor!

The carnival will make its next appearance on Monday, Nov. 24 at Stockton Real Estate Specialist. Please submit your best post by Sunday, Nov. 23, to be considered. Are you a real estate blogger and would you like to host a future edition? If so, get instructions on how to do so here. Please check the complete FAQ list if you have other questions as to how to participate.

See the original post here:
Carnival of Real Estate # 117

(Photo by Scott Heckel / GateHouse News Service)

That’s Bette and William Hammen above, of North Canton, OH. They are 85 and 83 years old, respectively, and they were THISCLOSE to losing their home to foreclosure this morning, but a recent check of CantonRep.com shows the sheriff’s sale of the couple’s home was canceled. Whew.

Their story is not easy to hear. According to the Holland Sentinel, the Hammen’s received a foreclosure notice back in February, but it got lost among the other mail and was never opened. Records show they took out a $105,000 mortgage on the house in 2006, but William doesn’t recall needing one until, “Two men showed up one day with papers to sign.” To add insult to injury, Hammen was involved in an Internet scam in which he was sending money to Nigeria, hoping to win a lottery. Also, he lost his car to the repo man.

As you can see, age and deteriorating health has played a big part in the Hammens’ present plight, but, for now, they are safe in their home. What’s the moral of this story? Check on your parents or elderly family members. Make sure their papers are in order and they’re not suckered into any kind of real estate scam. It’s always better to be safe, than sorry.

Read the rest here:

It defies explanation. How can a devastating natural disaster take most homes, but leave some? Just like the home that survived Hurricane Ike down in Gilchrist, TX in September, there are two homes that survived the wildfire that swept through Santa Barbara, CA last week. According to a story in the Wall Street Journal this morning, “As California Neighborhood Burned, Two Little Houses Survived,”  the homes at 486 Conejo Road, Santa Barbara, CA and 498 Conejo Road, Santa Barbara, CA — shown in the screen capture above — remain standing while most others around them have been badly damaged or destroyed (see WSJ’s slideshow).

The 486 Conejo home (photo below) is listed for sale for $780k and it may now have proven it’s worth since it has survived the Sycamore Canyon Fire of 1977, a 1984 mudslide, El Nino rainstorms in 1998, and now the Santa Barbara fires of 2008. Area real estate agent Debbie Merlo said, “That darling house is in the hands of angels.”  Meanwhile, the home at 498 is owned by an amateur botanist who claims his decision to plant succulents and build a fireproof wall would be his best defense against the California wildfires that so often plague the region. No doubt his knowledge of plants will be tapped by fellow neighbors if and when they decide to rebuild.

Read more from the original source:
Two Homes Survive Santa Barbara Fires

“Sit back and wait” has been the mantra for homeowners who don’t need to sell throughout the past two years. But in some markets, holding on to a home for five years or more hasn’t necessarily meant home value appreciation.

According to the Zillow third quarter Real Estate Market Reports, about a quarter of the 163 markets we cover had either flat or negative five-year annualized change in home values (the average of the change recorded in each of the five years). In many markets, this downturn has lasted long enough that it’s affecting even long-term appreciation.

Some of these markets that showed negative change over five years weren’t much of a surprise; they’re markets like Stockton and Merced in the Central Valley of California that have seen the biggest year-over-year declines in value, and are markets with the most foreclosures and highest percentage of homes with negative equity. In Stockton, the five-year annualized change is -3.8%, and in Merced, it’s -3.6%.

Detroit is also top of the list, with a five-year annualized change of -3.1% and, in yet another hit to this already-stricken market, 10-year annualized appreciation was the smallest in the country, at 0.9%.

But some of the other markets that saw five-year annualized depreciation were more surprising: The Boston area had -1% annualized change, Denver had -0.3% change and Providence had -0.2% change. In Boston and Providence, it’s easy to surmise why this is the case. Both peaked in 2005, a full year before the national market peak in the second quarter of 2006. So they’ve been falling longer than most other markets. But, on a bright note, these markets may reach a bottom sooner.

Denver is a different story. Unlike Boston or Providence, there was no bubble to speak of in Denver. You can see the market differences in these graphs showing the Boston and Denver Zillow Home Value Indexes since 2000.

That said, this trend of longer-term depreciation is in the minority of markets.  125 markets experienced 5-year annualized appreciation of 1% or more — with the top three performers on a five-year annualized basis being: Glenn Falls, NY (10.7% ); Panama City, FL (10.6%), and Virginia Beach, Virginia (10.5%).

Read more here:
In Some Markets, Depreciation Becomes Long-Term

There are lots of creative stories emerging in this down real estate market such as the woman in Florida who is using a word jumble contest to try to sell a handful of homes and now, a video story on CNN that highlights a guy in Haslett, Michigan, who is trying to swap his lakefront house for a “metro Detroit home,” or get his asking price of $379k. Chris Recktenwald is using Craigslist to advertise the home with a link to the details of his swap idea. His home is right on Lake Lansing and is close to Lansing, Michigan State University, and the hub of auto manufacturers.

He loves his home on the lake (who wouldn’t), but would like to relocate to Detroit for job reasons. “I thought it would move fast, but there’s lots of uncertaintly in the market. People are interested, but can’t do it because their house can’t sell.” He is willing to trade up or trade down for a Detroit home.

In comparing Detroit home values to Lansing home values, Detroit has a Zillow Home Value Index of $85k, while Lansing is $107K. It’s not every day that you see someone who wants to move back into Detroit from a pristine, lakefront home in Lansing. Good luck, Chris.

See the rest here:
Michigan Man Using House Swap Idea

Home buyers want to see all possible listings, not just MLS listings. For an agent or broker website, why not enable buyers to search through all the listings on your own web site rather than making buyers go search elsewhere to see for sale by owner listings?

For those agents and brokers who are Diverse Solutions clients, they’ve just done the legwork for you. They are the first IDX vendor that I’ve seen to integrate non-MLS listings into their search interface. They’ve taken Zillow’s Postings API to allow buyers searching for homes in specific neighborhoods or ZIPs to view for sale by owner and Make Me Move(TM) homes (which are not officially for sale) from Zillow directly in their IDX interface. The links to Zillow utilize our co-branding technology and result in the agent or broker’s contact information and photo being displayed to the visitor throughout their session on Zillow. You can take a look at the functionality on their DEMO site here.

There are a ton of other new features that were added with this most recent release that you can read about on the Diverse Solutions Blog. Congratulations on the big release last week!

See more here:
Diverse Solutions Adds FSBO Listings From the Zillow API to their IDX Product