The number of home owners who were put on notice for defaulting on their mortgage payments dropped last month to the lowest level since 2006, RealtyTrac reports.
Meanwhile, foreclosure filings for the eighth straight month also were down as filings fell 33 percent in May compared to a year earlier and 2 percent month-over-month. Also, lenders took back fewer homes in May, the second straight month of declines. And bank repossessions were down in May too — down nearly 30 percent over the last 12 months.
Is this a sign of a recovery in real estate, which has been bogged down by a high number of foreclosures over the last several years?
Experts are still cautious. Lingering delays in banks’ foreclosure process may be the culprit for the declining numbers, they say, and not an overall improving picture of the number of home owners facing foreclosure.
"Foreclosure processing delays continue to mask the true face of the foreclosure situation," says James Saccacio, the CEO of RealtyTrac. "Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures."
Read more: http://www.realtor.org/RMODaily.nsf/pages/News2011061601?OpenDocument
Showing posts with label Real Estate News. Show all posts
Showing posts with label Real Estate News. Show all posts
Friday, June 17, 2011
Monday, March 28, 2011
C.A.R. launches short sale website
With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures. To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.
On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.
Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.
Visit the new site at www.shortsalescalifornia.org
Saturday, March 12, 2011
Lending to blacks, Hispanics plummets during housing crisis By Kenneth J. Cooper
Since the housing market collapsed, mortgage lending to African Americans and Hispanics has plunged precipitously — by more than 60 percent, according to a new study of loan information that banks submit to the federal government.
Together, African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis finds. With lenders imposing tighter credit standards, mortgage dollars going to non-Hispanic white borrowers also declined, though by considerably less: 17 percent. Asians fared best, obtaining nearly an equal amount in mortgages.
The study, using Federal Reserve data, was conducted by Maurice Jourdain-Earl, founder and managing director of ComplianceTech in Arlington, Va., which advises financial institutions on fair lending practices.
Mortgages made to Hispanics have decreased the most, by 63 percent, to $78 million in 2009 from $214 million in 2004. Lending to African Americans has dropped to $49 million from $122 million, or 60 percent.
Whites have been affected much less and Asians barely. New mortgages to white borrowers declined to $1.1 billion from $1.3 billion, or 17 percent. Lending to Asians stayed almost the same.
Whites were about twice as likely as African Americans and Hispanics to be approved for prime mortgages with the lowest interest rates, while members of the two largest minority groups were two to four times more likely to receive subprime loans, which have higher rates. By contrast, the disparities were much narrower for loans insured by the government’s Federal Housing Administration, which has attracted a growing number of borrowers during the credit crunch.
The study concluded that a “dual mortgage market” has emerged, with white and Asian borrowers having better access to lower-cost mortgages than African Americans and Hispanics, who on average pay more to own or refinance a home — if they can obtain a mortgage.
“The higher cost for mortgage credit translates into less money for basic necessities,” Jourdain-Earl writes. Read the rest of the article here.
Wednesday, February 02, 2011
New FHA Tool Will Help Condo Associations
CAR subsidiary launches FHA approval tool
By Inman News
Inman News™
February 02, 2011
Real Estate Business Services Inc., a subsidiary of the California Association of REALTORS®, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance in the FHA loan approval process.
The Clarus FHA Approval product includes two services:
Approval Services helps condominium homeowners associations meet regulations from the U.S. Department of Housing and Urban Development (HUD) that require an entire condo development be approved before an FHA loan may be granted for a single unit.
Eligibility Check is a database that allows real estate professionals to determine FHA loan eligibility through a property address search.
"FHA loans now account for up to half of all new mortgages. Given the importance of this loan program, every condominium association should seek to be approved for FHA loans," said Robert Bailey, chairman of REBS, in a statement.
Contact Inman News: http://www.inman.com/
By Inman News
Inman News™
February 02, 2011
Real Estate Business Services Inc., a subsidiary of the California Association of REALTORS®, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance in the FHA loan approval process.
The Clarus FHA Approval product includes two services:
Approval Services helps condominium homeowners associations meet regulations from the U.S. Department of Housing and Urban Development (HUD) that require an entire condo development be approved before an FHA loan may be granted for a single unit.
Eligibility Check is a database that allows real estate professionals to determine FHA loan eligibility through a property address search.
"FHA loans now account for up to half of all new mortgages. Given the importance of this loan program, every condominium association should seek to be approved for FHA loans," said Robert Bailey, chairman of REBS, in a statement.
Contact Inman News: http://www.inman.com/
Fed punts on real estate loan disclosures
Consumer protection bureau tasked to devise single, standardized form
By Inman News
Inman News™
February 02, 2011
The Federal Reserve is backing down from a slew of proposed changes to mortgage loan disclosures, saying authority in that arena will soon be transferred to the new Consumer Financial Protection Bureau.
The Fed's proposed changes to mortgage loan disclosures were over a year in the making, prompted by criticism that homebuyers often didn't understand the true cost and terms of mortgages taken out during the boom.
The situation was complicated by the fact that borrowers get two sets of federal mortgage disclosures: one addressing Truth in Lending Act (TILA) requirements, and the other satisfying requirements of the Real Estate Settlement Procedures Act, or RESPA.
The Federal Reserve has had rulemaking authority for TILA loan disclosures under Regulation Z, while the Department of Housing and Urban Development (HUD) oversees RESPA disclosures.
Lenders, the real estate industry, and consumer groups have complained that having two sets of mortgage loan disclosures is confusing.
In an attempt to address that problem, the Dodd-Frank Wall Street Reform and Consumer Protection Act transfers oversight of both TILA and RESPA to the Consumer Financial Protection Bureau in July.
The bill mandates that the CFPB issue a proposal for a single federal mortgage disclosure form that satisfies both TILA and RESPA requirements within 18 months of assuming oversight responsibility.
By the time Dodd-Frank was passed, HUD had rolled out new RESPA loan disclosure forms in the face of industry opposition, but the Fed was still in the process of overhauling TILA disclosures.
A combined TILA-RESPA disclosure rule "could well be proposed by the (bureau) before any new disclosure requirements issued by the Board could be fully implemented," the Fed said in announcing that it will not finalize three rulemaking proceedings it's initiated since August 2009.
Although there are specific provisions of the Fed's proposals that would not be affected by the bureau's development of joint TILA-RESPA disclosures, adopting them "in a piecemeal fashion would be of limited benefit, and the issuance of multiple rules with different implementation periods would create compliance difficulties," the Fed said in an announcement.
In announcing plans to update TILA loan disclosures in the summer of 2009, Fed Chairman Ben Bernanke said the one-page TILA disclosure currently in use "is not adequate to convey the features and risks of today's complex products."
The Fed promised improved disclosures would:
Capture most fees and settlement costs paid by consumers in the disclosed annual percentage rate.
Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit.
Require lenders to provide final TILA disclosures at least three business days before loan closing.
Require lenders to show consumers how much their monthly payments might increase for adjustable-rate mortgage (ARM) loans.
Another issue the Fed was attempting to tackle was the use of "yield spread premiums" -- rebates paid by lenders when mortgage brokers place borrowers in loans with higher interest rates than they might otherwise have qualified for.
Critics said the rebates were often pocketed by mortgage brokers without a borrower's knowledge, creating a financial incentive for loan originators to place borrowers in more costly loans.
The Fed proposed a ban on yield-spread premiums that was to take effect April 1 -- a move adamantly opposed by the National Association of Mortgage Brokers.
HUD, for its part, has maintained that yield-spread premiums can benefit borrowers who would otherwise have trouble paying their closing costs, as long as the rebates are not pocketed by mortgage brokers.
Instead of banning yield-spread premiums, the standardized loan disclosure forms HUD began requiring lenders to use last year require that the rebates be credited against a borrower's closing costs.
Inman News columnist Jack Guttentag has characterized the dual-disclosure system as "a disgrace" because critical information is often buried or absent.
But Guttentag -- also known as "The Mortgage Professor" -- has also questioned whether the solution put forward in Dodd-Frank will solve the problem.
Dodd-Frank appears to have more mandated disclosures than TILA, some of which are "nonsensical and will prejudice the ability of (the CFPB) to do its job," Guttentag wrote in a column on the topic.
Contact Inman News: http://www.inman.com/
By Inman News
Inman News™
February 02, 2011
The Federal Reserve is backing down from a slew of proposed changes to mortgage loan disclosures, saying authority in that arena will soon be transferred to the new Consumer Financial Protection Bureau.
The Fed's proposed changes to mortgage loan disclosures were over a year in the making, prompted by criticism that homebuyers often didn't understand the true cost and terms of mortgages taken out during the boom.
The situation was complicated by the fact that borrowers get two sets of federal mortgage disclosures: one addressing Truth in Lending Act (TILA) requirements, and the other satisfying requirements of the Real Estate Settlement Procedures Act, or RESPA.
The Federal Reserve has had rulemaking authority for TILA loan disclosures under Regulation Z, while the Department of Housing and Urban Development (HUD) oversees RESPA disclosures.
Lenders, the real estate industry, and consumer groups have complained that having two sets of mortgage loan disclosures is confusing.
In an attempt to address that problem, the Dodd-Frank Wall Street Reform and Consumer Protection Act transfers oversight of both TILA and RESPA to the Consumer Financial Protection Bureau in July.
The bill mandates that the CFPB issue a proposal for a single federal mortgage disclosure form that satisfies both TILA and RESPA requirements within 18 months of assuming oversight responsibility.
By the time Dodd-Frank was passed, HUD had rolled out new RESPA loan disclosure forms in the face of industry opposition, but the Fed was still in the process of overhauling TILA disclosures.
A combined TILA-RESPA disclosure rule "could well be proposed by the (bureau) before any new disclosure requirements issued by the Board could be fully implemented," the Fed said in announcing that it will not finalize three rulemaking proceedings it's initiated since August 2009.
Although there are specific provisions of the Fed's proposals that would not be affected by the bureau's development of joint TILA-RESPA disclosures, adopting them "in a piecemeal fashion would be of limited benefit, and the issuance of multiple rules with different implementation periods would create compliance difficulties," the Fed said in an announcement.
In announcing plans to update TILA loan disclosures in the summer of 2009, Fed Chairman Ben Bernanke said the one-page TILA disclosure currently in use "is not adequate to convey the features and risks of today's complex products."
The Fed promised improved disclosures would:
Capture most fees and settlement costs paid by consumers in the disclosed annual percentage rate.
Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit.
Require lenders to provide final TILA disclosures at least three business days before loan closing.
Require lenders to show consumers how much their monthly payments might increase for adjustable-rate mortgage (ARM) loans.
Another issue the Fed was attempting to tackle was the use of "yield spread premiums" -- rebates paid by lenders when mortgage brokers place borrowers in loans with higher interest rates than they might otherwise have qualified for.
Critics said the rebates were often pocketed by mortgage brokers without a borrower's knowledge, creating a financial incentive for loan originators to place borrowers in more costly loans.
The Fed proposed a ban on yield-spread premiums that was to take effect April 1 -- a move adamantly opposed by the National Association of Mortgage Brokers.
HUD, for its part, has maintained that yield-spread premiums can benefit borrowers who would otherwise have trouble paying their closing costs, as long as the rebates are not pocketed by mortgage brokers.
Instead of banning yield-spread premiums, the standardized loan disclosure forms HUD began requiring lenders to use last year require that the rebates be credited against a borrower's closing costs.
Inman News columnist Jack Guttentag has characterized the dual-disclosure system as "a disgrace" because critical information is often buried or absent.
But Guttentag -- also known as "The Mortgage Professor" -- has also questioned whether the solution put forward in Dodd-Frank will solve the problem.
Dodd-Frank appears to have more mandated disclosures than TILA, some of which are "nonsensical and will prejudice the ability of (the CFPB) to do its job," Guttentag wrote in a column on the topic.
Contact Inman News: http://www.inman.com/
Thursday, January 13, 2011
In Jacksonville’s older rentals, EPA checks warnings on lead paint risks
In Jacksonville's older neighborhoods, an old worry - lead paint - is drawing attention from the federal government.
The U.S. Environmental Protection Agency fined the operators of four Jacksonville apartment complexes and a house-management company last year after concluding they violated a law that says property owners must tell tenants about any evidence of lead paint.
The last case was finalized in December.
EPA doesn't know whether tenants at any of those buildings were ever exposed to decaying paints. But it will send inspectors to as many as 175 rental offices around the Southeast each year to audit lease records for disclosure forms that are supposed to be signed by tenants at any property built before 1978.
"Understand that this is a public health issue," said Anthony Toney, chief of the lead and children's health section at EPA's regional office in Atlanta.
Lead poisoning can hurt a child's brain development and cause neurological problems that can persist as the child grows up. Adults are less vulnerable but can also be harmed by chronic overexposure at high levels. Read Article Here
The U.S. Environmental Protection Agency fined the operators of four Jacksonville apartment complexes and a house-management company last year after concluding they violated a law that says property owners must tell tenants about any evidence of lead paint.
The last case was finalized in December.
EPA doesn't know whether tenants at any of those buildings were ever exposed to decaying paints. But it will send inspectors to as many as 175 rental offices around the Southeast each year to audit lease records for disclosure forms that are supposed to be signed by tenants at any property built before 1978.
"Understand that this is a public health issue," said Anthony Toney, chief of the lead and children's health section at EPA's regional office in Atlanta.
Lead poisoning can hurt a child's brain development and cause neurological problems that can persist as the child grows up. Adults are less vulnerable but can also be harmed by chronic overexposure at high levels. Read Article Here
Monday, January 18, 2010
Invitation to the 2010 Multicultural Real Estate & Policy Conference
Join the nation's three largest minority real estate trade associations and hear first-hand perspectives on policies that will create sustainable housing opportunities.
Grow your business by meeting top leaders dedicated to the multicultural housing market.
Sessions include:
*REO Market
*Short Sales
*Doing Business with the Federal Government
Limited number of hotel rooms reserved, register today!
AREAA, NAHREP and NAREB are non-profit professional trade organizations dedicated to promoting sustainable homeownership opportunities in underserved communities. Visit the organizations online at www.areaa.org, www.nahrep.org and www.nareb.com
Tuesday, December 15, 2009
San Francisco Bay Area home prices inch toward stability with fewer foreclosure sales
Home prices in the San Francisco Bay Area registered year-over-year gains last month for the first time in nearly two years.
The gains marked a move back toward stability for the region’s real estate as fewer distressed properties were sold and homes costing more than $500,000 accounted for a larger portion of sales.
The median price paid for all homes reached $390,000, up 6.8% from $365,000 in September and up 4% from $375,000 in October 2008, according to MDA DataQuick of San Diego. The last time the nine-county area booked a year-over-year gain was in November 2007.
Last month’s median was the highest since hitting $395,000 in July this year. But the October median was still 41.4% below the $665,000 peak reached during the height of the Bay Area’s boom in June and July of 2007. The median is the point at which half the homes sold for more and half sold for less.
A total of 7,933 homes were sold last month, up 0.7% from 7,879 in September and 4.2% from 7,613 in October 2008. Sales in the region’s pricier areas – Marin, San Francisco, Santa Clara and San Mateo – made up 42.2% of October sales, up from 35.3% in October 2008.
Sales of homes that cost more than $500,000 constituted 36% of sales in October, up from 34.9% in October 2008 and well up from a low of 22.7% in January.
Last month’s increase in the median sales price also came as foreclosure properties made up a smaller portion of the resale market. Sales of homes that had been foreclosed upon in the prior 12 months made up 31.9% of all previously owned homes sold in October, DataQuick said.
That was down from 32.3% in September and 44% in October 2008. Foreclosure sales peaked at 52% of the resale market in February.
The drop in foreclosure sales came as banks and loan servicers increasingly pursued alternatives to the foreclosure process such as loan modifications and short sales -- where a lender agrees to sell a home for less than the value of a mortgage, DataQuick said.
-- Alejandro Lazo
The gains marked a move back toward stability for the region’s real estate as fewer distressed properties were sold and homes costing more than $500,000 accounted for a larger portion of sales.
The median price paid for all homes reached $390,000, up 6.8% from $365,000 in September and up 4% from $375,000 in October 2008, according to MDA DataQuick of San Diego. The last time the nine-county area booked a year-over-year gain was in November 2007.
Last month’s median was the highest since hitting $395,000 in July this year. But the October median was still 41.4% below the $665,000 peak reached during the height of the Bay Area’s boom in June and July of 2007. The median is the point at which half the homes sold for more and half sold for less.
A total of 7,933 homes were sold last month, up 0.7% from 7,879 in September and 4.2% from 7,613 in October 2008. Sales in the region’s pricier areas – Marin, San Francisco, Santa Clara and San Mateo – made up 42.2% of October sales, up from 35.3% in October 2008.
Sales of homes that cost more than $500,000 constituted 36% of sales in October, up from 34.9% in October 2008 and well up from a low of 22.7% in January.
Last month’s increase in the median sales price also came as foreclosure properties made up a smaller portion of the resale market. Sales of homes that had been foreclosed upon in the prior 12 months made up 31.9% of all previously owned homes sold in October, DataQuick said.
That was down from 32.3% in September and 44% in October 2008. Foreclosure sales peaked at 52% of the resale market in February.
The drop in foreclosure sales came as banks and loan servicers increasingly pursued alternatives to the foreclosure process such as loan modifications and short sales -- where a lender agrees to sell a home for less than the value of a mortgage, DataQuick said.
-- Alejandro Lazo
Thursday, November 19, 2009
Press Release- Fidelity National Financial Goes Greener
For Immediate Release
Fidelity National Financial joins America Recycles Day by establishing a Green Title & Settlement Program
San Francisco, California – November 16, 2009 - Fidelity National Financial, Inc. (NYSE:FNF), one of the nation's largest title insurance companies through its title insurance underwriters - Chicago Title, Fidelity National Title, Ticor Title, Security Union Title, Lawyers Title, Commonwealth Title and Alamo Title - today announced an enhanced effort to implement energy saving and environmentally friendly policies. The FNF Green Title & Settlement Program (GTSP) will be initially launched in Northern California and the Pacific Northwest.
“The public is more aware of the need to protect our environment, and consumers are increasingly supporting sustainability measures in their homes and businesses. We want them to know that FNF stands behind the importance of this initiative, and with our leadership in this program we are raising the bar within our family of company’s and our industry,” said Jeff Knudson, Executive Vice President of the Fidelity National Title Group. Recently, FNF announced that quarterly statements for the Group 401(k) Profit Sharing Plan and FNF Employee Stock Purchase Plan quarterly statements will no longer be mailed to employees at home but will be available online.
The GTSP encourages the use of state of the art technology that is available to both customers and FNTG title offices. In addition to the use of the latest technology, title offices will implement more aggressive and comprehensive policies that are environmentally friendly and will develop online information to inform employees and members of the public on best practices that better protect our natural resources. “Our goal is to expand sustainability practices and to play a bigger role in protecting our natural resources,” said Pablo Wong, senior vice president for market development and project leader for this program.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, specialty insurance and claims management services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Alamo Title, Commonwealth Title, Fidelity National Title, Chicago Title, Lawyers Title, Security Union Title and Ticor Title - that issue approximately 28 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. More information about FNF can be found at www.fnf.com.
MEDIA CONTACT:
Pablo Wong
Pablo.wong@fnf.com
415-317-8339
Fidelity National Financial joins America Recycles Day by establishing a Green Title & Settlement Program
San Francisco, California – November 16, 2009 - Fidelity National Financial, Inc. (NYSE:FNF), one of the nation's largest title insurance companies through its title insurance underwriters - Chicago Title, Fidelity National Title, Ticor Title, Security Union Title, Lawyers Title, Commonwealth Title and Alamo Title - today announced an enhanced effort to implement energy saving and environmentally friendly policies. The FNF Green Title & Settlement Program (GTSP) will be initially launched in Northern California and the Pacific Northwest.
“The public is more aware of the need to protect our environment, and consumers are increasingly supporting sustainability measures in their homes and businesses. We want them to know that FNF stands behind the importance of this initiative, and with our leadership in this program we are raising the bar within our family of company’s and our industry,” said Jeff Knudson, Executive Vice President of the Fidelity National Title Group. Recently, FNF announced that quarterly statements for the Group 401(k) Profit Sharing Plan and FNF Employee Stock Purchase Plan quarterly statements will no longer be mailed to employees at home but will be available online.
The GTSP encourages the use of state of the art technology that is available to both customers and FNTG title offices. In addition to the use of the latest technology, title offices will implement more aggressive and comprehensive policies that are environmentally friendly and will develop online information to inform employees and members of the public on best practices that better protect our natural resources. “Our goal is to expand sustainability practices and to play a bigger role in protecting our natural resources,” said Pablo Wong, senior vice president for market development and project leader for this program.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, specialty insurance and claims management services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Alamo Title, Commonwealth Title, Fidelity National Title, Chicago Title, Lawyers Title, Security Union Title and Ticor Title - that issue approximately 28 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. More information about FNF can be found at www.fnf.com.
MEDIA CONTACT:
Pablo Wong
Pablo.wong@fnf.com
415-317-8339
Friday, October 02, 2009
Credit Woes to Threaten Housing Recovery?
Source: RISMEDIA, September 30, 2009—Nearly two-thirds of single-family home builders are reporting a severe lack of credit for housing production, threatening the fragile housing recovery before it has time to take hold, according to a new builder survey of acquisition, development and construction (AD&C) financing conducted by the National Association of Home Builders (NAHB).
“Across the country, home builders and developers are reporting a deterioration in credit availability and intensifying pressure on borrowers with outstanding loans,” said NAHB Chairman Joe Robson, a home builder from Tulsa, OK. “Lenders are cutting off loans for viable new housing projects and producing unnecessary foreclosures and losses on AD&C loans. With the pending expiration of the $8,000 first-time home buyer tax credit, these challenges threaten to halt any positive developments we have seen in the housing market in recent months.”
In the latest NAHB survey of AD&C financing conditions, 63% of builders stated that the availability of credit for single-family construction loans worsened in the second quarter of 2009.
Read more:
“Across the country, home builders and developers are reporting a deterioration in credit availability and intensifying pressure on borrowers with outstanding loans,” said NAHB Chairman Joe Robson, a home builder from Tulsa, OK. “Lenders are cutting off loans for viable new housing projects and producing unnecessary foreclosures and losses on AD&C loans. With the pending expiration of the $8,000 first-time home buyer tax credit, these challenges threaten to halt any positive developments we have seen in the housing market in recent months.”
In the latest NAHB survey of AD&C financing conditions, 63% of builders stated that the availability of credit for single-family construction loans worsened in the second quarter of 2009.
Read more:
Tuesday, May 05, 2009
2007 American Housing Survey Metropolitan Data
The American Housing Survey (AHS) is the most detailed, regular national housing sample survey in the United States. The U.S. Department of Housing and Urban Development directs the Census Bureau to conduct the AHS to obtain up-to-date statistics on the housing stock of the nation and selected large metropolitan areas.Metropolitan area surveys are conducted for 21 metropolitan areas, where householders are interviewed every 6 years. The results for areas surveyed in 2007 are now available for the following: o Baltimore, Maryland; o Boston, Massachusetts; o Houston, Texas; o Minneapolis-St. Paul, Minnesota; o Tampa-St. Petersburg, Florida; o Washington, DC-Maryland-Virginia; and o Miami-Ft. Lauderdale. Current and previous metropolitan data are available from HUD USER in SAS, ASCII, and ZIP formats at http://www.huduser.org/datasets/ahs/ahsdata07.html, while the Census Bureau offers reports in PDF format at http://www.census.gov/hhes/www/housing/ahs/metropolitandata.html.
Tuesday, April 28, 2009
Call to Action: Help Repeal the Cap on the Trust Funds in the Florida Senate
Repeal of Cap has passed in the House of Representatives!
But we have a big problem- and need your help.
Call to Action: Help Repeal the Cap on the Trust Funds in the Senate
What's Happening Now.
Today (April 27), the House passed the repeal of the cap on the housing trust funds in HB 161 by Representative Gary Aubuchon. The companion bill in the Senate, SB 1042 by Senator Bennett, also carries the repeal of the cap language and it is now in Senate Ways and Means Committee.
We must immediately encourage the Senate to either advance SB 1042 out of its last committee with the cap repeal remaining in the bill in order for the full Senate to take action on that version of the bill and/or take up HB 161 and pass it with the cap repeal. We must get SB 1042 bill moving so that the full Senate can pass cap repeal. There is no time to waste.
Action
Call your Senator today and ask that he or she take action to move SB 1042 with repeal of the cap forward and/or to take up HB 161.
To find your State Senator's contact information click here and enter your zip code then click "go".
There are some rumors circulating that repeal of the cap will have some immediate negative fiscal impact. There is no fiscal impact from cap repeal now, nor over the next four state fiscal years (because of the low level of documentary tax collections, deposits to the housing trust funds are estimated to be significantly lower than the cap level).
Again, the time is now to CALL your Senator on this issue (emails are less effective at this time of the session).
To find your State Senator's contact information click here and enter your zip code then click "go".
.
Background.
The Senate has always supported the state and local housing trust funds. In 2005, a reluctant Senate supported placing a cap on the state and local housing trust funds to go into effect in 2007 as part of an agreement with Governor Bush, who was threatening to veto the reauthorization of the trust funds in 2004 (a reauthorization that both the House and Senate passed) unless the Senate President and Speaker of the House agreed to support a bill in 2005 to cap the trust funds. The bill that passed in 2005 put the cap into effect in 2007, the year that Governor Bush would have been term limited from office.
But we have a big problem- and need your help.
Call to Action: Help Repeal the Cap on the Trust Funds in the Senate
What's Happening Now.
Today (April 27), the House passed the repeal of the cap on the housing trust funds in HB 161 by Representative Gary Aubuchon. The companion bill in the Senate, SB 1042 by Senator Bennett, also carries the repeal of the cap language and it is now in Senate Ways and Means Committee.
We must immediately encourage the Senate to either advance SB 1042 out of its last committee with the cap repeal remaining in the bill in order for the full Senate to take action on that version of the bill and/or take up HB 161 and pass it with the cap repeal. We must get SB 1042 bill moving so that the full Senate can pass cap repeal. There is no time to waste.
Action
Call your Senator today and ask that he or she take action to move SB 1042 with repeal of the cap forward and/or to take up HB 161.
To find your State Senator's contact information click here and enter your zip code then click "go".
There are some rumors circulating that repeal of the cap will have some immediate negative fiscal impact. There is no fiscal impact from cap repeal now, nor over the next four state fiscal years (because of the low level of documentary tax collections, deposits to the housing trust funds are estimated to be significantly lower than the cap level).
Again, the time is now to CALL your Senator on this issue (emails are less effective at this time of the session).
To find your State Senator's contact information click here and enter your zip code then click "go".
.
Background.
The Senate has always supported the state and local housing trust funds. In 2005, a reluctant Senate supported placing a cap on the state and local housing trust funds to go into effect in 2007 as part of an agreement with Governor Bush, who was threatening to veto the reauthorization of the trust funds in 2004 (a reauthorization that both the House and Senate passed) unless the Senate President and Speaker of the House agreed to support a bill in 2005 to cap the trust funds. The bill that passed in 2005 put the cap into effect in 2007, the year that Governor Bush would have been term limited from office.
Sunday, April 26, 2009
Major Lenders Cited In A Lawsuit For Conducting Predatory Lending Against Latinos
Lawsuits claim mortgage lenders took advantage of Hispanics
Sentinel Staff Report
6:50 PM EDT, April 14, 2009
ORLANDO - Hispanics were targeted by a group of predatory mortgage lenders who preyed on their limited abilities to read and speak English, lawsuits filed in Nevada, Arizona -- and soon, Florida -- which seeks class-action status claims.
Among the lenders cited in the lawsuits are Countrywide Home Loans Inc., Freddie Mac, Fannie Mae, GMAC Mortgage, National City Bank, J.P. Morgan Chase, CitiMortgage Inc., HSBC Mortgage Corp., AIG United Guaranty Corp., Wells Fargo Bank, Bank of America, PNC Financial Services Group Inc., Merrill Lynch, GE Money Bank and the Mortgage Electronic Registration System.
The lawsuits allege a nationwide conspiracy to defraud borrowers, which also has impacted investors and the federal government.The Gary, Williams, Finney, Lewis, Watson and Sperando law firm in Orlando is working with law firms in the other states and plans to file a similar suit in Florida. Read Full Article
Sentinel Staff Report
6:50 PM EDT, April 14, 2009
ORLANDO - Hispanics were targeted by a group of predatory mortgage lenders who preyed on their limited abilities to read and speak English, lawsuits filed in Nevada, Arizona -- and soon, Florida -- which seeks class-action status claims.
Among the lenders cited in the lawsuits are Countrywide Home Loans Inc., Freddie Mac, Fannie Mae, GMAC Mortgage, National City Bank, J.P. Morgan Chase, CitiMortgage Inc., HSBC Mortgage Corp., AIG United Guaranty Corp., Wells Fargo Bank, Bank of America, PNC Financial Services Group Inc., Merrill Lynch, GE Money Bank and the Mortgage Electronic Registration System.
The lawsuits allege a nationwide conspiracy to defraud borrowers, which also has impacted investors and the federal government.The Gary, Williams, Finney, Lewis, Watson and Sperando law firm in Orlando is working with law firms in the other states and plans to file a similar suit in Florida. Read Full Article
Wednesday, April 22, 2009
HOPE Award Winners Remove Barriers to Minority Homeownership
WASHINGTON (April 21, 2009) – This year’s HOPE Awards (Home Ownership Participation for Everyone) winners exemplify the efforts of countless individuals and organizations across the country committed to closing the minority housing gap. Award recipients are selected for their outstanding leadership and achievement in helping minority families realize and sustain their homeownership dreams, forever enhancing and changing their lives.The 2009 HOPE Awards winners are the Korean Churches for Community Development, Los Angeles (Education Award); Illinois Assistive Technology Program, Springfield, Ill. (Finance Award); Community Reinvestment Association of North Carolina, Durham, N.C. (Media Award); Chris McCarthy, Nashville Area Habitat for Humanity (Leadership Award); and Affordable Homes of South Texas Inc., McAllen, Texas (Project of the Year Award).
HOPE Awards winners receive $10,000 and a $1,500 gift card from cosponsor Lowe’s. On May 12 the winners will present their programs and answer questions from journalists and industry experts at a symposium moderated by national real estate columnist Ken Harney. Later that evening, HOPE Awards winners will be recognized at a gala dinner and ceremony at the National Building Museum in Washington, D.C. Sachi Koto, former anchor of CNN Headline News, will emcee the event.
The HOPE Awards is a national industry awards program that was created in 2001 to recognize individuals and organizations that have made outstanding contributions to increasing minority homeownership, revitalizing communities and expanding affordable housing opportunities. The awards are conferred every other year.
The HOPE Awards is sponsored by a partnership of real estate organizations: the Asian Real Estate Association America, Chinese American Real Estate Professionals Association, Chinese Real Estate Association of America, National Association of Hispanic Real Estate Professionals, National Association of Real Estate Brokers, and the National Association of Realtors®.
A panel of distinguished judges selected the final winners from more than 100 applications. The judges were Henry Cisneros, former Secretary of the U.S. Department of Housing and Urban Development; Congressman Wm. Lacy Clay (D-Mo.); Nicolas P. Retsinas, director of the Joint Center for Housing Studies of Harvard University; Steven Nesmith, former Assistant Secretary of Housing and Urban Development and partner, Holland & Knight; Judge Lillian K. Sing, San Francisco Superior Court.
-more- #HOPE1
HOPE Award Winners – add 1
Award winners were chosen based on impact, innovation, minority focus, contributions to affordable housing and minority acceptance. The 2009 HOPE Awards winners are:
-more- #HOPE1
HOPE Award Winners – add 1
Award winners were chosen based on impact, innovation, minority focus, contributions to affordable housing and minority acceptance. The 2009 HOPE Awards winners are:
EDUCATION AWARD
Korean Churches for Community Development, Hyepin Im, Los Angeles
KCCD was founded in 2001 as a nonprofit faith-based organization that serves as a bridge between the Asian American community and the greater community. The goal is to increase access to resources and funds to assist low income individuals and revitalize area neighborhoods.
The organization does this by helping remove cultural, linguistic, and economic barriers through education, economic development programs and strategic public and private partnerships. KCCD has provided homebuyer education and counseling to more than 4,500 individuals and is helping to sustain homeownership in the L.A. area through foreclosure prevention and loss mitigation counseling.
FINANCE AWARD
Illinois Assistive Technology Program, Robin Benson, Springfield, Ill.
IATP is a nonprofit organization dedicated to enabling people with disabilities to fully participate in all aspects of life. The organization also oversees the Homeownership Coalition for People with Disabilities, which since 2002 has helped more than 300 people with disabilities and their families achieve greater levels of independence through homeownership.
FINANCE AWARD
Illinois Assistive Technology Program, Robin Benson, Springfield, Ill.
IATP is a nonprofit organization dedicated to enabling people with disabilities to fully participate in all aspects of life. The organization also oversees the Homeownership Coalition for People with Disabilities, which since 2002 has helped more than 300 people with disabilities and their families achieve greater levels of independence through homeownership.
The group is committed to assisting all people, regardless of their disability, in purchasing and maintaining their own home through comprehensive pre- and post-purchase support, allowing them to live in the community as independently as possible. The program boasts a foreclosure rate of less than 1 percent.
LEADERSHIP AWARD
Chris McCarthy, Nashville Area Habitat for Humanity, Nashville, Tenn.
Chris retired from a career in accounting in 2000, only to come out of retirement a few years later to take over as CEO of the NAHFH. Under Chris’s leadership, NAHFH has grown tremendously in recent years –from building 10 to 15 homes each year to upwards of 55 homes. NAHFH has been recognized in the top 1 percent of the nation’s Habitat affiliates and received the EPA’s Energy Star certification, the first Habitat affiliate to receive this award. In 2007, Chris led the development of one of the largest all-Habitat neighborhoods in the U.S.; the 43-acre community has 138 homes as well as play lots, walking trails and picnic facilities. Chris is now leading the construction of a second community, with a potential of 112 more homes.
MEDIA AWARD
Community Reinvestment Association of North Carolina, Peter Skillern, Durham, N.C.
CRA-NC created Nuestro Barrio, a Spanish-language miniseries about Hispanic life in the U.S. While Nuestro Barrio’s objective is to educate viewers, the telenovela, or soap opera format, helps engage and entertain viewers on a variety of issues including homeownership, finances and banking, and health and wellness. The program has been broadcast to more than 25 million households, and more than 60,000 DVDs have been distributed through high schools, financial institutions and nonprofit partners.
PROJECT OF THE YEAR
Affordable Homes of South Texas Inc., Robert Calvillo, McAllen, Texas
AHSTI is a nonprofit housing initiative that provides education and homeownership opportunities to low income residents in South Texas. AHSTI acts as land developer, general contractor and a full-service mortgage provider. Since 1976 the organization has placed more than 2,800 families into homes, nearly 40 percent of those were single parent families.
Cosponsors for the 2009 HOPE Awards are Lowe’s, the Real Estate Buyer’s Agent Council, Realogy, Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, ERA, NRT LLC and Sotheby’s International Realty.
For more information about the HOPE Awards, visit http://www.hopeawards.org/.
###
LEADERSHIP AWARD
Chris McCarthy, Nashville Area Habitat for Humanity, Nashville, Tenn.
Chris retired from a career in accounting in 2000, only to come out of retirement a few years later to take over as CEO of the NAHFH. Under Chris’s leadership, NAHFH has grown tremendously in recent years –from building 10 to 15 homes each year to upwards of 55 homes. NAHFH has been recognized in the top 1 percent of the nation’s Habitat affiliates and received the EPA’s Energy Star certification, the first Habitat affiliate to receive this award. In 2007, Chris led the development of one of the largest all-Habitat neighborhoods in the U.S.; the 43-acre community has 138 homes as well as play lots, walking trails and picnic facilities. Chris is now leading the construction of a second community, with a potential of 112 more homes.
MEDIA AWARD
Community Reinvestment Association of North Carolina, Peter Skillern, Durham, N.C.
CRA-NC created Nuestro Barrio, a Spanish-language miniseries about Hispanic life in the U.S. While Nuestro Barrio’s objective is to educate viewers, the telenovela, or soap opera format, helps engage and entertain viewers on a variety of issues including homeownership, finances and banking, and health and wellness. The program has been broadcast to more than 25 million households, and more than 60,000 DVDs have been distributed through high schools, financial institutions and nonprofit partners.
PROJECT OF THE YEAR
Affordable Homes of South Texas Inc., Robert Calvillo, McAllen, Texas
AHSTI is a nonprofit housing initiative that provides education and homeownership opportunities to low income residents in South Texas. AHSTI acts as land developer, general contractor and a full-service mortgage provider. Since 1976 the organization has placed more than 2,800 families into homes, nearly 40 percent of those were single parent families.
Cosponsors for the 2009 HOPE Awards are Lowe’s, the Real Estate Buyer’s Agent Council, Realogy, Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, ERA, NRT LLC and Sotheby’s International Realty.
For more information about the HOPE Awards, visit http://www.hopeawards.org/.
###
Wednesday, April 15, 2009
Florida Realtors(R) Support Push to Advance Homebuyer Tax Credit Aid
ORLANDO, Fla., April 3 /PRNewswire/ -- Finding a way to turn a new $8,000 federal tax credit for first-time homebuyers into money that they can use right away for a downpayment would spark the recovery of Florida's housing market and boost the state's economy, says Cynthia Shelton, 2009 president of the Florida Association of Realtors(R) (FAR)."A revitalized housing market and commercial real estate industry are crucial to Florida's economic recovery," Shelton says. "While the new tax credit provides a great incentive for first-time homebuyers to find the home of their dreams here in Florida, many qualified buyers may be unable to take advantage of it because they cannot come up with the necessary downpayment to purchase a home in the first place. We need to encourage Florida lawmakers to take action now - converting the tax credit into cash upfront could help thousands of first-time buyers overcome that financial barrier to homeownership, which generates an economic ripple that stimulates the state's overall economy."
With tighter credit restrictions these days, many banks are reluctant to lend money, notes John Sebree, vice president of public policy for FAR. Research indicates that 8,000 to 12,000 prospective first-time homebuyers in Florida could benefit if the federal tax-credit stimulus provision could be accessed on the front-end to help consumers with downpayment and closing costs.
"Finding a state solution to this problem is key," Sebree said. "The money should only be available to people who are eligible for the new tax credit. The state would advance the cash to these buyers, who would then forward their tax credits back to the state. These families could get their $8,000 tax credit in a matter of months, so it basically would be a short-term loan. But we have to move quickly, since homebuyers have to complete their purchase by Nov. 30, 2009, to receive the tax credit."
Gov. Charlie Crist is considering the proposal. A coalition of Florida consumers, Realtors, lenders and homebuilders are lobbying state legislators to come up with a "Florida Formula" to allow first-time homebuyers to use the federal tax credit upfront. Spearheaded by the Consumer Federation of the Southeast (CFSE), a nonprofit consumer advocacy group, the alliance includes the Florida Association of Realtors, the Florida Home Builders Association, the Florida Bankers Association, the Florida Credit Union League, the Florida Manufactured Housing Association, Florida Association of Mortgage Brokers, the Latin Builders Association, and the Builders Association of South Florida.
For more information about the $8,000 first-time homebuyer tax credit, go to the Florida Association of Realtors(R) web site at: http://www.floridarealtors.org/NewsAndEvents/n1-021709.cfm
The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.
SOURCE Florida Association of Realtors
Published Apr. 3, 2009 Copyright © 2009 SYS-CON Media. All Rights Reserved.
Tuesday, November 13, 2007
Zillow.com(R) and 11 Newspaper Companies Form Online Real Estate Partnership
Alliance will extend local listings of 282 newspapers to powerful and growing national real estate site.
November 13, 2007: 12:00 AM EST
SEATTLE, Nov. 13 /PRNewswire/ -- Leading real estate Web site Zillow.com and 11 newspaper publishing companies representing 282 newspapers nationwide announced plans today for a strategic partnership to extend local classified advertising such as for-sale listings and open house information to Zillow's online platform.
Local advertisers who place their print and online listings with the newspapers will be able to choose to have their listings and open house ads also displayed on Zillow, one of the largest online real estate sites. Four million people visit Zillow every month, with 70 percent buying or selling a home now, or planning to buy or sell a home in the next one to two years.
Home buyers on Zillow in turn will see a more comprehensive set of for-sale listings and open house details in their market. The 282 newspapers and their online sites provide the primary source of real estate advertising in their markets. Newspapers will have the ability to use the Zillow platform to enhance their online sites with rich real estate content and information on homes, neighborhoods and value trends via Zillow's technology.
Zillow and the newspaper companies said they expect to launch the alliance and roll out the new features in the first half of 2008. More newspaper companies are expected to join the network prior to launch.
The newspaper companies included so far in the consortium are Hearst Newspapers; Journal Register Company; Lee Enterprises, Incorporated; Media General, Inc.; MediaNews Group, Inc.; Morris Communications Company, LLC; Paddock Publications; Pittsburgh Tribune-Review; The E.W. Scripps Company; Times-Shamrock Communications and The Day Publishing Company. Newspapers include major market dailies such as The San Francisco Chronicle, Houston Chronicle, San Jose Mercury News, The Tampa Tribune and the St. Louis Post-Dispatch
"Reading the weekend real estate section is a ritual that many enjoy and to brokers and agents, the paper is a core marketing tool. Now, the process of real estate discovery will be further integrated into the online world. We are honored that this consortium of newspaper companies has chosen Zillow as the partner to fast-track their presence in the digital real estate world," said Lloyd Frink, Zillow president. "Research shows that 80 percent of home buyers use the Internet in the home-buying process. That, combined with Zillow's audience of engaged real estate enthusiasts, creates a huge opportunity for local brokerages looking to expand their reach online."
Speaking on behalf of the newspaper consortium, Lincoln Millstein, senior vice president of Hearst Newspapers, and Gregory P. Schermer, vice president for interactive media at Lee Enterprises, described the partnership as a significant step in the national aggregation of real estate listings online.
"The tremendous local reach of our newspapers and online sites, coupled with our strong local sales forces, provides a powerful springboard for this partnership with Zillow," Millstein said.
Schermer added, "Together with Zillow, we bring a unique and compelling set of online marketing tools to enable local brokers and agents to distinguish their listings and abilities. The result will be a compelling value proposition for advertisers and online users, which we believe will provide long-term opportunities for revenue growth."
Many of the newspaper companies in the planned Zillow agreement are part of a newspaper consortium, which formed a year ago. The consortium began with a strategic partnership with Yahoo! for online recruitment advertising. It has since expanded to include common online advertising network distribution, online text ads, and content sharing between Yahoo! and consortium newspapers. This new initiative extends the alliance of these newspaper companies to the real estate sector. Today's announcement is a first-of-its-kind partnership between online and offline real estate information channels.
Zillow.com
Zillow.com is an online real estate community where homeowners, buyers, sellers, and real estate agents and professionals find and share vital information about homes, for free. Launched in early 2006 with Zestimate(R) values and data on millions of U.S. homes, Zillow has since opened the site to community input, data and dialogue, including "Home Q&A." Zillow's goal is to help people become smarter about real estate -- what homes are worth, what's for sale, and what local experts have to say about real estate and individual homes. One of the most-visited real estate Web sites, Zillow was the only online company named by Advertising Age magazine to its 2006 "Marketing 50" list of the most powerful consumer brands. Zillow is headquartered in Seattle and has raised $87 million in funding. Zillow.com, Zillow, and Zestimate are registered trademarks of Zillow, Inc.
Hearst Newspapers
Hearst Newspapers is a unit of Hearst Corporation (http://www.hearst.com), one of the nation's largest diversified media companies. It's major interests include ownership of 12 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, and Albany Times Union; as well as interests in an additional 47 daily and 37 non-daily newspapers owned by MediaNews Group; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
Journal Register Company
Journal Register Company is a leading U.S. media company. Journal Register Company owns 22 daily newspapers and 345 non-daily publications. Journal Register Company currently operates 222 individual Web sites that are affiliated with the company's daily newspapers, non-daily publications and its network of employment Web sites. These Web sites can be accessed at http://www.JournalRegister.com. All of the company's operations are strategically clustered in six geographic areas: Greater Philadelphia; Michigan; Connecticut; Greater Cleveland; and the Capital-Saratoga and Mid-Hudson regions of New York.
Lee Enterprises
Lee Enterprises, Incorporated , is a premier provider of local news, information and advertising in primarily midsize markets, with 51 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. Lee's newspapers have circulation of 1.6 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's online sites attract more than 11 million unique visitors monthly, and Lee's weekly publications are distributed to more than 4.5 million households. Lee's newspaper markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. Lee is based in Davenport, Iowa. For more information about Lee, please visit http://www.lee.net.
Media General, Inc.
Media General is a multimedia company operating leading newspapers, television stations and online enterprises primarily in the Southeastern United States. The company's publishing assets include three metropolitan newspapers, The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; and more than 150 weekly newspapers and other publications. The company's broadcasting assets include 23 network-affiliated television stations that reach more than 32 percent of the television households in the Southeast and nearly 9.5 percent of those in the United States. The company's interactive media assets include more than 75 online enterprises that are associated with its newspapers and television stations. Media General also owns a 33 percent interest in SP Newsprint Company, a manufacturer of recycled newsprint.
MediaNews Group, Inc.
MediaNews Group, Inc. is the nation's fourth largest newspaper company, with headquarters in Denver, Colo. MediaNews Group and its affiliated companies publish 58 daily newspapers and approximately 100 non-daily publications in 13 states. In addition, MediaNews Group owns a CBS affiliate in Anchorage, Alaska and four radio stations in Texas. MediaNews Group Interactive maintains Web sites for all of its daily newspapers and an umbrella site, newschoice.com
Paddock Publications, Inc.
Paddock Publications Inc., is the third largest newspaper in Illinois, serving Chicago's growing suburbs. Based in Arlington Heights, IL, Paddock is privately held and publishes the Daily Herald newspaper, covering more than 100 communities with localized editions and a circulation of more than 150,000. Paddock's Web site, dailyherald.com, receives 10 million page views per month with more than 75 percent unique viewers to its online content. Paddock has several non-daily publications, including Reflejos, a 100,000 circulation weekly bilingual newspaper serving Latinos in the suburbs of Chicago, and Beep, a 30,000 circulation weekly youth-oriented publication with a companion Web site, Beepcentral.com.
Pittsburgh Tribune-Review
In addition to the Pittsburgh Tribune-Review, the newspaper group includes the Trib P.M., Valley News Dispatch, Valley Independent, Daily Courier, Leader Times, Blairsville Dispatch and Gateway Newspapers.
The E. W. Scripps Company
The E. W. Scripps Company is a diverse and growing media enterprise with interests in national cable networks, newspaper publishing, broadcast television stations, interactive media, and licensing and syndication. The company's portfolio of media properties includes: Scripps Networks, with such brands as HGTV, Food Network, DIY Network, Fine Living and Great American Country; daily and community newspapers in 17 markets and the Washington-based Scripps Media Center, home to the Scripps Howard News Service; 10 broadcast TV stations, including six ABC-affiliated stations, three NBC affiliates and one independent; Scripps Interactive Media, including leading online search and comparison shopping services, Shopzilla and uSwitch; and United Media, a leading worldwide licensing and syndication company that is the home of Peanuts, Dilbert and approximately 150 other features and comics.
Times-Shamrock Communications
Times-Shamrock Communications newspapers include The Times-Tribune in Scranton, PA, and The Citizens' Voice in Wilkes-Barre. Others in Pennsylvania are The Daily Review in Towanda, The News Item in Shamokin and The Standard Speaker in Hazleton. Times-Shamrock also owns The Progress-Index in Petersburg, Va.
The Day Publishing Company
The Day Publishing Company is based in New London, CT.
Forward-looking statements
This news release contains forward-looking statements that involve risks and uncertainties concerning Zillow's and the newspaper companies' proposed transaction and its impact on their strategic and operational plans. Actual events or results may differ materially. Potential risks and uncertainties include, among others, the possibility that the planned subsequent implementations described may be delayed, may not ultimately be implemented, or if implemented may not be successful; and the anticipated benefits described to the companies may not be achieved. More information about potential factors that could affect business and financial results of the public companies involved in this planned transaction are included in filings with the U.S. Securities and Exchange Commission (http://www.sec.gov), including in their Annual Reports on Form 10-K.
Alliance will extend local listings of 282 newspapers to powerful and growing national real estate site.
November 13, 2007: 12:00 AM EST
SEATTLE, Nov. 13 /PRNewswire/ -- Leading real estate Web site Zillow.com and 11 newspaper publishing companies representing 282 newspapers nationwide announced plans today for a strategic partnership to extend local classified advertising such as for-sale listings and open house information to Zillow's online platform.
Local advertisers who place their print and online listings with the newspapers will be able to choose to have their listings and open house ads also displayed on Zillow, one of the largest online real estate sites. Four million people visit Zillow every month, with 70 percent buying or selling a home now, or planning to buy or sell a home in the next one to two years.
Home buyers on Zillow in turn will see a more comprehensive set of for-sale listings and open house details in their market. The 282 newspapers and their online sites provide the primary source of real estate advertising in their markets. Newspapers will have the ability to use the Zillow platform to enhance their online sites with rich real estate content and information on homes, neighborhoods and value trends via Zillow's technology.
Zillow and the newspaper companies said they expect to launch the alliance and roll out the new features in the first half of 2008. More newspaper companies are expected to join the network prior to launch.
The newspaper companies included so far in the consortium are Hearst Newspapers; Journal Register Company; Lee Enterprises, Incorporated; Media General, Inc.; MediaNews Group, Inc.; Morris Communications Company, LLC; Paddock Publications; Pittsburgh Tribune-Review; The E.W. Scripps Company; Times-Shamrock Communications and The Day Publishing Company. Newspapers include major market dailies such as The San Francisco Chronicle, Houston Chronicle, San Jose Mercury News, The Tampa Tribune and the St. Louis Post-Dispatch
"Reading the weekend real estate section is a ritual that many enjoy and to brokers and agents, the paper is a core marketing tool. Now, the process of real estate discovery will be further integrated into the online world. We are honored that this consortium of newspaper companies has chosen Zillow as the partner to fast-track their presence in the digital real estate world," said Lloyd Frink, Zillow president. "Research shows that 80 percent of home buyers use the Internet in the home-buying process. That, combined with Zillow's audience of engaged real estate enthusiasts, creates a huge opportunity for local brokerages looking to expand their reach online."
Speaking on behalf of the newspaper consortium, Lincoln Millstein, senior vice president of Hearst Newspapers, and Gregory P. Schermer, vice president for interactive media at Lee Enterprises, described the partnership as a significant step in the national aggregation of real estate listings online.
"The tremendous local reach of our newspapers and online sites, coupled with our strong local sales forces, provides a powerful springboard for this partnership with Zillow," Millstein said.
Schermer added, "Together with Zillow, we bring a unique and compelling set of online marketing tools to enable local brokers and agents to distinguish their listings and abilities. The result will be a compelling value proposition for advertisers and online users, which we believe will provide long-term opportunities for revenue growth."
Many of the newspaper companies in the planned Zillow agreement are part of a newspaper consortium, which formed a year ago. The consortium began with a strategic partnership with Yahoo! for online recruitment advertising. It has since expanded to include common online advertising network distribution, online text ads, and content sharing between Yahoo! and consortium newspapers. This new initiative extends the alliance of these newspaper companies to the real estate sector. Today's announcement is a first-of-its-kind partnership between online and offline real estate information channels.
Zillow.com
Zillow.com is an online real estate community where homeowners, buyers, sellers, and real estate agents and professionals find and share vital information about homes, for free. Launched in early 2006 with Zestimate(R) values and data on millions of U.S. homes, Zillow has since opened the site to community input, data and dialogue, including "Home Q&A." Zillow's goal is to help people become smarter about real estate -- what homes are worth, what's for sale, and what local experts have to say about real estate and individual homes. One of the most-visited real estate Web sites, Zillow was the only online company named by Advertising Age magazine to its 2006 "Marketing 50" list of the most powerful consumer brands. Zillow is headquartered in Seattle and has raised $87 million in funding. Zillow.com, Zillow, and Zestimate are registered trademarks of Zillow, Inc.
Hearst Newspapers
Hearst Newspapers is a unit of Hearst Corporation (http://www.hearst.com), one of the nation's largest diversified media companies. It's major interests include ownership of 12 daily and 31 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, and Albany Times Union; as well as interests in an additional 47 daily and 37 non-daily newspapers owned by MediaNews Group; nearly 200 magazines around the world, including Cosmopolitan and O, The Oprah Magazine; 29 television stations through Hearst-Argyle Television which reach a combined 18% of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, The History Channel and ESPN; as well as business publishing, including a joint venture interest in Fitch Ratings; Internet businesses, television production, newspaper features distribution and real estate.
Journal Register Company
Journal Register Company is a leading U.S. media company. Journal Register Company owns 22 daily newspapers and 345 non-daily publications. Journal Register Company currently operates 222 individual Web sites that are affiliated with the company's daily newspapers, non-daily publications and its network of employment Web sites. These Web sites can be accessed at http://www.JournalRegister.com. All of the company's operations are strategically clustered in six geographic areas: Greater Philadelphia; Michigan; Connecticut; Greater Cleveland; and the Capital-Saratoga and Mid-Hudson regions of New York.
Lee Enterprises
Lee Enterprises, Incorporated , is a premier provider of local news, information and advertising in primarily midsize markets, with 51 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. Lee's newspapers have circulation of 1.6 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's online sites attract more than 11 million unique visitors monthly, and Lee's weekly publications are distributed to more than 4.5 million households. Lee's newspaper markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. Lee is based in Davenport, Iowa. For more information about Lee, please visit http://www.lee.net.
Media General, Inc.
Media General is a multimedia company operating leading newspapers, television stations and online enterprises primarily in the Southeastern United States. The company's publishing assets include three metropolitan newspapers, The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; and more than 150 weekly newspapers and other publications. The company's broadcasting assets include 23 network-affiliated television stations that reach more than 32 percent of the television households in the Southeast and nearly 9.5 percent of those in the United States. The company's interactive media assets include more than 75 online enterprises that are associated with its newspapers and television stations. Media General also owns a 33 percent interest in SP Newsprint Company, a manufacturer of recycled newsprint.
MediaNews Group, Inc.
MediaNews Group, Inc. is the nation's fourth largest newspaper company, with headquarters in Denver, Colo. MediaNews Group and its affiliated companies publish 58 daily newspapers and approximately 100 non-daily publications in 13 states. In addition, MediaNews Group owns a CBS affiliate in Anchorage, Alaska and four radio stations in Texas. MediaNews Group Interactive maintains Web sites for all of its daily newspapers and an umbrella site, newschoice.com
Paddock Publications, Inc.
Paddock Publications Inc., is the third largest newspaper in Illinois, serving Chicago's growing suburbs. Based in Arlington Heights, IL, Paddock is privately held and publishes the Daily Herald newspaper, covering more than 100 communities with localized editions and a circulation of more than 150,000. Paddock's Web site, dailyherald.com, receives 10 million page views per month with more than 75 percent unique viewers to its online content. Paddock has several non-daily publications, including Reflejos, a 100,000 circulation weekly bilingual newspaper serving Latinos in the suburbs of Chicago, and Beep, a 30,000 circulation weekly youth-oriented publication with a companion Web site, Beepcentral.com.
Pittsburgh Tribune-Review
In addition to the Pittsburgh Tribune-Review, the newspaper group includes the Trib P.M., Valley News Dispatch, Valley Independent, Daily Courier, Leader Times, Blairsville Dispatch and Gateway Newspapers.
The E. W. Scripps Company
The E. W. Scripps Company is a diverse and growing media enterprise with interests in national cable networks, newspaper publishing, broadcast television stations, interactive media, and licensing and syndication. The company's portfolio of media properties includes: Scripps Networks, with such brands as HGTV, Food Network, DIY Network, Fine Living and Great American Country; daily and community newspapers in 17 markets and the Washington-based Scripps Media Center, home to the Scripps Howard News Service; 10 broadcast TV stations, including six ABC-affiliated stations, three NBC affiliates and one independent; Scripps Interactive Media, including leading online search and comparison shopping services, Shopzilla and uSwitch; and United Media, a leading worldwide licensing and syndication company that is the home of Peanuts, Dilbert and approximately 150 other features and comics.
Times-Shamrock Communications
Times-Shamrock Communications newspapers include The Times-Tribune in Scranton, PA, and The Citizens' Voice in Wilkes-Barre. Others in Pennsylvania are The Daily Review in Towanda, The News Item in Shamokin and The Standard Speaker in Hazleton. Times-Shamrock also owns The Progress-Index in Petersburg, Va.
The Day Publishing Company
The Day Publishing Company is based in New London, CT.
Forward-looking statements
This news release contains forward-looking statements that involve risks and uncertainties concerning Zillow's and the newspaper companies' proposed transaction and its impact on their strategic and operational plans. Actual events or results may differ materially. Potential risks and uncertainties include, among others, the possibility that the planned subsequent implementations described may be delayed, may not ultimately be implemented, or if implemented may not be successful; and the anticipated benefits described to the companies may not be achieved. More information about potential factors that could affect business and financial results of the public companies involved in this planned transaction are included in filings with the U.S. Securities and Exchange Commission (http://www.sec.gov), including in their Annual Reports on Form 10-K.
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