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RISMEDIA, July 2, 2010—(MCT)—Scott Katzer owes about $200,000 more than his Fort Lauderdale home is worth. Unable to sell anytime soon, he wants to reduce his monthly mortgage payment by refinancing to a lower interest rate. Katzer doesn’t qualify under a government refinancing program because the value of his home is so much lower than what he owes. Private lenders turn him down for the same reason and he’s ineligible for assistance from a state-run program because he has a job and can pay the mortgage.

Katzer, an engineering consultant, is one of thousands of homeowners who are underwater, the term applied to those whose homes are worth less than the mortgages. Many of these people are not in immediate danger of foreclosure, but their finances have been hammered by the housing crash and their pleas for help rejected because other borrowers are considered more desperate.

Katzer could do what some have done—walk away from his house and the loan. But he doesn’t think that’s appropriate. “I’m stuck in the middle,” he said. “I want to do the right thing. It’s incredibly frustrating.”

Mike Larson, a housing analyst with Weiss Research in Jupiter, Fla., said the government largely has failed to address the plight of homeowners who still are paying on underwater mortgages. “The reality,” Larson wrote, “is that many of these borrowers just can’t be helped under the current structure, and that’s why some people are just throwing up their hands and walking away.”

The problems facing underwater borrowers across Florida are hurting the state’s economy, said Sean Snaith, a University of Central Florida economist. Homeowners don’t want to spend money when their personal balance sheets take a hit. “It’s a negative wealth effect,” Snaith said. “It’s a pretty big burden that these people face, and it’s endangering the pace of our recovery.”

Participation in the Obama administration’s Home Affordable Refinance Program is limited to borrowers who owe up to 125% of the current value of their homes. But plummeting home prices over the past several years have left many owners owing more than that. Katzer bought his home for $460,000 in 2006, but he estimates it’s now worth somewhere in the $250,000 range.

For the most part, individual lenders won’t refinance if the homeowner isn’t eligible under the terms outlined by Fannie and Freddie, which together own more than half of the nation’s mortgages.

While government and lending officials sympathize, they say aid must go to homeowners who need it most.

In its most recent program for struggling homeowners, the federal government is committing $2.1 billion to 10 states hit hardest by the housing downturn. Florida is getting $418 million to fight foreclosures, and the Florida Housing Finance Corp. is sending more than $73 million of that to Broward and Palm Beach counties as part of a so-called Mortgage Intervention Strategy expected to begin by the end of the year.

At the end of the first quarter, about 44% of single-family homeowners in Palm Beach, Broward and Miami-Dade counties owe more than their properties are worth, said Zillow.com, a Seattle real estate research firm. Borrowers in hard-hit markets like Florida may not be able to break even in a home sale until at least 2020, according to California research firm CoreLogic.

Florida Housing Finance will use the federal money to make loans that will cover up to nine months of mortgage payments for eligible homeowners. It hopes to find lenders or investors willing to forgive another nine months of payments. Once homeowners resume making their mortgage payments, the loans can be forgiven after five years as long as the borrowers make payments on time and live in the residences.

But to qualify for the program, homeowners have to be out of work or in jobs with salaries that don’t let them meet basic living expenses. That excludes underwater borrowers who can make their mortgage payments.

“It made sense to us that most of the people at risk of foreclosure are without jobs or are underemployed,” said Cecka Green, spokeswoman for Florida Housing Finance. “This program is not going to help the majority of the people who need it. We understand that. But we wanted to target some of the people considered to be the most vulnerable.”

The Mortgage Intervention Strategy could help neighborhoods like Dave Rakszawski’s near Lantana, Fla. At least two houses on his block alone have fallen into foreclosure in recent months. He’d like to see owners get the aid they need so the community of split-level homes can recover. But he questions whether borrowers qualifying for the state mortgage payments will be motivated to find jobs that allow them to leave the program after 18 months. “Is that person going to benefit by it, or a year and a half from now are they going to say, ‘I still can’t afford it anyway?’” he asked. “Even if they’re given more time, some people really will have no intention of making it work. It’ll just be a free place to live for 18 months.”

Rakszawski, who manages an art glass company, said the government would be better off helping homeowners who live responsibly and are committed to repaying their debts.

Analysts say the only meaningful help for underwater borrowers still making their mortgage payments is principal reduction.

Banks want to avoid the financial hit, so the practice is not widespread across the industry. Bank of America did announce a mortgage forgiveness plan for some borrowers earlier this year.

Dianne Mattiace, a real estate agent in Lighthouse Point, Fla., co-sponsored a workshop recently to explain options available to struggling homeowners. She realizes it’s impossible to help everyone who needs it, but she also said it’s important for the government and lenders to reach out to underwater borrowers and give them hope.

Without it, she said, the housing market could tank again, as another wave of homeowners abandon their properties.

(c) 2010, Sun Sentinel.

Distributed by McClatchy-Tribune Information Services.

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RISMEDIA, July 1, 2010—(MCT)—The House of Representatives introduced and passed a proposal to extend the original June 30 closing deadline for home buyers who want to get up to $8,000 in tax credits.

The Home Buyers Assistance Act of 2010 would push the deadline to midnight September 30, 2010 on contracts that were signed by the midnight April 30 deadline. The vote was 409 to 5, with 18 not voting.

First-time buyer Juan Martinez of Hicksville had prayed for such a reprieve. “That’s awesome,” said Martinez, whose chosen home in Hempstead Village is ready to close except for one thing—a delay in up to $110,000 in down payment assistance grants. He added, “It’s like a roller-coaster ride until the bill is signed. I’d rather not get too excited about it.”

The bill will now be forwarded to the Senate, where the Democrat-controlled chamber had attached the same proposal to versions of the jobs and economic stimulus bill, which failed twice this month due to lack of support from Republicans expressing concern about the deficit.

The National Association of Realtors estimated that up to 180,000 people would bust the existing deadline, including almost 9,200 in New York State. A spokesman for the trade group said the proposal might not have to go through the usual House-Senate talks over bill differences.

“We think this has a good chance, but I don’t want to build up too many hopes,” spokesman Lucien Salvant said with a laugh, “because anything can happen in the hallway between the House and Senate.”

Veronique Bailey, a Brooklyn, N.Y. resident and teacher, had signed a contract for a six-bedroom Amityville, N.Y. house in September, but was delayed by, among other things, permit and code problems in her chosen home. “It makes you vulnerable and it’s not in your control.”

Even with an extension, some home closing deals might fall apart. Some contracts say the deals must close by the end of June 30. That gives sellers a chance to walk away.

But financial consultant Greg Rende of Massapequa, N.Y. has no worries, even though he’s busting the deadline. The developer of a new Amityville condo complex has not finished his unit, he said, but Rende got a backup clause in the contract. “If we weren’t closed by June 30 and the builder was not ready,” Rende said, “he would have to pay me the $8,000 I don’t get for the first-time home buyer credit.”

In normal times, two months to close would be doable. But these are not normal times, and Rende thinks Congress did not consider how swamped lenders and lawyers would be.

Copyright (c) 2010, Newsday, Melville, N.Y.

Distributed by McClatchy-Tribune Information Services.

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RISMEDIA, July 1, 2010—Measuring the success of your marketing efforts is always critical, but some media is built to be measured in the short term, while others are more structured for brand building, to be measured long term.

This is the case with social media. It is being utilized successfully today to augment the building of powerful brands of any size. The effect of regular, brand-building posts and interaction can create more transparency between you and your potential clients, and give them a feel for what you are all about. One of the beauties of this media is that you can use it to help build a local business brand or an international one.

When used properly, social media will accelerate the buying process, the speed at which you can go from awareness to sale. However, it’s more difficult to track and measure this type of benefit on your own. One way is to watch where new referrals are coming from. You may find a pattern of more referrals from those you engage with on social media.

There are tools you can enable in social media now to measure initiatives, such as recruitment and tracking links you can create between platforms, which can be helpful depending upon what you want to achieve. And remember, social media is a great research tool, too. This alone is extremely valuable to growing your business.

Keep in mind that timeless marketing rules also apply to social media. One in particular is, good media always works; it’s your campaign that failed. What can fail? Your message, delivery, frequency or follow up, and finally expecting an outcome from the media that it wasn’t designed to deliver. Social media is not free, so treat it like other media you use. It is a time commitment, and you only get out of it what you put into it.

Are you using social media too much, not enough, sending inconsistent messaging? If so, re-think your goals, strategy and the time you spend on it. Do more listening than participating to learn from those who are successful. Then, once you’ve learned how to manage this media to your benefit, your participation shouldn’t have to be exhaustive to build your brand. Finally, set expectations that make sense for the media and you.

Chris Kaucnik is marketing director for Home Warranty of America, Inc.

For more information, visit www.hwahomewarranty.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, July 1, 2010—(MCT)—With home sales sliding, employers reluctant to hire and world stock markets gyrating wildly, the U.S. economy is in danger of stalling. Now one of its only reliable sources of fuel is running out: federal stimulus spending.

Funds flowing from the $787 billion legislation passed last year have helped create hundreds of thousands of jobs and propped up social programs such as unemployment benefits. But with much of that money spent and lawmakers reluctant to approve another big round of spending, concerns are rising about what will replace it in the short term to keep the economy moving.

Jitters about a global slowdown pounded world markets recently after an index forecasting Chinese economic activity was revised downward and Greek workers walked off the job to protest government budget cuts. In the U.S., the Dow Jones industrial average plunged 268 points on news from the Conference Board that consumer confidence fell in June after three straight months of gains.

Economists worry that the weak labor market will spook U.S. consumers, whose spending fuels the economy. Dwindling federal stimulus funds are only heightening those fears.

California’s $85 billion share of stimulus funding has repaired bridges and highways, built barracks on military bases and renovated crumbling infrastructure. Disabled veteran Bill Vaughn says his biggest job this year was a stimulus project repairing a pipe at the VA Greater Los Angeles Healthcare System. Since that job ended in January, he hasn’t found work for his firm, BCV Construction. “My company’s on the verge of closing,” said Vaughn, who lives with his in-laws in the Northridge section of Los Angeles.

In addition to infrastructure improvement, about $18 billion of California’s share of stimulus funds has been spent on social programs such as Medicaid, unemployment insurance and food stamps. Billions more flowed to schools and job centers. But with those funds now gone, officials are preparing for another round of belt-tightening.

“It was unbelievable feast one year and famine the very next,” said Blake Konczal, director of the Fresno Regional Workforce Investment Board, which used stimulus funds to help more than 2,000 unemployed people attend job retraining. The office’s budget doubled thanks to $16.4 million in stimulus funds but will contract again in the new fiscal year, which begins July 1.

The American Recovery and Reinvestment Act has been contentious since Congress approved it in February 2009 to aid an economy mired in a deep recession. Republicans have been particularly critical of the program and its price tag, and the final bill was billions of dollars smaller than the one President Barack Obama had originally proposed.

But seventeen months later, those stimulus jobs, along with temporary government positions created for the 2010 census, are among the few bright spots in a dismal employment market. The nation’s unemployment rate is 9.7% and companies have shown little willingness to hire. Private-sector employers added just 41,000 jobs in May, out of a total of 431,000 jobs created.

The government has few levers left to pull to produce quick growth. Interest rates are already at rock-bottom levels. Concerns about swelling U.S. deficits have many on Capitol Hill opposed to the idea of another stimulus. That has some economists worried.

“There’s an uncomfortably high probability that we slip back into recession,” said Mark Zandi, chief economist of Moody’s Analytics. “If we slip back, there’s no policy response. We won’t have the resources to respond.”

To be sure, there are still thousands of ongoing stimulus projects and billions of dollars to be spent. The Obama administration is calling this “Recovery Summer” and will spotlight dozens of stimulus projects in the coming weeks. But many important programs are losing funding.

Among the most crucial is unemployment insurance. Benefits vary from state to state, but the federal government has helped pay for five extensions that have boosted the duration of payments in states including California to as much as 99 weeks from the standard 26 weeks. Stimulus funds have also helped subsidize health benefits through the Consolidated Omnibus Budget Reconciliation Act, or COBRA, which gives jobless workers an opportunity to continue their coverage at group rates for a limited time.

Efforts to extend those provisions are stalled in Congress. The National Employment Law Project estimates that 1.63 million workers will exhaust their benefits by the end of this week, and at least 140,000 workers will lose COBRA coverage.

In California, which has the nation’s third-highest unemployment rate at 12.4%, the Employment Development Department estimates that 205,000 unemployed workers will not receive further benefits without congressional action. About 2 million Californians are unemployed; nearly half of them have been out of work for 27 weeks or more.

“There’s nothing out there,” said Jennifer Tilt, a resident of Bloomington, a town in San Bernardino County, whose unemployment benefits will expire soon. Tilt, who has a bachelor’s degree, said she’s applied for jobs at fast-food restaurants to no avail. She’s dependent on her two grown children and her mother’s Social Security check to pay the bills.

Other programs are in jeopardy as well. The federal government temporarily increased the amount it contributed to state Medi-Cal payments by 11.6%. Without further congressional action, those contributions will end Jan. 1, halfway through the state’s fiscal year. The state will have to find the money for Medi-Cal elsewhere, probably through $1.8 billion in further cuts, according to the governor’s office.

“The human impact of requiring us to find another $1.8 billion in spending cuts to replace federal funding that was designed to help states avoid deep cuts is both cruel and counterproductive,” Gov. Arnold Schwarzenegger wrote to the state congressional delegation earlier this month.

Republicans say extending benefits and other provisions of the stimulus bill will add to the country’s trillion-dollar deficit. “Here’s another idea Democrats should consider, one that Americans have been proposing loudly and clearly: Stop spending money you don’t have,” Republican leader Mitch McConnell of Kentucky said last week on the Senate floor.

But Democrats—and some economists—say that spending money now to create jobs and fund unemployment benefits is the only way to stave off another recession.

“What worries me the most is this idea that austerity is going to be helpful,” said Michael Reich, a professor of economics at the University of California-Berkeley, who said that ending unemployment benefits could drive more people to file for disability and hamper long-term growth. “When you make an economy shrink, it makes it harder to pay back debt in the future.”

The nation’s construction industry provides a window into the tough choices facing lawmakers. Federal tax credits have helped drive home sales while stimulus spending on infrastructure has put laborers back to work. Such subsidies are unsustainable in the long run. But when to pull the plug?

New-home sales dropped 33% in May 2010 as home buyer tax credits ended. Construction employment declined in 25 states that same month, according to the Associated General Contractors of America.

“In the next few months, unless some other kind of work comes along, we’re not feeling very optimistic,” said Ken Simonson, chief economist for the contractors trade group.

(c) 2010, Los Angeles Times.

Distributed by McClatchy-Tribune Information Services.

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RISMEDIA, July 1, 2010—Home sales increased 1.2% in May 2010 in California compared with the same period a year ago, while the median price of an existing home rose 23.2%, the California Association of Realtors® (C.A.R.) recently reported.

“Home sales posted their third largest increase on record for May, due in part to first-time home buyers who timed the open and close of escrow in order to capitalize on both the federal and state tax credits,” said C.A.R. President Steve Goddard. “May also marked the fifth month of double-digit gains in the median price, indicative of strong buyer demand relative to the supply of homes for sale. With a 4.6-month supply of homes for sale, unsold inventory continues to be well below the long-run average of seven months, and will continue to drive price appreciation over the next several months.”

Closed escrow sales of existing, single-family detached homes in California totaled 552,800 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 1.2% from the revised 546,490 sales pace recorded in May 2009. Sales in May 2010 increased 14.1% compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during May 2010 was $324,430, a 23.2% increase from the revised $263,440 median for May 2009, C.A.R. reported. The May 2010 median price increased 5.9% compared with April’s $306,230 median price.

“The number of escrows opened in May fell 16.9% compared with April. This was consistent with our expectation that activity may decline once the federal tax credit deadline had passed, “said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Although there may be a lessening of demand compared with the first half of this year, the number of escrows opened on a year-to-date basis is about the same as last year, and sales for all of 2010 will be on a par or slightly below last year.”

Highlights of C.A.R.’s resale housing figures for May 2010:

- C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2010 was 4.6 months, unchanged from the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

- Thirty-year fixed-mortgage interest rates averaged 4.89% during May 2010, compared with 4.86% in May 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.01% in May 2010, compared with 4.75% in May 2009.

- The median number of days it took to sell a single-family home was 39.8 days in May 2010, compared with 52.4 days (revised) for the same period a year ago.

For more information, visit www.car.org.

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RISMEDIA, July 1, 2010—(MCT)—U.S. consumers are increasingly worried about jobs and the economy, the Conference Board recently reported as its consumer confidence index plummeted to 52.9 in June—the lowest level since March—from a downwardly revised 62.7 in May.

“Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence,” said Lynn Franco, director of Conference Board’s consumer research center. “Until the pace of job growth picks up, consumer confidence is not likely to pick up.”

Earlier this month the government reported that nonfarm payrolls grew by a seasonally adjusted 431,000 in May, but most of the new jobs were temporary jobs at the U.S. Census, with very weak private-sector hiring. The government’s next payrolls report is due out Friday, with economists polled by MarketWatch looking for a June contraction of 130,000.

Economists had expected a June reading for consumer confidence of 62.8. The Conference Board’s prior reading for May was 63.3.

Consumers’ view on the present situation and their expectations deteriorated in June, with both reaching the lowest levels since March, according to the Conference Board. Their view on the present situation fell to 25.5 in June from 29.8 in May, while the expectations barometer declined to 71.2 from 84.6.

Respondents saying current business conditions are “good” fell to 8% in June from 9.7% in May, while those saying jobs are “hard to get” rose to 44.8% from 43.9%.

Respondents saying they expect business conditions to be worse in six months rose to 14.9% in June from 11.9% in May, while the percentage of those expecting better business conditions fell to 17.2% from 22.8%. Those expecting fewer jobs rose to 20.8% from 17.8%, while those expecting more jobs fell to 16% from 20.2%.

While the confidence report could fuel fears of a “double-dip” recession undercutting U.S. gross domestic product, analysts at RDQ Economics said such worries may be misplaced.

“Confidence has double-dipped in the last two recoveries (in early 1992 and early 2003) without the economy falling back into recession and the June pullback in confidence is far less severe than either of those two episodes,” according to an RDQ research note. “Furthermore, we think that the response to the oil leak in the Gulf of Mexico is depressing confidence.”

Meanwhile, analysts at Barclays Capital Research said the confidence report contains volatility, and they expect a positive overall trend in confidence as the job market expands in the new few months.

“Despite the drop in today’s report, the headline confidence index remains substantially higher than its recent trough,” according to a Barclays research note. “Furthermore, this survey is usually conducted near the time of the release of the payroll report and places more emphasis on household reaction to labor market conditions, which may explain some of the pessimism in June since the May rise in private payrolls disappointed expectations.”

Consumers with plans to buy a home within six months fell to 1.9% in June—the lowest level since 1982 other than 1.7% in December, according to the Conference Board. In May, 2.1% had plans to buy a home.

Those with plans to buy an automobile fell to a record low of 3.7% in June from 6% in May. The data go back to 1967.

Those with plans to buy major appliances fell to 22.9% in June from 26% in May.

“While the recession may have technically ended last summer, consumers remain skittish about job and income prospects and are refraining from consuming in a sufficient enough manner as to create substantial growth in GDP,” wrote Dan Greenhaus, chief economic strategist with Miller Tabak, in a research note.

Expectations for the 12-month inflation rate fell to 5.2% in June from 5.3% in May.

(c) 2010, MarketWatch.com Inc.

Distributed by McClatchy-Tribune Information Services.

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RISMEDIA, July 1, 2010—RETechnology.com recently announced a partnership agreement with six of the largest MLSs to provide agents and brokers direct access to the company’s comprehensive real estate technology website where they can find insights on new products, emerging trends and breaking news.

MLSs continually seek new ways to increase member satisfaction and loyalty.

According to the company, RETechnology.com, one of the most comprehensive technology information solutions available, is helping establish MLSs as an even more valuable technology resource. Through this new tool, MLSs are empowering agents to make better technology decisions to grow their business. They help brokers determine which technologies and strategies best meet the needs of their respective businesses.

MLS Help Desks previously encumbered with requests for technology suggestions are fielding research concerns directly to RETechnology.com.

“MLSs have always struggled with how best to introduce various products and services to their large, geographically dispersed customer base,” says Russ Bergeron, CEO of Midwest Real Estate Data (MRED). “With RETechnology.com, our plan is to let our customers review, evaluate and compare products on their own time and on their own schedule, reducing the amount of time that we or the product vendor needs to spend in the sales process. Our staff will be able to direct callers to RETechnology.com for more detailed answers to their product related questions.”

The company reports that agents and brokers now have direct access to over 1,000 product descriptions, 500 vendors and 2,000 articles and product reviews through their internal MLS system.

“RETechnology.com is the most relevant way to research technology in our industry. You get more specific information here than you ever would by searching Google or Yahoo, where the results may or may not be what you are looking for and will most likely be biased. As a trainer at MRED, I am always looking for the newest tools and technologies—RETechnology.com is

exactly what this industry has needed. It is objective and comprehensive. You can search and compare any product. I highly recommend RETechnology.com at every one of my training sessions; for real estate, this site has everything you could need to help you grow your business,” says Jerry Hoffman, a top producing agent for Keller Williams.

Agents and brokers are provided access to this information free to them by MLS partners including: Midwest Real Estate Data (MRED), Metropolitan Regional Information Systems (MRIS), MLSListings, Inc., Intermountain MLS (IMLS), Heartland MLS (HMLS), and My Florida Regional MLS (MFRMLS). As a result, RETechnology.com is now available to MLSs as a free member benefit to over 20% of all Realtors across the U.S., making it one of the largest resource directories of its type in real estate, the company reports.

“RETechnology.com is a tremendous tool designed to help our agents navigate through understanding available technology products and how they can help grow their business. Technology in the past has been an intimidating issue and our agents and brokers did not know where to start. RETechnology.com makes it simple by providing a ‘one stop shop’ where agents and brokers can find the right technology tools to help them sell more real estate. We are very pleased to partner with RETechnology.com to provide this excellent resource to help our members get the most out of their technology purchases, right from our MLS system home page,” says Merri Jo Cowen, CEO of MFRMLS.

“We are thrilled to be able to help MLSs become an even more valuable technology partner to their members. RETechnology.com has been designed with the goals and needs of both real estate professionals as well as the MLSs who serve them. Collaboration with other likeminded MLSs will support the goal of providing agents and brokers with the best possible resource for

technology information,” says Victor Lund, CEO of RE Technology, Inc.

For more information, visit www.RETechnology.com.

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RISMEDIA, July 1, 2010—Jim Weichert, president and founder of Weichert, Realtors, and Jace Botti, head of residential sales, announced that James Weichert, Jr. has assumed the role of regional vice president, in addition to his existing responsibilities as vice president. As regional vice president, Weichert will oversee the management and sales operations of three longstanding Weichert sales offices in Chatham, Madison and Summit, N.J.

“James has served in a number of increasingly important and strategic positions throughout the organization,” said Jim Weichert. “His broad range of experience and vast knowledge of the real estate process will position him well to lead his offices to sales success.”

According to the company, in his role as vice president, James will continue to assist in the management and strategic development of various Weichert companies including Weichert, Realtors and Weichert Lead Network, the company’s Internet marketing arm.

Since joining the company, James Weichert, Jr. has held sales, marketing and management positions at several Weichert companies. Most recently, he was responsible for managing the JMWeichertGroup, a division of Weichert New Homes that specializes in the research, marketing and sales of new urban, multi-family and resort communities.

For more information, visit www.weichert.com.

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A three-bedroom three-bath condo in Kuala Lumpur, redesigned last year, is being sold fully furnished, for an asking price of about $1.08 million.

Many of the 2,300 auto dealerships that have closed since early 2009 are prized for their parking lots and busy locations.