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This week's Real Estate stories
By MarketWatch
Last Update: 4:02 PM ET May 8, 2009
Don't miss these top stories:
55+ housing popular
Underwater on an ARM
Rents on the rise
In housing, bigger isn't always better. For proof, check out the winners of this year's Small Cool Contest, sponsored by Room & Board and hosted by Apartment Therapy, a home design Web site.
The grand prize winner was a 478-square-foot home in San Francisco, so organized and well decorated that from the pictures it's hard to believe it's less than a quarter of the size of the median-size home in the United States.
"No matter what size a space is, there are so many things you can do with it," said Maxwell Gillingham-Ryan, co-founder of Apartment Therapy. "When you walk into someone's home and they've done a tremendous amount, you feel like you've stumbled into a gem," he said.
The contest was started, in part, to find examples of creative design in small places, he said. The categories range from "teeny-tiny," 300 square feet or less to "small," between 900 and 1,200 square feet. There's also an international category. This is the contest's fifth year. View all the winners.
Read more real estate news in this week's pages, including why Berkshire Hathaway Chairman Warren Buffett sees some signs of stabilization in housing markets and an audio report on why the increase in pending home sales in March is another step in the right direction.
Besides being interesting to look at, the Small Cool winners also represent a lifestyle choice that more Americans are making: Choosing the quality of a space over the quantity of square footage it provides.
-- Amy Hoak, Real Estate writer
Buffett sees some housing market stabilization
Berkshire Hathaway Chairman Warren Buffett said Saturday that he sees some signs of stabilization in housing markets. "In the last few months you've seen a real pickup in activity although at much lower prices," Buffett said, citing data from Berkshire's real estate brokerage business, which is one of the largest in the U.S. See full story.
A more stable housing market may be emerging
The increase in pending home sales in March is another step in the right direction, says Gary Thayer, senior economist at Wells Fargo Advisors. "It looks like we're seeing the signs of stabilization you would want to see for the economy to start to turn around at mid-year or the second half of the year." However, Thayer says it's too soon to be optimistic about one month's improvement in construction spending, which saw an unexpected increase in March. Listen to Audio Report.
Mortgage applications climb in latest week
The number of mortgage applications rose 2% in the week ending May 1, the Mortgage Bankers Association said Wednesday, with borrowers seeking both more refinance and home-purchase loans. See full story.
More older Americans choose age-based communities
Mine That Bird was a long shot to win the Kentucky Derby. You some day living in a community for people aged 55-plus? Not so much. In 2007, about 30% of the 38 million, 55-and-older households in America lived in a community dedicated to people in their age group. See Robert Powell.
Senate approves broad bipartisan housing bill
In addition to expanding FDIC borrowing authority, the bipartisan bill expands the ability of the Federal Housing Administration to modify troubled loans. It also makes it easier for a borrower to qualify for a program that was approved by Congress last year. The Hope for Homeowners program, which seeks to help troubled homeowners refinance, failed to attract sufficient interest last year. This modified program streamlines the process and provides incentive payments to loan servicers to participate. See full story.
Homes more affordable, but rents are rising
Florida is a state hit hard by foreclosures, and now apartment rents there are on the rise, according to a new report released on Thursday. See full story.
Bank decides to demolish new homes
Guaranty Bank of Austin, Texas, is demolishing 16 houses at a housing development that it acquired through a foreclosure action. The bank figured it was more cost effective to wreck the houses than try to finish and sell them. WSJ's Michael Corkery reports. Watch Video Report.
Mortgage rates rise off record lows
Mortgage rates rose this week after news reports suggested the economy may be approaching the bottom of the recession, Freddie Mac's chief economist said on Thursday. See Mortgages.
The perils of refinancing an ARM when you're underwater
I have a problem. Like most people out there, my mortgage is underwater. However, I have a double negative in that I bought my home in late June 2005 with an adjustable-rate mortgage with the idea of refinancing after three years. See Realty Q&A.
House approves anti-predatory mortgage bill
Predatory mortgage practices faulted for damaging the global economy and financial markets are one step closer to tighter restrictions, following a Thursday afternoon vote by the U.S. House of Representatives to approve legislation. See full story.
A better, energy-saving light bulb
MarketWatch's Steve Gelsi reports from the 2009 Lightfair International conference, where offering more illumination for less power and less money is now the name of the game. He discusses compact florescent lamps, or CFLs, with actor and activist Ed Begley Jr. and light emitting diodes, or LEDs, with Ostram Sylvania CEO Charles Jerabek. Watch Video Report.
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