Friday facts December 3, 2010

FRIDAY FACTS
December 3, 2010

Facebook is launching a messaging service that will meld all 3 forms of communication: e-mail, instant messaging and texting that can be managed through a single inbox on a PC or a mobile device.

Brian Montgomery, past FHA Commissioner recommends pulling FHA out of HUD because they have different mission statements. Additionally, FHA monies go to HUD and HUD refunds FHA 21 cents on the dollar.

RealTrends reports that Massachusetts, Washington, Maryland, New Jersey and Connecticut are the top 5 states at the forefront of the nation’s movement toward a global, innovation based economy according to “The 2010 State New Economy Index”. It measures the extent to which state economies are knowledge based, globalized, entrepreneurial, IT driven and innovation-based.

Also from Steve Murray (RealTrends): “… What we think is that we have some ways to go before housing truly has found its footing. And, that there are markets that are already recovering and those with years left to do so. Each market will recover at its own rate. Pay less attention to all of the national market metrics but close attention to your local conditions. In the end, that’s all that will truly matter to your business.

There is no Massachusetts law that requires that a home have a stove in place in order for it to be sold, according to Steve Ryan, MAR General Counsel

Recent issues in the news including the robo-signing controversy illustrate the importance of buyer’s title insurance. According to Mary Umberger in Inman News, “Industry data suggests that 1 in 3 title searches turn up some kind of fly in the property ointment.” She also cautions that title insurance just covers the purchase price of the home, and in the case of an as-is REO, the buyer may want to purchase a rider that covers improvements. “The product at its most basic insures that the person or entity selling a property really owns it and that others don’t have a legal interest in it or that other legal circumstances don’t cloud the seller’s right to convey ownership.”