It's about time measures to incentivize banks and home owners to get short sales done is introduced.

Quoted: HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement. The borrower also receives a $1,500 incentive for relocation after the transaction. The servicer receives a $1,000 incentive to cover administration and processing costs, and investors will be paid a maximum of $1,000 for allowing up to $3,000 in short-sale proceeds to be paid out to subordinate lien holders. In total, each transaction under HAFA will cost the Treasury up to $3,500 of incentive payments.

Quoted: If it's really your 'dream job,' don't say so

Quoted: The US Conference of Mayors, a nonpartisan organization that represents cities with populations greater than 30,000, is sending out an industry warning that they expect employment rates to continue to climb in 2010, reaching levels as high as 15% in some municipalities. Servicers in these areas should prepare to face a much heavier distressed asset portfolio as borrowers struggle to cope with lose of income, says Dave Gatton, a director at the firm.

Sad. I drove by this right after it happened last week. Cool little non-profit coffee shop on a busy street.

Home sales have increased overall, but sales of new homes nationwide dropped last month. One big reason is selection and availability. We're seeing builders move from selling completed homes or partially finished ones to a business model of doing more build-to-order properties. With the end of the year coming and the end of the first-time buyers credit with it, buyers cannot capitalize on the perks of buying now if there is no new house to buy.

A good example locally would be Renton, which has for years been one of the fastest growing cities for new housing starts. A buyer could easily find 75-100 completed or near-completion homes to look at 2 years ago. Right now in Northern Renton, there are now only a handful of new, ready or near-ready to occupy homes available for sale. The lots sit empty, awaiting pre-sale buyers to claim them.

Quoted: Sales of single family homes fell 3.6 percent from August levels, and were down 7.8 percent from September of 2008, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.

This might be it, applications for mortgages/refi's are dropping to correspond with slowed sales and seasonal adjustments. This may be the best chance to get in to refi - the interest rates will not hold at this level for long

Quoted: “The holiday effect [the decline in home buying activity during the November-December holiday season] is a few short weeks away while mortgage rates are moving higher and the window on the $8000 first time buyer incentive is quickly closing.”

California is posting numbers signaling an improvement in the market. That's a good sign - they are one of the worst-hit states when the real estate meltdown began.

Quoted: California unsold home backlog keeps shrinking. California's unsold inventory index for existing homes in September was 4.2 months, compared with 6.5 months for the same period a year ago, according to figures released Monday by the California Association of Realtors.