High down payment requirements being proposed by federal regulatory agencies as part of the upcoming rule-making under the Dodd-Frank Wall Street Reform and Consumer Protection Act will unnecessarily burden home buyers and significantly impede the economic and housing recovery, according to the National Association of REALTORS®.
Six agencies (including the Department of Housing and Urban Development, Federal Deposit Insurance Corp., Federal Housing Finance Agency, Federal Reserve, Office of the Comptroller of the Currency, and the U.S. Securities and Exchange Commission) are developing a proposed risk retention regulation under the Dodd-Frank Act that requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is a qualified residential mortgage (QRM); FHA and VA mortgages would also be exempted. The purpose is to create strong incentives for responsible lending and borrowing.
“As the leading advocate for home ownership, NAR supports a reasonable and affordable cash investment requirement coupled with quality credit standards, strong documentation and sound underwriting,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “A narrow definition of QRM, with an unnecessarily high down payment requirement, will increase the cost and reduce the availability of mortgage credit, significantly delaying a housing recovery.”
NAR believes that Congress intended to create a broad QRM exemption from the 5 percent risk retention requirement to include a wide variety of traditionally safe, well-underwritten products. Congress chose not to include a high down payment among the criteria it specified in the Dodd-Frank Act to guide the regulators in defining a QRM. Strong evidence shows that responsible lending standards and ensuring a borrower’s ability to repay have the greatest impact on reducing lender risk.
“We need to strike a balance between reducing investor risk and providing affordable mortgage credit. Better underwriting and credit quality standards have greatly reduced risk. Adding unnecessarily high minimum down payment requirements will only exclude hundreds of thousands of buyers from home ownership, despite their creditworthiness and proven ability to afford the monthly payment, because of the dramatic increase in the wealth required to purchase a home,” said Phipps.
The definition of QRM is important because it will determine the types of mortgages that will generally be available to borrowers in the future. Borrowers with less than 20 percent down could be forced to pay higher fees and interest rates, up to 3 percentage points more, for safe loans that otherwise do not meet too narrow QRM criteria.
NAR is concerned that a narrowly defined QRM will also require severe tightening of FHA eligibility requirements and higher FHA premiums to prevent huge increases in its already robust share of the market, adding additional roadblocks to sustainable home ownership.
“Saving the necessary down payment has always been the principal obstacle to buyers seeking to purchase their first home. Proposals requiring high down payments will only drive more borrowers to FHA, increase costs for borrowers by raising interest rates and fees, and effectively price many eligible borrowers out of the housing market,” said Phipps. “We strongly urge the regulators to consider the negative consequences of setting onerous limits on the availability of credit.”
Wednesday, March 30, 2011
Friday, March 25, 2011
Proposal Would Pay Defaulters to Leave Homes
The nation’s five largest U.S. mortgage service providers were asked by regulators in a private meeting cDaily Real Estate News | March 25, 2011 | Share
Proposal Would Pay Defaulters to Leave Homes
The nation’s five largest U.S. mortgage service providers were asked by regulators in a private meeting chaired by the Federal Deposit Insurance Corp. this week to consider an industry-wide “cash-for-keys” program, in which they would pay borrowers who have stopped making their payments up to $21,000 each to leave their home, the Financial Times reports.
In the proposal, banks would offer delinquent borrowers, who are more than 90 days behind on their payments, an incentive to leave the home quickly and in good condition. If banks agreed to the “cash-for-keys” program, they would pay defaulters up to $1,000 to get independent financial advice and up to $20,000 as a “fresh start” payment toward living costs in a new home, the Financial Times reports, quoting unnamed sources.
The idea was raised by Sheila Blair, the FDIC chairman, but is not an official government proposal, the Financial Times noted. Some banks strongly rejected the idea.
Source: “U.S. Banks in ‘Cash for Keys’ Foreclosure Talks,” Financial Times (March 25, 2011) (log-in required)haired by the Federal Deposit Insurance Corp. this week to consider an industry-wide “cash-for-keys” program, in which they would pay borrowers who have stopped making their payments up to $21,000 each to leave their home, the Financial Times reports.
In the proposal, banks would offer delinquent borrowers, who are more than 90 days behind on their payments, an incentive to leave the home quickly and in good condition. If banks agreed to the “cash-for-keys” program, they would pay defaulters up to $1,000 to get independent financial advice and up to $20,000 as a “fresh start” payment toward living costs in a new home, the Financial Times reports, quoting unnamed sources.
The idea was raised by Sheila Blair, the FDIC chairman, but is not an official government proposal, the Financial Times noted. Some banks strongly rejected the idea.
Source: “U.S. Banks in ‘Cash for Keys’ Foreclosure Talks,” Financial Times (March 25, 2011) (log-in required)
Proposal Would Pay Defaulters to Leave Homes
The nation’s five largest U.S. mortgage service providers were asked by regulators in a private meeting chaired by the Federal Deposit Insurance Corp. this week to consider an industry-wide “cash-for-keys” program, in which they would pay borrowers who have stopped making their payments up to $21,000 each to leave their home, the Financial Times reports.
In the proposal, banks would offer delinquent borrowers, who are more than 90 days behind on their payments, an incentive to leave the home quickly and in good condition. If banks agreed to the “cash-for-keys” program, they would pay defaulters up to $1,000 to get independent financial advice and up to $20,000 as a “fresh start” payment toward living costs in a new home, the Financial Times reports, quoting unnamed sources.
The idea was raised by Sheila Blair, the FDIC chairman, but is not an official government proposal, the Financial Times noted. Some banks strongly rejected the idea.
Source: “U.S. Banks in ‘Cash for Keys’ Foreclosure Talks,” Financial Times (March 25, 2011) (log-in required)haired by the Federal Deposit Insurance Corp. this week to consider an industry-wide “cash-for-keys” program, in which they would pay borrowers who have stopped making their payments up to $21,000 each to leave their home, the Financial Times reports.
In the proposal, banks would offer delinquent borrowers, who are more than 90 days behind on their payments, an incentive to leave the home quickly and in good condition. If banks agreed to the “cash-for-keys” program, they would pay defaulters up to $1,000 to get independent financial advice and up to $20,000 as a “fresh start” payment toward living costs in a new home, the Financial Times reports, quoting unnamed sources.
The idea was raised by Sheila Blair, the FDIC chairman, but is not an official government proposal, the Financial Times noted. Some banks strongly rejected the idea.
Source: “U.S. Banks in ‘Cash for Keys’ Foreclosure Talks,” Financial Times (March 25, 2011) (log-in required)
Tuesday, March 22, 2011
Celebrities Worst Real Estate Mistakes
From asking an unrealistic sales price to buying too many homes, celebrities and their super-size homes aren’t immune to a sluggish real estate market.
Business Insider recently revealed some of the top real estate blunders that celebrities have made. Here are three:
1. Underwater with too many homes: Actor Nicholas Cage’s love for real estate ($33 million invested in homes) hasn’t been a smooth ride. He has several homes that were sold for way less than what he bought for and some that have fallen into foreclosure. Cage’s $1.7 million Newport Beach, Calif., home is listed for less than $1 million. His $15.7 million Rhode Island estate is on the market for nearly half what he paid--$7.8 million. After some IRS trouble in 2009 with one of his Louisiana properties, his two $3.5 million homes in New Orleans have been sold back to the bank for a combined $4.5 million. His $8.5 million home in Las Vegas sold for $5 million, and a $9.5 million Manhattan apartment sold for $7.5 million. But among his biggest real estate losses: His Bel-Air Tudor mansion, which was originally listed for $35 million, fell into foreclosure and is now listed at $10.5 million.
2. Unrealistic price tag: Singer Lenny Kravitz first listed his 6,000-square-foot, five-bedroom, seven-bathroom duplex in New York’s Soho for more than $17 million. Three years later, he dropped his asking price to about $13 million. With still no takers, he took the house off the market in 2006 and sank $1 million into renovations. In a down market, he re-listed the home but even higher at $19.5 million. After another three years sitting on the market, Kravitz’ real estate agents convinced him to drop the hefty price tag to $14.9 million, which led to singer Alicia Keys and Swizz Beats finally stepping in to buy the home last year.
3. Foreclosure: Singer Toni Braxton, a six-time Grammy winner, also hasn’t had much luck with real estate. She had a $2.6 million home in Henderson, Nev., fall into foreclosure and eventually sell for about $1 million. Braxton filed for bankruptcy last September after running up to $50 million in debt. Most recently, her $1.2 million home in Duluth, Ga., is now in foreclosure proceedings.
Source: “5 More Celebrity Real Estate Blunders,” Business Insider (March 19, 2011)
Business Insider recently revealed some of the top real estate blunders that celebrities have made. Here are three:
1. Underwater with too many homes: Actor Nicholas Cage’s love for real estate ($33 million invested in homes) hasn’t been a smooth ride. He has several homes that were sold for way less than what he bought for and some that have fallen into foreclosure. Cage’s $1.7 million Newport Beach, Calif., home is listed for less than $1 million. His $15.7 million Rhode Island estate is on the market for nearly half what he paid--$7.8 million. After some IRS trouble in 2009 with one of his Louisiana properties, his two $3.5 million homes in New Orleans have been sold back to the bank for a combined $4.5 million. His $8.5 million home in Las Vegas sold for $5 million, and a $9.5 million Manhattan apartment sold for $7.5 million. But among his biggest real estate losses: His Bel-Air Tudor mansion, which was originally listed for $35 million, fell into foreclosure and is now listed at $10.5 million.
2. Unrealistic price tag: Singer Lenny Kravitz first listed his 6,000-square-foot, five-bedroom, seven-bathroom duplex in New York’s Soho for more than $17 million. Three years later, he dropped his asking price to about $13 million. With still no takers, he took the house off the market in 2006 and sank $1 million into renovations. In a down market, he re-listed the home but even higher at $19.5 million. After another three years sitting on the market, Kravitz’ real estate agents convinced him to drop the hefty price tag to $14.9 million, which led to singer Alicia Keys and Swizz Beats finally stepping in to buy the home last year.
3. Foreclosure: Singer Toni Braxton, a six-time Grammy winner, also hasn’t had much luck with real estate. She had a $2.6 million home in Henderson, Nev., fall into foreclosure and eventually sell for about $1 million. Braxton filed for bankruptcy last September after running up to $50 million in debt. Most recently, her $1.2 million home in Duluth, Ga., is now in foreclosure proceedings.
Source: “5 More Celebrity Real Estate Blunders,” Business Insider (March 19, 2011)
Monday, March 21, 2011
Average rate on 15-year mortgage dips below 4 percent
Mortgage Rate Trend Index
This week, 14 percent of the industry experts believe mortgage rates will rise over the next week or so; 53 percent think rates will fall; and 33 percent believe rates will remain relatively unchanged.
NEW YORK (AP) — Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months. Rates followed the yield on U.S. Treasury bonds, which fell on worries that the crisis in Japan could slow economic growth.
Freddie Mac said Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
The average rate on the 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week. It hit a 40-year low of 4.17 percent in November.
Mortgage rates tend to track the yield on the 10-year Treasury note. Those yields have tumbled as investors sought safer investments.
Low mortgage rates haven’t been enough to jumpstart the housing market. Home construction last month plunged to its lowest level in almost two years, while building permits, an indicator of future housing activity, sank to a five-decade low, the government said this week.
Homebuilders remain pessimistic about the outlook for housing. High unemployment, a record number of foreclosures and tough credit standards have kept many people from buying homes. And most economists don’t expect home values to bottom out until midyear, another factor dissuading potential homebuyers.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.
The average rate on a five-year adjustable-rate mortgage fell to 3.57 percent from 3.73 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.
The average rate on one-year adjustable-rate home loans slipped to 3.17 percent from 3.21 percent. That is the lowest level in a year for the one-year ARM rate.
The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan and 15-year fixed loan in Freddie Mac’s survey was 0.7 point. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.
Copyright © 2011 The Associated Press
Freddie Mac said Tuesday the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to 3.97 percent from 4.15 percent. The last time the rate was below 4 percent was in mid-December. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
The average rate on the 30-year fixed mortgage fell to 4.76 percent from 4.88 percent the previous week. It hit a 40-year low of 4.17 percent in November.
Mortgage rates tend to track the yield on the 10-year Treasury note. Those yields have tumbled as investors sought safer investments.
Low mortgage rates haven’t been enough to jumpstart the housing market. Home construction last month plunged to its lowest level in almost two years, while building permits, an indicator of future housing activity, sank to a five-decade low, the government said this week.
Homebuilders remain pessimistic about the outlook for housing. High unemployment, a record number of foreclosures and tough credit standards have kept many people from buying homes. And most economists don’t expect home values to bottom out until midyear, another factor dissuading potential homebuyers.
To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.
The average rate on a five-year adjustable-rate mortgage fell to 3.57 percent from 3.73 percent. The five-year hit 3.25 percent last month, the lowest rate on records dating back to January 2005.
The average rate on one-year adjustable-rate home loans slipped to 3.17 percent from 3.21 percent. That is the lowest level in a year for the one-year ARM rate.
The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan and 15-year fixed loan in Freddie Mac’s survey was 0.7 point. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.
Copyright © 2011 The Associated PressWednesday, March 16, 2011
Weighing an Offer; 3 Seller Tips
Sellers can feel pressure when trying to decide whether to accept a buyer offer on their home. While real estate professionals can advise clients on whether to accept an offer, the final decision is up to the seller--and it can be an agonizing one.
In the current buyer’s market, buyers aren’t shy about making lowball offers to sellers either. So when should you accept or decline an offer?
Realty Times recently offered the following questions for sellers to consider.
1. Is the buyer pre-qualified/approved? You may not want to risk a deal falling through because the buyer wasn’t pre-qualified for a loan.
2. Do you need to move quickly? If you need to move quickly--due to a job relocation or to avoid foreclosure--you may need to accept an offer that is less than what you want.
3. Can you accept a loss? Be sure to take closing costs into consideration too as you weigh whether you can even afford to agree to the buyer's offer.
Realty Times also suggests sellers take into account how long their home has been on the market and the number of showings. Such considerations also can help sellers determine whether getting a better offer soon is realistic and would be worth the wait.
Source: “Should I Accept This Offer?” Realty Times (March 15, 2011)
In the current buyer’s market, buyers aren’t shy about making lowball offers to sellers either. So when should you accept or decline an offer?
Realty Times recently offered the following questions for sellers to consider.
1. Is the buyer pre-qualified/approved? You may not want to risk a deal falling through because the buyer wasn’t pre-qualified for a loan.
2. Do you need to move quickly? If you need to move quickly--due to a job relocation or to avoid foreclosure--you may need to accept an offer that is less than what you want.
3. Can you accept a loss? Be sure to take closing costs into consideration too as you weigh whether you can even afford to agree to the buyer's offer.
Realty Times also suggests sellers take into account how long their home has been on the market and the number of showings. Such considerations also can help sellers determine whether getting a better offer soon is realistic and would be worth the wait.
Source: “Should I Accept This Offer?” Realty Times (March 15, 2011)
Friday, March 11, 2011
Zillow provides Zestimates for Rentals
SEATTLE – March 11, 2011 – Zillow.com announced that it’s adding a new feature to its website – an estimate of monthly rents for about 90 million homes or apartments, whether they’re available to rent or not.
According to Zillow, “Rent Zestimates” will help renters determine a fair monthly value for comparison, and it will be a tool landlords can use to set a price. The company claims it comes up with Rent Zestimates based on public records and public listings data, and that the estimates will cover both apartments and single-family homes in the U.S.
Zillow’s “Zestimates” of home values has been criticized in the past, with many homeowners saying it used inaccurate numbers or simply did a bad job estimating values. Still, many buyers and sellers use the site for pricing information.
“Many would-be sellers in today’s housing market are considering whether to become landlords rather than sell at a loss,” says Zillow CEO Spencer Rascoff. “We created Rent Zestimates to empower people with information and data to make the right real estate decision for them.”
© 2011 Florida Realtors®
According to Zillow, “Rent Zestimates” will help renters determine a fair monthly value for comparison, and it will be a tool landlords can use to set a price. The company claims it comes up with Rent Zestimates based on public records and public listings data, and that the estimates will cover both apartments and single-family homes in the U.S.
Zillow’s “Zestimates” of home values has been criticized in the past, with many homeowners saying it used inaccurate numbers or simply did a bad job estimating values. Still, many buyers and sellers use the site for pricing information.
“Many would-be sellers in today’s housing market are considering whether to become landlords rather than sell at a loss,” says Zillow CEO Spencer Rascoff. “We created Rent Zestimates to empower people with information and data to make the right real estate decision for them.”
© 2011 Florida Realtors®
Thursday, March 3, 2011
Read This Before You Buy That Foreclosed Home Is that foreclosure really a steal?
By Dyan Pithers
The prospect of buying into a great neighborhood or grabbing an investment property under market value is exciting. As highlighted last week, there are foreclosures in Westchase, Countryway and the Keystone-Odessa region. But remember foreclosures only represented 10.95 percent, 12.6 percent and 12.8 percent in those neighborhoods in 2010, respectively.
So, love the idea of building instant equity by purchasing under market value but want to know the downside? Here's the deal.
In my experience, the most concerning aspect of purchasing a foreclosure is hidden or unknown defects.
Remember when a buyer purchases a regular sale from a non-distressed homeowner, they receive a state-mandated, form disclosure where the current owner discloses everything they know about the property, including repairs, problems, additions and upgrades.
These disclosures help your home inspector delve into areas that may not seem to be a concern on the surface. Liability also attaches to these disclosures. In a foreclosure sale, the Seller (usually a Bank) is exempt from filling out state-mandated disclosures because they never occupied the property. That means they have no liability for defects. It’s buyer beware. So think about it this way: the departing and/or evicted homeowners are strapped for cash and angry when leaving the home. They often do not maintain the home and its equipment for lack of funds, desire, or they do damage due to their emotional state on the way out. Some of this we can see with our own eyes, some are hidden. And remember, even a trained, qualified home inspector could genuinely miss a hidden or unknown defect.
Another area that can be challenging is the condition of the pool. Many times, the bank doesn’t maintain the pool during the listing period. Due to our hot weather, algae, bugs and frogs proliferate quickly. If a pool is very dirty, it’s dangerous to run the pump because it could ruin the components. Also, the condition of the surface of the pool may also be obscured. Another large area for concern is mold and condition of the HVAC units.
The point is, if the foreclosed home you are thinking about purchasing is in poor condition and you have to spend $25,000 bringing it back into livable condition, have you really saved money?
If it means buying into the neighborhood you want and you have cash to spend then maybe. If it means it will be in line with comparable regular sales by the time you complete repairs, then the answer may be no.
Here's how you protect yourself: Start with the contract and make sure the Bank will turn on all utilities for the inspection. Second, hire an American Society of Home Inspectors (ASHI) qualified home inspector to inspect the home thoroughly. He may recommend additional inspections, especially if the home has been without occupants or utilities for a long period of time. Third, make sure you are represented by a real estate professional that has negotiated and closed many foreclosures.
While in the process of closing on a foreclosed home security is also a major issue. Routinely, appliances, heating and cooling units and other fixtures are stolen between when the home goes under contract and closing. So make sure the home is secure, leave a few lights on when you leave and drive by daily during the contract process. Report suspicious activity to the police and listing agent as soon as you notice it.
These are just a few things to consider when purchasing a foreclosed property. For more detail on foreclosure properties, how to protect yourself in the contract process, timing and more, contact a real estate professional.
The prospect of buying into a great neighborhood or grabbing an investment property under market value is exciting. As highlighted last week, there are foreclosures in Westchase, Countryway and the Keystone-Odessa region. But remember foreclosures only represented 10.95 percent, 12.6 percent and 12.8 percent in those neighborhoods in 2010, respectively.
So, love the idea of building instant equity by purchasing under market value but want to know the downside? Here's the deal.
In my experience, the most concerning aspect of purchasing a foreclosure is hidden or unknown defects.
Remember when a buyer purchases a regular sale from a non-distressed homeowner, they receive a state-mandated, form disclosure where the current owner discloses everything they know about the property, including repairs, problems, additions and upgrades.
These disclosures help your home inspector delve into areas that may not seem to be a concern on the surface. Liability also attaches to these disclosures. In a foreclosure sale, the Seller (usually a Bank) is exempt from filling out state-mandated disclosures because they never occupied the property. That means they have no liability for defects. It’s buyer beware. So think about it this way: the departing and/or evicted homeowners are strapped for cash and angry when leaving the home. They often do not maintain the home and its equipment for lack of funds, desire, or they do damage due to their emotional state on the way out. Some of this we can see with our own eyes, some are hidden. And remember, even a trained, qualified home inspector could genuinely miss a hidden or unknown defect.
Another area that can be challenging is the condition of the pool. Many times, the bank doesn’t maintain the pool during the listing period. Due to our hot weather, algae, bugs and frogs proliferate quickly. If a pool is very dirty, it’s dangerous to run the pump because it could ruin the components. Also, the condition of the surface of the pool may also be obscured. Another large area for concern is mold and condition of the HVAC units.
The point is, if the foreclosed home you are thinking about purchasing is in poor condition and you have to spend $25,000 bringing it back into livable condition, have you really saved money?
If it means buying into the neighborhood you want and you have cash to spend then maybe. If it means it will be in line with comparable regular sales by the time you complete repairs, then the answer may be no.
Here's how you protect yourself: Start with the contract and make sure the Bank will turn on all utilities for the inspection. Second, hire an American Society of Home Inspectors (ASHI) qualified home inspector to inspect the home thoroughly. He may recommend additional inspections, especially if the home has been without occupants or utilities for a long period of time. Third, make sure you are represented by a real estate professional that has negotiated and closed many foreclosures.
While in the process of closing on a foreclosed home security is also a major issue. Routinely, appliances, heating and cooling units and other fixtures are stolen between when the home goes under contract and closing. So make sure the home is secure, leave a few lights on when you leave and drive by daily during the contract process. Report suspicious activity to the police and listing agent as soon as you notice it.
These are just a few things to consider when purchasing a foreclosed property. For more detail on foreclosure properties, how to protect yourself in the contract process, timing and more, contact a real estate professional.
Tablet craze continues with iPad 2
Apple CEO Steve Jobs unveiled iPad 2 Wednesday, heating up the computer tablet market, with a faster, thinner model that boasts more features than its original. The second-generation of the touch-screen tablet computer has two cameras for taking photos, recording video and video chats, and is thinner at 8.8 millimeters than its competitors and works at faster speeds.
The iPad can be connected to the television to watch high-definition videos, with a $39 add-on accessory. New software is also available for the iPad that will make for easier video editing on the device, with a $4.99 version of iMovie. Battery life will stay the same, running about 10 hours.
The iPad will cost the same as its original, $499 to $829, depending on whether you connect it to the Internet over a cellular network or use wireless. The iPad 2 goes on sale March 11 and works on AT&T Inc. and Verizon Wireless.
iPads are expected to make up at least 20 million of the 24.1 million tablet computers people will buy in the U.S. this year, according to Sarah Rotman Epps, a Forrester Research analyst.
While tablet computers have long existed, the iPad reinvented the device by simplifying the software and redesigning a sleek version of it. About 15 million iPads sold in nine months of its original debut.
Plenty of competitors have entered into the tablet competition since, including Dell Inc. and Samsung versions of tablets that debuted last year but have not garnered as much success. Motorola’s Xoom, which runs on Google’s Android software, went on sale in February and is expected to be the iPad’s chief competitor.
Also on Wednesday, Apple announced updates to the software that runs on the iPad, iPhone, and iPod (iOS 4.3) that will turn iPhones and iPads with 3G cellular connections into personal Wi-Fi hotspots, allowing you to share the Wi-Fi connection with computers or other devices, if the wireless carrier allows it and often for extra fees.
The iPad can be connected to the television to watch high-definition videos, with a $39 add-on accessory. New software is also available for the iPad that will make for easier video editing on the device, with a $4.99 version of iMovie. Battery life will stay the same, running about 10 hours.
The iPad will cost the same as its original, $499 to $829, depending on whether you connect it to the Internet over a cellular network or use wireless. The iPad 2 goes on sale March 11 and works on AT&T Inc. and Verizon Wireless.
iPads are expected to make up at least 20 million of the 24.1 million tablet computers people will buy in the U.S. this year, according to Sarah Rotman Epps, a Forrester Research analyst.
While tablet computers have long existed, the iPad reinvented the device by simplifying the software and redesigning a sleek version of it. About 15 million iPads sold in nine months of its original debut.
Plenty of competitors have entered into the tablet competition since, including Dell Inc. and Samsung versions of tablets that debuted last year but have not garnered as much success. Motorola’s Xoom, which runs on Google’s Android software, went on sale in February and is expected to be the iPad’s chief competitor.
Also on Wednesday, Apple announced updates to the software that runs on the iPad, iPhone, and iPod (iOS 4.3) that will turn iPhones and iPads with 3G cellular connections into personal Wi-Fi hotspots, allowing you to share the Wi-Fi connection with computers or other devices, if the wireless carrier allows it and often for extra fees.
Tuesday, March 1, 2011
Celebrities face foreclosure too...
The rich and famous are finding they aren’t immune to foreclosure. In the last six months, actor Nicolas Cage, baseball legend Julius “Dr.J” Erving, and hip-hop artist Chamillionaire have gone through foreclosure proceedings, Reuters News reports.
Morgan Brennan of Forbes.com says strategic defaults are becoming more common among celebrities--that’s when a party walks away from a home because of its big loss in value, even though they have enough money to pay the mortgage.
That’s what Erving did. He said his Utah mansion was drastically underwater and so he stopped making his mortgage payments last fall on the home.
"All price points have been hit by the foreclosure crisis,” Brennan told Reuters News. “The rich and famous have not been excluded from that. There are a handful of people in the luxury real estate category that are experiencing foreclosures as well."
Source: “Rich and Famous Also Face Foreclosures,” Reuters News (Feb. 24, 2011)
Read More:
Which Celebrity Do you Want Next Door?
Morgan Brennan of Forbes.com says strategic defaults are becoming more common among celebrities--that’s when a party walks away from a home because of its big loss in value, even though they have enough money to pay the mortgage.
That’s what Erving did. He said his Utah mansion was drastically underwater and so he stopped making his mortgage payments last fall on the home.
"All price points have been hit by the foreclosure crisis,” Brennan told Reuters News. “The rich and famous have not been excluded from that. There are a handful of people in the luxury real estate category that are experiencing foreclosures as well."
Source: “Rich and Famous Also Face Foreclosures,” Reuters News (Feb. 24, 2011)
Read More:
Which Celebrity Do you Want Next Door?
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