The DOJ (Department of Justice) had a lawsuit against NAR (National Association of Realtors) for years. CNN (is that Cable News Network?) Money says the DOJ lawsuit against NAR was filed in September 2005.

Settled Tuesday… breaking news…  I’d nearly forgot what it was about… It was about  IDX (internet data exchange?) and VOWs (virtual office websites?)

In the CNNMoney.com article Realtors settle case with U.S.

“Real estate agents were accused of illegally blocking posting of home listings and limiting competition from online brokers.”

I think by “Real estate agents” they are referring to NAR, a national trade organization.

It will be interesting to watch. It has to go to court. Then 60 days later, the world as we know it will change? Or it won’t.

CNN says

“The report found that more consumers use the Web when house hunting than rely on “For Sale” yard signs.”

Duh!

Search for Central Ohio homes…  somewhere here… there’s a link to the search for local homes.  I read the LA Times and other unlocal newspapers… then went to our own Columbus Dispatch to see what they have to say about it.

In today’s Columbus Dispatch News Briefs it says:

“The settlement, which requires court approval, opens the MLS databases to online and traditional agents.”

Also in today’s local news briefs… and certainly less dry and boring… news of Columbus Ohio based Victoria’s Secret… going after another company for using the word “sexy.”

“Victoria’s Secret appeals trademark ruling on ’sexy’ “

ActiveRain just had it's first birthday and here is a press release about the ActiveRain Real Estate Network's phenomenal growth....

Join ActiveRain  There's still room for real estate agents, stagers, appraisers, inspectors, lenders, title people etc. 

Happy Birthday and congratulations.  The gauge in the press release which I find very interesting is that ActiveRain grew faster in it's first year than Wikipedia did in their first year.  

Copyright 2007 Discover Columbus and Maureen McCabe

 I have a link to Inman News in my 'Real Estate is Local' category on this blog.  Inman is news about real estate, news for people in the industry and for the public nationally. 

Inman News has some great national real estate columnists, Diane Hymer, Bob Bruss,  Illyce Glink covering various topics some real estate industry focused, some consumer focused... finance, inspection, investment, marketing, technology....everything on Inman New is all real estate all the time though.

Sign of the times today two of the headlines that caught my eye on Inman News are on short-sales, or work out programs,<-- link  a term I had never heard until about a month ago.  I went to a class on short sales given by a mortgage broker who serves Central Ohio recently.  I had hoped it would deal with short sales from the buyers point of view.  Instead it was about listing short sales.  Not "corner the market and become an expert on short sales kind of presentation but more what to do when you list a home owner's property that may be a candidate for a short sale.

I am not going to mention names but some of us took from the class this advice "Run!  Run!"

Inman News Columnist Dian Hymers article today on short-sales has tips for buyers!

"sale property comes with risk
In this deal, ball is in lender's court

HOUSE HUNTING TIP: Beware of sellers in short-sale situations who list their properties at below-market prices in order to entice buyers into making offers. Before getting serious, find out the amount of the loans that must be paid off to close the sale. If the loan amounts total more than the sellers' asking price, then you will either need to pay more, or the seller's lenders will need to agree to accept less than they're owed. That is, unless the sellers have savings to contribute to the sale.

Buyers who want to go ahead with a purchase that is subject to the lender's approval should be prepared for a longer-than-typical closing. Usually, the lender won't even take a short sale under consideration until the sellers have accepted an offer. It can then take three or four months before you'll know whether or not the lender will approve the sale.

THE CLOSING: Be sure to include a provision in the contract that allows you to withdraw at any time up until the lender approves the sale. This way you can get out of the contract without penalty if it looks like the transaction has little chance of closing. " 

In my experience the thing that buyers don't want to believe is "It can then take three or four months before you'll know whether or not the lender will approve the sale."

As a real estate agent I can search for "short-sales" in the multiple listing service.  The first one I ever sold did not have the words short-sale in the comments.  There was a hint though... a line in the remarks about the lender needing to approve the sale... a year or two later when people started talking about short-sales, I knew I had done one.

Another Inman News article today by Matt Carter, part of a series has news of the sub prime market that caught my eye.  That lenders (sub prime) are starting to recognize that they need to work with homeowners on short sales and that buyers get fed up and move onto other properties because of the three or four months it takes to get lender approval.  The math for foreclosures made for very gloomy reading in Carter's article BUT a couple of rays of hope for consumers, buyers and sellers both in "Workouts could soften impact of sub prime lending woes Part 1: The new housing vernacular"

The article posted Monday, April 09, 2007.  The bad thing about Inman is unless you subscribe ($) the articles are not readable the next day... so no links to Inman articles

The article uses the workd workout which I had never heard used locally about short-sales.  What Matt Carter wrote ... the good news.  Kinda:

Sean Purcell, the founder of CQ Financial Group in San Diego, said most subprime lenders "have come around" to the idea of the short sale.

"On some, you even have the lenders out front, saying here's what we'll take," Purcell said. "You never saw that two months ago."

In March I posted some statistics about the 2006-2007 Central Ohio short sale market...  

Copyright 2007 Discover Columbus and Maureen McCabe

 
Lest you think you've wandered into People Magazine... just keep repeating "there's no place like home, there's no place like home, there's no place like home.... " Sunday Christine Aguilera, Jack White and Buddy Guy jumped on the stage to perform with the Rolling Stones for former president Bill Clinton (enuff name dropping?) It did not happen in Columbus....

I probably wouldn't even notice the above "news" if my friend Maureen Francis in Michigan had not blogged about Jack White of the White Stripes (wouldn't know his music if I heard it..) selling his Detroit Michigan home.... A gorgeous nearly 6000 square foot historic home, built in 1914 in Detroit's Indian Village, a very urban area. Edsel Ford lived in Indian Hills "back in the day." The listing agent on Jack White's house,  Mike Kramar of Coldwell Banker Callan, Realtors has done a gorgeous online brochure about the property and it's history.  "1731 Seminole is being offered at $930,000.00. "

Take a tour Maureen has a link to the listing brokers stupendous tour on her Michigan real estate blog.

I have heard of Jack White, I have read about him.... I have a friend who is a fan...  I know about the black and white and red thing, aren't those kitchen counters green?   I remember the thing about "are they husband and wife or brother and sister?"  ...I am so impressed the house in Indian Village is still classy....  and decorated in what looks to me like appropriate to 1914 style.   Michigan bloggger Maureen who is not a fan of Jack White or the White Stripes gave this intro on her blog: Metro Detroit has a rich musical history. Think Motown, Bob Seger, Kid Rock, Eminem, Ted Nugent, Mitch Ryder and The White Stripes. My non-hipster self has to confess that though I have heard of The White Stripes, I know more about them from reading about them in the papers than I do from listening to their music. My radio is generally tuned into NPR and I don’t own an IPOD. The horror. I must be old."

And I am even older.

A site I enjoy...even if I don't always agree or even "get it"  Black Table said of the state of Michigan:   "No, most people probably think about the birthplace of the automobile, Eminem, Kid Rock and The White Stripes. But there's so much more to the Wolverine State than greenhouse gases and white-trash musicians."

Is white-trash a music category?  I can't keep up... It seems Jack White moved to Nashville and at least one fan is thrilled:, "Jack White, Won't You Be My Neighbor"  Kelly has details of his new 3. something or other million dollar abode, complete with red door. 

Where would a rock star live if they were going to buy a home in the City of Columbus?

A German Village 3,250 square foot home? It is only on a  32 x 82 city lot.   Built in 1870, it has a very open contemporary interior, priced within $20,000 of the $930,000 price on Jack White's home...   There are four more German Village homes under $1,500,000..  A couple of months ago when the NY Times did a what can money buy in various markets... the Columbus answer was a listing in German Village...  we need more than one cool area. 

Or would a rock star be forced to go suburban in Columbus? 

• A 5,612 SF two story in Worthington Hills (Perry Township, Worthington School district), built in 1966 remodeled in 2004... remodel won awards in 2004.. on a .38 golf course lot.
• A 4 bedroom 3 1/2 bath one story home with a walkout basement in Tucker Estates in Worthington buit in 1949.  ?? An agent in my office was name dropping about who the neighbors were  when he had a listing in the area...  captains of industry, sports big shots... hey this is the same house, at least the rock star would have nifty neighbors.... probably a little stuffy and staid for a rock star though!
• A two story in Upper Arlington  on a  212' x 179' foot lot  built in 1975? 5392 Square feet plus a walkout lower level...
• I can't see a rock star in any of the four New Albany Homes priced within $20,000 of Jack White's Detroit  house or for that matter in the other higher priced New Albany homes...

Maybe the one mansion off E. Broad Street...there is one on E. Broad too 

or a Bexley mansion...  (somehow suburban yet urban.)

A newer downtown Columbus condo or loft rather than single family? Allow the 'rock star' to jet off to NYC, LA, etc. rather than be stuck at home in Columbus mowing the lawn...  

When the topic of Jack White's house was posted on Active Rain under Detroit Metro- Michigan it generated a boatload of comments, many from people in California,  Florida, etc. about how reasonable Detroit real estate is...  they ain't seen nothing... when they have not seen Columbus Ohio, have they? Where would a rock star live in Columbus? In Franklin County?  Looking at a list of musical Columbusites in Wikipedia:

"Bow Wow (1987 - ) (formerly known as "Lil' Bow Wow"), rapper
Jay DeMarcus (1971 - ), bassist in the country group Rascal Flatts
Ekoostik Hookah, musical group
Fatty Koo, musical group
Gary LeVox (1970 - ), lead singer of country group Rascal Flatts
Michael Feinstein (1956 - ), singer
Howard Jones, heavy metal singer
Rahsaan Roland Kirk (1935 - 1977), American jazz saxophonist
Joe "Foley" McCreary, bass player for Miles Davis
Phil Ochs (1940 - 1976), folk-protest singer
O.A.R., roots rock band
Ovarian, rock band
RJD2 (1976 - ), real name, Ramble Jon "RJ" Krohn; hip-hop producer
Saving Jane, alt rock band
The Sun, alt rock band
Twyla Tharp (1941 - ), dancer and choreographer
Nancy Wilson (1937 - ), singer
Dwight Yoakam (1956 - ), country singer "

I am struck by "I think they all left..... "   for NYC, LA, Nashville, or even Detroit..... hey I know of a great house in Indian Village in Detroit...    

"1731 Seminole is being offered at $930,000.00. "

c. 2006 Columbus Best Blog