In the wake of the housing bust, the Federal Housing Authority (FHA), once a lender of “near-last resort” for moderate-income buyers, has become a lender of “first resort” for pretty much everyone. The agency estimates that it now insures about 40% of all purchase mortgages—ten times its 2005 market share.
Talk isn’t cheap, not when it comes to picking the right words to describe the house you are selling. Paul Anglin, an economics professor at the University of Guelph in Ontario, analyzed the language of 20,000 listings to see which terms correlated with higher prices and faster sales—and which terms worked against sellers.
Realty agents have clung to their traditional 6% fee structure through boom and bust, insisting that 6% of the home seller’s price is fair, since agents share the risk. They don’t get paid unless the house sells—that is, unless they work with Koenig & Strey, a full-service Chicago agency that recently announced it will now be having its fee and commission, too.
Kenosha North Pierhead Light, Wisconsin
With the advances in marine navigation systems—radio, satellite and radar—the need for lighthouses to guide mariners along the nation’s coastlines has diminished, leaving many of these unique properties derelict and deserted. But, thanks to a program sponsored by the U.S. General Services Administration (GSA), in partnership with the Department of Homeland Security’s U.S. Coast Guard and the Department of Interior’s National Park Service, the mariner’s loss could be a homeowner’s gain.
Decommissioned lighthouses in California, Florida, Michigan, New Jersey, New York, Wisconsin and Puerto Rico are now, or will soon be, up for auction through GSA-sponsored sales. The National Historic Lighthouse Preservation Act, the governing agency overseeing the decommissions, is hoping that the properties will go to qualified historical groups, community preservation organizations, state and local organizations or other nonprofits looking to become stewards of preserving the historic significance of America’s nautical history. If no suitable steward is identified, the lighthouses will be auctioned to the general public.
