With existing homes in short supply, buyers are turning to new homes. Prices are up, partly because more move-up homes are being sold, and inventory is low.

By Teresa at MSN Real Estate 4 hours ago

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The deal allows the ailing actress, 96, to stay in the home for the rest of her life or for three years, with the buyer reportedly paying her and her husband $325,000 a year.

By Teresa at MSN Real Estate 5 hours ago

Zsa Zsa Gabor estate (©Hubert Boesl/dpa/Corbis)Zsa Zsa Gabor’s home, which has been on and off the market for more than two years, has finally been sold, in a deal that will allow the ailing, 96-year-old actress to remain in the house for three more years.

 

Her 8,878-square-foot home in the Los Angeles neighborhood of Bel-Air recently made an appearance in the film "Argo," as her husband, Frederic Prinz von Anhalt, sought to earn enough money to pay off a loan and pay the star’s medical bills. The house also makes an appearance in the upcoming Liberace biopic, "Behind the Candelabra," on HBO.

 
Tags: celebrity

Sales of existing homes in April were up 9.7% over April 2012, but lack of inventory and tight credit are still keeping many would-be buyers on the sidelines.

By Teresa at MSN Real Estate Wed 1:52 PM

Sold sign in front of house (© Nick White/Cultura/Getty Images)

Sales of existing homes in April were up 9.7% over April 2012, but they would likely be higher if all the people who wanted to buy homes could find homes to buy and get mortgages to buy them.

 

April was the 22nd consecutive month to show a year-over-year increase in sales and the 14th consecutive month to show year-over-year price increases, according to new data from the National Association of Realtors.

 

The number of homes for sale rose 11.9% between March and April, to a 5.2-month supply at the current sales rate, but remained 13.6% below the level a year ago, when there was a 6.6-month supply. Inventory is even tighter in lower price ranges, the NAR noted.

 

Officials cite costs and terrain as reasons, despite the prevalence of tornadoes.

By Teresa at MSN Real Estate Wed 11:49 AM

Home damaged by tornado in Moore, Okla. (©Rick Wilking/Reuters)Back in 1955, a devastating tornado swept through the area near where I grew up. A friend’s mother recalled crouching in her garage, trying to shelter her newborn daughter, because the homes in that area had no basements. We moved into a Kansas City, Mo., subdivision constructed shortly after that storm, and every house had a basement.

 

As a long-time denizen of Tornado Alley (and my childhood home’s basement), I was surprised to hear that few homes in Oklahoma have basements or storm shelters, despite the prevalence of tornadoes.

 

Fannie Mae and Freddie Mac are asking loan servicers to consider delaying foreclosures, suspending payments or taking other action to help Oklahoma homeowners.

By Teresa at MSN Real Estate Tue 11:46 AM

Stripped trees and destroyed houses following a tornado in Moore, Okla. (©Richard Rowe/Reuters)If your home is damaged by a tornado or other natural disaster, you may run into trouble paying your mortgage.

 

The government-supported entities Fannie Mae and Freddie Mac reminded loan servicers that their policies allow some breaks for victims of natural disasters, such as the Oklahoma tornado. There is no guarantee that servicers will give borrowers the requested breaks, but those who need help should certainly ask.

 

Couple who built the structure say authorities told them no permit was required. But city officials say it is far more elaborate than a simple treehouse and must comply with building codes.

By Teresa at MSN Real Estate Tue 11:08 AM

© HLT

http://cooltreehouse.com/
What exactly constitutes a treehouse?

 

When does it become so elaborate it constitutes a structure and should be subject to more stringent building codes?

 

That’s the issue facing a couple in Holmes Beach, Fla., who built a $20,000 multistory structure in a giant Australian pine tree overlooking the Gulf of Mexico.

 

Many of the architect's creations, while creative, also leaked. Owners have had to do costly repairs over the years.

By Teresa at MSN Real Estate Mon 1:54 PM

Fuste Raga/Getty ImagesLooking at the pictures, it’s easy to fall in love with a home with an architectural pedigree. Who doesn’t want to say their home was designed by Frank Lloyd Wright or another famous architect?

 

However, owners of historic Wright homes warn, bragging rights aren’t all that come with the homes. Many are in need of significant and costly improvements.

 

At least 20 homes designed by Wright, whose career lasted from 1888 until his death in 1959 at age 91, are for sale around the country, at prices ranging from $690,000 to $5.6 million when we last checked a few months ago. According to The Wall Street Journal, about 270 Wright-designed homes are still lived in today.

 
Tags: celebrity

Yes, say the credit-reporting agencies, whose automated systems don't distinguish between the two processes. But some argue the two groups deserve different treatment.

By Teresa at MSN Real Estate Mon 11:52 AM

© fotag/Getty ImagesMore than 2 million Americans have sold their homes in the past five years through what is called a short sale: getting the bank to agree to take less than the house is worth.

 

Many have thought that by doing a short sale, in which they negotiate with the lender for an orderly exit, they would do less damage to their credit than if they waited for the bank to foreclose. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has said they’d be eligible for mortgages to buy again much more quickly if they did short sales rather than foreclosures.

 

About Teresa Mears

Teresa Mears

Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.

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