HotPads Daily :: The Official Blog of HotPads.com

The iPhone for Map Geeks like Us

Garmin International, known for their wide array of GPS units, made a big splash in the consumer electronics world this week when they announced the introduction of their newest product, the  nüvifone.

Due in stores later this year, it combines a cell phone, mobile Internet browser and personal navigation system.  Garmin has long partnered with other firms to provide GPS software for their devices, but this is the company's first take at it's own phone hardware. 

And what a sleek lookin' piece of hardware it is.  When powered on, the big touchscreen display reveals three icons — “Call,” “Search,” and “View Map.” The built-in camera is even designed to geotag pictures with the lats and longs of where they are taken.

Check out their press release for more info and wait for the review when we use it to search for Washington real estate on HotPads.

How Low Can You Go? Fed Cuts Rates Again

With financial markets still nervous as a long-tailed cat in a room full of rocking chairs, the Fed decided to slash interest rates by another half point, down to 3%.  Just eight days ago the Fed cut rates by three quarters of a percent, and the combined rate cuts are the fastest in 20 years.

On the surface, this is welcome news for the real estate market since the interest on new mortgages should remain low and adjustable rate loans pegged to T-Bill rates will drop.  Hopefully this may stave off a few foreclosures for folks who otherwise would not be able to afford higher payments.

And any news is good news at this point, with the idea of home ownership taking big hits, both psychological and real.  Another bright sign is the rapid rise of folks looking for homes for sale on HotPads.   Always a favorite among renters, our site is now drawing record numbers of prospective home buyers and people weighing their options with the Buy vs. Rent search engine and calculator.

New Real Estate Website is Category Killer

We have to take our hats off to the folks over at Superbowlrentahome.com for having the best super-short-term-rentals-within-a-quick-commute-to-a-one-day-sporting-event property listing site.  The site offers places to crash near Cardinals Stadium and the site of Superbowl XLII in Arizona.   Actually, it is a lot of fun to visit the site and see the crazy rates that people are charging.

What we don't know if whether or not they have sophisticated mapping logic to keep Giants and Pats fans in separate areas.  Maybe a nice heat map would do the trick.

Unfortunately we won't be using their services, but not out of any professional jealousy; we just can't afford tickets.

Fed Goes Sweeney Todd on Interest Rates

In a desperate attempt to throw a life preserver on the sinking economy, Fed Chairman Ben Bernanke and his crew cut key interest rates like horror flick villains.

The Fed lowered both the federal funds rate and the discount rate (how much banks pay to borrow from the central bank) by three-quarters of percentage point, hoping to inject more liquidity into a credit-starved market.  The move was somewhat of a surprise, both in its timing and size of the cut.  It's more than a week until the Fed's next regularly scheduled meeting.

The cuts may also help strapped home owners who fear rising interest rates on adjustable mortgages, since many are indexed to the Fed funds rate.  One key to our recovery will be keeping people out of foreclosure and reducing the number of homes for sale in the market.

Some market watchers think that the Fed will cut rates again at the next meeting, but with rates already so low, the Fed has to be concerned about fueling inflation.

Profiles in Courage: The Drought of 2008

We've taken so many things for granted here at HotPads, nonchalantly listing hundreds of thousands of homes for sale on our innovative map-based search.  That was until now, when a disruption in our bottled water delivery service threatened the once free-flowing supply of coffee that fuels HotPads.com.

As a result, members of the HotPads staff have resorted to the most extreme measures to stay awake and keep the site running.  A few have taken to making coffee with Washington DC's notorious lead-based water.  Others routinely make the grueling two-block walk to Java House.

There have even been reports of people drinking Dr. Pepper, but such fanciful accounts must be dismissed out of hand.

Due to the lack of press coverage (what other reason could there be?) there's been no outpouring of support from the government, NGO's or Oprah.  In the meantime, we'll keep up a brave front and keep bringing America the real estate listings it deserves.

Burnin' Down the House: Foreclosures Spark Arson Fears

This isn't what we meant by "HotPads" people...

To throw another log on the fire (pun intended) of bad news for the real estate world, the Coalition Against Insurance Fraud recently warned that with "untold thousands of homeowners struggling with ballooning subprime mortgage payments, fraud fighters are watching closely for a spike in arsons by desperate homeowners who can no longer afford their home payments."

News reports from Boston to Omaha tell the sad tales of strapped homeowners, who facing foreclosure, choose to light it up like Snoop Dogg in Amsterdam.

We only hope that those investigators don't turn their sights on us, because with hundreds of thousands of homes for sale added in just two months and so many apartments for rent nationwide, HotPads is blazing.

Bank of America Buys Countrywide

Following a deal last summer in which Bank of America provided $2 billion in financing to reeling mortgage lender Countrywide Financial (in exchange for 16% percent of the company), the consumer banking giant announced that it would acquire the company for $4 billion in an all-stock transaction.

This is a good opportunity for BofA to expand its home loan business at fire sale prices, but the move is largely an effort to protect its earlier investment, as rising delinquencies and foreclosures on its mortgage loans fed speculation that Countrywide was planning to file for bankruptcy.

Four billion is a lot of money, and there's no telling when Countrywide will hit bottom with the problems in its subprime loan portfolio.  If a bank wants to add to grow its mortgage business, they should just advertise on HotPads.  Our affluent and educated audience shopping for homes for sale would be perfect home loan customers, and pay their bill on time. 

2008's Most Expensive Rental Markets

Sick of your sky-high Manhattan rent payment?  Don't wheel your roommate's dead body down a busy New York street and try to cash his Social Security check.  Move to Columbus, Ohio instead.  That Midwest jewel on the river just topped one company's list of the least expensive rental markets in America, in contrast to NYC's arm-and-a-leg prices.

The real estate investment firm Marcus & Millichap recently compiled its list of the most expensive places to rent, estimating 2008 prices based on vacancy rates, new-construction projects and job growth in the 40 largest cities.

The most expensive cities are easy to guess, with New York, San Fran and Boston taking the honors.  In economy class along with Columbus are other heartland cities like Indianapolis and Kansas City.

But if you're not willing to flee to coasts, you can still get a great deal when you search for a rental house or apartment on Hotpads.  With the largest inventory of rentals on a map-based search, you may be able to save the leg.  Even in New York.

Is this HotPads.com Rental Part of Rock History?

The record-setting growth that HotPads is experiencing seems to be a clear sign that the online community has a new favorite site to find homes for rent.  Unfortunately, we forgot to include one particular amenity for users to search by: former rock star hot pad.

We recently found out that this HotPads listing for a house in Pasadena, California is the former home of rockers Eddie and Alex Van Halen.

The truth behind this story could not be immediately confirmed, as our repeated phone calls to band went unanswered. 

Also, the two HotPads staffers who went onto the Van Halen tour bus to get the straight scoop returned only with a few empty bottles of Cabo Wabo Tequila and smiles on their faces.

We'll keep you posted with any future updates on this story.

The HotPads Book Club: Romance Edition

Now that we see how America's love affair with houses has taken a Fatal Attraction turn, a new book explores the recent hot and steamy years of real estate and explains why we will no doubt run back into the arms of the housing market with wild abandon.

"House Lust: America's Obsession With Our Homes" examines how our homes have gotten to be so much bigger, more expensive and more of an expression of individuality and place in society.  Author Daniel McGinn compares real estate to the tech boom of the 1990's, painting it (rightfully so) as an all-consuming national passion.

Whether you're looking for a casual fling or a long-term relationship, HotPads.com can find you a match with hundreds of thousands of homes for sale, featuring detailed descriptions, photos, and prices in every U.S. market.