Real Estate News

This week's circulars


How hard is it to build in Silicon Valley? Here's one example

Los Gatos has planned for homes and commercial development on the site of the last orchard in town for more than two decades. But even with willing investors, millions spent in project costs, more than 100 community meetings and a lawsuit by developers, not a single house or shop has been built.


The Mortgage Professor: Can you depend on a rate lock?

A rate lock is a commitment by a mortgage lender to lend a stated amount to a specified borrower posting a specified property as collateral, at a stipulated interest rate and points. An important proviso is that the loan must be closed within a specified "lock period," which is usually 15 to 60 days. The lock protects the applicant against the possibility of a rise in market rates during the lock period that could make the mortgage unaffordable. With interest rates inching upward, questions about the reliability of locks will arise with increasing frequency in the months ahead.