My life as an intern by: Tad Wojdyla

Fresh out of college, I never thought it would be so difficult to find a job. After graduating I applied for months at all kinds of places with absolutely no luck.  Finally, I found out about the marketing internship here at Title Source. I applied and when I actually got the call back I thought I was hallucinating. I went into the interview more nervous than I’d ever been.  It was my first professional interview and I had sweaty palms, dry mouth, wobbly legs, the works. What I didn’t realize is that the two people interviewing me were probably some of the coolest and most laid back people in the world. After I was hired, I realized why they seemed so happy. Turns out this place is pretty great. Everyone has made me feel incredibly welcome and the environment has a relaxed, stress free feel.  Who wouldn’t be when you have a popcorn and slushy machine? It’s nice waking up and feeling good about going to work. I guess I’m really lucky that after months and months of grueling job hunting, Title Source is the place that was willing to give me a chance.

And another thing…

I used to always wonder how true it was when people would say, “You learn so much more out in the real world than you do sitting in a class room.” I can now comfortably say that it is probably the biggest truth ever. I feel as though I’ve learned more in the four months that I’ve been here than I did in several semesters worth of classes. To be honest, coming into this internship, I had no clue that title insurance even existed. It’s a good thing I’m here learning about it though because in 75 years when I finally have my college loans paid off, I’m probably going to need to buy a house.

Study: Owning a home is better than renting

A recent study from real estate resource Trulia found that renting is more expensive than purchasing a home in nearly three quarters of major metropolitan areas.

However, it is still smarter to rent in cities such as New York City, Fort Worth, Texas, Omaha, Nebraska, Seattle, Washington, Kansas City, Missouri, and San Francisco, the report shows. In other cities, such as Oakland, Los Angeles and San Jose, California; Memphis; Portland, Oregon, and Boston, homebuying is more affordable.

"While recent stock market volatility on top of the slow economic recovery makes homebuyers nervous, it has not destroyed the American dream of homeownership," said Ken Shuman, head of Communications at Trulia. "However, prospective homebuyers, who are ready and qualified to buy, face an uphill battle despite falling home prices and record-low mortgage rates."

Residential homebuying in areas that have been riddled with foreclosures could be a better option for many than renting at the moment, but that may not be the case for long. Home values continue to drop in major metros nationwide.

Federal Reserve promises low interest rates

In what could be a surprising amount of help to the mortgage market, the Federal Reserve recently announced its intention to keep interest rates low over the next two years.

The announcement came after the United States was given a lowered credit rating by Standard and Poor's, which sent the stock market into a free fall earlier this week. In addition, other economic factors such as the poor job market and high unemployment fueled the decision.

"The Committee now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate," the statement said.

The promise of low interest rates helped buoy the stock market temporarily, according to The Los Angeles Times.

This could greatly affect not only mortgages, but a large part of loan activity across the United States. It also may help the slowly stabilizing residential housing market, which has been specifically depressed by poor economic conditions.

Morgan Stanley: America needs housing investors to buy in bulk

A recent report from Morgan Stanley showed the company would like to see investors purchase REO properties in bulk on the housing market, as it would help out the residential housing market, according to Bloomberg.

The move could lower the surplus of homes in the United States, which would then help regulate the housing price situation and provide an increased number of rentals to many consumers. In order for this to happen, tax breaks would need to be given to these potential investors, the news source reported. In addition, eased lending terms may also help encourage investors.

"Mortgage credit remains tight, making home purchases more difficult, while rental demand is accelerating, causing rents to rise quickly," analyst Oliver Chang and the other Morgan Stanley analysts explained, according to the news source. "If nothing is done soon, we will find ourselves in a situation where owner-occupied housing becomes unobtainable due to lack of credit, while rental housing becomes unobtainable due to rising costs."

Foreclosures are still a serious problem, as 2.2 million residential properties are already vacant, the news source reported.

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