John Keith, who sells real estate, notices the National Association of Realtors wants the government to subsidize mortgages by paying a point or so of the cost of each mortgage. But Keith writes that if the NAR is really that concerned about the sluggish housing market, it should put its money where its mouth is:

... Your typical real estate agent makes 5-6% in commission on a home sale. (This amount is split, 50-50, between buyer's agent and seller's agent, and the agents' companies get a big chunk of this, but ignore that for now).

What the National Association of Realtors should do is ask each of its one million members to kick in 1 percentage point from their commissions toward lower loan rates for every one of their clients. ...

Anthony Giacalone reports that banks are beginning to unload foreclosed properties at reduced prices - especially if they're in need of some work:

... At 212 Chelsea Street, a bank owned brick three family is on the market for $189,900. This property sold in December 2005 for $430,000. ...

Fine print: Is there nothing it can't do?

John Ford relays the news that after failing, for almost a year, to sell a $489,000 condo in this building by the Charles, the broker has reduced the price to $1. Yes, a single buck.

Of course there's a catch:

Seller reserves the right to negotiate or reject any offer.

Alas, 75 cents is as high as I can go - not a penny more.

Nobody wants to touch it. John Keith discusses how the developers of Russia Wharf, One Franklin (which is supposed to rise above what is now the Filene's hole in the ground) and 316-322 Federal Street are cutting out planned condo units and replacing them with commercial space.

Yes, it's the moment you've been waiting for: Penthouse units at the Mandarin Oriental have dropped from $12.5 million to $9.95 million, the Boston Condo Guy reports.

Terry Klein alerts us to a Supreme Judicial Court ruling today that forbids a company that made "unfair" mortgages to people who could not possibly repay them from simply foreclosing on them.

The ruling in Commonwealth v. Fremont Investment & Loan only applies to roughly 2,500 mortgages issues by Fremont, a California company, between 2004 and 2007, but it could give the state an additional legal weapon to keep people in homes they purchased with subprime loans.

The court agreed that Fremont's mortgages, typically requiring no money down but with a 20% "piggy-back loan," all with adjustable rates, were "unfair" because there was no way borrowers could ever hope to repay them unless housing prices continued to rise indefinitely and they could ultimately sell their properties. Loans made on the foreclosure value of a property rather than the borrower's ability to pay "lies at the heart of predatory lending," and Fremont could not evade a state ban on foreclosures by selling the mortgages to another company.

Nope, it's not an oxymoron. Turns out the mega-luxe project on Boylston Street actually has several apartments to rent for under $2,000 a month, for which they'll be holding a lottery. John Keith has some details.

Redfin compiles charts showing the discount off list price in selected Boston Zip codes between Sept. 15 and Nov. 15. Prices are most heavily discounted in Revere and least discounted in Mattapan (Mattapan?). Is that because nobody wants to move to Revere or because Revere sellers have an unrealistic view of what the market will bear these days? Or something else?

Location

The Boston Condo Guy reports a condo at the Mandarin Oriental just came on the market at $16.9 million.

So if you'd like an 8,000-square-foot condo with floor-to-ceiling views to watch the gentle flickering of bonfires lit by the rabble as they build Hoovervilles on the Common, you better hurry; at prices like this, it's sure to go quickly.

Anthony Giacalone reports the market has been "severely hurt." Triple deckers that once might have gone for as much as $650,000 are now on the market for as little as $380,000.