REALTOR® Magazine-Daily News-Foreclosure Bargains Are Disappearing: "Foreclosure Bargains Are Disappearing
Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.
'For every listing that comes out, we have 10 buyers,' says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.
Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show.
'We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000,' Dias says.
In Florida, real-estate investment companies, buying in bulk and paying cash, face competition"
foreclosure info
San Diego short sales, short sales in Orange County and walkaway strategy by a California real estate attorney and Realtor. Bradenton and Sarasota real estate and short sales
Saturday, August 8, 2009
REALTOR® Magazine-Daily News-Pending Home Sales Continue to Climb
REALTOR® Magazine-Daily News-Pending Home Sales Continue to Climb: "Daily Real Estate News | August 4, 2009 | Share
Pending Home Sales Continue to Climb
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May. The index is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, says a combination of positive market factors is fueling the gains.
“Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines,' he says. 'Activity has been consistently much stronger for lower priced homes. Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”"
Pending Home Sales Continue to Climb
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to NAR.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May. The index is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, says a combination of positive market factors is fueling the gains.
“Historically low mortgage interest rates, affordable home prices, and large selection are encouraging buyers who’ve been on the sidelines,' he says. 'Activity has been consistently much stronger for lower priced homes. Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”"
REALTOR® Magazine-Daily News-6 Reasons Why Some Homes Sell
REALTOR® Magazine-Daily News-6 Reasons Why Some Homes Sell: "* Lousy pictures on the Web.
* Priced too high for the neighborhood.
* Blah interior; ho-hum landscaping.
* Little online marketing and hard-to-find MLS listings.
* Low commissions. Practitioners make sure their customers see properties that offer a payoff.
* Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces."
orange county short sale info
* Priced too high for the neighborhood.
* Blah interior; ho-hum landscaping.
* Little online marketing and hard-to-find MLS listings.
* Low commissions. Practitioners make sure their customers see properties that offer a payoff.
* Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces."
orange county short sale info
Thursday, August 6, 2009
Selling short can be scary - Sacramento Business, Housing Market News | Sacramento Bee
Home Front: Selling short can be scary - Sacramento Business, Housing Market News | Sacramento Bee: "A second concern
People trying to do short sales also are worrying about reports that some lenders are selling second mortgages – typically the down payment loan – to collection agencies. They fear that in three or four years those agencies will be on the phone seeking payment.
Hainsworth confirmed it's happening. Elk Grove bankruptcy attorney Jonathan Stein said the owner of a 'second' has up to four years after the default date to collect. He said it's critical that your real estate agent negotiates a solution to the second.
Stein fears some people will rebuild credit scores after the hit of a short sale only to file bankruptcy when confronted later by a collection agency."
For more info about proper short sale negotiation
People trying to do short sales also are worrying about reports that some lenders are selling second mortgages – typically the down payment loan – to collection agencies. They fear that in three or four years those agencies will be on the phone seeking payment.
Hainsworth confirmed it's happening. Elk Grove bankruptcy attorney Jonathan Stein said the owner of a 'second' has up to four years after the default date to collect. He said it's critical that your real estate agent negotiates a solution to the second.
Stein fears some people will rebuild credit scores after the hit of a short sale only to file bankruptcy when confronted later by a collection agency."
For more info about proper short sale negotiation
Labels:
California short sale,
deficieny
Sunday, August 2, 2009
Foreclosure and short sale issues - posted on another thread
Real Estate Blog - Stall Your Foreclosure........Guaranteed!!!
![](http://img.zemanta.com/pixy.gif?x-id=1159dfb4-40f2-8e32-954a-d50ceaf50e90)
sorry to burst the bubble of those who somehow (I'm sure none of you active agents sold anyone a home that has gone down in value) don't seem to want to take ANY responsibility for this downturn, but
FIRST...those of you who keep saying you are dealing with a bank...duh...what banks...these are loan pool servicers who have licensed the names of banks and shot off into partnerships which, as a REMIC, these servicer/lenders ARE NOT allowed to own the loans that they are telling you to submit short sale/loan mod documents...part of the issue is that the world has changed and most real estate professionals have no idea what a cusip is, a bloomberg loan pool number is, or even that there is something known as the trust indenture act of 1939...time to get into the 21st century and understand that just because it said the word MORTGAGE loan on it does not mean that it was or remained that way...
SECOND...to make ugly profits and deprive borrowers of the real low interest rates being passed thru on these financing instruments(start using the right terms), the depositers/sponsers would use the splitting up process available in a REMIC loan pool tranche, to synthsize the pass thru elements, and earn 30 - 250% on the upper non AAA rated tranches...how did they do that with a loan paying only 5% ??? Because by getting a ratings agency(s&P or moody's) to rate the majority of the paper in the pool structure AAA(70-80% of the loans), then they would resell the pass thru instruments to YOUR money market accounts...and how much have money market accounts been paying in the last 5 years ??? Pretty darn low rates...they would keep and repackage the rest of the finacial stream...for those of you who actual know how to use an HP-12c, make sure you are sitting down when you do the math...
THIRD...that was not enough profits...they then turned around and sold derivatives on the different parts of the tranches...the best way to describe what a derivative is(for those who can think beyond the first day of real estate agent school)it's like an option to purchase a home...but what if someone sold multiple options on the same home ??(for those who say you can't, as long as it is disclosed and the price point of the other options are built in and disclosed it can be done)...but what if that was not enough greed on the loan pool investor side...what if you then realized that no one was watching and you started trading naked option positions, justifying it by saying you can always buy them back later...THAT is why the system froze up on August 7, 2007, when BNP Paribas REFUSED to pay out on derivative positions it had taken fees on to insure some positions tied to American Home Mortgage which had folded the day before...and if you want to get a better understanding of what I just said and why it matters google this [delphi +derivatives +bankruptcy ] and it will bring you to some reports that described that in the delphi bankruptcy(which is still not over), there were about 2 billion in actual bonds outstanding but there were over 30 BILLION in derivative contracts with each party thinking they had bought the prime position...
FOURTH...just because SOMEONE shows up claiming you OWE SOMEONE money, does not mean the actual person who you owe money to is trying to collect...most FLORIDa foreclosures are being filed by and in the names of entities that do not show up as the owner of the debt in the county records and is not properly registered to do business in the State of Florida...and in some cases, are actually NOT passing thru the payments to the loan pool investors(billions of dollars in lawsuits currently on this issue)
SOOOOO.....stop thinking we are back in the days of George Bailey..those banking days are over...Since everyone wants to have 24 hour access to their money, every day is a bank run day...to insure there are no regular daily crashes, financial instruments were homogenized since the last S&L crisis, when REMIC's were created by the tax code in 1986...this was to allow financial institutions to trade in financial instruments to the central banking system to allow them to borrow funds overnight when more depositors yanked out money from their atm than was sitting on the cash side of the financials of the lender...what developed at the turn of the century was that by reducing the FEDERAL DEFICIT, Clinton actual hurt the banking system by removing US Treasuries from the pool of available capital...and THE ENTIRE WORLD needs US taxpayer backed FEDERAL DEFICIT CERTIFICATES commonly known as TREASURIES since there is not and has NEVER been enough GOLD to back up the worlds financial systems...AND then add in the crazy BASEL 2 rules designed to offset the lost decade of japanese banking but has turned into a mess that led overseas financial institutions to BEG WALL STREET to find some or create some AAA rated instruments so that they could keep growing...so what is some lonely wall street exec to do when someone is throwing money at them and insisting that SOMETHING be done....??? can you say NINJALOAN ???
![](http://img.zemanta.com/pixy.gif?x-id=1159dfb4-40f2-8e32-954a-d50ceaf50e90)
Subscribe to:
Posts (Atom)