Keith's Blog

Muskego Real Estate Market Update for October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:39:37 -0600

There was 16 properties sold in October with an average sales price of $262,018 and a average list to sales price of 93.76% and average time on the market of 130 days.

In October the sales activity was equal to the activity in 2008. However, the newly added listings declined by 30.2%.

There is currenly 228 properties listed with an average list price of $311,138 and a average time on market 218 days.

West Allis Real Estate Market Activity October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:37:59 -0600

There was 76 properties that sold in october 2009 with an average sales price of $130,281 with an average list to sales price of 90.38%. The average time on the market was 124 days.

The sales activity in october increased 20.6% compared to the results to 2008 results. The newly added listing activity also increase by 27.8% during October.

There is currently 510 properties listed with an average list price of $172,906 and an average 189 days on the market.

South Milwaukee Real Estate Market Activity update for October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:35:58 -0600

There was 27 properties sold in October 2009 with and average sales price of $157,688 with a list to sales ratio of 90.39%. In addition there was 30 listings that expired in October.

During October 2009 there was a increase in sales of 68% or 11 units when compared to 2008 activity. In addition the listing additions increased 6.7%.

There is currenlty 188 active listings with an average listing price of $160,159 and have been on the market an average of 325 days.

Oak Creak Real Estate Market Activity update for October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:32:51 -0600

There was 25 sold properties in October 2009 with an average sold price of $189,501 with a list to sales ratio of 93.20%. In addition, there was 50 expired listings in October.

In October 2009 there was 10.7% fewer sales when compared to 2008 sales activity. This is one of the few areas that I reviewed that reflected a decrease in sales activity in October 2009. However, there was a reduction of newly added listings of 22%. The good news is that the new listings declined however not sure why the sales activity declined when compared to the rest of the market.

There are currently 266 properties on the market with an average list price of $241,775 and have been on the market an average of 260 days.

New Berlin Real Estate Market Update for October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:30:23 -0600

There was 51 sales in October 2009 with an average sales price of $234,449 and a average list to sales ratio of 94.46%. In addition, there were 53 listings that expired in October.

The sales in October increased 50% or 17 units in October 2009 compared to October 2008. In addition, the newly added listings were 15.6% more than in 2008.

There are currently 264 listings with an average list price of $265,139 and have been on the market an average of 233 days.

Waukesha Real Estate Update October 2009

Keith Manson (First Weber Group) — Wed, 11 Nov 2009 19:28:21 -0600

There was 80 sold properties with an average sold price of $189,466 with a list to sales ratio of 92.42%. During October 2009 the were 105 listings that expired.

The sales in October were 23% more than in 2008 and the new listings added were 29% less than added in 2008. Which will help supply and demand to get better in line.

There are currently 642 properties listed with an average list price $254,119 with an average time on the market of 214 days.

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:53:58 -0500

I am a independent contractor for Titanium Solutions that contracts with mortgage companies to work with borrowers that are delinquent to help them. The banks are interested in working out programs to assist people staying in their homes.

When the Obama stimulous program started in March the assignments shut down. I may of recieved 5 assignments in 6 months. This week I recieve 20+ assignments in 2 days. The assignments are from Freddie Mac and Bank of America. This is significant and it either means that there is a push to get workouts approved with the borrowers or the foreclosures will be increasing soon!

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin

www.milwaukeebailout.com

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:52:58 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:51:53 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:50:51 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:49:45 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:47:22 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:46:16 -0500

Is the Government increasing focus on assisting delinquent borrowers?

Keith Manson (First Weber Group) — Sun, 27 Sep 2009 08:44:11 -0500

What happened in the Muskego Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 14:55:11 -0500

There were 25 sales with an averagesold price of $269,000 after being on them market 134 days with a list to sales ratio of 94.46%. The average list to sales ratio from the original list price was 92.36%.

August 2009 sales were consistent with the sales in 2008. There was 13 less listings added in August 2009 than in August 2008.

There are curently 323 properties with an average list price of $266,275 being on the market 228 days.

What happened in the Franklin Real Estate market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 14:43:31 -0500

There was 32 sales with a average sale price of $191,131 after being on the market 151 days with a list to sale ratio of 95.37%. The list ot sale price from the original list prices was 91.21%.

The August 2009 sales results were consistent with the sales results in 2008. The new listing were exactly the same as the new listings added in August 2008.

The current active listing inventory is 528 properties with a average lsit price of $270,646, beingon the market 313 days.

What happened in the West Allis Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 14:30:36 -0500

There were 56 sales with an average sale price of $144,425 being on the market an average 128 days with a list to sales ratio of 95.38. The list to sale ratio on the original list price was90.47%

The sales in August 2009 declined by 15 or 21.4% when compared to the august results in 2008. In addition the listing inventory has declined by 12.9% or 17 properties.

There are currently 530 properties listed with an average list price of $179,144 and have been on the market 178 days.

What happened in the South Milwaukee Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 14:19:30 -0500

There was 15 sales in August 2009 with an average sales price of $144960 being on the market 149 days with a ist to sales ratio of 97.29%.

There were 46.4% or 13 fewer sales in August 2009 compared to August 2008. During the same period the new listing added were reduced by 8 properites or 19.5%.

There are 199 current listings on the market with an average list price of $163,024 and a average marketing time of 296 days.

What is Happened in the Oak Creek Real Estate Market during August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 09:47:45 -0500

There was 30 sales during August 2009 with an average sales price of $205,873 and a list to sales price ratio of 97.15%. The list to sale ratio from the original list price was 93.57%.

The sales were down 9 sales or 23% in August 2009 when compared to August 2008. In addition the new listings were down 35.7% or 30 properties.

The current inventory of listings is 298 properties with an average list price of $257,086 and an average time on the market of 233 days.

what happened in New Berlin Real Estate Market During August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 09:35:04 -0500

There were 34 sales with an average sales price of $247,076 which were on the market 79 days, with a list to sell ratio of 97.31. The average list to sales ratio from the original list price was 95.29%.

In August 2009 the sales were down 30% or 15 propeties when compared to 2008. In addition the new added inventory declined by 22% or 15 properties.

There are currently 323 properties on the market with an average list price $266,275 with a average time on the market of 228 days.

What happened in the Waukesha Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 09:21:58 -0500

There were 75 sales in August 2009 with an average price of $199,652 with 119 days on the market with a list price to sales ratio of 96.42 %. The list to sales ratio from the original list was was 91.72%.

The sales in Waukesha were down 26 properties or 26.3% in August 2009 when compared to August 2008. In addition the new added listings were only down 3.4% or 5 properties during the same perods.

The current listing inventory is 707 properties with an average list price of $247,662 with an average time on the market of 199 days.

What happened in the Brookfield Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 09:06:51 -0500

There were 43 sales in August 2009 with an average sales price of $286,435 on the market 129 days with a list to sell ratio of 95.06%. The list to sales ratio from the original list price was 91.66%.

In August 2009 there were 2 additional sale or a 4.9% increase compared to 2008. The new listings added stayed consistant with the new adds in 2008 with 81 new listings.

The current listing inventory is 520 properties with an average $367,686 list price and an average time on the market of 255 days

What happened in the Wauwatosa Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 08:47:48 -0500

There were 62 sales in August with an average sales price of $220,895 with 118 days on the market an average list to sales ratio of 96.86%. The list to sales price from the original list price was 94.40%.

August 2009 results were consistent with the activity in August 2008. There were 61 sales in 2009 and 62 sales in 2008. However, the new listings added in August 2009 declined 17.6% or 18 properties less than in 2008 added.

The current inventory is 335 properties with an average list price of $228,440 with an average time on the market of 179 days.

What happened in the Milwaukee Real Estate Market in August 2009?

Keith Manson (First Weber Group) — Mon, 07 Sep 2009 08:32:05 -0500

In august there were 537 sales with an average price $105494 and a list to sale ratio of 96.86%. The list to sale price from the original list price of 90.09%. There were 950 new listings added in August to add to the supply of homes.

In August 2009 there was a increase in activity when compare to August 2008. There was a increase of 13.9% or 65 more sales in 2009 than in 2008 during same period. In August 2009 there were 950 new listings added compared to 1229 listings added in August 2008. These two trends are good for the market, a increase in sale and a decrease in new inventory.

The current listing inventory is 4919 with an average list price is $181,705 and average days on the market of 201 days. As can be seen the focus of the market has been in the lower to mid range of the market. The properties listed over $150,000 have had less activity.

Do the Obama Administration and the Lenders really want to Help Mortgagors in Trouble?

Keith Manson (First Weber Group) — Sun, 09 Aug 2009 09:08:37 -0500

Last year I help lots of people stay in their home! This year the lenders are not cooperative or willing to help. The following the making homes affordable guidelines and either the lenders do not understand the process or process is so difficult tht they can not explain why the decision was made.

Recently I work with a mortgagor that really wanted to stay in his home, even though he understood that he owed a lot more than the property was worth. He was approved by a mod back in January but did not get the funds in timily and thus was rejected. (Even though he was working the lenders and lender vendors when funds were due). When dealing no one indicated that funds needed to be sent, it was all done by mail. Then they indicated that he would have to apply through Obama's making homes affordable and he did that. They then placed him on a trail program after 5 months of follow up. The plan looked to be acceptable so he signed the documents and sent the funds in directly.

At this point he thought he had saved his home. But he was wrong!

After the first payment the lender than changed their mind and increased the payment by $600 a month ( almost 33% increase for agreed plan). He and I both agreed with the lender to understand why and how they made there decision. The decision they made, they said they made was done on verbal information, even though they had 3 packages and a qualified written request to ask the lender to review the situation!

When discussion the situation with loss mit and VP's from different departments they indicated that they were using the correct formula's for income and following the policies and procedures outlined for handling these cases. After sending 18 emails and additional phone calls the owner has given up! The income formula made no sense indicating that he was making $5200 per monthly even though his tax ret urn only reported $55,000 and his bi weekly gross income was $1700. However, he had seasonal income of $3000 in the first three months because of snow plowing. So they calculated that he was making $62,400 even though the documentation supported only $55,000.The lender did not want to save the home except if borrower pay amounts he could not afford. So it appears that mortgagor may try to do a short sale or let it go to foreclosure! I believe this is happening more and more!

I talked to other lenders they are indicated the restrictions set on making homes affordable mods are not happening because people are not qualifying the requirements.

I am not sure why the mods are more difficult, but believe that the incentives for the lenders are not the same as they were last year. The making homes affordable pay incentives but with lots more documentation and most likely not equal to incentives in prior years. Last year fnma and fhlmc were functioning arms that created incentives for lenders to complete modifications , by grading them , and pay the lenders that performed the best more when loans were originated.

The only thing accomplished through transactions like this is the foreclosure is delayed, mortgagors get frustrated, and more foreclosed properties hit the market and effect market values.

The lenders and the Government needs to address how to evaluate and save homes and really make homes affordable! I hear about how the stimulus program is helping everyone but do not see it!

Hopefully we will see the government or some other group stand up to really address this issue!