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foreclosure: Banks...We Got Your Money, We Won't Lend it to You, And Now, We're Comin' After Ya' - 02/03/10 03:22 PM
Folks:
I am far from a populist. I am Reagan Republican. However, you knew you would see this coming with the banks.
When working a short sale, I ensure the bank puts the non-recourse in writing, or make sure the clients document I advised them to seek a lawyer's opinion about the potential risks of recourse (or that they willingly chose not to).
Well, here comes the first of the deficiency judgments...
http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0
Michael
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foreclosure: When do the "Product Liability" Lawsuits Start? Or, why aren't sub-prime loans like exploding Ford Pintos? - 07/30/09 10:56 PM
As our nation has tumbled - and, hopefully, stabilized - through this cascade failure of ethics and rampant illegalities in the housing market, my mind turns to the people most hurt in this process:
The remaining, decent, hard-working homeowners whose homes are SO FAR UNDERWATER that they can only be listed by Jacques Cousteau! A significant number (estimated in the 20%+ range, but as HIGH AS 58% in Nevada, see chart: http://1.bp.blogspot.com/_pMscxxELHEg/SbBiutEMTvI/AAAAAAAAEts/B8th8T3WLjg/s1600-h/PercentMortgagedNegativeEquity.jpg ) are now underwater on their homes. Yet, they pay their mortgages on time. State, local and school coughers now drained from reduced property valuations/taxes and/or lost transfer taxes … (0 comments)
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foreclosure: Media Malpractice - Did I Miss How to Report Truthfully in School? - 02/25/09 05:23 PM
Every month, I put together the "Mile High Stats" from MetroList in Denver. You can see those charts here. http://images.agentcenter.com/client/4/3/9/23934/2009.01_Blog_Information_Word_2003.pdf
The first chart is something that is the MOST important for the entire group of readers. Though nobody knows the future, I am disgusted - yes, disgusted - with the fear of the unknown and the lack of economic insight offered by the media.
The first chart relates to the unemployment rate in the US since 1948 -- 60+ years. The chart shows how unemployment seems to peak around 8.0%. Given how dire prognostications have been, this time it might be … (2 comments)
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foreclosure: RealtyTrac - Misreporting Numbers? Hurting Colorado for profit? - 02/04/09 08:30 AM
If your real estate broker said:
•· This home is $200,000, plus or minus $140,000
•· This home has 4 bedrooms, plus or minus 2.5 bedrooms
•· This home is 2000 square feet, plus or minus 1400 square feet
Chances are, you might think that your real estate broker "never left Woodstock", and, then make the decision to find your own way back to the real estate office.
Well, it's ironic. Why?
Because the same appropriate doubt one would have with regard to the above is totally dismissed when put on the evening news.
I hear you saying: "What does he … (0 comments)
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foreclosure: Solving the Housing Crisis - Your Thoughts? - 10/15/08 07:52 PM
In the interest of full-disclosure, I am a Realtor. I think this bailout is insane and incredibly short-sighted.
Taking my Realtor® hat off and putting my MBA hat on, let me offer the following:
•· I understand that liquidity is the problem, but injecting money does NOT guarantee that liquidity will improve nor will resolve the housing inventory glut. Looking at the St. Louis Fed's credit numbers, credit is at literally an all-time high. This is like putting water in a blocked toilet and flushing again and again...it doesn't break the blockage.
Now, I have not necessarily heard how this package … (2 comments)
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foreclosure: So, Ya' Wanna Move WHEN? - 02/07/08 12:45 AM
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foreclosure: Market Trend Analysis - Denver Metro Selected Towns/Cities - 02/03/08 04:04 PM
Dear Readers:
Wow! The data this month really signifies a sea change!
Why?
There are three factors in the data that indicate Denver has a very favorable outlook in residential real estate:
Continually strong sales activity, drawing down existing resale inventory - a 1,838 listing reduction in the month of January alone This should jump back up as previously frustrated Sellers become encouraged and re-list their homesHowever, sales activity continues above the 12 trailing month average rate. In January, one would have expected essentially one week's worth of activity to dry up due to the mid-week New Year's holiday - which people seemed … (1 comments)
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foreclosure: Denver Real Estate Market - Market Conditions As of February 3, 2008 (Current Month) - 02/03/08 03:13 PM
Dear Readers:
Wow! The data this month really signifies a sea change!
Why?
There are three factors in the data that indicate Denver has a very favorable outlook in residential real estate:
Continually strong sales activity, drawing down existing resale inventory - a 1,838 listing reduction in the month of January alone This should jump back up as previously frustrated Sellers become encouraged and re-list their homesHowever, sales activity continues above the 12 trailing month average rate. In January, one would have expected essentially one week's worth of activity to dry up due to the mid-week New Year's holiday - which people seemed … (0 comments)
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foreclosure: Michael Clarkson - Mile High Home Hunter - Interviewed for Denver Business Journal Article - 02/03/08 03:10 PM
Folks:
I wanted to share that I was interviewed by the Denver Business Journal for an article that Paula Moore was doing called: Investors Find Opportunities in Homes Lost to Foreclosure.
In the article, there seems to be a general concensus that the local market is picking up significantly. I would agree that the data is telling me that as well. What is surprising is there appears to be a perfect storm getting ready to happen:
Low ratesUnder supply of for sale homesOver supply of buyers (due to the in-migration into Colorado)Builders cutting back on inventory homesBuilders going out of businessForeclosures being held more … (0 comments)
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foreclosure: My Monthly Real Estate Update - 01/06/08 06:19 PM
Here is a link to my "January Real Estate Update":Click HereThis Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.This month's issue includes topics such as: "Top 10 Tax Breaks, On The House";"Battle of the Warring Housing Price Indexes";"Smoothing The Rough Road To Refinancing";"Going Green: Easier Than You May Think";"Understanding How Federal Reserve Rate Cuts Work";Plus a roundup of December real estate activity as well as much more advice and information.I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. … (0 comments)
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foreclosure: Denver Real Estate Market - Market Conditions As of January 2, 2008 (Current Month) - 01/06/08 06:16 PM
This month showed continuing improvement in the selected markets shown below, which bucks the "conventional" wisdom from much of the local media.Last month, there were 10 Seller's Markets, 3 Neutral Markets, and 4 Buyer's Markets; THIS MONTH, there are 13 Seller's Markets, 3 Neutral Markets and 1 Buyer's Market. This was most notably influenced by a 12.7% drop in active listings, with sales levels being comparable - if not entirely even - with prior months' levels. As a result, the Denver MLS (MetroList) showed a 12.7% improvement from last month.Although the specific cause for this was not investigated, it is logical … (0 comments)
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foreclosure: News Alert from MileHighHomeHunter.com - 12/29/07 08:35 AM
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foreclosure: Clarkson - The Mile High Home Hunter - My Weekly Real Estate News Channel - 12/29/07 08:33 AM
Here is a link to my weekly "REAL ESTATE NEWS CHANNEL":Click Here This week's segments are full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.Some of the topics covered this week are:Real Estate Outlook - The economy's messages for real estate in the past week have been just about as mixed as you can get.Mortgage Moment - Jan Demas discusses making "Mortgage Payments online".Market Condition - Kihei, Hawaii, fueling a healthy housing market is super healthy job growth -- reported in the last few year at 17.94%.report local experts.Ask … (2 comments)
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foreclosure: Denver Real Estate Market - Market Conditions As of December 2, 2007 (Current Month) - 12/08/07 02:36 PM
This will be the last update in 2007. December's update will occur January 10, 2008. As this year wraps up, I continue to find increasing agreement from the top producing REALTORS® that the Denver market is improving. You will note that - even though we are in the slower part of the year (holidays and winter) - that the market dynamics are improving. Of the communities sampled below, last month there were 8 Seller's Markets, 4 Buyer's Markets and 5 Neutral Markets. THIS MONTH, the composition is: 10 Seller's Markets, 4 Buyer's Markets and 3 Neutral Markets. HOWEVER, the composite of … (0 comments)
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foreclosure: My Monthly Real Estate Update - 12/08/07 01:11 PM
Here is a link to my "December Real Estate Update":Click HereThis Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.This month's issue includes topics such as: "Should I Take My Home Off the Market During the Holidays?";"How to Handle Low Ball Offers";"Keeping Your Credit Clean";"Investor Outlook";"Reducing Utility Costs Doesn't Have to be High-Energy Task";Plus a roundup of November real estate activity as well as much more advice and information.I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if … (0 comments)
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foreclosure: Denver Metro Cities - State of the Market - 11/17/07 01:21 AM
Data. It's what we need, but don't always listen to. For the past 6 months, I have been feeling like a bit of steroetypical used car sales man, telling clients that the data I was seeing indicated a stronger. I was seeing movements in the reduction of days on market, reductions in home inventory, and the very subjective metric: multiple offers on foreclosed (bank owned homes). Now, the National Association of Realtors® has put together some data, that indicates Denver is one of the top five most probable for appreciation in 2008. The data shown on my main blog http://www.milehighmls.com/2007/11/denver-metro-cities-state-of-market_10.html would tend … (0 comments)
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foreclosure: Colorado leads the nation in foreclosures! - 03/24/07 11:24 AM
Colorado leads the nation in foreclosures!
From Hot To Not: Colorado Now Leads Country In ForeclosuresColorado's foreclosure picture bleak, firms saySpecial Report: Foreclosing on the American Dream
These are some of the more sensational headlines I have seen recently. Click 'em! They are real links!
Regrettably, many of the journalists are missing the boat or just plainly trying to sell newspapers. Many are not educated about real estate, many more are plainly, simply not completely informed.
Just like I wouldn't have Simon Cowell be on the review committee of the Nobel Peace Prize, I wouldn't permit a journalist to be the … (0 comments)
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Michael Clarkson
Castle Pines North,
CO
More about me…
Snow Coast Real Estate
Address: PO Box 620519, Littleton, CO, 80162
Office Phone: (424) 249-9736
Cell Phone: (720) 980-6393
Email Me
Michael Clarkson is one of Denver's highest profile brokers. He’s been featured in Realtor® Magazine three separate times, Denver Post, Denver Business Journal, KOA Radio, KHOW Radio, and the Colorado Radio Network. Michael is a licensed Managing Broker in Colorado and a GRI (Graduate Realtor® Institute). Michael has an MBA in International Business from Regis University in Denver.
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