Got an email today that the REO Insider is joining Real Estate Educate to form Open Door Institute, an organization committed to connecting professionals that buy, sell, and manage distressed residential and commercial real estate.  They say they are creating this alliance to "focus on setting meaningful industry standards and providing networking opportunities for real estate professionals conducting business within the REO industry."

Please tell me that this is not going to result in yet another mandatory course or designation that we, as REO Brokers will be required to take to qualify to do business. 

With every email or blog post there is a new designation, class, platform or fee initiated to continue to do business in the default industry.  We're on course overload!  Please don't misunderstand me.  As a Realtor, no one believes more strongly than I do that we must invest in continued education to remain viable to our Clients.  I hope my credentials support that fact . . . I have my Five Star Default Designation; Short Sale and Foreclosure Certified thru the National Association of Realtors; BPO Certification; Loss Mitigation training thru Titanium Inc with a FDCPA certification; e-Pro and Quality Service Certified and have taken a myriad of other BPO/Short Sale/REO classes, courses and trainings.

But it's hard to keep up with all the independent designations/certifications coming out daily.  It would be great if NAR would step forward and set an industry standard Designation that would be widely recognized by lenders and servicers throughout the Default industry.  I appreciate the effort NAR is making with the SFR Short Sale 101 certification class, but I think it's time for them to either recognize some of the existing courses and classes out here in the default industry as Continuing Education or create one standard Certification/Designation course.

Well that's my two cents, I'd really be interested in finding out what your opinion is on this.

As Agents we are always looking for technology that helps us work more economical and efficient.  I think I have found something that might interest you.

I have used a lot of Contact/Transaction Management programs thru out my 15 years in the business, but I've been pretty committed for the past 6 years, until I found eBrokerHouse.com. Up to now, I truly had not found any one program out there that works like today's Agents work. 

As Agents we work with Short Sales, so does eBrokerHouse! we work with BPOs, so does eBrokerHouse! we work with REOs, so does eBrokerHouse!  

Hard to believe that one program can handle all aspects of today's real estate management.  But

I have to say that eBrokerHouse.com may just be the one to make me change and not look back.

For anyone looking for a Transaction Management Program that is:

• Simple
• Affordable
• Flexible
• Has great support . . . and 
• Really allows Broker input to guide development 

Visit www.eBrokerHouse.com and take advantage of their 30-Day FREE Trial.  Check ‘em out, and let me know what you think and if you are a user see additional features that works well with your REO business, let us know.

Mykel Martin 

Yesterday HUD Secretary, Shaun Donovan announced that they will temporarily remove the 90-day restriction on flipping properties. This change in policy will take effect on February 1, 2010 and is effective for one year and will have conditions and guidelines, all of which are quite reasonable.

To read the full HUD press release please visit:

http://bit.ly/8HUA7X

To see the actual HUD waiver visit:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

This information is spreading over Investor websites like a tidal wave. It's great news for investors, but who really wins here?

Battered by an economy in crisis with real estate, suffering through record financial losses, unemployment rates ranging as high as 30% and rising bankruptcies  . . . California is facing the worst economic downturn since at least the Great Depression.   

However, 2010 may find some areas in California's housing market on the brink of a turnaround.

In Los Angeles, pushed by the federal government's first time home buyers' tax credit, home prices are inching up as sales rise. The free-fall in housing prices has seemed to level out somewhat.  Unfortunately, the glut of REO properties in the foreclosure pipeline is going to deter and possibly threaten stabilization.  As a consequence, Economist are forecasting average housing prices in Los Angles to deflate an additional 8.9% in 2010.

The Inland Empire has been particularly hard hit.  Today I am finding a lot of Inland Empire homes being listed based on the false market that is being created by the lack of inventory out here.  This lack of inventory is due to the recent REO moratorium and Lender modification efforts.  

Typically a Buyer's market results from an excess of supply over demand and a Seller's market results from an excess of demand over supply and will generally garner multiple offers on what little inventory exists.  Even though properties are receiving multiple offers, it is clear that it is not a Seller's market, it is still a Buyer's market as evidenced by the lengthy DOM for the higher priced listings.

Even with this slight uptick in pricing and spike in sales, our Inland Empire market is predicted to remain fairly sluggish through the year with a slightly lesser deflation forecasted at 7.5% in 2010.

For a quick reflection on the events that shaped our last 12 months, take a look at JibJab’s annual review of 2009.

Take a minute to check out the behind-the-scenes look at how Jib jab produced their video at http://blog.jibjab.com/the-making-of-never-a-year-like-09; A great inspiration for anyone interested in creating their own animation.