Clintonville and beyond blog!!

Mortgage Loan Delinquencies Prepare To Set New Records In 2009

Joe Jackson (Keller Williams Capital Partners) — Tue, 24 Nov 2009 06:56:14 -0600

Not the news we want to hear but what we NEED to hear!

Via John Mulkey, Housing Guru (TheHousingGuru.com):

The foreclosure mill continues to churn as mortgage loan delinquencies prepare to set new records in 2009. According to a report released by TransUnion, mortgage defaults increased for the 11th straight quarter, with delinquencies for the third quarter averaging 6.25 percent, up 58% over 2008.

Those states that have been particularly hard hit by the housing crisis will continue to suffer high rates of foreclosure; however, the overall rate is unlikely to experience a dramatic increase due to the various efforts at mitigation. With the unemployment rate expected to remain at record highs well into 2010, defaults and subsequent foreclosure will remain a problem for the housing market.

Click here for the full report from PR News Wire.

The Housing Guru: The one source for all your housing questions

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2474 N 4th Street, 2 Unit New Listing, $140,000 Listed by Joe Jackson of the Jackson Team

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 12:29:09 -0600

Vacant side can be seen. The occupied side can be seen with contact. Near shopping, freeway and on bus line. Off-street parking for three cars. This is a great opportunity for home and income or investment property. Rents are $625 and one side is vacant. ABC Gas Line Warranty in place.

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2366 Indiana Ave, 2 Three Bedroom Units, $95,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 12:22:38 -0600

Long-Term tenants are on a month to month lease, Priced below other 2 units in the area to reflect low rent and conditions, drive by 1st, Go to Summit St, South to Maynard, Right on Maynard to Indiana, turn right. 48 hour notice to show. ABC Gas Warranty in place

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2032 N 4th Street, Multi-Unit Listing, $179,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 12:15:57 -0600

2 One Bedroom Units, 1 Two Bedroom Unit and 1 Three Bedroom Unit. 2 units vacant as of 11/23/09. Near OSU & Iuka Ravine and on bus line, Great home & income opportunity. Off street parking, can be sold with 2366 Indiana or 2474 N 4th Ave. Unit C $350, Unit D $375, Unit A & B vacant. A New Listing by Joe Jackson of the Jackson Team.

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1632 Parsons Ave, 3 Bedroom 1 Bath, $35,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 11:58:22 -0600

This single family 2 story home with 1,464 SqFt is situated on a 30 X 140 lot. Rent $602. Drive by 1st, allow 48 hours to show. Zoned C4, could be home and office, ABC Gas Line Warranty in place. Another New Listing by Joe Jackson of the Jackson Team

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1088 E 16th Ave, 3 Bedroom 1 Bath, $39,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 11:52:57 -0600

Vacant as of 11/23/09. This 3 bedroom single family home. Could rent for $550 per month. Good opportunity for a family's main residence or income property. This home features a Eat in Space/Kitchen, Dining room and a loft. There is one off-street parking and also on-street parking. ABC Gas Line Warranty in place.

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730 Oakwood Ave, 2 Three Bedroom Units, $35,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 11:44:52 -0600

A new Multi-Unit listing by Joe Jackson of the Jackson Team. Vacant as of 11/23/09. This 2 three bedroom duplex is located in the Olde' Oaks Historic District. The building SqFt is 2,464 and the lot size is 480 X 156. Bring a flashlight to see. Good FHA 203K Project.

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333--335 Napoleon Ave, 2 Two Bedroom Units $59,000

Joe Jackson (Keller Williams Capital Partners) — Mon, 23 Nov 2009 11:27:12 -0600

Vacant as of 11/23/09. Heat is Forced/Air Gas. No AC. Tenant pays Electric, Gas and Water. Building is 2,280 SqFt . Lot size is 50 X 129. 3 miles from I70 and James Road. Market Rent $500 per side. Bring flashlight. A New Listing by Joe Jackson of the Jackson Team.

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WHAT WEB SITES ARE YOU USING TO GET INTERNET SUCCESS?

Joe Jackson (Keller Williams Capital Partners) — Sun, 22 Nov 2009 14:39:54 -0600

I really want to be more "virtual" but need advise from active rainers. What sites are your getting good hits that are ready to buy or sell in the next 6 months? I currently have a number -1 .com site and a real pro site, plus my company Keller Williams site.

We get tremendous activity from number 1.com, but a very low conversion rate. Real pro is better for the "drip campaigns" and we feed our number one hits on both real pro and number 1 drip campaigns.

We use trulia, craigsiest and zillow, plus some other sites that number 1 send us to automatically.

What tips can you offer on topic? Don't be shy, we can ALL use some good advise on Internet usage!

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Banks Losing A Major Source Of Revenue

Joe Jackson (Keller Williams Capital Partners) — Sat, 21 Nov 2009 03:34:36 -0600

Good consumer information!

Via John Mulkey, Housing Guru (TheHousingGuru.com):

In a ruling announced today from the Federal Reserve and set to take effect on July 1, 2010, Banks will no longer be able to charge the exorbitant overdraft fees that have become so common in recent years. A source of billions in revenue, these fees have become so common that many banks rely on them as a major source of profit. The new ruling requires customers to grant permission to the bank before payment of items that exceed the customer’s account balance and applies to debit card and ATM transactions.

Consumers will no longer have to worry about spending $5 at McDonalds and being hit with a $35 overdraft fee. However, those who do opt for overdraft coverage will, of course, still suffer the consequences.

Another option, though a bit unconventional, but which costs nothing and insures that such excessive bank charges will NEVER be charged, is for customers to balance their checking account monthly and not make purchases when they don’t have money. While such a solution may seem outlandish to many, those who use this system report that it is fail safe.

For more info on this ruling visit: Yahoo Finance

The Housing Guru: The one source for all your housing questions

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Another Kissimmee Florida Short Sale Approval

Joe Jackson (Keller Williams Capital Partners) — Sat, 21 Nov 2009 03:31:30 -0600

This is another example when a good Realtor works hard and gets the short sale done! Congrats!!!

Via Bryant Tutas-Tutas Towne Realty, Inc:

It only took 7 months BUT we have another Bank Of America Short Sale Approval.

Location:

Kissimmee Florida.

Details:

Placed on the market with Tutas Towne Realty on March 1, 2009 at $89,000.

Went pending on April 17th at $79,000 all cash Buyer.

Mortgages:

$188,000 owed on the 1st Mortgage with Bank of America.

$25,000 owed on the 2nd with Real Time Solutions.

Challenges:

Keeping the Buyer on board for almost 7 months.

The 2nd started out with Bank of America and was sold to Real Time Solutions about 5 months into the transaction.

The Seller is an investor than owns multiple properties.

Outcome:

Bank of America netted $69,000 (37% of what was owed).

The 2nd received $3,000

Only $500 cash contribution required from the Seller.

NO note

Happy Seller. Happy Buyer, Happy Agents

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

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Claremont CA Realtor Loves Zillow

Joe Jackson (Keller Williams Capital Partners) — Sat, 21 Nov 2009 03:28:52 -0600

Maybe Realtors should look at Zillow differently after watching this!

Via Spencer Rascoff (Zillow):

Tisza Major-Posner of the Route66 Living blog talks about why she likes Zillow. Taped at the NAR Convention in San Diego.

Like what you're reading? Then subscribe to my blog to receive updates.

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Walkable Neighborhood On The Rise

Joe Jackson (Keller Williams Capital Partners) — Fri, 20 Nov 2009 12:40:52 -0600

Homes located in walkable neighborhoods may be more valuable that homes located in car-dependent areas. Higher levels of walkability, determined by its walk score, may be increasing the value of the home. The higher the walk score, the higher the home value. The location of restaurants, schools, libraries, banks and retail shops are some of the amenities which help determine the homes walk score. It is possible that a one-point increase in a walk score could increase the sale value of a home from $700 up to $3000, depending on the market.

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Selling Your Home During Holiday Season - Staging

Joe Jackson (Keller Williams Capital Partners) — Fri, 20 Nov 2009 11:49:08 -0600

Exterior Lighting - It should catch your eye, not blind you. Flashing lights and lawn figures may keep your prospective buyers from seeing the true charm and value of your home. Keep it simple. Simple white lights in moderation can compliment your home and make it feel festive and welcoming.

Christmas Tree - For those with a smaller home, you may want to rethink putting up that tree. Prospective buyers are looking at the amount of space they have to work with. A tree can create the illusion of less space. Natural lighting can create the illusion of more space, so don't block windows with a tree or any large decorations.

Interior Decorations - Leave most of those decoration in the box. Too many knick-knacks, lights and/or displays will distract the prospective buyer. The abundance of decorations can make a room appear smaller and the prospective buyer may spend time judging your displays instead of looking at your home.

Holiday Scents - One of the most popular scents is always Vanilla. Other favorite scents for the holiday season include cinnamon, pumpkin spice and spruce.

After The Holidays - Holiday decoration should be taken down and stored by January. Leaving your directions up for an extended period of time may give the impression that you do not take the time to maintain your home. Rule of thumb: All decoration should be removed within a few days after the holiday

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Real Estate Training | How To List REO's

Joe Jackson (Keller Williams Capital Partners) — Wed, 18 Nov 2009 03:11:14 -0600

It does not matter if ou like it or not, the next wave of REO's is coming soon! Are you ready for it?

Via Tim and Julie Harris (Harris Real Estate University):

Quick, important blog post for you...

Alarming new information is (finally) being released about how big...make that HUGE...the foreclosure problem really is....

Read the entire article on the blog NOW.<------Important Link, Click NOW.

Here are a few facts for you:

Fact: Every 13 Seconds Another Home Goes Into Foreclosure.

Fact: Nearly 7,000 Foreclosure Filings PER DAY.

Fact: There are Roughly 7,000,000 lender 'Shadow Inventory' homes....homes destined to become REO listings.

Fact: Its Simply Impossible That There Will Be Any Sort Of 'Market Correction' For Years.

Fact: The FHA Will Have To Raise Standards For Loans, Rates...Credit Scoring etc.

Fact: Over the next 3 years more than 6,000,000 more homes maybe lost to foreclosure (thats in addition to the 7,000,000!)

Hop on over to the blog now and read the entire article...everything is about to change...

Read the entire article on the blog NOW.<------Important Link, Click NOW.

It seems that the banks (and the politicians) won't be able to hide the real facts any longer. If these new reports are to be believed, there is going to be massive changes happening to the real estate markets over the next 90-120 days.

Read the artucle on the blog and let us know what you think..

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Home Value Report Seems Premature

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 13:28:35 -0600

Columbus was 1 of the 24 metropolitan areas studied. Columbus showed a rise in home values in the 3^rd quarter this year compared to the 3^rd quarter of last year. Home values rose in some out of the way places you might not expect such as Groveport, Hebron and Johnstown. But, there was a drop in value in areas such as Upper Arlington Worthington and Dublin. A few central Ohio real estate agents agree that the housing prices are starting to stabilize throughout the Columbus area.

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Young & Wealthy Find Delaware County to be Home

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 12:29:04 -0600

Delaware County was the only Ohio location to make the list taking number 8 out of the top 10 counties in the U.S. where the concentration of the young and wealthy live.

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New Wave Of Foreclosures Likely

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 11:40:05 -0600

During the month of October 11,646 foreclosure notices were filed in Ohio according to RealtyTrac, a California-based foreclosure service. It looks like Ohio might be heading into another round of foreclosures after these figures were released. There has been an increase in lawsuits filed by lenders against homeowners. The 4,628 suits filed are also included in the number. This is 16% more then in September. The number of loans 90 days delinquent has not been declining so it looks like we still cannot see the light at the end of the tunnel. The 90 day delinquent loan numbers have been increasing since the middle of 2008 even though the Nationwide trends in foreclosures fell 3% in September and October.

The mortgage industry is still struggling to manage as foreclosures remain at a near record high. California and Florida consumed 41% of the nation's foreclosures in October. Illinois and Michigan followed with Arizona and Nevada close behind. The government has had to push many lenders to participate in the Obama administration's loan modification plan. Over 650,000 borrowers signed up for temporary plans, but since the start of September, only 1,700 modifications have been made permanent.

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2414-16 Adams Ave, 2 Unit $142,500 New Listing by Joe Jackson of the Jackson Team

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 10:24:12 -0600

2714-16 Adams Avenue can buy with 2420-22 Adams. Frame 2 unit fully leased on 11-16-09. See vacant unit at 2422 Adams first. Good North University rental. Forced Air/Gas, Owner pays sewer. Tenant pays electric & gas. Income & expenses projected. Subject to 3rd party approval. New listing by Joe Jackson of the Jackson Team.

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2420 Adams Ave, 2 Unit $142,500 New Listing by Joe Jackson of the Jackson Team

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 10:05:00 -0600

2420-22 Adams Ave - Can be bought with 2414-16 Adams. Call listing agent for occupancy status. One side leased @ $750 11-16-09. Vinyl sided 2 unit, 3 Bedrooms per side. Forced Air/Gas, Owner pays sewer & water. Tenant pays electric & gas. Income & expenses are projected. Subject to 3rd party approval.

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323 E 16th Ave, 2 Unit $165,000 New Listing by Joe Jackson of the Jackson Team

Joe Jackson (Keller Williams Capital Partners) — Tue, 17 Nov 2009 09:10:20 -0600

323-25 16th Ave - 3 Bedroom, 2 unit with walkup 3rd floor for Bedroom #4. One unit leased @ $975 as of 11-16-09. Steps to COTA & OSU busline, great street of well-kept properties. Updated AC, furnaces & a new roof. 4 Bedroom, 1.5 Baths, see vacant unit first and occupied side with contract.

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H1N1 CLINICS PLANNED IN FRANKLIN COUNTY OHIO

Joe Jackson (Keller Williams Capital Partners) — Sun, 15 Nov 2009 05:57:03 -0600

Franklin county health officials have announced the latest flu clinics for Columbus , Clintonville, Worthington and other communities in Franklin County

Wednesday and Thursday November 18 and 19 from 4-7 pm will be this weeks clinics. They will be held at Xenos Christian Fellowship at 1390 Community Park Drive on the north side, just off Cleveland ave, south of I-270

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The Real Estate Market is Dead! Did you hear?

Joe Jackson (Keller Williams Capital Partners) — Fri, 13 Nov 2009 14:23:27 -0600

Aren't you tiered of hearing comments like the headline below? Great words of wisdom in this blog!

Via elgin walker (keller williams vip properties):

Weren't those the headlines? Wasn't that the word of the day? You still hear that all the time. We haven't bottomed yet! Wait to buy. Don't catch a falling knife (I think I used that one...hahahaha) We are witnessing a collapse of Real Estate as we know it! Let me ask you a question, Have you or anyone you know actually attempted to purchase a home lately? If not let me tell you what those of us that actually WORK in the field. In the areas I service, if you are looking at REO's, Short Sales, Standard sales (the few there are) you will find the pick of inventory low, and you will find the competition to purchase stiff. I am finding very few homes sell less than their listing price, NOT in multiple offers! Yes I said not in multiple offers and above asking price! Does that sound like the real estate market has collapsed? Yeah it doesn't to me either. Look I do not know were the market is going to go, nor do I know what the market has coming a head. I do know what is going on in the know. You can sit back and listen to whole bunch of people not in the trenches everyday (if ever) or you can pay attention those of us in the game with a pulse on the market. The choice is yours.

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FANNIE MAY OFFERS LIFE LINE TO SOME OWNERS IN DISTRESS - A One Year Lease Option, Rather Than Foreclosure!

Joe Jackson (Keller Williams Capital Partners) — Fri, 13 Nov 2009 14:21:13 -0600

This is a good topic to diacuss, do you tink they will have any success?

Via Dean Moss - Dean's Team Chicago Real Estate Team (Dean's Team - Keller Williams Lincoln Square Chicago):

Inundated by thousands of homeowners on the brink of losing their homes to foreclosure, giant U.S. Mortgage Investor and Guarantor Fannie Mae has created a program that will allow many of those who face losing their home the opportunity to lease them for up to one year. For most distressed homeowners, that's a far better option than being evicted.

As reported by Nick Timiraos in last Thursday's Wall Street Journal, the new Fannie Mae Deed for Lease Program began last week. It allows the former homeowners, now tenants, to pay a market rent to lease their home for up to twelve months from the day agreement is reached with the lender. Rents would be set at market - in many cases, the new monthly housing payments would be considerably lower than the previous mortgage payments.

Fannie acquired roughly 57,000 houses through foreclosure during the first half of 2009. It's total package of Real Estate Owned now stands at 63,000 distressed properties. Their estimated value - $6 Million!

If the rental program proves successful, Fannie Mae would keep additional foreclosed home inventory from an already saturated distressed property market. Hopes are the market will be stronger at the end of the lease term, and the organization could sell these houses at a higher price one year down the road.

According to Jay Ryan, Vice President of Equity Investments at Fannie Mae, fewer foreclosures on the market will also help the neighborhoods and communities in which these homes are located.

Under the program, the homeowners lender or mortgage servicer would have to prove that the borrower would not be eligible for loan modification or workout programs. Those current in their house payments would not be eligible for the Deed for Lease Program.

Fannie Mae also believes occupied homes would remain in better condition than those turned over, vacant, in foreclosure. The program would also provide some rental income to Fannie, rather than the guaranteed monetary drain of vacant, foreclosed homes.

Earlier this year, Fannie Mae began offering month-to-month leases to some owner occupants who lost their homes to foreclosure. Those foreclosed homes, however, remained on the selling block. This new program takes them off the market during the one-year lease term.

To qualify for the program, former owners will have to establish that the new rent amount will be less than 31% of their adjusted gross income. The one-year leases could be renewed month-to-month at the end of the term, but will return to the market at that time. Houses sold to buyers at that point would receive an assignment of any remaining portion of the lease.

Professional management companies would handle accounting and maintenance tasks.

Freddie Mac, the other major U.S. Mortgage Guarantor and Investor, is considering a Deed for Lease Program for homes in its portfolio - they have some success renting month-to-month to former owners, rather than foreclosing.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

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1222 Seymour Ave, 2 Bedroom 1 Bath, $39,000 Listed by Joe Jackson of the Jackson Team

Joe Jackson (Keller Williams Capital Partners) — Thu, 12 Nov 2009 13:29:17 -0600

Bank Short Sale - Very clean 2BR home on a quiet street. Some wood floors-finished basement adds approx. 300 sq ft. Sold as is. Forced Air Gas Heat, Storm windows - part, 1^st floor master bedroom, eat-in space kitchen, wood floors - part, 1 car garage, detached. Listed by Joe Jackson of the Jackson Team

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