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Blog entries tagged with "declining market":
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The number of foreclosures in the Pinal County area of Queen Creek are still abundant. After checking the trends there are even more on the way. The number of Default notices published with Pinal county have been going up every month since January of ‘08. 
We get great questions asking us how to get your credit back in shape to purchase a home. Here are a few things that you can do that will get you on your way! With the real estate market in position to decline for a minimum of next 18 to 24 … (0 comments)
I just thought I'd pass this along to AR. This is an e-mail that I sent out to my mail list comparing the current and past sales here in Wilson County/Lebanon, TN.
If you are in the market for a new mortgage loan, whether for buying a home or refinancing a home, then you might have run across a term that is causing great confusion in the real estate market today. The term that I am referring to is “Declining Markets.” 
Fannie Mae recently revised their declining markets policy. In a nutshell, their terms are:
Although recently done away with by Fannie Mae and Freddie Mac, you may have heard lenders tell you that the real estate purchase is in a "declining zip code". 
U.S. house prices are declining at an amazing pace and are down almost 18% from their July 2006 peak according to a recently released information. The housing market shows few signs of hitting bottom. Inventories remain high and analysts say new-home construction is likely to fall further before the market is back … (3 comments)
The owner's of the pristine little house wanted to move a state away to be closer to their family. They had not taken advantage of the boom market and felt they had missed the boat. They saw the price drop as a loss of money that belonged to them. Their desire … (0 comments)
As I continue to research communities throughout the day while performing area appraisals, I am finding some strength returning to certain communities. The media would have us believe that the Florida housing market is still crashing - and it is in some areas. However, there are also some communities which are picking … (7 comments)
There May Still Be Capital Gain Even If they Are Selling for Less than What They Paid to Purchase It!!!
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during … (0 comments)
In most areas here in Southeastern Pennsylvania, Prices of homes are falling. They are falling here in 2008. Some homes have fallen in price as much as 15%. Yes that is right! As much as 15%!
We heard recently from one of the lenders we deal with that Fannie Mae is killing its broad declining market policy. Before you celebrate, though, read on to see what plans they have for real estate!
As recently as January 2008, Fannie Mae decided that labeling entire zip codes or counties … (1 comments)
Today I talk about what I have been seeing and hearing in the real estate market. There is a lot of fear about buying property because values are still dropping and yet when you look at the facts, homes are on sale, interest rates are still at historic lows and money … (1 comments)
You know, these types of weeks are rather frustrating. Let me explain:1. There was very little news in the market this week. The GDP report for the first quarter was revised upward, but not by much. The personal income, spending, and "inflation adjusted" spending all were up, but were up less … (1 comments)
I talk to many agents every day and it is really something to learn how many have to juggle real estate calls around their new part or full time job. This is definitely not a small group of people. My part time work is BPOs and it's working well, but for … (9 comments)
Effective June 1, 2008, Fannie Mae and Freddie Mac have dropped their "declining market" policy requiring an addition 5% down payment for properties determined to be in declining or "at risk" markets. Hopefully this will impact Jumbo loans as well as conforming loans but a formal announcement has not been made. … (2 comments)
Fannie Mae recently introduced a refinance program - called Keys to RecoveryTM - that will enable borrowers struggling to keep their homes, help more prospective buyers purchase homes, and contribute to stabilizing communities hit hard by the downturn in the mortgage market.
Now is the time to sell. If this was the stock market you would execute a stop loss order and lock in your profit before the price per share fell further. But this is the real estate market and not the stock market so it is not as simple as calling … (0 comments)
I have a client with a newer property in a declining market. The same layout sold two houses away for $969K 10 months ago. We started out at $1,050,000 against my suggestions. We are now at $1,010,000 and we got an offer at in the mid $900K clean, as is, pre approved that … (3 comments)
Getting approved for a conforming home loan just got tougher.
Again.
As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment.
Some of the new restrictions on home … (0 comments)
In the current Sunland – Tujunga real estate market and throughout the rest of Los Angeles County and into the Inland Empire and the rest of Southern California, there are near record number of real estate listings that are expiring from the MLS. 
As of June 1st, Fannie Mae is changing it controversial policy of requiring an additional 5% down payment for home in designated as being in a "declining market". Back in January, Fannie Mae changed its lending guidelines which had a major impact on Ventura County home sellers and buyers. Ventura County was … (1 comments)
On May 16, 2008, Fannie Mae announced that they are withdrawing their Declining Market Policy and replacing it wtih a National Downpayment Policy. 
Since last December, California was named a "declining market" by FNMA ("FannieMae"), but in the spirit of its original mission under its 1938 creation under Franklin D. Roosevelt to "help those who house America", last Friday, May 16th, it removed that designation.So what does this mean for you? "The new national … (2 comments)
I wanted to provide you with some great news that surely should add some hope in the air and put a few more thousand families a little bit closer to homeownership. Many of you might recall last December, when virtually all of Northern Virginia (and over ½ of the country), … (0 comments)
Michigan has been mentioned in many news articles as a state that has more severe
Fannie Mae announced today that effective June 1st, they will require a minimum down payment of 3% to 5% on all loans. This replaces a policy adopted in December that required a higher down payment for loans in markets with declining real estate prices.
We live in Tucson, Arizona, which is located in Pima County and is considered a declining market for real estate. I am not sure if this has anything to do with Capital One's decision, but just is case:
Talking to other agents around the office and working on deals you have opportunity to share experiences. Not only is it interesting but I usually learn something that I didn't know, or a bit of additional info is gleened that can be added to a subject that I recently learned about.
… (0 comments)
I have been trying to get a firm answer on this and it seems everyones take is a little different. But here in Florida when a property gets reassesed they use the value at which the property was purchased plus their equation. So you would think that if you purchase the … (4 comments)
For owners of condominiums who want to sell or refinance, some stunning changes and challenges lie ahead. In market areas across the entire country, things are looking to get more difficult for condominium owners to sell or refinance a condominium.
… (2 comments)
At a sales meeting yesterday morning we were presented with this question - Are we helping buyers hold out for the "best deal" by continually advertising price reductions of a property? If a buyer sees that a property (or an area) is constantly being reduced in price, why would they buy … (1 comments)
I have an unsubstantiated rumor that a particulr zip code in Indianapolis is tagged as being in a declining market. I did a little research and in fact if you look at the entire zip code, it is in declining market. I then narrowed it down to particular legal descriptions and … (0 comments)
"Come to my web." said the spider to the fly. I know that I am asking for trouble writing about this mortgage crisis and for the first time, I am REALLY looking forward to input from as many people as possible.... Here's how I understand the mortgage crisis and why it directly … (7 comments)
I have been in the industry long enough to go through 'downturns' and high foreclosure rates, but the media is just driving me crazy with the negative speculation!! Yes, there are some very, very bad things happening in the mortgage industry right now, but last time I checked, PEOPLE ARE STILL … (3 comments)
Attention sellers, we are currently in a declining market. If you are serious about selling your home then it is critical that your Realtor understands the dynamic between the market trend and your home's value. Let me explain. The longer your home is on the market the lower the market value. … (3 comments)
I must learn not to talk to banks within 1/2 hour of giving speeches. Talking to banks tires me out. Especially when they are uncooperative. Today the Bottle Brush home in question is going to be shown for a second time twice. Maybe we will get an offer. If the … (3 comments)
Things continue to change very rapidly on the home financing front. Over the past 9 months we have seen many areas such as Florida, California, and the northeastern US labeled as “declining markets” by Fannie Mae and Freddie Mac. Recently, mortgage insurance companies have set their own standards for declining … (5 comments)
No man is an island and neither is the effect that a sluggish real estate market has on local governments and municipalities! The problem when a real estate market is rising - everyone thinks the party will never end! Increasing home values, new more dense zoning are dollar signs in the … (12 comments)
You may have heard of this list of regions and zipcodes deemed to be "declining markets", meaning that home values are dropping in those areas. When a region is labeled as such, guidelines dictate that the maximum Loan-to-Value be dropped by 5%. So if a program allows for 100% financing, but the … (5 comments)
Does this sound familiar to you? If so, I have recent experience and wanted to pass along some tips.
The February Home Encounter Residential Real Estate Report for Tampa Bay was published on March 4th, 2008. This report contains Tampa Bay Statistics extracted from MLS and analyzed by Home Encounter Real Estate Consultants.
My plans for my first rehab on a REO property that I bought, was to turn the property over quickly. simply because I wanted to build some cushion. My journey and the outcome on this rehab was contrary to what I intended.
I can't be the only one out there that is wondering how long the Federal government can keep this up? And by keeping this up, I really mean, keeping interest rates low in an effort to stimulate our housing market.
On March 3rd, Citi Home Equity will cut their ltv's from 90% to 85% in areas deemed to be in a declining market. Chase is already tapped at 75%. Crazy, these guys were lending up to 100% ltv 6 months ago.
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Mr. Consumer: "Mr. Broker, I have six months left before my ARM adjusts, and I am looking to refinance out of it. How are the rates?"
Georgia & Florida Labeled Declining Markets 
Recently I posted 2 articles regarding Declining Markets.
One of my account executives gave me this. Its a quick way to see if your home might come up as in a "declining market" and be subject to the LTV reduction. 
Has anyone been following that lawsuit going to trial on Monday in San Diego where a homeowner is suing her agent because she bought at the peak of the market? The homeowner, Marty Ummel, has been picketing her agent's office for more than a year. The agent, Mike Little, Re/Max, is … (24 comments)
Absolutely not! Even though my catchy headline (I should stop thinking so highly of my writing ability) would have you think that the sky is falling and the world is ending, the truth is it is not. There are still many ways for a buyer to purchase with a limited down … (5 comments)
In December 2007, Fannie Mae instituted a requirement that maximum loan-to-value ratios be reduced for loans they make on properties deemed to be in a declining market area, either by the appraiser or by secondary verification sources such as Moody's/Case-Shiller House Price Index.
Boston Real Estate Report By SharpBuyers.com
I did an appraisal recently on a new build in a new subdivision. The buyers (one R/E Agent and one L.O.) that I have received business from (sporaticly) over the past 2 years, had the LO's company order an appraisal on the house they were buying. Rush order, needed to close … (37 comments)
Are you aware that Fannie Mae and Freddie Mac guidelines are changing in the New Year for homes in declining markets?
Strategic Mortgage has unveiled a program to help borrowers in the current market. The program consists of loan programs to help borrowers of all types:
If you're a Real Estate professional, or even just someone interested in the topic, it is pretty well known that when the real estate market peaks it's imperative to make money while the getting is good. 
So many agents are depressed with market conditions in real estate that they are actually speaking their own fate. Imagine this for just a moment...Have people stopped moving to California, New York, Florida, or Texas? What kind of question is that anyway. We all know that people are moving everyday! So, … (0 comments)
Well it appears they are still on the rise here in Lee County. Yes folks, we have many foreclosures here in Lee County.
We're on the market but aren't getting showings ... where are the Buyers?Our initial response is to address your price ... are you priced right? That is elementary and essential. Assuming your price is right let's look at today's Buyers. Buyers today are very informed. They generally know the market, what … (1 comments)
Optionee Remorse 
The Sky Is Not Falling
My girlfriend and I just got an offer on a home that she owns that was $18,000 less than what we had "sold" it for last August to a buyer who wasn't able to get a security clearance for her new job and that killed the deal. I also have a … (7 comments)
Tip for listing in tough markets
Pricing a home to sell has always been important, but now in our declining market it's CRITICAL. When I'm talking to Sellers, I prepare a CMA and show them where the home should be listed to be competitive, which is at or near the bottom of the range of comparables. Today, … (3 comments)
Here in Central New Jersey, many agents (and almost every home seller) are refusing to admit or accept the fact that the market is in decline. Regardless of dropping prices, significant price reductions, larger numbers of expiring listings, too many agents are blaming buyers and sellers and not the market.