short sales: 5,300 Vacant Homes in Frederick County Maryland - US Census
- 02/27/11 01:24 AM
Your Distressed Property and Short Sale Expert in Maryland The US Census Bureau said that of the 90,000+ housing units in Frederick County Maryland, as of April 1st, 2010(Census Day), 5,330 of them were vacant, or almost 6%. Frederick City had a vacancy rate of just over 8%(2,207) of it's housing units.This can affect the appraisal value of other homes, even if the vacant homes are not distressed, according to Wayne Six, a Frederick appraiser. Vacant homes are not only those in foreclosure or pre-foreclosure, but may have owners that recently died, are on extended leave, or have moved away, or … (0 comments)
short sales: The Debt That Threatens to Eat The American Way of Life
- 02/24/11 01:14 AM
Your Distressed Property and Short Sale Expert in Maryland Incredibly, total public debt - Federal, State and Local - is nearing the massive, percentage-wise, debt from WW II.However, after WW II Federal Debt quickly fell from 122% of Gross Domestic Product(GDP) to less than 30 % of GDP. It now stands at 94%+ of GPD. Ther is no such hope this time around, and debt and debt service(interest payments) continue to mount - the Federal debt has built to be a significant part of the budget.After WW II the US had a young population, world leading manufacturers, high personal savings rates … (3 comments)
short sales: Can America and Americans Still Manufacture Our Products?
- 02/15/11 05:06 AM
Your Distressed Property and Short Sale Expert in Maryland The movie "Company Men" ponders this idea, as way too many Americans are unaware of our massive losses of manufacturing jobs to other countries. Many Americans realize this and wonder - how can we survive if we do not make anything, but only consume goods made somewhere else? A new book, "Make it in America", by Andrew Liveris, incidentially the CEO of Dow Chemical, and a native of Australia, makes the case that with businees government and labor working together we can prevent the loss of manufacturing - especially high tech manufacturing. It has been … (3 comments)
short sales: Maryland on Verge of Becoming Minority Majority State
- 02/10/11 08:38 AM
Your Distressed Property and Short Sale Expert in Maryland According to the 2010 US Census taken this past April, Maryland may very well become another state with minorities as the majority of the population by the next census, and would join California, Texas, Florida and New Mexico in that category. Large growth in black, hispanic, and asian populations ar fueling this trend in Maryland. As recently as 1990, about 70% of Maryland residents classified themselves as white, compared to 55% in the 2010 Census. In fact, Maryland's white population dropped nearly 130,000 from the last Census. A majority of the state's young … (0 comments)
short sales: Borrow and Spend, or Cut and Grow?
- 01/26/11 04:11 AM
Your Distressed Property and Short Sale Expert in Maryland Two fundamentally opposed theories. The first is Keynesian, based on the theories of John Maynard Keynes, the father of the modern theory of "pump-priming" economics, which says national governments sould lead the way by borrowing and spending to stimulate a nation's economy. The other theory, much older, is that you make your budget fit the available resources...Isn't that in the Bible? So it's not going to be easy, Republicans strongly oppose the Democrats and President Obama. Republicans control the House which is constitutionally in charge of all Federal spending, and can block … (0 comments)
short sales: Housing Market - Ex. DC - GLUM!
- 01/26/11 03:42 AM
Your Distressed Property and Short Sale Expert in Maryland DC area home sales were up 3.5% over last Novermber - year over year, according to S&P/Case Schiller, which measures resales of single family homes on a three month rolling average. So Novermber's figures include September and October. Delta Assocaites found a 7.5% increase, since they measure all MLS sales by month, which indicates a large increase for November. Nationally, DC, San Diego, Los Angeles, San Francisco, all had increases in home sale prices, while most of the rest of the nation has decreases in pricing. Portland, OR, Detroit, Chicago, Atlanta, all … (0 comments)
short sales: ALLY(GMAC) to withdraw Robo-Signed Foreclosures in MD
- 01/19/11 12:11 PM
Your Distressed Property and Short Sale Expert in Maryland Ally Financial said it will withdraw about 250 active foreclosures in Maryland that were signed by the Robo-Signer, Jeffery Stephen, and resubmit those foreclosures to the courts. There is no plan to do so in other states. but consumer advocates that sets a precedent for states across the country. Ally said internal audits has failed to find any instance where the borrowers were not in default. Legal experts think Ally agreed to the dismissal to prevent a legal precedent regarding the review process servicers are required to perform before foreclosing on homeowners. There are … (0 comments)
short sales: Fed Says - Let's Stop Reckless Lending and Curb Foreclosures
- 01/19/11 11:33 AM
Your Distressed Property and Short Sale Expert in Maryland How could they say such a thing? Just ask the investors who are also beginning lawsuits against the lenders for recklessly endangering their funds. FAFA, which oversees Fannie Mae and Freddie Mac took steps to review lending practices and how loans are managed by banks. Now the incentive is to foreclose rather than modify loans because loan servicers get to charge fees that are collected from the investor when a foreclosed property sells. Modifying loans reduces the fees loan servicers receive. * FHFA wants to find a better model that better serves the … (0 comments)
short sales: Flip That House - It's LEGAL? with FHA
- 01/15/11 12:33 AM
Your Distressed Property and Short Sale Expert in Maryland It sure can be! Not the flipping horrors stories, where the agents/brokers, appraisers, and lenders, colluded to defraud buyers/borrowers, but the FHA sanctioned practice of rehabbers buying, fixing and reselling homes within the 90 day exclusion period long established by FHA. This rule was relaxed in January 2010, and plans are to extend it for another year. The plan allows qualifed home buyers to purchase a home that was previously purchsed by rehabbers less than 90 dyas before. There are safeguards for buyers including home inspections and sometimes even multiple appraisals. The sucess … (7 comments)
short sales: Here Comes Tax Time - Hurry Up And WAIT ?!?!
- 01/14/11 11:23 PM
Your Distressed Property and Short Sale Expert in Maryland Yes, the Internal Revenue Service needs time to revise some forms specifically for most homeowners since Congress was so late revising the tax code - just a month ago. The forms must be altered because of the "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act" of 2010 of December 17th. That's a mouthful! Anyways, since it changed some Federal Income Tax rules, some taxpayers should wait - until mid or late February!!! to file their Federal Taxes. Of course, since most states borrow information from the Federal Tax Forms, most taxpayers in … (2 comments)
short sales: Will Tax Cuts Strangle the US Economy?
- 01/14/11 07:14 AM
Your Distressed Property and Short Sale Expert in Maryland When President Obama refused to raise taxes for most Americans he made it much more difficult for his admistration to cut the US budget deficit, due to lower, or not rising, tax revenues. Now he plans to propose some deep budget cuts, but will probably not meet his goal of reducing the deficitfrom 9% to 3% of the deficit by 2015, forseeing a second term. Non-government analysts are disappointed, saying the President is missing an opportunity to follow the advice of his fiscal commission, which had support from many leaders of both … (2 comments)
short sales: Housing Industry Improving? - a Definite MAYBE
- 01/14/11 05:07 AM
Your Distressed Property and Short Sale Expert in Maryland An Internatinal Builders Show forecast predicts a sharp US economic surge leading the housing industry to big gains in the next two years. Many homebuilders actually seeing the housing market just not getting any worse, however. All agreee that job gains will help lead the recovery - people then feel they can handle the responsibility of a mortgage. Along with high unemployment, lending standards and price uncertainty have keep many from purchasing a home, even though interest rates and prices have fallen greatly. Let's remember the huge inventory of short sales and foreclosures … (0 comments)
short sales: In the Public Arena - Banks Under Attack From All Sides
- 01/14/11 04:28 AM
Your Distressed Property and Short Sale Expert in Maryland Will the Banks ever stop paying for their horrible lending practices? Besides the recent assaults from state courts, 50 State Attorney Generals, Congress, and homeowners, now the investors who provided funding to the banks for home loans, are taking the banks on in the public forum. Having difficulty organizing enough members and the banks not releasing information , investors find themselves aligned with borrowers who took out home loans. A very fortunate turn of events for the investors. Although we may not feel inclined to feel sorry for the investor, and some exposed themselves to unreasonable risks, the group also includes state … (2 comments)
short sales: the FED - Economy Building - Beige Book Report
- 01/14/11 03:54 AM
Your Distressed Property and Short Sale Expert in Maryland Housing, which usualy leads US economic recoveries,will not do so this time. The Fed's monthly Beige Book for January 2011, included anecdotal evidence from the Fed's twelve regions: housing and finance showed continued weakness due mainly to the present glut of housing left over from the foreclosure and short sale crises. However, Manufacturing(particularly the aoto industry) showed improvement in all twelve sectors; the Service Industry(except finance), especially info tech, advertising and consulting, and law firms, showed signs of strength. Health care had mixed results. Housing remained an economic drag for the US ecomony, with … (0 comments)
short sales: They Live! - Foreclosure SCAMS Are Everywhere!
- 01/12/11 01:38 PM
Your Distressed Property and Short Sale Expert in Maryland Foreclosure Scams on the Rise Here are common examples: 1) Equity skimming - "buyer" offers to buy your home solving your financial problems.He will take over,and pay your existing mortgage and give some proceeds of sale to you. To do so the suggests you move out and deed the house over to him. "Buyer" collects rent until the lender evicts whoever is living there and seller is left with nothing. 2) Bait and Switch - Similar to no. 1 - "Buyer" is only after equity. He tells the homeowner he will make the … (2 comments)
short sales: States to Banks - Foreclosures Need Blocked?
- 01/12/11 09:48 AM
Your Distressed Property and Short Sale Expert in Maryland States enact emergency amendments to state foreclosure laws, or consider them. Vermont enacted it's amendment to apply to all foreclosures in the legal system, and requires plaintiffs(bank trustees) to "more extensively validate and verify the accuracy of the foreclosure". In New Jersey, a similar amendment applies to uncontested foreclosures only. New Jersey's chief justice recently asked six lenders; Ally Financial(GMAC), Bank of America, JP Morgan Chase, Wells Fargo, CitiGroup, and One West bank, to "show why foreclosure actions should not be frozen in the wake of reports last year of robo-signing". Massachusettes had a ruling negating … (0 comments)
short sales: US Challenges China on Trade- Finally!
- 01/12/11 09:15 AM
Your Distressed Property and Short Sale Expert in Maryland China has the money(our's and Europe's - almost $3 Trillion) and the goods, and the means to produce them cheaply, but the US Export/Import Bank has finally taken the Chinese on in a big case in Pakistan. The Ex/Im decided to match a deal for 150 locomotives, made by General Electric(preferred over China's product), which includes below market financing by China. This case underscores the newer view that America will compete toe-to-toe with the Chinese, who often use below market interest, and easy repayment terms to shut out other countries. However, China, as … (0 comments)
short sales: Will Treasury's $600 Billion Buyback Fail?
- 01/12/11 08:29 AM
Your Distressed Property and Short Sale Expert in Maryland One Federal Reserve Bank President thinks the $600 billion Treasury bond buying program may need to be scaled back, but he seems almost alone at the Federal Reserve. Charles Plosser, who heads the Philadelphia Federal Reserve Bank, is concerned the program might spark inflation, which would be counter-productive, he said. Others are not worried, pointing out they the Fed can raise interest rates, now near zero, to counter inflationary pressures. Thay also said that unemployment is still high and is expected to remain so into 2012, and foreclosures and short sales are still at … (0 comments)
Found this incredible chart on Fannie's web site - wanted to share with all. Some fees effective December 1st, 2010, and other fees effective April 1st, 2011 Includes an example home loan at bottom. Is this Fannie Mae's new secret - you can't buy a home - weapon. Shows the new Adverse Market Delivery Charge and the Loan Level Price Adjustments Well, it will make it a bit more difificult, i.e. More expensive! https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf
Will really cut down on Foreclosures … (2 comments)
short sales: Fannie Mae - New Fees a Kick in the Gut?
- 01/08/11 03:32 AM
Your Distressed Property and Short Sale Expert in Maryland Just like Freddie Mac did last fall, Fannie Mae will be adding a new schedule of add-on fees for borrowers to pay, either up front or financed into their mortgage, wether they have great credit and a large down payment or only fair credit and a not so big down payment. Since foreclosure and short sales have been so costly to Freddie and Fannie, which together continue to fund or guarantee two thirds of new mortgages, they are trying to prevent further losses by initiating a multilayered risk based fee system. Each risk factor has … (18 comments)
Your Distressed Property and Short Sale Expert in Maryland
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