paul roesch: Short Sales Popularity Increases
- 02/23/10 04:19 AM
According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, short sales accounted for a substantial 15.9 percent of home purchase transactions in January. This was well above the share of other distressed property activity – with damaged REO accounting for 13.4 percent of activity and move-in ready REO making up 13.8 percent.The January figures represent a steady increase in short sale popularity. As recently as November of 2009, short sales accounted for 12.4 percent of the home purchase market, according to the Campbell report, behind move-in ready REO at 12.6 percent and nearly even with damaged … (1 comments)
paul roesch: Housing Starts Increase in January 2010
- 02/22/10 12:16 PM
Nationwide housing production hit its strongest pace in the last six months this January, posting a 2.8% gain to a seasonally adjusted annual rate of 591,000 units, according to figures recently released by the U.S. Commerce Department.“Builders are starting to see the positive impacts of home buyer tax credits and other favorable buying conditions in terms of consumer demand, and are cautiously increasing production to meet that demand,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.“As our latest home builder surveys have indicated, today’s excellent home buying conditions–including the availability of tax … (1 comments)
paul roesch: When will U.S. Withdraw Mortgage Market Support?
- 02/20/10 09:19 AM
Uncle Sam is trying to get out of the business of running the U.S. mortgage market. The trick will be withdrawing support without toppling the nation’s fragile housing recovery in the process.The government rescued the sector last year with a series of unprecedented measures that staved off a catastrophic collapse, including pumping more than $1 trillion into home loans. But Washington now has effective control of the housing market, either owning or guaranteeing an estimated 9 out of 10 new mortgages.That has critics worried that the government has asserted too much control over a critical segment of the economy while inflating … (1 comments)
paul roesch: Good real estate news: Home equity is rising again
- 02/18/10 02:36 PM
That's not all that impressive compared with the quarterly increases during the hyperinflationary housing boom years, but it could signal something important: After three years of unprecedented shrinkage in home equity -- and three years of rapid expansions in the number of underwater borrowers with negative equity -- there are signs that the down cycle may be shifting.Last week, online real estate valuation researcher Zillow.com released its latest quarterly numbers on negative equity in major markets. The findings were sobering, but the study also offered some hints of modest improvements for housing. The overall negative-equity rate among American homeowners remained flat … (4 comments)
paul roesch: Mortgage Employment Increases
- 02/18/10 05:12 AM
With more than 100,000 positions eliminated in the mortgage industry from 2006 through 2008, it is clear that employment within this sector was strongly impacted by the downturn in the economy. However, as the economy begins to show signs of stabilization, mortgage employment is following suit.According to a recent report on PRNewswire, mortgage employment expanded in 2009, marking a vast improvement from 2008 and 2007. In its Fourth-Quarter 2009 Mortgage Employment Index, Mortgagedaily.com found that mortgage employment increased by 8,321 jobs last year. The index, which reflects mortgage-related hirings and layoffs tracked by the real estate Web site, showed 30,899 job … (1 comments)
paul roesch: Treasury foreclosure-prevention program helps 947,000 households
- 02/18/10 04:59 AM
The U.S. Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.That was the number of households benefiting from easier loan terms at the end of January through the Obama administration's Home Affordable Modification Program, known as HAMP. The total was up about 11% from a month earlier. The administration estimates that 1.7 million households—about 3% of those with mortgages—are eligible for the program.HAMP, announced a year ago by President Barack Obama, gives lenders incentives to help struggling borrowers avoid foreclosure by shrinking their payments through a reduction in the interest rate to as low … (1 comments)
paul roesch: Paying Homeowners Not to Walk Away - Is this a Good Idea?
- 02/15/10 02:08 AM
With tumbling property values leaving nearly a quarter of borrowers owing more on their mortgage than the home is worth, some may find it tempting to walk away even if they are financially able to keep makingpayments – either to get out from under the debt completely or to force the servicer’s hand for a modification. This idea of “strategic default” has become a universal concern within the industry, but one New Jersey company says it has a plan to counter such calculated flights of exodus.According to the Loan Value Group LLC (LVG), it’s time to pay current borrowers to stay … (0 comments)
paul roesch: Commercial Real Estate Forecast $300 Billion Losses
- 02/15/10 12:48 AM
Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded.Market analysis by the Congressional Oversight Panel (COP), charged with keeping tabs on the government’s Troubled Asset Relief Program (TARP), shows that $1.4 trillion in loans made over the last decade for retail properties, office space, industrial facilities, hotels, and apartments will reach the end of their terms and require refinancing between 2011 and 2014.According to the panel, the loans most likely to fail are those made … (0 comments)
paul roesch: Home Buyers Rush to Take Advantage of Tax Credit Before It's Gone
- 02/12/10 02:57 PM
Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat … (1 comments)
paul roesch: Fewer Home Sellers Cut Asking Prices for Homes in January 2010
- 02/12/10 02:23 PM
Just over 40% of available homes for sale had reduced prices in January 2010, compared with 44% in December 2009, according to a monthly survey of home listings in 27 markets conducted by the national real estate brokerage ZipRealty.With fewer reduced price homes available in January, sellers were able to ask for their original list prices, rather than cut them to attract buyers.“Sellers are taking a realistic look at current market conditions before listing their homes,” said ZipRealty CEO Pat Lashinsky. “We have a lot fewer homes for sale right now than we did last year, and we are seeing more … (0 comments)
paul roesch: New Decade Presents New Opportunities in Foreclosure Market
- 02/10/10 02:55 PM
Whether you’re a buyer’s agent looking for investment properties or a listing agent looking for REO homes, 2010 marks the beginning of a decade of unprecedented opportunity. Rick Sharga senior vice president at RealtyTrac has done a nice job of answering some of the most frequently asked questions about the foreclosure market. Q: What’s the outlook for foreclosure activity in 2010? A: It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although … (0 comments)
paul roesch: Why Would Someone Want to Sell Real Estate at Auction?
- 02/09/10 01:11 PM
Why Would Someone Want to Sell Real Estate at Auction? * An auction is an event * Property is sold on a specific date * Everything is disclosed up front * The only negotiation is price * All negotiation is open and public * Delivers 100% of present cash market value * Selling as is where is with no fix up expense or repair contingencies * All cash no contingency contract with 30-day closing * Buyer pays closing costs * No seller commissions! AUCTION MYTH: AUCTIONS ARE FIRE SALES WHERE YOU GIVE AWAY PROPERTY!AUCTION FACT: A properly advertised and promoted … (7 comments)
paul roesch: Number of 'For Sale' Homes Increased 2.9 Percent in January 2010
- 02/09/10 09:42 AM
January 2010 marked the first time in 18 months that more homes were listed “for sale” compared to the previous month, with an additional 15,000 homes, or a 2.9% increase, listed for sale compared to December 2009 according to the January Housing Inventory Index, a survey of Multiple Listing Service (MLS) listed homes in 27 major U.S. housing markets conducted by the national real estate brokerage ZipRealty. Serious sellers need to list their home now, rather than wait for the spring, to capitalize on buyers looking to take advantage of the tax credit extension. Read more … (0 comments)
paul roesch: Report Suggests Home Prices have Found the Bottom
- 02/08/10 02:17 PM
A new study from PMI Mortgage Insurance Co. suggests home prices have found their bottom.The company’s analysis shows that by almost all measures, residential property values began stabilizing considerably during the second and third quarters of last year – and monthly data through November confirms that this stabilization continued into the fourth quarter. PMI says the likelihood that home prices will drop lower over the next 24 months is diminishing for most large metro markets.PMI says excess housing supplies and rising foreclosure rates, coupled with increasing unemployment place downward pressure on house price appreciation and could drive prices lower over the … (4 comments)
paul roesch: Around the Home – Recycle Your Way to Less Waste
- 02/06/10 01:52 AM
The easiest way to do your part and help the environment is to simply recycle. It’s also one of the most effective ways to conserve natural resources, create less pollution and reduce the amount of waste sent to the landfill.Seventy-five percent of the waste we generate in American homes is recyclable but less than 35% is actually making it to a recycling center. Know Your Numbers: All plastic containers have a little number inside recycling arrows located on the bottom which identifies the type of plastic used to make the product. Many local curbside recycling programs accept products marked with a … (1 comments)
paul roesch: Small Investors Lost It All in Memphis
- 02/05/10 10:31 AM
Investors say they are innocent bystanders who are paying a painful price for the credit crunch. The commercial real-estate mess is clobbering lots of investors. Few of them are reeling as much as the 27 owners of 1023 Cherry Road in Memphis, Tenn.The office complex about five miles east of downtown tumbled into foreclosure last fall because the owners couldn't refinance the $14 million loan used to buy the two glass-and-steel buildings in 2004. They also lost all $7.1 million they invested.Cherry Road's collapse is an ominous sign for thousands of other commercial real-estate deals in which mom-and-pop investors pooled their … (0 comments)
paul roesch: Residential Mortgage Delinquency Rate Surpasses 10%
- 02/05/10 09:43 AM
Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week. This rate indicates that more than 7.2 million mortgage loans are now behind on payments, LPS explained, with another one million properties already taken back by banks and in REO status.LPS said the company’s analysis shows that within the prime loans category, those with unpaid principal balances between $417,000 and $600,000 have performed the worst. Residential Mortgage Delinquency Rate Surpasses 10%
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paul roesch: Employment Situation Summary
- 02/05/10 09:12 AM
The unemployment rate fell from 10.0 to 9.7 percent in January, and nonfarm payroll employment was essentially unchanged (-20,000), the U.S. Bureau of Labor Statistics reported today. Employment fell in construction and in transportation and warehousing, while temporary help services and retail trade added jobs. Here's the report and website to learn more and to help advise clients. Employment Situation Summary
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paul roesch: Cher's Hualalai Resort home sold at Auction for $8.72 million Auctions are a First Choice
- 02/04/10 03:17 PM
The market rate for a super-luxury celebrity vacation getaway on the Big Island has been set by auction.Ready? It's $8.72 million.That's how much the home owned by Cher at Hualalai Resort on the Big Island of Hawaii sold for at auction on January 18. The auction process is clearly becoming the selling option of choice for exclusive luxury properties A properly produced & marketed auction will deliver 100% of the present cash market value 100% of the time. Cher's Hualalai Resort home sold for $8.72 million
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paul roesch: Taxes are more complicated than usual
- 02/04/10 02:48 PM
The Home Buyer Tax Credit was a topic of conversation today at our auction among some agents. Seems like everyone is talking about it and yet there are different opinions. Here's something that may be helpful. Home Buyer CreditOriginally, the $8,000 credit was only for first-time home buyers. Now, long-time homeowners can get a credit of up to $6,500 if they bought a new principal residence after Nov. 6 and lived in their old homes for at least five years in a row in the past eight years. The income limits for eligibility also were raised late last year and the … (0 comments)
I sell real estate assets fast and economically. I auction household, estate, real estate and downsizing auctions. Brokers and agents encouraged for referral of sellers and buyers.
Paul Roesch cell: 618-407-8479
According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, short sales accounted for a substantial 15.9 percent of home purchase transactions in January. This was well above the share of other distressed property activity – with damaged REO accounting for 13.4 percent of activity and move-in ready REO making up 13.8 percent.The January figures represent a steady increase in short sale popularity. As recently as November of 2009, short sales accounted for 12.4 percent of the home purchase market, according to the Campbell report, behind move-in ready REO at 12.6 percent and nearly even with damaged … (1 comments)
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