FHA Extended their Flip Waiver Through 2012 HUD’s Temporary Waiver of FHA’s anti-flipping rule has been extended. In 2010, FHA temporarily waived the regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Waiver will remain the same. PrimeLending will close impacted loans that comply with the newly extended waiver, provided all other (existing) FHA requirements are met as listed below. HUD‟s requirements when waiving regulations 24 CFR 203.37a(b)(2), requires: § A second full […] Click Here To View More
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Looking for good news about the real estate industry….? You have come to the right place. Home builders reported and unexpected INCREASE in home sales. Of course, this being the real estate industry during the worst real estate market in the history of..well, history…there is a flip side to that good news. 6.5 months. That is the number of months supply of new construction homes currently for sale. Click Here To View More
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This is the single biggest story we have shared with you on this site…maybe ever. Watch this 60 minutes news story to learn what is coming next for the housing industry. If this story is any indication of wide spread fraud perpetrated by the major mortgage servicers we are about to enter into a whole new level of housing industry pain. NOTE: This story is NOT about the Robo-signer issue…this is a whole new problem. The states AGs settlements with the banks is NOT over this issue. If there was a question about whether we’re headed for a second housing […] Click Here To View More
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This video is worth watching. Provides a very clear view real estate home values for the last 100+ years. (inflation adjusted) Pay very close attention to the 2000-2007 time frame. Clearly shown is the fact that never before has there been a real estate bubble as extreme as the one that ended with in 2007. Also worth noting, real estate values during the Great Depression. THIS real estate crash has resulted in MORE home value loss ever….yes, this crash is worse than the crash in the Great Depression. Click Here To View More
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Agents, read this ASAP….we have very special Superstar interview for you this week.. Listen NOW to the replay! ….Chris Heller..Top Producing agent and President of Keller/ Williams International…is this weeks Tim and Julie Harris Superstar. I know you will want to listen NOW to this free real estate training event. ****** CLICK THIS LINK NOW… http://InstantTeleseminar.com/?eventid=18450840 ****** Chris Heller interview Questions: * Where do you sell real estate? * How long have you sold real estate? * What did you do before you decided to be a Realtor? Listen NOW to the replay! * Tell us about your market? * […] Click Here To View More
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Who can YOU trust for correct home sales data? Its widely believed that the severity of this housing crash has been greatly UNDER-reported. The NAR is working on correcting their home sales data reports. We expect NAR to revise downward home sales data this summer. The question remains, how bad is it…and when will housing truly hit bottom? Only after we have hit bottom can we be hopeful for any sort of turn around or recovery. Its not inconceivable that it will take at least 7-10 years before there is any sort of ending to the home value depreciation. Watch […] Click Here To View More
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Agents, in this market you must know how to do more than just…listing and selling real estate. To truly be of service to home owners you now must know how to help them avoid foreclosure…and foreclosure scams. Be aware of of the types of predators that are approaching you communities homeowners. Here is another great video from Freddie Mac. Again, post this video on your blog…on Facebook…Tweet it…get the word out. Freddie Mac Foreclosure Myths Myth 4: I am getting many offers for help from a variety of people. They are probably all scams. Truth 4: Scam artists often target […] Click Here To View More
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I have two very important questions for you… ..are you ready to list Bank of America REOs…think you missed the boat and the best REO listing opportunities are behind us? Think again… Following are a few quotes and comments from various sources..I will attempt to translate the banker-speak. Bank of America, the biggest U.S. lender by assets, is segregating almost half its 13.9 million mortgages into a “bad” bank comprised of its riskiest and worst-performing “legacy” loans, said Terry Laughlin, who is running the new unit. Translated: BoA has nearly 14,000,000 mortgages. Of those 14 million mortgages…Bank of America projects […] Click Here To View More
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Question: Where are all the REO Listings? Answer: They are coming…and coming NOW! The Federal Housing Administration (FHA) released its December Monthly Report which showed that the agencies Real Estate Owned (REO) inventory was at 60,739 at the end of December, up 9.5 percent from 55,488 in November, and up 47.5 percent from December 2009. The report estimates the current value of its REO properties to be $9.1 billion. Combined with the two GSE’s, Freddie Mac and Fannie Mae, the U. S. Government holds roughly 360,000 REO Properties. In its annual financial status report to Congress in November, the FHA […] Click Here To View More
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Fannie Mae Secret Shopper Leaked Info: As we first reported earlier last year Fannie Mae instituted a ‘secret shopper’ program to do proactive check ups on their asset listing agents. Many Fannie Mae listing agents lost their assets as a result of their sub-par performance. Fact is, its not too late to become a REO listing agent! Why? simply because SO many existing REO listing agents aren’t going to remain…REO listing agents. Fannie Mae simply informs their servicers to no longer use the offending agent. Poof, you are fired. It really works like that. NOTE: If you are an existing […] Click Here To View More
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You may remember that last year the MBA (Mortgage Bankers Association) defaulted on their HQ building in Washington, D.C. Seems that they were upside down and decided the best thing to do was to…ya know..do a strategic default. Fast forward..roughly 12 months. The buyer of the building just ‘flipped it’ for a very nice profit…. A German real-estate fund is buying the former Mortgage Bankers’ headquarters from real-estate data firm CoStar Group Inc. for $101 million, CoStar said Thursday. In February last year, CoStar paid $41.3 million for the building, which is located just blocks from the White House. At […] Click Here To View More
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Thank-you US census. New..just released…hard numbers about the state of housing. Here are the facts: * America’s home ownership rate, after holding steady for a while, took a pretty big plunge in Q4, from 66.9 percent to 66.5 percent. That’s down from the 2004 peak of 69.2 percent and the lowest level since 1998. * There are 131 million housing units in this country. 112.5 million are occupied. 74.8 million are owned, and that’s only dropped by about 30 thousand in the past year. 38 million are rented, but that’s up by over a million year over year. That proves […] Click Here To View More
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Very popular topic with Tim and Julie Harris…”how many REOs….how soon will they hit the market?” Watch this CNBC video now to answer those questions. Click Here To View More
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This is an excerpt of an interview Steve Forbes did with Nouriel Roubini. Professor Roubini is famous for predicting the housing crash. Talking points as relates to residential real estate: 1) He believes that prices are at the bottom. He is expecting another 5% drop in values on a national level. 2) 12,000,000 homes are currently underwater…negative equity…they owe too much. 3) Added to the 12,000,000 are another 8,000,000 who are nearly underwater…they owe almost what the house is worth. (Taken together, thats potentially 20,000,000 underwater owners) What does this mean…. 4) If prices do indeed fall another 5% (as […] Click Here To View More
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WHO (or what) caused this Great Housing Crash…. ….we ask you, who is to blame? What follows is an article that incapsulates my evolution of thinking about the ‘foreclosure crisis’. Had you ask me years ago if someone should ever consider a strategic default (or strategic short sale) I would of said…”you made the decision to take on the responsibility of that mortgage…now, man (or woman) up and deal with the ramifications…you have a moral obligation”. I am guessing if you are 35 years old and from the mid-west your mindset was (or maybe still is) the same. What has […] Click Here To View More
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Breaking News…Housing Starts Fall More Than Expected (weather related?) Jan. 19 (Bloomberg) — Housing starts in the U.S. fell 4.3 percent to a 529,000 annual rate in last month, the lowest level since October 2009, Commerce Department figures showed today in Washington. Building permits, a proxy for future construction, rose. Bloomberg’s Michael McKee reports. (Source: Bloomberg) Click Here To View More
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Rick Sharga, senior vice president at RealtyTrac Inc., discusses the outlook for the U.S. housing market and home foreclosure filings. The number of U.S. homes receiving a foreclosure filing will climb about 20 percent in 2011, reaching a peak for the housing crisis, as unemployment remains high and banks resume seizures after a slowdown, according to RealtyTrac. Sharga speaks with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg) Click Here To View More
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Should I Short Sale My Home co-author book opportunity. FINALLY…we have updated our co-author book and now is the time for you to take action. When we originally offered the first edition of our co-author book 2 years ago we ‘sold out’ within the first 90 days. This time we are actually reducing the number of co-authors we will allow to only 1000. We have made it easy for you to be a co-author..watch this video. Bottom line, we have created an updated version of our book: Should I Short Sale My Home. All the latest news and facts about […] Click Here To View More
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It’s coming, no question. Today’s report from RealtyTrac serves as a warning to big banks, Fannie, Freddie and local communities; The foreclosure glut is coming, and they’d better be ready to get rid of that glut in a big way. 2010 saw a record number of bank repossessions, over a million, even with a big drop in volume toward the end of the year, thanks to the robo-signing scandal and ensuing foreclosure freezes. “Early indications in January were that this robo-signing related delay will be over by the end of first quarter if not sooner,” says RealtyTrac’s Rick Sharga. “I […] Click Here To View More
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In my constant never ending search for any signs of a housing recovery…any GOOD NEWS for the real estate industry….…..Trulia presents a few glimmers of hope. Pete Flint, founder and CEO of Trulia.com, tells CNBC he thinks the overall real estate market is coming back. CNBC’s Diana Olick weighs in. Click Here To View More
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