When seeking buyers for a $35 million luxury mansion, you might need to get creative. That was the thought of DeeAnna Staats, owner of Carbon Mesa Estate in Malibu, California, and president/CEO of Staats & Co. “We knew with a $35 million price tag, there’s a very small select audience,” said Andy Carmichael, who works in marketing for Staats & Co. which deals in real estate development and is launching the Feed Body & Soul chain of health-oriented “boutique restaurants.” “Research shows that most of the [high-end real estate] activity in California in the last 12 months has been from […] Click Here To View More
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These homes for rent have pretty much everything you’d expect in a high-end home — except the mortgage. Click Here To View More
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Today, Zillow announced the results of the June 2012 Zillow Home Price Expectations Survey, which brings together an expert panel of more than 100 leading economists […] Click Here To View More
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Further proof that the real estate recovery is going to run hot and cold is a new report by the National Association of Home Builders shows that Home-builder optimism slipped in April, The index dropped for the first time in seven months to a seasonally adjusted reading of 25, down from 28 in March and February. The scale runs from 0 to 100, and any reading under 50 indicates that builders with a negative outlook on the market outnumber those with a positive one. WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale […] Click Here To View More
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HARRIS REAL ESTATE UNIVERSITY Students (and future students) share this video, tweet it. This video answers very common questions owners have about what to do with an underwater home. Remember, effectively 50% of ALL OWNERS with a mortgage are now underwater. Think about that…in most real estate markets every other home is underwater! Be the agent with the solution to help that owner avoid a foreclosure… WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training […] Click Here To View More
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Looking for 2012 Real Estate Predictions… Here is the headline for all of 2012: Foreclosures and Short Sales Dominate U.S. Housing. There is NO question that the U.S real estate market is about to be hit by another surge of bank repossessions, according to RealtyTrac. Bigger than any surge experienced since the start of the housing crash. As banks resubmit millions of documents and courts begin hearing cases again, the backlog of over four million delinquent loans will start surging through the pipeline again. Agents, there are AT LEAST 11,000,000 homes underwater now. Factoring in the normal selling fees, its […] Click Here To View More
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Fellow REALTORS, this is not a small story. Bottom line, the Mass. A.G. is on the war path against the banks for potential fraud. The states A.Gs. attempted to settle the suit earlier this year to no avail. …THIS suit will have massive effects on our industry for 2012. Potential positive effects: Owners who were wrongfully foreclosed on may finally get justice. Banks will be forced to make far greater efforts to help owners keep their homes. There may be a real effort to do a principal write down of underwater loans. Owners who can’t keep their homes will find […] Click Here To View More
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Will 2012 see a housing recovery? Not according to LPS. (LPS) reports that home prices in September dropped 1.2 percent from August and the company predicts a 1.1 percent drop in October as home values continue to slide, falling 1.8 percent from the beginning of the year. The national average home price for transactions during September was $202,000 and has been on the decline since the market peak in June 2006, a total value drop of 30.2 percent in just five years. WARNING: Short Sales…love em or hate em…they are here to stay! Watch the FREE 2012 Agent Short Sale […] Click Here To View More
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“The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.” For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago. Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before. WARNING: Short Sales…love em or hate em…they are here to stay! Go […] Click Here To View More
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Its a fact that this housing crash is now officially worse than even the Great Depression. Few facts: * Nevada has the highest share of underwater borrowers, but just over 300,000. * In total 11,000,000 Homeowners (loan owners) are underwater. * Estimates are that up to 50% of ALL HOMEOWNERS (with a mortgage) are now underwater. Consider the following from mortgage analyst Mark Hanson: On US totals, if you figure average house prices use conforming loan balances, then a repeat buyer has to have roughly 10 percent down to buy in addition to the 6 percent Realtor fee to sell. […] Click Here To View More
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Will you qualify for the revised HARP (HARP 2.0) program…will this program really work to ‘save housing’? …few things to consider: 1) There are 11,000,000 underwater owners in the US. (and growing). Estimates are that HARP 2.0 can only ‘help’ 10% of those underwater owners…big reason, the owner must be current on their mortgage. If you are late, don’t apply. Of the estimated 11 million underwater owners nearly half are already behind on their payments, in default. 2) HARP 2.0 has nothing to do with homes already foreclosed. There are millions of homes readying to become REO listings over the […] Click Here To View More
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Short Sales and Deficiency Judgments. A State by State Guide. What is a Deficiency Judgment? A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law. In some jurisdictions, first mortgages are non-recourse loans, but second and subsequent ones are recourse loans. States that follow the title theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow […] Click Here To View More
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The market’s getting hammered. Economic growth is essentially zilch. There are global concerns. Jobs are nearly impossible to come by. There’s growing talk about the possibility […] Click Here To View More
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I have 2 Real Estate trivia questions for you: Real Estate Trivia Question #1: What was one of the LAST Markets in the US to be hit by the real estate crash? Real Estate Trivia Question #2: What is the FIRST real estate market in the US to recover? Hint: The answers to Trivia question 1 and 2 are..the same. STOP: Agents, are you finally ready to dominate your real estate market? Become a Lender Approved REO and BPO Agent. FREE Training Video and Book. NOTICE: Free book guaranteed for the first 100 agents only. Visit msnbc.com for breaking news, […] Click Here To View More
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Banks are being forced by the States Attorney’s generals to cough up 20 Billion dollars to settle the claims against them over wrongful foreclosure practices. How will this money be used…who will benefit from it and who won’t….time will tell. Its possible that there will be some sort of negative equity forgiveness program. As we reported yesterday former FDIC Chair Sheila Bair suggests that its (past) time for the major lenders to literally forgive negative equity. Others suggest that a new more radical loan mod program should be created that leaves acts as a hybrid allowing owners to stay in […] Click Here To View More
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A new federal program is offering aid with a sweet kicker: It doesn’t need to be repaid. For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans. The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government’s efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion […] Click Here To View More
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Realtors, watch this video. Our National Association of Realtors is asking for you to take action against the lower FHA loan limits that are scheduled to take place. NAR is once again defending home ownership. In case you weren’t aware, maximum loan limits for government backed mortgages are set to decrease. The thinking is that if loan limits fall so will home prices. For example, if you live in a housing market where the FHA maximum loan limit is $350…and the max loan limit drops to $299 that home seller will have to reduce their price or lose out on […] Click Here To View More
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Florida lower end condos showing significant signs of life…thanks almost entirely from foreign all-cash buyers. Points worth mentioning from this video…the foreign buyers are not flipping. Their intention is to buy and hold. Agents, pay attention to whom the buyers are in your market. If your buyers are largely foreign it makes sense that you would gear your marketing (pay per click maybe) towards those buyers. Are you seeing foreign buyers in your market? Click Here To View More
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Housing predictions, who can you trust now? As a Realtor you need to know how to answer this question…Hows the market? While its true that all real estate is local…its equally true that a national real estate market does exist. Look no further than the role national politics are playing on the housing industry. In case you didn’t know it, the concept that house values are based on supply and demand is no longer true. The flow of REO listings, the availability of financing, employment (and many other factors) controls home values….not what a seller is willing to sell for […] Click Here To View More
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What you need to know about: QRM, Qualified Residential Mortgage Guidelines. In case you didn’t know it, this time next year (unless something changes) getting a mortgage will be even MORE challenging. Don’t know about the new Qualified Residential Mortgage guidelines..? Its time to learn: Here are excerpts from MortgageNewsDaily.com followed by a MSNBC video: The proposed regulations governing the Qualified Residential Mortgage (QRM) exemption from risk retention rules constitute a “devastating, unnecessary and very expensive wrench (thrown) into the American dream”according to a white paper released Wednesday by a consortium of housing industry groups. The paper was published in advance of […] Click Here To View More
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