BUYING A HOME MAY NEVER GET CHEAPER THAN NOW

June 1, 2012 By Leave a Comment

buying may never get cheaper than now 300x152 BUYING A HOME MAY NEVER GET CHEAPER THAN NOWAccording to Stuart Hoffman, chief economist for PNC Financial Service, home prices are expected to flatten out by the third quarter and start climbing by next year. Buying a home may never get cheaper than what it is now. Several housing experts are predicting that this will be the last year to obtain housing deals of the weak housing market. Mr. Hoffman added that a number of factors will help bolster the housing market such as a decline in the number of foreclosures and continued job growth. He also said that in addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Jed Kolko, economist at Trulia, is expecting home prices to pick up more quickly. To support this expectation, Mr Kolko said that data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared to the last three months of 2011. David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and rise 4.2% for the 12 months through September 2013.

Stan Humphries, chief economist from Zillow, said that the percentage of mortgage loans with payments in arrears for 90 days or more is a good predictor of future foreclosures “falling fast”.  According to Mortgage Bankers Association the percentage dropped 15% year-over-year to 3.1% through the end of 2011. The decline is accelerating. More than 70% of the decline came in the last three months of the year.

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being bought up by the investors who are fixing them up for renting out. According to Alex Villacorte, the director of analytics for Clear Capital, that helped to lift prices on the foreclosed properties.

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REAL ESTATE MARKETS HEAD IN A POSITIVE DIRECTION

May 30, 2012 By Leave a Comment

charming home 300x152 REAL ESTATE MARKETS HEAD IN A POSITIVE DIRECTIONExperts believe that 2012 will be the year that the real estate market heads in a more positive direction. According to the Washington Post the housing market and economy are showing encouraging signs. The Wall Street Journal and USA Today agree with the findings:

  • According to the Wall Street Journal sales have picked up due to buyers of properties priced less than $400,000, according to data compiled by the Otteau Valuation Group. The number of such contracts signed during the fourth quarter rose by 11.3% compared to the same period a year earlier. Analysts said housing-market recoveries often begin at the bottom.”It is nice when you get the high end of the market doing well,” said Chris Meyers, chief operating officer of Houlihan Lawrence, the largest residential brokerage in Westchester, “but in our experience the strong markets get healthy from the bottom up”. Jeffrey G. Otteau, an appraiser and housing analyst in New Jersey, said that state’s market had “bottomed out.” He said the surge in lower-end sales strengthened month by month since September. It was, he said, like a “snowball, rolling down hill and gaining momentum” that was likely to continue in 2012.
  • USA Today reported that existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a horrid year, will jump 74% this year, Moody’s Analytics predicts.
  • Core Logic reported that chief economist Mark Fleming says housing statistics and the duration of the downturn to date indicate 2012 may be the year the housing market begins to turn the corner.
  • Freddie Mac said: “With the New Year comes a sense of cautious optimism. There are some positive signs in the job market and consumer confidence”.
  • Fannie Mae said: “The housing sectors will likely take incremental steps forward in 2012”.

The housing industry shows encouraging signs. Recovery begins right at the bottom.

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BANK OF AMERICA REACHES OUT TO HOMEOWNERS

May 28, 2012 By Leave a Comment

house in hands 300x152 BANK OF AMERICA REACHES OUT TO HOMEOWNERS

Bank of America announced that for a limited time, they are offering enhanced relocation assistance payments. Bank of America reaches out to homeowners. The relocation assistance payment is calculated based on the appraised value of the home, but it can be between the minimum amount of $2,500 and the maximum amount of $30,000. This is an amazing offer to assist people entering in the short sales process to relocate. This enhanced relocation assistance is only available to short sale programs initiated without an offer. The relocation assistance money will be paid at closing and the remainder debt is forgiven.

Homeowners who are experiencing financial hardship can enter this program. If you cannot make your monthly mortgage payments or you have fallen behind with the payments, then this program is for you. This is a limited time offer.

A homeowner is required to participate in one of the preapproved price short sale programs, such as Home Affordable Foreclosure Alternatives (HAFA) or Bank of America’s proprietary program. The homeowner will be notified in writing to state whether he or she qualifies for the additional relocation assistance. The total amount will not be less than $2,500. If the homeowner complies with all the terms and conditions of the Short Sale Agreement the payment will be delivered at closing. Some of the terms and conditions include:

  • A full walk-through appraisal must be completed;
  • The homeowner must satisfy all junior liens and provide clear title for the property ( the relocation assistance payment can be used to clear those liens);
  • The short sale must close by September 26, 2013;
  • The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service on the appropriate 1099 Form.

Experience one of the most dramatic changes on your Credit Bureau Report. Your account status will change to Code 13. Paid account with a zero balance.

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FACING FORECLOSURE?

May 23, 2012 By Leave a Comment

foreclosure 300x152 FACING FORECLOSURE?The foreclosure process differs by state, but one can take a look at the general steps that are taken. The foreclosure process usually begins after you have fallen behind with three or more mortgage payments.  This is when things get serious. The typical process is called “judicial sale” where the process go through the court system.  The other process is called “power of sale” and is only allowed in 29 states. This process can be carried out entirely by the mortgage holder.

What is a Judicial Sale?

  • The lender files a suit with the court system;
  • A letter demanding payment will be sent to you;
  • You have 30 days to pay the arrears amount to avoid foreclosure;
  • If the required payment was not received by the lender, the lender can request the sale of property by auction;
  • The sheriff’s office will carry out the auction;
  • You will be served with an eviction notice by the sheriff’s office leaving you no choice but to vacate the home immediately.

What is Power of Sale?

  • The first letter you receive from the lender will demand payment;
  • A deed of trust is drawn up that temporarily conveys the property to a trustee;
  • The trustee will sell the home at public auction on behalf of the lender;
  • Often these foreclosures are subject to judicial review to ensure the process was carried out legally;
  • There is usually a requirement for the lender to post a public notice of sale for the auction.

If the sale of the property did not satisfy the amount of the loan, deficiency judgment is made against the borrower. This process is bad for both the lender as well as the borrower. Communication with the lender is strongly recommended when you fall behind on your payments. Most people are scared and embarrassed to the point that they ignore calls and letters from their lender. This is the worst thing to do if you want to keep your home. Lenders will work with you to avoid the foreclosure process.

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DISTRESSED PROPERTIES MAY STABALIZE HOME PRICES

May 18, 2012 By Leave a Comment

foreclosure for sale 300x152 DISTRESSED PROPERTIES MAY STABALIZE HOME PRICESA distressed property originates when a lender agrees to a transaction for less than the balance of the mortgage. These properties accounted for 35% of the total in January, up from 32% a month earlier. Investors accounted for 23% of purchases last month. This phenomenon contributes to clearing the market of unsold properties and may stabilize home prices. Housing may also get a boost from gains in employment and mortgage rates that are near record lows. Michelle Meyer, senior economist at Bank Of America Corp., said: “Outside of investors and people wanting to buy distressed properties, the primary housing demand is recovering much more gradually”.

Employment has been improving. The jobless rate fell in January to a 3 year low of 8.3%. Payrolls rose by 243,000 workers. Greater affordability is also supporting home demand. Federal Reserve Chairman, Ben S. Bernanke, said the central bank’s efforts to spur growth are being blunted by impediments to mortgage lending. He called for more steps to heal the housing industry. He added: “The economic recovery has been disappointing in part because U.S. housing markets remain out of balance. We need to continue to develop and implement policies that will help the housing sector get back on its feet”.

Realty Trac Inc. said that the foreclosure crisis is unlikely to subside any time soon. Owners of more than 14 million homes are in foreclosure, behind on their mortgages or owe more than their properties are worth. A new wave of foreclosures is expected.

John Tuccillo, chief economist of the Association of Realtors, said: “This seemingly vast iceberg has appeared on collision course with the Titanic of the real estate market. In fact, it appears that the market for distressed properties has stabilized”.

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ADD COLOR TO YOUR LIFE

May 16, 2012 By Leave a Comment

Paint 300x152 ADD COLOR TO YOUR LIFENow that you are a homeowner, you can add color in your life. Walls are the backdrop for your entire decorating scheme and a new coat of paint provides a feeling of freshness. Sometimes a touch of color is all you need. Here are some affordable ideas to add color and to bring your room into the modern age:

  • Pick a wall for a contrasting color;
  • Change a light fixture;
  • Lightning reflects the mood of the room. Is the room too dark? You can change the heavy curtains. Use table lamps for a romantic look;
  • A big bright rug can be a focal point;
  • Use items you already have. The old painting forgotten in storage can look great in the study. Create a stunning corner with a old trunk. Paint the trunk and use clustered candlesticks on top to create a focal point;
  • Decorating is also about stimulating the senses.  Table top fountains or wind chimes can bring pleasant sounds.

A room always looks better when it is neat and tidy. It is a good idea to get rid of the clutter. Sift, sort and toss unnecessary stuff. Baskets work wonderful for keeping the room organized.

ENJOY YOUR HOME:

It is great making changes to your home. You made plans to spruce up the garden. Take a good look at your budget and start planning. Budgeting for expenses should be a lifestyle. Invest in a deck or barbeque area where you can entertain friends and enjoy precious family moments. Visit your nursery regularly to see what plants are on special offer. It is very rewarding to have a vegetable garden or herb garden. Pick fruit and vegetables from your own garden. You can serve fresh salads daily by having your own garden. Enjoy everything that your home offers you.

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THE RISING FORECLOSURE TIDE

May 14, 2012 By Leave a Comment

wave THE RISING FORECLOSURE TIDEForeclosed homes are sold at large discounts which result into lowering the average home prices. The general consensus among economists is that the foreclosures will keep home prices under pressure this year. According to Bloomberg banks are stepping up foreclosures in about half the states. State officials settled a dispute with five of the biggest mortgage lenders over foreclosure abuses.

Patrick Newport, an economist at IHS Global Insight, said: “Foreclosures, excess supply and weak demand will drive home prices down at least another 5%”.  The Standard & Poor’s Case Shiller home price index released last week showed that prices dropped in February from January in sixteen of the twenty cities it tracks. The Commerce Department said that new home sales dropped 7.1 percent during March. Job growth and a more positive outlook among buyers can make 2012 the first year since 2008 that construction added to the economy.

The Washington Post reported that the new foreclosures can risk depressing housing prices, which just increased in February for the first time in 18 months. According to CNNMoney homes in some stage of foreclosure accounted for nearly one in four home sales during the fourth quarter. Brandon Moore, chief executive officer of Realty Trac, said: “Sales of foreclosures in the fourth quarter continued to be slowed by questions surrounding proper foreclosure paperwork and procedures”. Mr. Brandon referred to the delays caused by the robo-signing scandal.

According to CNNMoney, 15th March 2012, the agreement by the five biggest mortgage lenders clarifies how foreclosures must be handled. This is expected to speed up the process. The five banks are:

  • Bank of America;
  • JP Morgan;
  • Citibank;
  • Wells Fargo;
  • Ally Financial.

Daren Blomquist, director of marketing of Realty Trac, said: “The pig is starting to move through the python” as he released the foreclosure report for February. The CEO of Realty Trac, Brandon Moore, said: “February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed”. Mr. Blomquist said: “They have already adjusted their foreclosure practices to fit the terms of the settlement”.

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The Wells Fargo Neighborhood Lift Program:

May 9, 2012 By Leave a Comment

Webb image The Wells Fargo Neighborhood Lift Program:

One of the aspects of this amazing Neighborhood Lift Program is the “Home Preservation Workshops” presented by Wells Fargo. This is one of the efforts by Wells Fargo to stabilize the housing market. This program can benefit homeowners seeking to avoid foreclosure and offers support to down payment of home financing and renovating. The Neighborhood Lift Program has already been launched in Los Angeles, Atlanta, Phoenix and Las Vegas. Wells Fargo is in huge favour of financial education and has a remarkable history providing generous financial support:

 

  • Wells Fargo presented about 600 home preservation workshops;
  • Gave $ 4.0 billion in principal forgiveness;
  • Supported more than five million homeowners with refinancing existing mortgages or providing new low rate loans;
  • Assisted more than 700,000 homeowners under the Home Affordable Modification Program.

The neighborhood lift program provides a chance to obtain a down payment of the mortgage that you could never afford. You can even get support to do renovations to your home. Live in your home for five years and this loan will be forgiven.

Jon Campbell, Wells Fargo’s head of Social Responsibility, said: “We are building on those efforts by collaborating with cities and nonprofits in a way that gets resources to people who want to achieve successful and sustainable home ownership in today’s difficult housing environment”. Eileen Fitzgerald, chief executive officer of Neighbor Works America, commented on the neighborhood lift program and said that this is a tremendous commitment by Wells Fargo to support homeowners and communities. She furthermore said: “This is the kind of public-private collaboration that can help communities tackle difficult challenges and families realize their goal of sustainable home ownership”.

The Wells Fargo loan officers will educate people on this important Neighborhood Lift Program. You can join Wells Fargo on a tour to view available homes for sale.

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FORECLOSURE ALSO AFFECTS CHILDREN

April 25, 2012 By 1 Comment

foreclosure child 150x150 FORECLOSURE ALSO AFFECTS CHILDRENWhat do you think about when you hear the term Foreclosure “victim”? You probably view a man or woman, or a couple with their heads down and a terrible look of stress on their faces.

It’s true that foreclosure can make honest, hardworking people victims. Unforeseen circumstances happen. That’s why they are unforeseen. Loss of job, partner, insurance, unexpected bills. Whatever it may be, it happens.

But let’s look beyond the typical “victim”. Think about the children involved in Foreclosures. Yes, this is not to say that the parents or caregivers are not victims. This is to help recognize the victims in the background.

Did you know that according to a report published in First Focus, by Julia B. Isaacs of Brookings Institute, more than 2.3 million children have suffered through foreclosure? Were you aware that another 3 million may face foreclosure in the future or even again?

These are staggering statistics and affect so many in so many ways.

Children affected by Foreclosure:

  • Are more likely to be depressed and stressed.
  • More likely to move more often.
  • Are enrolled in several schools
  • More likely to have social integration issues.
  • Have less support from parents and guardians who are also stressed.

Because the family residence is foreclosed upon, the family is required to relocate. Because budgets are normally tighter, families of foreclosure typically relocate to areas with higher crime, higher vacancies and lower social consistency and growth causing the issues above.

What you may not know is that foreclosure may be avoided. In Cheyenne I have worked with many families facing foreclosure and helped them come up with the best solution for their situation. Financial hardship does not have a one-size fits all answer. But I assure you that I will work beside you to help you ease your burden and determine the best solution for you.

If you or someone you know is facing financial hardship or foreclosure, please visit my other website at www.CheyenneForeclosure.com for everything you need to know about avoiding foreclosure in Cheyenne and Laramie County. I am here to help.

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FINDING A RELIABLE CONTRACTOR

March 9, 2012 By 1 Comment

calculations FINDING A RELIABLE CONTRACTORFinding a reliable contractor is one of the most vital points of the construction process when planning renovations or remodelling for your home. This project needs some serious consideration. This decision will “make or break” your enjoyment of the construction process. Unless you are experienced and exceptionally knowledgeable of the building and construction process, it will be necessary to find the right builder/contractor.

 

The contractor you choose must be honest, reliable and respected in the industry. A builder/contractor must be knowledgeable of all aspects of the construction process. They will know what needs to be done in regards to permits, building restrictions, weather conditions, contracts, subcontractor agreements and other construction issues and requirements.

Through the associations of reputable architects, drafts people, estimators, landscape architects, and qualified, licensed and reliable trades people, some contractors have established a reputation for excellence with both clients and professionals within the building industry. The advantage of such a company is a complete project management team and one point of contact to manage the entire process:

  • Home Renovations and Home Extensions
  • New Built Homes
  • Swimming Pools & Swimming Pool Renovations
  • Domestic and commercial landscaping

You can find a contractor by doing online research or searching through directories such as the Yellow Pages. Trade associations (such as the Housing Industry Association and the Master Builders Association) keep listings of registered and qualified contractors in your area. They also put out yearly publications featuring the top contractors in the state. It remains a good idea to obtain referrals from industry bodies, industry professionals and family or friends.

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