Posts Tagged ‘Real estate’

Biz Break: A real estate ‘double dip’; plus: Steve Jobs and Apple’s iCloud

By Frank Michael Russell
frussell@mercurynews.com

Posted: 05/31/2011 01:18:06 PM PDT
Real Estate
Today: The latest Case-Shiller report confirms a “double dip” in the real estate market for most of the nation’s 20 largest metro areas: Plus: Steve Jobs will unveil iCloud at Apple’s (AAPL) Worldwide Developers Conference next week.

A real estate ‘double dip’

Home prices in most of the nation’s largest metro areas have dropped to their lowest level since the real estate meltdown started in 2006, according to the most recent Standard & Poor’s Case-Shiller Home Price Indexes report released today.

Complete article found at: http://www.siliconvalley.com/news/ci_18176409?nclick_check=1

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Everything You Need to Know About Foreclosure Listings

If you are thinking of purchasing a new residential property or home to live in, then you might want to take a look at your local foreclosure listings through your local directory, or through the internet, such as www.carolpefley.com. Foreclosure is technically known as the legal process wherein an owner’s right to his property is terminated. The most common reason for this is default and other terms and agreements stated in his contract. These properties that undergo a foreclosure are usually sold at public auction. These properties are instantly added to the foreclosure listings of your city or town, the proceeds of which are given and applied to the mortgage debt that the previous owner owed; that is why these foreclosed houses and properties sell quite fast.

You may search for some of these foreclosure listings online at www.carolpefley.com that cater to these foreclosed homes and properties. It is important to know and to understand that the house was put up for sale, being a foreclosed home, because the previous homeowner was not able to pay the mortgage fees imposed on his home. Given this situation, the lender, of course, takes back his property, seeing that he cannot benefit from it. There are various legal steps also that are involved in this sort of dealing and they vary through different states.

When purchasing a home or residential property from the foreclosure listings, there are some steps that you should do before deciding on which one to buy. First, you might want to consider an investigation and thorough search of the advantages of purchasing a foreclosed home. Since there is an urgent need for the bank or lender to recover their investment as soon as possible, foreclosed homes are often sold at huge discounts.

When shopping for homes in foreclosure listings, consider an agent such as myself, at Realty World Platinum who is experienced with the job. This is important because there are some sellers who won’t allow a sale from buyers who are unrepresented. 

Written by Carol Pefley

www.carolpefley.com

Lastly, make sure to check the house for any damages and the like. Do not forget to look for foreclosure listings on www.rwplatinum.com. It would also be a good idea to ask if there are any bargaining opportunities that can save you money as well. There is also a lot of paperwork involved, so get ready for that.

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What Are Foreclosure Sales

Foreclosure sales occur when a be a bank or a building society, sells the property in possession of a homeowner when the latter defaults on his principal or interest payments on his or her mortgage. When a buyer wants to purchase real estate, he borrows the money from a lender by getting into a contract. One of the conditions of the contract is that in case of a default in the principal or interest payments, the lender can take possession of the property and sell it to recover the mortgage debt and legal costs. Foreclosure is the legal proceeding by which the mortgagor’s equitable right of redemption is terminated by the lending party.

Before foreclosure sales happen, the homeowner is given the chance to pay the lender the outstanding of the debt and redeem his property. If the borrower fails to pay within three to six months, then a Notice of Default is recorded by a trustee against the borrower and a reinstatement period of about five days starts after which the home is auctioned off.

After the default, a foreclosure sale date is established and a Notice of Sale is received by the owner and also posted on his property. The Notice is recorded at the County Recorder’s office and published in newspapers. At the Trustee Sale, the property is sold off to the highest bidder who receives the Trustee’s deed to the property. Payment is usually made in cash in foreclosure sales.

The opening bid in foreclosure sales is set by the foreclosing lender. This includes the loan due, interest accumulated and other legal costs undertaken for the auction. If there are no higher bids, then the property is purchased by the attorney conducting the sale, on behalf of the lender. In the above case, the property is considered a Real Estate Owned. This is likely to happen if the property‘s worth is less than the amount due to the lender.

The properties listed for foreclosure sales can be found by various ways. One way is to search public records. Visiting the County’s Office can provide us with information on a Notice of Default or a Notice of Sale. This can be done free and one can get to know about the latest foreclosure sales here. Alternatively, one can search online for foreclosure data providers. By availing an online listing service, one can check the free trial offers to see which provider best suits you. Both national and regional foreclosures are listed.

Contact me if you need help with any and all of your real estate needs. 

Written by Carol Pefley

www.carolpefley.com

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Arizona and Colorado Home Foreclosures Raised 10 Percent in April

By ForeclosureWarehouse.com
Published: Tuesday, Apr. 26, 2011 – 4:15 am

NEW YORK, April 26, 2011 — /PRNewswire/ — ForeclosureWarehouse.com recently reported that in April, the top five states with more foreclosure opportunities were California, Florida, Colorado, Arizona, and Georgia. From March to April, only Florida saw a decrease at -12.07 percent in foreclosures. California foreclosures increased 4.95 percent, Colorado was up 13.98 percent, Arizona was up 11.96 percent, and Georgia was up 7.22 percent.

Borrowers lost 1.67 million homes in 2010 as some 27 percent of U.S. mortgage holders were underwater (owed more than their house was worth) by the end of 2010. 2.9 million homes received foreclosure filings in 2010, and there would have been more if not for court interference after it was discovered that some lenders hired inexperienced people to process foreclosures without following procedures and verification of facts (robo-signing).

More than 1.8 million homes are projected to be taken this year in foreclosures, short sales and voluntary dispossessions, paving the way for astute investors to purchase homes in desirable areas for a steep discount on their actual value.

Housing will remain weak in the next few months amid the high number of houses in foreclosure. Demand for homes is likely to remain quiet as unemployment of almost 9 percent continues to plague the labor market and credit market conditions remain firm.

The outlook of more foreclosures looming, declining prices of excellent homes in prime neighborhoods, and an unemployment rate expected to average about 8.7 percent this year means a housing recovery may take years to evolve. Foreclosure filings will climb about 20 percent, reaching a peak for the housing crisis in 2011.

Top 5 states with more foreclosures in April:  
State Number of properties  
California 10,388  
Florida 8,224  
Colorado 7,779  
Arizona 5,038  
Georgia 3,833  
   

 

Even with all the government intervention and assistance efforts, the U.S. housing market remains under pressure from a poor employment outlook and oversupply of houses. The national political climate for budget tightening means homeowner assistance programs will lose support and no new programs will be started.

Recent rumblings in the markets about inflation do not seem to affect the housing industry. There is a glut of distressed properties on the market. The average rate on a 30-year fixed loan increased to 4.98 percent the week ended April 8; still an excellent rate for purchasing a home.

This is all good news for the investor or home buyer. This is an ideal time to buy a home if an individual is in a good position to purchase a house; the buyer has job security, has a credit score high enough to be approved for a loan, has enough money for a down payment (usually 20 percent), and is ready to establish roots in a community, for example.

A large part of the buyers’ market will continue to be short sales and foreclosure sales as bargain-hunting investors and borrowers continue to find value in short sale and foreclosed properties, choosing these properties over traditional sales.

Lenders will increase the number of short sale and foreclosures properties they release to the market in anticipation of the settlement of the government “robo-signing” lawsuit furthering the opportunities for buyers to purchase at substantial price discounts.

After the government receives the $25 billion settlement from the financial institutions in trouble for the robo-signing debacle, there will not be nearly enough for the estimated $800 billion necessary to support all the underwater mortgages in the U.S.

The rising price of gasoline and other factors may prevent many potential buyers from venturing into the housing market. Oversupply together with weak demand for homes will likely keep housing prices low and declining for the remainder of 2011.

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This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com

SOURCE ForeclosureWarehouse.com

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Are you getting your money’s worth with appraisal?

Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, many appraisers say they are still offered $200 to $250 by lenders for work billed to consumers at $450 or more.

MAKING SENSE OF THE STORY

  • Last year’s Dodd-Frank financial reform law mandated that appraisers receive fees that are “customary and reasonable” for their local market areas, yet the Appraisal Institute says that is not happening.
  • While a portion of the difference between what consumers are billed and appraisers are paid goes to the management companies that connect lenders with local appraisers and take a percentage for their services, often times lenders make a profit from the appraisal as well.
  • Home buyers should care about this for several reasons.  For starters, accurate appraisals are a concern for consumers, as appraisals can be deal-breakers if the appraisal comes in too low. When performed competently, appraisals can be accurate measures of the equity in a home when the homeowner refinances or seeks a second mortgage.
  • Most experienced independent appraisers refuse to work for $200 to $250 because they can’t pay their overhead at that rate, leading less-experienced appraisers, who sometimes travel long distances and are unfamiliar with the area, to conduct the appraisal, which can lead to inaccurate, appraisals.
  • The Appraisal Institute is seeking to persuade the Federal Reserve to tighten its regulations, which created a loophole for lenders and management companies that wanted to keep paying low fees to appraisers.  In the meantime, consumers should demand transparency, asking how the appraisal fee was distributed and why.

Read the full story

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