Seems that each time I turn on the TV or read some real estate blog I hear the numbers are up the numbers are down. The shadow inventory is here no its gone .. well I found the following report at Inman News and they give just the numbers no opinion - Thank you Final I can see the forest through the trees  By Inman News, Wednesday, June 1, 2011. Inman News™ Foreclosure starts dipped below the 200,000 mark during April for the first time in years, but the foreclosure pipeline remained bloated by more than 4 million homes whose owners are in foreclosure or delinquent by 90 days or more. That’s according to the latest numbers from loan data aggregator Lender Processing Services, which show foreclosure starts fell nearly 31 percent from March to April, totaling 187,423 — a 14.7 percent dec... 06/02/2011

Home loan applications down 35% - what does it mean for sellers ? If Cash is King then a fully Qualified Buyer must rule the universe in today's market. Today's Resale Seller need to do anything  and everything possible to get and keep that  buyers attention.   One simple  rule: Sellers don't hedge pricing  in hopes of " leaving room to negotiate " - think about it  the same buyer who will drive 3 miles out of the way to save 2 cents on a gallon of gas is not going to spend a day shopping homes outside their loan limits when the market is flooded with quality homes within their comfort zone.  Also Buyers are not going to pull cash out of a savings safety net to make repairs in a tight economy - so make repairs before listing if possible  -new carpet new paint updated or fully serviced ... 06/01/2011

The National Association of Realtors Pending Home Sales Index dropped 11.6 percent to 81.9 in April, the lowest since September. Pending home sales lead existing home sales by a month or two. "There may some temporary factors like bad weather in the South," said Gus Faucher, director of macroeconomics at Moody's Analytics in West Chester, Pennsylvania. "Higher gasoline may be making potential home buyers a bit cautious. It is signaling further weakness in housing, but we do expect housing to turn around later this year. It just hasn't happened yet." Pending home sales in the South, which was ravaged by tornadoes, dropped 17.2 percent. Sales were also down in the Midwest and the West. The weak housing market is one the headwinds facing the economy as it make a slow recovery from the wors... 05/31/2011

Last week the House Financial Services Committee put forth a "discussion draft" on FHA reform.  The draft has a number of good provisions (providing increased lender enforcement, other risk avoidance tools, etc).  However, there are several provisions that I STRONGLY oppose.    The first would raise the FHA downpayment for all borrowers to 5%, and prohibit the financing of all closing costs and the Upfront MIP.  The second would change the whole calculation of the loan limits by making it 125% of median home price by county.  It would eliminate the MSA rule - which raises all counties within an MSA (metropolitan statistical area) to the highest limit in that area, and it would eliminate the FHA floor of $271,050 (which means low cost counties would go to 125% of median - under $100k in ... 05/26/2011

Mortgage Defaults Boost Credit Card Payments - Go Figure When people stop paying their mortgages, they have a lot more money to spend on everything else, Cramer told viewers Monday. And the beneficiaries appear to be retailers. Seems barrows are more concered about on time payments for Credit Cards over Mortgages Payments Borrowers are living in houses they are not paying for, and they are staying until they are thrown out. But it can take a year before the eviction process really takes hold. 05/24/2011

Current numbers show that 17,000,000 homes expected enter the foreclosure list A break down by the numbers 3,000,000 Homes currently owned by the bank via Foreclosure 4,000,000 Homes currently owned by Fannie Mae Freddie Mac an additional 10,000,000 homes purchased between 2005-2007 underwater - preparing for strategic default . = 17,000,000. Grand Total of Homes are headed for foreclosure (or already in foreclosure) Now Granted Short Sales and Loan Modifications can and will prevent some homes from entering the foreclosure process but remember there are roughly 5,000,000 TOTAL homes sold per year. and current REO  inventory suggest a 3 year supply of inventory and that does not include 'traditional" resale and Short sale inventory If your looking to buy a home now is the best time ever . 05/24/2011

Has the ready set Go no Wait Game of self imposed foreclosure moratorium cost the lenders more than can be recovered in the sale  With the increase in aging, non listed, non sold, shadow inventory on the raise and total debt now exceeds the original loan how will banks clear the inventory offer the books ?  Will banks offer greater incentives to buyers in the form or repair allowance and upgrades or simply reduce the market price hoping for a quick sale to stop the bleeding? It is surprising is just how old some of the foreclosures  are. In Contra Costa alone there are 123 homes now scheduled for trustee sale, with loans originated by Countrywide, where the foreclosure process began in 2008.  That is 3 years of missed payments, interest and fees. In just this one county that totals $71... 05/17/2011

Given today’s guidelines what are the absolute bare-minimums to obtain a mortgage? ….and perhaps more interesting…how to obtain a mortgage immediately after a Short Sale..read on… By far the easiest mortgage to obtain is a FHA loan: 1) 3.5 percent down payment, based on the purchase price of the home (e.g., $7,000 on a $200,000 home), or a gift of that same amount; 2) 3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or a credit from the seller of the same amount; and 3) 640 FICO credit score — the middle score of those generated by the three credit bureaus (some banks will lend to borrowers with middle scores lower than 640, but will require more than the minimum down payment). Lenders will want you to document income, asset and job history d... 05/16/2011

Well I guess it's  official -  Foreclosures will continue to slow housing prices and over all housing recovery for the next 3- 4 years ?  "A full housing recovery is three to four years off as the nation grapples with a shadow housing inventory of 4.5 million distressed properties", according to Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association. What the story behind the story -  shadow inventory-  Yep Shadow Inventory again  is driving down prices in parts of the U.S. and that nasty Shadow inventory is stalling an overall national recovery even though most of the distressed inventory is concentrated in Florida, California, Illinois, New York and New Jersey. Funny how the unseen can have so much of impact.  05/04/2011

 Georgia will sell at an auction held  June 5th 2011 , with Hudson & Marshall (H&M)s handling the sale for a major regional bank.  Preview properties at www.hudsonandmarshall.com. Properties can and will be SOLD during the  presale period so contact me today to get registered for bid both online and at the action . Frequently Asked Questions Part One  Q: Can anyone attend a Hudson & Marshall real estate auction? A: Yes! All auctions are open to the public.  Q: How are auctions conducted?A: Most real estate auctions are conducted with open bidding. When you are ready to bid hold up your bidder card and call out your bid, or tell one of the Hudson & Marshall bid assistants the amount you want to bid. See Buying at Auction for more details.  Q: Are there any back taxes or liens against th... 05/03/2011

How would your Family rate your Follow Through? How would your Clients rate your Follow Through? Do you avoid following up becasue A) you dont have and ansewer B) You know they are not going to like the ansewer you have. A baseball coach once today me you cant hit the home run unless you flow though with the swing. Make the coach to step up and follow through with freinds, family, clients.    "Integrity is the sound follow through of your heart, and an important part in the process of manifesting what it is that you aspire to. If you say that you are going to do something, do it. If you fail to complete the task at hand, or fulfill a promise you made, you are not operating at the right frequency. Don't lie to yourself and to others, follow through. Complete yourself, Expand your conscio... 05/02/2011

Certified Bank Owned is still getting the hits. Search engines are the most popular way to get information instantly. With some of the most popular search engines getting all the attention and well deserved attention that is, we must not forget the millions of searched accomplished each day through other search portals. BING, Yahoo, alta vista, dogpile and other search engines reveal a mass of information dedicated to your search query. Certified Bank Owned has the most popular ranking in all the search engines including BING with over 17 million pieces of information related to bank owned terms Certified Bank Owned is number #1 and #2 on the first page of the search results. When our marketing seems like it is down to decisions on funds and where to go next and apply our valuable doll... 04/22/2011

A bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale request. The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). The NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly, or respond in less than 45 days :) . We will see where this bill ends up, it's clearly a benefit to the barrow and the over all nature ... 04/18/2011

For many people, the sale of their house is the most complex legal procedure they will face in their lifetime. If you assume you can do all the work on your own, you might be putting yourself at risk by not using the right forms, using the wrong wording in the sales contract, or not filling out the paperwork correctly. Selling your home doesn't have to be a risky prospect. If you want to rest easy during the sales process, and also for years afterward, consider using an agent to make sure you get all the details right for selling your specific house in your specific location. Working with a license insured agent not only not only do you get someone that knows the most current laws regarding the transfer of real property you get someone that is fully insured against errors or omissions t... 04/18/2011

Cathy Q: Can I ask why it is that REO agents cannot update their inventory in the MLS? I have wasted untold hours yesterday and today writing an offer for a buyer because the listing agent would not return my call until AFTER the offer was submitted (19 hours) only to tell me the property had been under contract for 4 days. At least 50% of the "active" REO properties I call on to show clients turn out not to be. Is it so hard?    Eric Reid A: 1st - I will always return you call 2- Renaissance Updates REO listing at the time the Seller approves and offer (as opposed to binding date) however most REO companies (our client) clearly state in the listing agreement that property SHALL remain active in MLS until A/M (seller receives offer approval). My advice ask the REO agent if A) a offer ha... 04/13/2011

Housing inventory around the country is on the rise, as sellers look to capitalize on the spring home buying season.  Home sale inventory was up 2.97% in March and up 6.83% over the three months ended in March, according to the Altos Research 10-City Composite Index.  The index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index. The 10-city index is based on single-family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washing D.C., and Denver; however, Altos also reports figures from other cities around the country.Sale inventory in Boston increased the most during the month, up nearly 16% to 14,297 properties, followed by New York (up 8.24%), Philadelphia (up 7.68%) and San Francisco (up 6.71%)... 04/12/2011

Starting in April, a series of technology enhancements are being implemented to improve the short sale process. Agents can now initiate a short sale in Equator prior to marketing the property.  The benefits of this type of "pre-offer program " will  include gaining investor agreement for a list price upfront in the process NOW THATS A PRE APPROVED SHORT SALE.  In addition, the homeowner may qualify for a cash incentive and have their deficiency waived, also a a short sale specialist will be assigned earlier in the process.   Bank Of America Just Keeps Making Short Sales Easier. 04/11/2011

I have to ask is there a value - once registered then what ? Oh is this just a State / County back door, or does it provide a readymade list for code compliance officers to check up  on properties and help maintain property values.  How well is it working in your area ?    PENDING GA. House Bill 110 - To address vacant properties and registration including fees. HB 110 Vacant Properties Registration This bill will function as a statewide framework for registries of vacant properties. Vacant Properties definition has been narrowed in the substitute to be defined as (a) any property intended for human habitation that has not been lawfully inhabited for at least 60 days with no evidence of utility usage and is not being actively marketed for sale, lease, or rent (with prominent signage po... 04/11/2011

Over and Over again I have heard buyers asking when will the Buyer incentives be back... I guess buyers have learned that lenders will roll out Buyer Incentive all they have to do is wait. So here you are buyers the NEWEST Fannie Mae Buyer Program . Fannie Mae will offer up to 3.5% closing cost assistance from April 11 through June 30, 2011. Eligibility The HomePath offer, buyer and selling agent must meet the following qualifications to be eligible for either incentive: Buyer incentive must be requested at the initial offer submission. Initial offer must be submitted on or after April 11, 2011 (the effective date of the incentive program). The property sale must close on or before June 30, 2011 . No exceptions will be made to this deadline. Owner occupants only. Buyers purchasing a Hom... 04/11/2011

 Where does your city rank - The upper Midwest Hold 3 of the 10 spots with cities # 1 Green Bay, Wis. # 2 Madson Wis. # 3 Minneapolis, Minn. - # 9 Fargo, ND - my collage town #10 Sioux Falls, SD  The average credit score, one of the best measures of financial responsibility, is finally starting to stabilize, after a steady slide from 2006 to 2009, suggesting consumer belt tightening is starting to work. The national average was 747.10 at the end of 2010, according to Experian, one of the three big credit-reporting agencies. That's on a scale of 501 to 990. 04/11/2011