Monday, October 24, 2011
Thursday, October 20, 2011
Monday, August 1, 2011
Delays in bank processing push likely US foreclosures until 2012, stalling recovery
Those of you who have been sitting on the fence about purchasing, please do not let this opportunity pass you by, yet once again. this is the time to jump off and use those monies you have been diligently saving towards a downpayment and finally get in the game. following is an article that really does support my thoughts well.:
Report: Delays in bank processing push likely US foreclosures until 2012, stalling recovery
Foreclosure activity slowed in first half of 2011
By ALEX VEIGA ; ASSOCIATED PRESS ; Jul 13, 2011 11:07 PM CDT in Money
The number of homes taken back by lenders in the first half of this year fell 30 percent compared with the same 2010 period, the result of delays in foreclosure processing that threaten to stall a U.S. housing recovery.
FILE - In this Sept. 14, 2010 file photo, a house in Homestead, Fla. sits empty, for sale as a foreclosure home in a neighborhood where half of the houses were empty and up for foreclosure. The number... (Associated Press)
Banks seized 421,212 homes in the first six months of the year, down from 529,633 between January and June last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The decline reflects lenders taking longer to move against homeowners who have fallen behind on their mortgage payments. The banks are working through foreclosure documentation problems that first surfaced last fall and an ensuing logjam in some state courts. Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
As the processing delays mount, however, so has the backlog of potential foreclosures _ homes that otherwise would have been repossessed by lenders this year.
RealtyTrac estimates that 1 million foreclosure-related notices that should have been filed by banks this year will be pushed to next year. The filings include notices for defaults, scheduled home auctions and home repossessions _ warnings that can lead to a home eventually being lost to foreclosure.
The delayed filings buys more time for many borrowers behind in payments to remain in their homes, perhaps giving them time to catch up or simply to stall their inevitable eviction. But it also means any eventual foreclosures will happen next year, extending the shadow of distressed properties that hovers over the market.
"The best-case scenario is we don't get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year," said Rick Sharga, a senior vice president at RealtyTrac.
And given delays in the time it's taking lenders to move a home from default to foreclosure and then sell the property, the housing turnaround could conceivably be pushed out to as late as 2016, Sharga said.
"It could be the new reality is we're going to have to accept the fact that home prices in most markets aren't going to budge much for the next several years while this overhang gradually, painfully makes its way into the market and gets purchased," he said.
In all, some 1.2 million U.S. homes received a foreclosure-related notice in the first six months of this year, RealtyTrac said.
That's down 29 percent from the same period last year and down 25 percent versus the second half of 2010.
Put another way, one in every 111 U.S. households received a foreclosure filing between January and June.
In addition to repossessing fewer homes, banks also fired off 36 percent fewer initial notices of default in the first half of this year than in the same period last year. The notices are the first step in the foreclosure process.
Foreclosure activity did pick up slightly between May and June, although lenders repossessed fewer homes than they did in June last year.
At the current pace, banks are on track to take back between 800,000 and 900,000 homes this year, down from a record of 1 million lost to foreclosures last year, Sharga said.
The firm had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Foreclosures typically sell at a discount to other types of homes, weighing down home values. As a result, housing experts say U.S. home prices are unlikely to recover until the glut of foreclosed homes on the market is cleared out.
Lenders have been careful not to unload all of their foreclosures on the market at once, and have financial incentives to continue doing so. But the prospect of more foreclosures hitting the market for years to come makes it difficult to predict when home values will stabilize. And that keeps many would-be homebuyers on the sidelines.
Between April and June, it took an average of 318 days for a home to go from the first stage of foreclosure to the point where it was sold at auction or taken back by the lender, RealtyTrac said. That's up from 298 days in the first three months of the year and up from 277 days in the second quarter of last year.
The foreclosure process took longest to play out in New York at an average of 966 days, or 2.6 years, during the second quarter. New Jersey was second-slowest at an average of 944 days, RealtyTrac said.
Homes were on a relative foreclosure fast-track in Texas, taking an average of 92 days to go through the process, the fastest turnaround time in the nation.
Despite slowdown in foreclosure activity, several states continue to have outsized foreclosure rates.
Nevada continued to lead the nation, with one in every 21 households receiving a foreclosure notice in the first half of this year.
Rounding out the top 10 states with the highest foreclosure rate in the first half of this year are Arizona, California, Utah, Georgia, Idaho, Michigan, Florida, Colorado and Illinois.
Report: Delays in bank processing push likely US foreclosures until 2012, stalling recovery
Foreclosure activity slowed in first half of 2011
By ALEX VEIGA ; ASSOCIATED PRESS ; Jul 13, 2011 11:07 PM CDT in Money
The number of homes taken back by lenders in the first half of this year fell 30 percent compared with the same 2010 period, the result of delays in foreclosure processing that threaten to stall a U.S. housing recovery.
FILE - In this Sept. 14, 2010 file photo, a house in Homestead, Fla. sits empty, for sale as a foreclosure home in a neighborhood where half of the houses were empty and up for foreclosure. The number... (Associated Press)
Banks seized 421,212 homes in the first six months of the year, down from 529,633 between January and June last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The decline reflects lenders taking longer to move against homeowners who have fallen behind on their mortgage payments. The banks are working through foreclosure documentation problems that first surfaced last fall and an ensuing logjam in some state courts. Lenders also have put off on taking action against delinquent borrowers as U.S. home sales have slowed this year.
As the processing delays mount, however, so has the backlog of potential foreclosures _ homes that otherwise would have been repossessed by lenders this year.
RealtyTrac estimates that 1 million foreclosure-related notices that should have been filed by banks this year will be pushed to next year. The filings include notices for defaults, scheduled home auctions and home repossessions _ warnings that can lead to a home eventually being lost to foreclosure.
The delayed filings buys more time for many borrowers behind in payments to remain in their homes, perhaps giving them time to catch up or simply to stall their inevitable eviction. But it also means any eventual foreclosures will happen next year, extending the shadow of distressed properties that hovers over the market.
"The best-case scenario is we don't get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year," said Rick Sharga, a senior vice president at RealtyTrac.
And given delays in the time it's taking lenders to move a home from default to foreclosure and then sell the property, the housing turnaround could conceivably be pushed out to as late as 2016, Sharga said.
"It could be the new reality is we're going to have to accept the fact that home prices in most markets aren't going to budge much for the next several years while this overhang gradually, painfully makes its way into the market and gets purchased," he said.
In all, some 1.2 million U.S. homes received a foreclosure-related notice in the first six months of this year, RealtyTrac said.
That's down 29 percent from the same period last year and down 25 percent versus the second half of 2010.
Put another way, one in every 111 U.S. households received a foreclosure filing between January and June.
In addition to repossessing fewer homes, banks also fired off 36 percent fewer initial notices of default in the first half of this year than in the same period last year. The notices are the first step in the foreclosure process.
Foreclosure activity did pick up slightly between May and June, although lenders repossessed fewer homes than they did in June last year.
At the current pace, banks are on track to take back between 800,000 and 900,000 homes this year, down from a record of 1 million lost to foreclosures last year, Sharga said.
The firm had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Foreclosures typically sell at a discount to other types of homes, weighing down home values. As a result, housing experts say U.S. home prices are unlikely to recover until the glut of foreclosed homes on the market is cleared out.
Lenders have been careful not to unload all of their foreclosures on the market at once, and have financial incentives to continue doing so. But the prospect of more foreclosures hitting the market for years to come makes it difficult to predict when home values will stabilize. And that keeps many would-be homebuyers on the sidelines.
Between April and June, it took an average of 318 days for a home to go from the first stage of foreclosure to the point where it was sold at auction or taken back by the lender, RealtyTrac said. That's up from 298 days in the first three months of the year and up from 277 days in the second quarter of last year.
The foreclosure process took longest to play out in New York at an average of 966 days, or 2.6 years, during the second quarter. New Jersey was second-slowest at an average of 944 days, RealtyTrac said.
Homes were on a relative foreclosure fast-track in Texas, taking an average of 92 days to go through the process, the fastest turnaround time in the nation.
Despite slowdown in foreclosure activity, several states continue to have outsized foreclosure rates.
Nevada continued to lead the nation, with one in every 21 households receiving a foreclosure notice in the first half of this year.
Rounding out the top 10 states with the highest foreclosure rate in the first half of this year are Arizona, California, Utah, Georgia, Idaho, Michigan, Florida, Colorado and Illinois.
Sunday, June 26, 2011
Basic Qualifying Standards & Underwriting Guideline Criteria of the 2 Major Loan Types
Conventional & JUMBO Loans:
Interest rates shown above can be used for all owner occupied purchase or refinance transactions. Minimum qualifications are a 640 credit score and above for Conventional loans and 720 credit score and above for JUMBO Loans. No prior Bankruptcy's or Foreclosure's within the last 5 years. A 12 month rental or mortgage history with no late payments required. Verified income and assets known as "Full Doc" loan programs only. Property must be owner occupied. For 2nd Homes and Non-Owner Occupied property's certain restrictions and rate adjustments do apply. Loan to Value (L.T.V.) and Debt to Income (D.T.I.) ratio restrictions and rate adjustments do apply. Interest rates shown above do not reflect the total APR or any fees that may be associated, or in connection with obtaining a Home Loan.
FHA & VA Loans:
Interest rates shown above can be used for all owner occupied purchase or refinance transactions. Minimum qualifications are a 640 credit score and above. No prior Bankruptcy's within the last 3 years and no prior Foreclosure's within the last 5 years. A 12 month rental or mortgage history with no late payments required. Verified income and assets known as "Full Doc" loan programs only. Property must be owner occupied. 2nd Homes or Non-Owner Occupied property's are NOT allowed. Loan to Value (L.T.V.) and Debt to Income (D.T.I.) ratio restrictions and rate adjustments do apply. Interest rates shown above do not reflect the total APR or any fees that may be associated, or in connection with obtaining a Home Loan.
Please contact me for referrals to loan reps.
Interest rates shown above can be used for all owner occupied purchase or refinance transactions. Minimum qualifications are a 640 credit score and above for Conventional loans and 720 credit score and above for JUMBO Loans. No prior Bankruptcy's or Foreclosure's within the last 5 years. A 12 month rental or mortgage history with no late payments required. Verified income and assets known as "Full Doc" loan programs only. Property must be owner occupied. For 2nd Homes and Non-Owner Occupied property's certain restrictions and rate adjustments do apply. Loan to Value (L.T.V.) and Debt to Income (D.T.I.) ratio restrictions and rate adjustments do apply. Interest rates shown above do not reflect the total APR or any fees that may be associated, or in connection with obtaining a Home Loan.
FHA & VA Loans:
Interest rates shown above can be used for all owner occupied purchase or refinance transactions. Minimum qualifications are a 640 credit score and above. No prior Bankruptcy's within the last 3 years and no prior Foreclosure's within the last 5 years. A 12 month rental or mortgage history with no late payments required. Verified income and assets known as "Full Doc" loan programs only. Property must be owner occupied. 2nd Homes or Non-Owner Occupied property's are NOT allowed. Loan to Value (L.T.V.) and Debt to Income (D.T.I.) ratio restrictions and rate adjustments do apply. Interest rates shown above do not reflect the total APR or any fees that may be associated, or in connection with obtaining a Home Loan.
Please contact me for referrals to loan reps.
Wednesday, June 22, 2011
Tuesday, May 31, 2011
Around the Home: Give Your Bathroom a Green Mini-Makeover
Home Maintenance Tip -
Around the Home: Give Your Bathroom a Green Mini-Makeover
By Terri Bennett
Giving your bathroom a green mini-makeover can help reduce your monthly utility bills and save a lot of water, one of our most precious natural resources. Some upgrades won't cost you a penny, others will cost a few bucks, and a few bigger investments will bring a bigger payoff down the road. Do your part and make a few upgrades to your inefficient bathroom because it's the one room where we waste the most at home.
Let's start with the free stuff. Turning off the water when you brush your teeth is an easy way to save 2,000 gallons of water per person, per year. You can also save thousands of gallons of hot water in the shower when you turn off the water while you shampoo, shave, or lather up. Take it one step further and replace an older showerhead with a relatively inexpensive low flow model and save more than three gallons of water every minute someone is in the shower. And it's not just water you'll be saving. You are likely using heated water in the shower, so you'll also be saving energy and money because you'll be heating less water.
The biggest water hog in your bathroom is likely the toilet, especially if it was installed prior to 1994. Older model toilets need as much as seven gallons of water per flush compared to models built after 1994 that are required to use less than two gallons per flush. Replacing an older toilet with a water-conserving model is one upgrade with an immediate water conserving impact.
If a new toilet is not in the budget, there is a no-cost or low cost solution to reducing the amount of water used with each flush. It's called a water displacement device and you can make one for free with a plastic jug, some gravel and a couple minutes. Or you can spend less than $25 and buy a device that drops into the back of your toilet tank. By reducing the amount of water the toilet wastes, the average household can save about 17,000 gallons a year.
Of course, there are other things besides water that go to waste in the bathroom. Often we don't recycle all we can such as shampoo bottles, soap packaging and even those cardboard toilet paper rolls. Having a small recycling container in the bathroom will help you and your family recycle those valuable items instead of letting them waste in a landfill.
The bathroom is one room where we can really make a difference. Do your part and make a few upgrades that will have you on your way to wasting less, immediately.
Reprinted with permission of RisMedia, publisher of Real Estate Magazine
Around the Home: Give Your Bathroom a Green Mini-Makeover
By Terri Bennett
Giving your bathroom a green mini-makeover can help reduce your monthly utility bills and save a lot of water, one of our most precious natural resources. Some upgrades won't cost you a penny, others will cost a few bucks, and a few bigger investments will bring a bigger payoff down the road. Do your part and make a few upgrades to your inefficient bathroom because it's the one room where we waste the most at home.
Let's start with the free stuff. Turning off the water when you brush your teeth is an easy way to save 2,000 gallons of water per person, per year. You can also save thousands of gallons of hot water in the shower when you turn off the water while you shampoo, shave, or lather up. Take it one step further and replace an older showerhead with a relatively inexpensive low flow model and save more than three gallons of water every minute someone is in the shower. And it's not just water you'll be saving. You are likely using heated water in the shower, so you'll also be saving energy and money because you'll be heating less water.
The biggest water hog in your bathroom is likely the toilet, especially if it was installed prior to 1994. Older model toilets need as much as seven gallons of water per flush compared to models built after 1994 that are required to use less than two gallons per flush. Replacing an older toilet with a water-conserving model is one upgrade with an immediate water conserving impact.
If a new toilet is not in the budget, there is a no-cost or low cost solution to reducing the amount of water used with each flush. It's called a water displacement device and you can make one for free with a plastic jug, some gravel and a couple minutes. Or you can spend less than $25 and buy a device that drops into the back of your toilet tank. By reducing the amount of water the toilet wastes, the average household can save about 17,000 gallons a year.
Of course, there are other things besides water that go to waste in the bathroom. Often we don't recycle all we can such as shampoo bottles, soap packaging and even those cardboard toilet paper rolls. Having a small recycling container in the bathroom will help you and your family recycle those valuable items instead of letting them waste in a landfill.
The bathroom is one room where we can really make a difference. Do your part and make a few upgrades that will have you on your way to wasting less, immediately.
Reprinted with permission of RisMedia, publisher of Real Estate Magazine
Thursday, April 28, 2011
Dedicated to Going Green? Follow These 10 Easy Steps
RISMEDIA, April 26, 2011—Given the pressing environmental challenges facing the world, one day just doesn’t seem like enough to celebrate the earth and make long-term environmental changes. Why not use this month as inspiration and make a commitment to do environmentally friendly activities throughout the year?
Here are just 10 ideas, along with some online resources, that you could try.
Green your office–Establish a green team with colleagues to address ways to reduce your office’s impact. A recycling program is obvious. Other strategies could entail ridding the kitchen of disposable goods, replacing equipment that hogs energy, improving lighting and HVAC systems, installing a bike rack, and replacing grass around the office with a vegetable garden or native plants. For more information, visit www.greenyour.com/office.
Shop locally–Swear off buying stuff from faraway places, even if it saves some pennies. Just consider the impact that packaging and shipping your goods has on the environment. Instead, shop locally. Walking to shops saves energy and you also help neighborhood businesses thrive.
Make mini moves–Build new habits that will have an ongoing impact. Those could include the basics, such as switching to CFL bulbs, fixing water leaks (www.epa.gov/WaterSense), or cutting the phantom power at home.
Do an energy audit–Invest in an energy audit to figure out exactly how your house wastes energy. Even if you’re on a tight budget, commit yourself to making some of the changes the auditor suggests, and start setting aside money for costlier upgrades. Find an auditor at RESNET, www.resnet.us/trade/find-raters-auditors.
Go car-free–Reorganize your schedule so you can take public transit or walk to work and errands at least a day a week.
Become a locavore–Rely on local providers for your weekly produce by shopping at a farmers’ market or joining a CSA (Community Supported Agriculture) program. And when it’s time for gift giving, consider buying CSA memberships for friends and clients. http://www.localharvest.org/
Share your knowledge–Offer to make a presentation to colleagues at a weekly sales meeting about green changes they can make. Or pass the torch to the next generation by organizing an environmental event at a school or with a Girl Scout troop.
Raise your profile–Whether it’s a community garden, a rails-to-trails group, or a transit improvement committee, get involved in your community. Your participation raises your profile and connects you with new prospective clients, and your efforts have a direct impact on improving your community.
Learn something new–Still fuzzy on the details of programs like LEED or Energy Star? Wondering about new rebates and incentives? Spend two hours each week getting up to speed on industry programs and trends. One resource for such education is the Green REsource Council’s Webinars, one of the many great benefits available to NAR Green Designees. All the Webinars are archived at http://greenresourcecouncil.org/webinars.cfm for deisngees, and they include sessions on Energy Star, EPA’s WaterSense, USGBC’s REGREEN , LEED for Homes, and NAHB’s Green Building Program.
Refer a colleague—Find out how much colleagues have benefitted by earning NAR’s GREEN Designation and urge others to get green education. Discuss the greater knowledge you have to advise clients and how the designation has allowed you to best prepare your business for a changing world in which consumers increasingly value an efficient, sustainable housing stock. Right now, the Green REsource Council is offering a discount on the online Core Course and Residential elective. Registrants can save nearly $100 off the original price of the online courses.
For more information, see http://GreenREsourceCouncil.org/Courses.cfm.
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