Thursday, December 31, 2009
DON'T LET YOUR HOME GO INTO FORECLOSURE
1. Read what the new home improvement trends are for 2010.
2. Pick and choose the latest trends that you can afford to do.
3. Update the wall colors in your home, a can of paint goes a long way.
4. Paint the outside of your front door.
5. Go to a Pike Nursury, take a picture of the front of your home, ask them
to help you update and make the front of your home very inviting. Use plenty of
color, window boxes, etc.
6. If you can afford it, take out your old kitchen counter tops and replace them
with the newest style of laminate (some looks a lot like granite).
7. Clean, clean, clean everywhere and declutter. When you clean do not forget the
baseboards.
8. Call me, Sharon Evans, RE/MAX Town & Country at 404-663-1669 to put your
home on the market.
Home Improvement Trends for the New Year | RISMedia
Sunday, December 6, 2009
BANKS START TO EMBRACE SHORT SALES
Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”
Tuesday, November 10, 2009
Pending Homes Sales continue To Rise
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of REALTORS®. That means that more foreclosures are being sold and it is time for buyer's to buy if they do not want to miss out.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.
The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable.
“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
Watch a video interview of Yun as he talks about these latest pending-home sales trends.
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
— NAR
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.
The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable.
“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
Watch a video interview of Yun as he talks about these latest pending-home sales trends.
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
— NAR
Monday, October 26, 2009
FROM JOHNNY ISAKSON STATE REPRESENTATIVE
Dear Friends,
This week was another busy one in Washington as health care reform dominates the headlines and as momentum picked up on extending and expanding the first-time homebuyer tax credit, which is set to expire on November 30, 2009.
On Tuesday, I testified before the Senate Committee on Banking, Housing and Urban Affairs about the need to further restore the housing market and energize housing demand by expanding the first-time home buyer tax credit passed by Congress earlier this year.
I shared with the committee my personal experience as the President of a real estate company during the mid-1970s when Congress in 1975 passed a $2,000 home buyer tax credit. The credit drove buyers back to the market and ended the housing recession within a year.
During my 33-year career in real estate, I weathered four housing recessions and experienced many challenges and difficult markets, but never anything like the current housing market in America. America’s families have lost trillions of dollars in home equity as home values have fallen, and in some markets, continue to fall today. The current home buyer tax credit is set to expire on November 30, right as we are approaching the worst three months of the year for the housing market. It is imperative that we retain the momentum we have gained as a result of the current credit and go into the spring market with the increased consumer confidence necessary for establishing a viable market.
I believe the current first-time home buyer tax credit has made a difference. However, the real housing recession is not with first-time home buyers, but in the “trade-in” or “move-up” market in which Americans are putting off purchasing their next home.
I will offer an amendment to the legislation extending unemployment benefits that would extend and expand the current homebuyer tax credit. The amendment would keep the amount of the credit at $8,000, but would remove the first-time homebuyer requirement, extend the tax credit until June 30, 2010, and raise the income limits to $150,000 for an individual or $300,000 for a couple.
For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return. Homebuyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. However, this 36 month recapture provision would not apply in the case of a member of the Armed Forces on active duty who moves pursuant to a military order and incident to a permanent change of station.
Sincerely,
Johnny Isakson
This week was another busy one in Washington as health care reform dominates the headlines and as momentum picked up on extending and expanding the first-time homebuyer tax credit, which is set to expire on November 30, 2009.
On Tuesday, I testified before the Senate Committee on Banking, Housing and Urban Affairs about the need to further restore the housing market and energize housing demand by expanding the first-time home buyer tax credit passed by Congress earlier this year.
I shared with the committee my personal experience as the President of a real estate company during the mid-1970s when Congress in 1975 passed a $2,000 home buyer tax credit. The credit drove buyers back to the market and ended the housing recession within a year.
During my 33-year career in real estate, I weathered four housing recessions and experienced many challenges and difficult markets, but never anything like the current housing market in America. America’s families have lost trillions of dollars in home equity as home values have fallen, and in some markets, continue to fall today. The current home buyer tax credit is set to expire on November 30, right as we are approaching the worst three months of the year for the housing market. It is imperative that we retain the momentum we have gained as a result of the current credit and go into the spring market with the increased consumer confidence necessary for establishing a viable market.
I believe the current first-time home buyer tax credit has made a difference. However, the real housing recession is not with first-time home buyers, but in the “trade-in” or “move-up” market in which Americans are putting off purchasing their next home.
I will offer an amendment to the legislation extending unemployment benefits that would extend and expand the current homebuyer tax credit. The amendment would keep the amount of the credit at $8,000, but would remove the first-time homebuyer requirement, extend the tax credit until June 30, 2010, and raise the income limits to $150,000 for an individual or $300,000 for a couple.
For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return. Homebuyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. However, this 36 month recapture provision would not apply in the case of a member of the Armed Forces on active duty who moves pursuant to a military order and incident to a permanent change of station.
Sincerely,
Johnny Isakson
LET'S KEEP BUYING THOSE FORECLOSURES
After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.
Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat.
For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.
"We've found the bottom," said Mark Fleming, chief economist for First American CoreLogic, a data firm.
The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor's, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years
All of these improvements are tentative, and come after a relentless decline that knocked more than half the value off houses in the worst-hit cities.
Some skeptics say they believe the market is merely pausing before it resumes falling and that much of the life in the market is coming from speculators. Even the most enthusiastic analysts acknowledge that rising unemployment, another leap in foreclosures or a significant jump in interest rates could snuff out progress.
Still, hope is growing in some quarters that the worst has passed.
Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat.
For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.
"We've found the bottom," said Mark Fleming, chief economist for First American CoreLogic, a data firm.
The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor's, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years
All of these improvements are tentative, and come after a relentless decline that knocked more than half the value off houses in the worst-hit cities.
Some skeptics say they believe the market is merely pausing before it resumes falling and that much of the life in the market is coming from speculators. Even the most enthusiastic analysts acknowledge that rising unemployment, another leap in foreclosures or a significant jump in interest rates could snuff out progress.
Still, hope is growing in some quarters that the worst has passed.
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