Archive for June, 2010
Why Canada’s Housing Market Didn’t Crash
They saw a housing boom, they saw a recession, and yet the Canadian housing market is still cooking with gas. Why? Fundamental differences in Canadian banking, borrowing and home buying.
Is Home Ownership an American Right?
Today we begin a series on CNBC called The Housing Fix. To be honest, it grew out of our need to look at the biggest elephant in the home today: Fannie Mae and Freddie Mac.
Five Factors To Heal The Housing Market
It takes little logic to conclude that the Homebuyer Tax Credit incentive is borrowing buyers from the future. Many of these buyers would have been in a position to purchase in the months ahead, given continued low interest rates and buyer-friendly home prices; this is reflected in recent home sales and mortgage application reports. For this to reverse five things need to happen: 1. Interest rate must remain low. 2. Private-sector wages will need to rise, enabling the current employed to better qualify for mortgages. 3. New jobs must to be created in the private-sector to bring new households into the homebuying ranks. 4. The consumer savings needs to increase thus creating the down payment and closing costs for home purchases. 5. Consumer Spending must increase. Recovery of the housing industry and the greater economy is dependent on job and wage growth in the private sector. To date the economic recovery efforts have been spent on public spending projects and government employment. They have not stimulated creation of nongovernment jobs as most businesses are cautiously on a hiring hold. Currently, around 10 million people are claiming unemployment benefits. David Semmens of Standard Chartered Bank voices two major concerns: "1) this is still very early stages and given hours worked are currently very low any uptick helps lift personal income, despite poor hiring numbers; 2) the data is currently being lifted by the census hiring so the data in coming months (4-5) will shed far more light as I would expect it to be weak as the census jobs are lost." The labor market appears to be gradually healing. Omar Sharif of RBS states, "With the labor market gradually healing, wages have shown some momentum this year, with the three-month annualized rate hitting 5.3% In May, the fastest pace of advance since November 2007." May's Personal Income indicator show that Personal Income ROSE by 4.0%, Wages and Salaries ROSE by 0.5% and Consumer Spending ROSE by 0.2% and is now 4.6% ABOVE its year ago level but has decelerated over the past 3 and 6 months and finally, The Savings Rate ROSE to 4.0%. Steve Wood of Insight Economics concludes: "The growing economy, which is now creating private sector jobs with a lengthening workweek, combined with ongoing monetary and fiscal stimulus, has strengthened growth in personal income and wages and salaries. Although still soft, they are much stronger than they were just 6 months ago." So, it appears that the US economy is modestly advancing on all five points. If it continues to improve it will still take time to create qualified homebuying households.
Home Tax Credit Closing Extension Dead
The proposal was simple and necessary: Extend the closing date for the home buyer tax credit from June 30th to September 30th — not the tax credit itself, which required buyers to sign a contract by April 30th, just the closing date.
Fannie Mae: Walk Away and You Will Pay
An announcement from government-owned mortgage giant Fannie Mae warns: "Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure."
Redfin CEO and Others Pull Back on Housing
I had a chance today to sit down this morning with the CEO of online real estate brokerage Redfin, Glenn Kelman, who is one of the few people actually making money in the housing market these days.
Pre-Foreclosure Investing – Finding the Window of Opportunity to Profit
When we hear the word foreclosure we have mental images of families being booted out of their homes by evil financial institutions, with this picture not being too far from the truth. Although this example is a unhappy one, there is a bright side with foreclosures and money to be made for smart investors. Unfortunately, loan defaults by homeowners are a part of the housing market as is the home buying segment. Market conditions fluctuate determining winners and losers not unlike the stock market. An underlying fact, unique to the free market, is when someone loses there is also a winner. Foreclosure investing is booming. In May, 2010, the government reported a record high of over 93,000 houses being repossessed by lending institutions, up 1% from the previous month and up 44% from the same time period one year earlier. These homes will be put to auctions and sold to the highest bidder. What if there were a way to buy these homes in pre-foreclosure, before they hit the auction block? Real estate investors that take the initiative and possess the ability to work fast can profit in this time sensitive market. Another perk associated with this type of investing is the investor can very well help the struggling homeowner that is about to lose their home to the bank. No, you can't keep them in the home but you can save their credit rating and help them avoid the sting of foreclosure being stamped on their credit report. The difficult part of pre-foreclosure investing is the small window of opportunity. When the homeowner defaults on the loan, there is only a small window of time for the investor to approach the homeowner between default and foreclosure. Contacting the homeowner can be difficult especially since they are probably experiencing the most stressful time of their life. However, offering them an opportunity to save their credit rating and avoiding the sigma of foreclosure is a powerful selling tool if employed properly by the investor. The benefit for the investor is he potential to buy a property for up to thirty-percent off market value. Once possession of the property is taken over by the investor he has several options. Keep the property as long term investment and rent it out or flip the property quickly and bank a nice profit. Whatever the choice, the investor can make a nice income with pre-foreclosure investing. Get more FREE information about Pre-Foreclosure Investing. http://cash-flow-note.blogspot.com/ Article Source: http://EzineArticles.com/?expert=Doug_Fisher
Obama Administration’s Housing Scorecard
Is the U.S. Department of Housing and Urban Development's new "Monthly Housing Scorecard," released this morning, really a true assessment of all the administration's work this year, and the current grade level of the housing recovery?
Is Your Own Residence in DANGER?
There is certainly one big concern that any residence owner has got. Will you estimate what I am speaking about? It is that fear of getting kicked out the house because you defaulted on those home loan monthly installments. There is certainly no way around it; In case you will not discover a way to fork out installments, possibly by finding better salary or by utilizing less expensive house loan terms, you shall experience foreclosure& you'll be evicted, when in harder phrasing: be kicked out - from your own house. You must uncover remedies to your problem promptly! And I've got some ideas and techniques about how to stay away from foreclosure that I'd like to share with you. What exactly is this process? Whenever a loan provider goes to court and apply for a court order that should prevent the mortgagee from staying in his house, it's called home foreclosure. That is often the result of not making some timely payments.Foreclosure policies and rules differ from a single state to one other. Forms of foreclosure 1.Judicial Sale: it's when the sale is carried out within an open eye of a judge. The results from the sale are allocated by a judge accordingly. 2.Power of Sale: this sale will be performed by the mortgage holder and the judge doesn't have any power of the proceedings. By these descriptions outlined, it's not at all something you would want to experience. It is important to uncover approaches to postpone process of home foreclosure. You will have to seek out foreclosure avoidance strategies. For sure, It's essential to fix the problem of: "How to stop the process of foreclosure", in order to hold on to your own home. An important mortgage mortgage modification program has allowed house owners to enjoy far more cost-effective bills has been lately created under the name H4H, which means Hope For Home owners. This is a powerful way to end foreclosure. To allow the holder use the H4H program, he needs to be eligible. The terms that a homeowner required to qualify for this plan previously outlined: 1.The latest property loan payments have exceeded thirty-one percent of the homeowner's gross revenue. 2.The default in payment is due to appropriate and authentic factors and is not intentional. 3.A requesting home owner must have supplied authentic data regarding home and cash flow. To avoid foreclosure this should not be ever violated, in case it will be, the likelihood of having your mortgage terms will get improved will be zero. The only option for you is to hold on to your property. To do so, you should discover all feasible tactics, ways and techniques to cease home foreclosure. Apart from the remedies discussed on this article, there are even other foreclosure evading solutions available. There's no point hesitating, that only makes things even harder! Instead, employ one of several provided hyperlinks, take use of the assistance of available professional foreclosure / loan modification expert, and save the wonderful residence from this scary house foreclosure! Change your life now! Click here now and find a lot more info about Loan Modification For You to help you Save Your Home. Take action Now! Article Source: http://EzineArticles.com/?expert=Dan_Spark
Winter Park Real Estate Short Sale Condo!!
Video tours showing a Short Sale Condo at Winter Park, Florida. 1st floor part of the condo Upstairs Part of the condo Neighborhood Tour
