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The end may be in sight – and getting a better sense of when it’s coming can help you make the smartest buying and selling decisions.
(Money Magazine) — Call it the Great Housing Paralysis of 2009. If you’re hoping to buy your first home or invest in a second one, you’re probably sidelined, unsure when to jump in. If you want to sell, you’re thinking it may be better to wait. And even if you don’t plan to either buy or sell anytime soon, watching one of your biggest assets tank is about as much fun as being chased by hornets. When will the pain stop?
Nationwide, home prices will bottom out at the end of this year, according to the forecasters at Moody’s Economy.com. Median prices will probably fall another 10% on top of the 27% they’ve plummeted since their 2006 peak. That prediction assumes that President Obama’s various recovery efforts – including billions to slow foreclosures and goose bank lending, plus a tax credit to most 2009 buyers who haven’t owned in the past three years – will have some effect. If they don’t, says Economy.com’s Mark Zandi, the bottom could come as late as 2011.
And then? “The recovery will look more like a U than a V,” predicts Mike Larson, a real estate analyst at Weiss Research. Translation: After home prices hit their lows, they’ll probably stay there for a few years as the economy slowly struggles back to its feet. Prices aren’t expected to reach their 2006 levels again for another decade.
NY TIMES – SOUTH BEND, Ind. — Mercy James thought she had lost her rental property here to foreclosure. A date for a sheriff’s sale had been set, and notices about the foreclosure process were piling up in her mailbox.
Ms. James had the tenants move out, and soon her white house at the corner of Thomas and Maple Streets fell into the hands of looters and vandals, and then, into disrepair. Dejected and broke, Ms. James said she salvaged but a lesson from her loss.
So imagine her surprise when the City of South Bend contacted her recently, demanding that she resume maintenance on the property. The sheriff’s sale had been canceled at the last minute, leaving the property title — and a world of trouble — in her name.
“I thought, ‘What kind of game is this?’ ” Ms. James, 41, said while picking at trash at the house, now so worthless the city plans to demolish it — another bill for which she will be liable.
City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate.
If you are in foreclosure, here is the information you need.This video will give you the information you need to “stop foreclosure” or help figure out what to do.
In response to inflated appraisals contributing to the housing crisis, mortgage brokers will no longer be allowed to have any contact with appraisers and instead will have to order appraisals though Appraisal Management Companies or banks.
I anticipate numerous challenges and problems including, the approval process taking longer and increased costs to consumers as they’ll be forced to pay for appraisals they can’t use.
The “pendulum” did swing too far in the direction of inflated values, but is now swinging too far in the conservative direction.
Let me share an example with you to illustrate:
A homebuyer recently applied with us for a mortgage on a home purchase transaction. The home was an average three bedroom, single-family home that happened to be a foreclosure. The buyer had a sales contract on it for a modest amount in the $60,000 range. They thought they were getting a pretty good deal on it as it had sold a few years ago for over $120,000.
The Department of Housing and Urban Development has completed the process of allocating $4 billion to states and communities for the purchase and renovation of foreclosed properties. Another $2 billion in neighborhood stabilization funds will available soon. “These funds will be used to buy up and rehabilitate vacant foreclosed homes and resell those homes with […]
(CBS) When it comes to bailouts of American business, Barney Frank and the Congress may be just getting started. Nearly two trillion tax dollars have been shoveled into the hole that Wall Street dug and people wonder where the bottom is.
As correspondent Scott Pelley reports, it turns out the abyss is deeper than most people think because there is a second mortgage shock heading for the economy. In the executive suites of Wall Street and Washington, you’re beginning to hear alarm about a new wave of mortgages with strange names that are about to become all too familiar. If you thought sub-primes were insanely reckless wait until you hear what’s coming.
One of the best guides to the danger ahead is Whitney Tilson. He’s an investment fund manager who has made such a name for himself recently that investors, who manage about $10 billion, gathered to hear him last week. Tilson saw, a year ago, that sub-prime mortgages were just the start.
Most Internet marketers understand that having mini
sites is the fastest and easiest way to make money
online. They don’t require a lot of time, energy, or
money to set up, and once you’ve got one up and
running, you can sit back and just collect money from
all the sales you’re making.
At least… that’s how it’s supposed to be, right?
The truth is that mini sites really ARE easy to set
up. They really DON’T require much time, energy, and
money to set up. So why is it that so few people
actually make money with their mini sites?
The answer is that they never learned how to actually
turn their mini site into a profitable moneymaker that
runs completely on autopilot. The good news is…
YOU’RE ABOUT TO LEARN HOW TO DO IT!
Here’s what this is all about: My colleague Michael
Rasmussen has just released a brand new video course
that will walk you through the process of creating a
killer mini site from the ground up, and then he’ll
also teach you how to actually start making money with
it right away and into the future.
Here are two simple questions?
Do you want to learn how to identify your real estate market, investment criteria
and filter the best deals into your pocket?
Do you want and have other people do the work for you?
Let me show you what I have learned over the years so you don’t get stuck
performing “analysis paralysis” and never finding what you want. With investment
criteria and direct focus on what you are trying to achieve and the ability to
convey this message in your delegation of tasks is half the battle. It will help you
streamline your success. Since it only takes one large deal to hit big why waste
time spinning your wheels in your wrong direction. Below I will show you a quick
thought process so you can create your investment criteria into the form of an
executive summary so you can use this as the basis for brokers to focus on your
real estate and financial goals for you.
The first thing you want to do is determine the market when you are seeking real
estate investments. The choices are Residential – single family homes, condos,
multi-family, apartment buildings; Commercial – office, condos; Retail – shopping
malls, high end; Industrial – large box; Special projects – golf courses or driving
ranges, ice rinks, recreation; Senior Housing – assisted living, nursing homes,
geriatric families, etc. There are several market to choose from and different
experts in each market that will work for you.
Michael Jake shows how a wholesale house flip happens. A walk through of a typical REO, Bank Owned House, Estate House, tired rental property, and how the deal was Found, How it was Funded, and how the profit was made and how much!