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February 10, 2011

US Home Sales Rise in 2010

Author: admin - Categories: National Housing Report, Real Estate News

Real estate sales are mixed nationally for the 4th quarter of 2010. The reality is that short-sales and foreclosures continue to pull the average home prices lower. Home foreclosures and tighter FHA loan requirements have not helped bolster property values. We suggest compare rates and terms with house lenders that have a reputation for affordable financing.

Lawrence Yun, NAR’s chief economist, said in a statement that he was encouraged by the quarterly rise in sales. “Home sales … are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” Yun stated. “A recovery to normalcy requires steady trimming of the inventories.” Yun projected about 150,000 to 200,000 jobs will be added to the economy this year from an expected 300,000 additional home sales in 2011, the report said. “An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth,” Yun added.

Virginia was the only state to see a quarterly drop in sales, down 5.4%, and Virginia mortgage rates also fell to record lows. Home sales in Washington, D.C., remained unchanged from the third quarter. Compared to fourth-quarter 2009, however, only Idaho saw a yearly rise in sales: up 7.3 %. Some foreclosure-ridden states — Florida, Arizona, Nevada and California home sales saw the smallest drops in sales during that time. Distressed sales made up 34% of all sales in the fourth quarter, up only slightly from 32 % in the fourth quarter of 2009.

The Midwest experienced the biggest estimated overall drop in sales in 2010 compared to 2009: 7.5%, to a rate of 1.08 million. The Northeast saw a drop of 4.8%, to 817,000. The West saw a decline of 4.7%, to 1.15 million. The South saw the smallest decrease, down 2.8%, to 1.86 million.

10 states to see biggest decreases in sales from 2009 to 2010:

State 2009 sales rate 2010 sales rate

% change

South Dakota 17.4 14.2

-18.4%

Minnesota 107.4 89.7

-16.5%

Delaware 12.6 10.9

-13.5%

Oklahoma 83.5 72.3

-13.4%

Rhode Island 15.4 13.6

-11.7%

Missouri 105.9 94.6

-10.7%

Michigan 167.1 149.6

-10.5%

Pennsylvania 176.5 160.3

-9.2%

Utah 31.1 28.5

-8.4%

Kansas 56.5 51.8

-8.3%

February 18, 2010

Housing Starts Rise 2.8%

Author: admin - Categories: Home Construction, Home Financing News, Housing Spotlight, New Home Starts, Real Estate News

Amid a trickle of economic reports like improved retail sales and declining credit card delinquency rates, most Wall Street analysts braced themselves for mixed real estate news, but the new home construction data released was welcomed. The AP announced Wednesday’s latest figures on the housing market and the good news spread quickly online.
According to the Department of Commerce, housing starts were up 2.8% in January to a seasonally adjusted 591,000 units, reversing a weather-related dip in December. The 21.1% year-over-year gain was the best monthly increase since April 2004.

Building permit applications dropped by 4.9% after two months of strong increases, but Burt White, chief investment officer for LPL Financial, said the disparity between the figures is likely a weather-related anomaly. Despite the volatility in housing data, the improvement points to a stronger economic backdrop. “It’s a good indication that Americans are beginning to reinvest again,” said White. “The biggest investment people make is in their homes.”

According to national FHA lenders, real estate financing continues to be supported by government loan programs like FHA, VA and Home Path, to name a few. Current mortgage interest rates remain at record levels with 30-year fixed rate mortgages still available below 5%. While the consumer won’t be at the fore of this recovery, housing starts did hit their highest level in six months–an indication that consumers are becoming more confident and comfortable with spending.

January 27, 2010

New Home Sales Stuck Near Record Low Levels

Author: admin - Categories: Department of Housing and Urban Development, New Residential Home Sales, Real Estate News

The Census Bureau and the Department of Housing and Urban Development today released New Residential Home Sales survey data for December 2009.  The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued.  Some insiders believe that loan modification plans may be hindering home sales, because lenders are extending loan workouts with distressed homeowners.

Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. It takes four months to establish a trend of new home purchases.

Nationwide Mortgage Loans announces discounted mortgage refinance programs. FHA Allows Home Buyers Tax Credit.  Read more on FHA Loans.

Sales of new single family homes fell 11.3% to an annual pace of 355,000 units. This was much lower than consensus estimates of 440,000 annual sales and 45,000 less than the October print of 400,000, which was revised for the worse from 430,000. This was the slowest pace of new home sales in 7 months and the worst month over month decline since January 2009.

August 17, 2009

Rising New Home Sales and Continued Low Interest Rates

Author: admin - Categories: Published Real Estate Articles, Real Estate News

The National Association of Realtors is stating that this is the third straight month where beyond new homes, existing home sales have increased. They are citing that there is a 4.6% increase in pending contracts for existing rooms.  Other news, inventory of houses across the country is dropping because there has been some oversupply in other areas of the country. And percentage of home ownership, increased last month.  In addition, interest rates continue to stay historically low, the $8,000 tax credit is still available for first time homebuyers, and home sales in general continue to rise. 

August 12, 2009

Home Loan Applications Drop

Author: admin - Categories: Home Financing News, Mortgage News, Real Estate News

According to the Mortgage Bankers Association mortgage rates rose last week and the response was a lower volume of new loan applications. The volume of mortgage loan applications declined 3.5% compared with the previous week. Home loan applications filed were still up an unadjusted 16.1% for the week ended Aug. 7 from the same week in 2008, according to the MBA’s weekly survey. FHA home loan applications filed last week to purchase homes rose 1.1% from the week before. Volumes for conforming, FHA and VA loan applications were all lower than expected.

Mortgage refinancing applications to refinance existing home mortgages decreased 7.2%, on a week-to-week basis, reversing the 7.2% increase during the week ended July 31, according to the Washington-based MBA. The four-week moving average for all mortgages was down 0.7%. Home refinancing applications made up 52.3% of all applications last week, down from 54.2% the previous week. ARM mortgage loans accounted for 5.8%, up from 5.4%. Read the complete article online> Mortgage Loan Application Activity Slowing

August 11, 2009

Pick the Right Loan Modification Company

Author: admin - Categories: California Real Estate News, Foreclosure Prevention, Published Real Estate Articles, Real Estate News

Real Estate Related News recommends finding a foreclosure prevention company that provides a refund policy and can document a succesful track record negotiating with your specific lender.  Federal and state agencies took 189 actions today against modification and foreclosure-rescue firms, the Federal Trade Commission announced.

Realtytrac: Foreclosures Up 11% in Last Qtr.

 

The coordinated actions were part of a national law-enforcement effort by 2 federal and 23 state agencies to crack down on loan modification scams.  “Operation Loan Lies,” has targeted loan modification companies that allegedly promised to obtain modifications or stop foreclosures, but the companies actually did nothing. Advance fees charged by the loss mitigation firms were equal to one or more mortgage payments, but no loan negotiations ever took place.  See the original article at FTC Shuts Down Loan Modification Scams.

Loan Modifications and Foreclosure Prevention

Author: admin - Categories: California Real Estate News, Real Estate Marketing, Real Estate News - Tags:

Greg Rand of Better Homes & Gardens’ Rand Realty discuss foreclosures and the latest real estate news. They consider the housing crisis and why homeowners are making it difficult to realize foreclosure prevention.

Homeowners, Loan Modifications and Foreclosure Prevention?

Loan modification plans are disputed as nearly 50% of homeowners re-default on their mortgage after their lender reduces the interest rate and lowers the home loan payment. Where do we go from here?

July 2, 2009

Real Estate Markets Reporting Slow Recoveries

Author: admin - Categories: California Real Estate News, Jason Cardiff, Published Real Estate Articles, Real Estate News, Uncategorized - Tags: , , , , , ,

According to Lawrence Yun, chief economist of the Chicago-based Realtors’ group “The rising home foreclosures that sell at discounted prices are flooding the real estate market and depressing property values. Kelly Media Group, Founder Jason Cardiff weighed in, “Home sales will rebound strongly if we can keep the interest rates low for the next 12 months, but the trend of rates seems to be increasing.” Many realtors and mortgage brokers seem to agree that industry needs to keep conventional mortgage rates low until the local and national c can recover.

Existing U.S. home sales in May rose 2.4 % to an annual rate of 4.77 million, lower than forecast, and the median price was down 16.8 % from the same month in 2008, according to the Realtors. It would take about 9.6 months to sell the nation’s 3.8 million unsold homes at the current sales pace, according to the Realtors. “The worst is behind us but we’re a long ways off from a recovery in housing,” said Mark Vitner, a senior economist at Wachovia Corp. in Charlotte, North Carolina. “Inventories are still elevated. We’re not expecting any strength in housing until the second half of 2010.” About 20.4 million of the 93 million houses, condos and co- ops in the U.S. were worth less than their loans as of March 31, according to Seattle-based real estate data service Zillow.com.

Home Builders Continue to Struggle

Builders including Los Angeles-based KB Home are slashing prices and reducing the size of houses to compete with foreclosures. KB Home’s revenue fell 40 % last quarter to $384.5 million and net orders dropped 31 % to 2,910 homes, the company said June 26. The Washington-based Mortgage Bankers Association’s loan survey, compiled every week, covers about half of all U.S. retail residential mortgage originations.

April 13, 2009

Live Transfer Leads Better than Cold Calling Real Estate Lead Systems

Author: admin - Categories: Housing Spotlight, Real Estate Marketing, Real Estate News - Tags: , ,

Whether it’s live transfer leads or lead generation derived from the voice broadcasting campaign, sales agents are excited to get a live voice on the phone. Now you can quit cold calling leads from the yellow pages. For real estate investors and entrepreneurs who loathe the age-old practice of cold-calling and risky advertising, there is good news at last.  A new cost saving business plan:  pay-per-month lead generation by Wehavehomeleads.com.  It takes the frustration out of trying to find new business by delivering a stream of interested, ready-to-sell prospects to its clients.

For real estate investors and entrepreneurs who can’t stand the practice of cold calling and risky advertising, there is good news at last.  A new cost saving business plan:  pay-per-month lead generation by Wehavehomeleads.com.  It takes the frustration out of trying to find new business by delivering a stream of interested, ready-to-sell prospects to its clients.�

Wehavehomeleads.com is a welcome solution for entrepreneurs, real estate investors, realtors, and others who are tired of wasting time and money on unproven marketing strategies, says Art Smith, CEO of Wehavehomeleads.com. Now, rather than gambling with high risk advertising campaigns or unproductive cold calls, our clients can focus on closing sales and building their business.”  Upon signing up with Wehavehomeleads.com, clients receive a custom-built website which organizes and stores their leads.

The real estate marketing company then utilizes a variety of marketing strategies to get in contact with motivated sellers.  Home selling prospects are pre-qualified by a detailed questionnaire and customer service representative, and only leads fitting the clients target customer profile are delivered.  Sign up for related real estate news. 2010 is forecasted to see a significant market switch for selling and home-buying across the country.

Some New Jersey Realtors Moving On

Author: admin - Categories: East Coast Real Esate News, New Jersey Real Estate, Published Real Estate Articles, Real Estate News - Tags: ,

In a recent article, Melissa Thomas-Garcia reveals her thoughts about selling New Jersey real estate would be a great way to funnel the entrepreneurial energy she used selling crafts and Avon out of her home into a long-term, steady job. “They kept telling us how the market is prime right now, and everyone is making sales and making deals,” said Thomas-Garcia, 28, who lives in Lindenwold, Camden County. “At the time, it seemed perfect.” The housing market in the high cost areas of the US is very difficult.

After doing what she was told last year placing ads, cold-calling potential clients, asking friends and relatives for real estate leads Thomas-Garcia wound up $3,000 in the red with not a sale to her name. So instead of shelling out more money to renew her license, she put her career on hold and took a job at Payless ShoeSource. Thomas-Garcia has learned firsthand why the number of people entering the real estate business in New Jersey last year plummeted faster than sales themselves. In the bonanza years, when newly licensed agents could stir up a bidding war simply by listing a house, people flocked to the industry to make easy money. Now, real estate classes are half-empty and agents are looking for other work until the cycle begins again.

Get alerted with home sales and foreclosure reports. Sign up for related real estate news. 2009 and 2010 are forecasted to see sparks of a market rebound.

The number of people getting real estate licenses in 2008 fell by a third, according to state statistics, following a 17% drop in each of the two previous years. “Last year it really dropped off,” said Jeff Snyder of Moorestown, co-owner of RE/MAX of New Jersey. “I think you’re going to see that trend continue.” The number of single-family homes sold in New Jersey dipped 18% in 2008, while the median sales price fell 7.5%, according to the New Jersey Association of Realtors. “People are saying, ‘Wow, I’ve got to get a real job,’” said Richard Leonard, who owns Arcadia Realtors in Roseland. As far as careers go, real estate has a low entry bar.

To get a license in New Jersey, you need to be 18, have a high school diploma, pay a $60 fee and take a 75-hour course that usually runs about $400. A real estate agent then pays additional fees to maintain the license and to get insurance and database access. The Association of Realtors reported a spike in interest with a recent direct mail marketing campaign that helped perform a home-buying survey. Read the remaining article >