Archive for the ‘foreclosures’ Category
Half of all Homes Sold at a Loss
Stunning News: At least one half (50 percent) of the homes sold in the US closed for less than the amount owed on the mortgage. In other words, half of all US homeowner’s were upside down, owing more money than their houses were worth.
Sadly, the national average of 50 percent was far better than a lot of regions faired. In Arizona and California, 55 percent of sales prices fell below the loan amount. In Florida, 40 percent of owners were upside down. In Michigan, 65 percent of all home sales were distressed. In Nevada, the banks lost even more money, as 61 percent of all sales were made at prices below the outstanding debt amount.
While we have seen units of sales of real estate pick up in the last four months, these sales have unfortunately been the result of deeply discounted prices. The problem for a recovery in 2010, is that another wave of foreclosures is cresting, ready to pound us once again.
To read the latest news about foreclosures and home price predictions in 2010, CLICK HERE.
Thank you for visiting Why6Percent.com. If you have a home to sell, time is not on your side. Price your property aggressively and let the world know about it. Visit our website and discover how other seller’s are reaching millions of buyers a month.
Virtually Stage Vacant Home to Sell
Marketing a vacant home can be difficult challenge, because empty rooms are hard to size up and they don’t stand out in a buyer’s mind. This leaves every vacant home looking like the one next door, with the only difference in a buyer’s mind being, which home has the lowest price.This problem may have been solved by Krisztina Bell, a smart Atlanta Realtor, who invented and patented a software program that will “virtually” stage any vacant property for around $250. Her company has been heralded by the Chicago Tribune, San Francisco Chronical and other publications as the answer to giving the effect of a professionally staged home at a fraction of the cost.
Thank you for visiting Why 6 Percent.com, your MLS and Realtor.com listing connection for by owners, investors and builders.
Million Dollar Homes Hit Hardest in Real Estate Crash
Although, every homeowner has suffered in the real estate crash, the owners of homes worth one million dollars or more have taken a much worse hit than the rest of us and continue to.
The number of homes on the market priced at $1 million dollars or more increased a whopping 27 percent in July, according to data provided by Zillow.
The National Association of Realtors just released their findings for July which revealed that sales in number of homes valued between $1-$2 Million fell 23 percent. The supply of homes for sale in this price range has risen to a 21 month supply, up from 16 months last year.
Lenders report a big jump in deliquencies and foreclosures on the mortgages of expensive homes, which means that more high priced inventory on the market is imminent.
Thank you for visiting Why6Percent.com. If you have a home to sell, our program can put your listing in front of millions of buyers each month.
5 Smart Moves for Home Buyers
Record low interest rates, combined with deeply discounted home prices, have bottom fishers swimming frantically, in search of the perfect deal on the perfect home. But, before you strike, beware. The Top 5 Tips to Avoid getting Hooked in a bad way are Read More….
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3 Reasons Why Interest Rates Will Stay Low
The Top 3 Reasons that Interest Rates Will Stay Low
- The collapse in commercial real estate. Property values are down 35 percent since October 2007 and the majority of minds in the business believe that values will decline another 11-20 percent.
- The continuing fall in property values makes it difficult, if not impossible, to refinance as many as $165 billion dollars in troubled loans.
- Commerical property is a significant drag on overall economic growth and recovery. The country runs a major risk of another financial crisis, if lenders suffer unexpected losses.
Fed chairman Bernake told the Senate Banking Committee, “As the recessions’s gotten worse in the last six months or so, we’re seeing increased vacancy, declining rents, falling prices, and so, more pressure on commerical real estate.”
With commercial real estate in a Danger Zone, we predict that the Fed may be forced to leave the emergency lending rates close to zero, for longer than many pundits expect.
Thank you for visiting Why 6 Percent.com. We are here to help you with all matters real estate.
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Todays Article of Interest for Real Estate: What are Homebuyers Looking for When it Comes to Location???
Half of US Homeowners UnderWater by 2011
“NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. “Home price declines will have their biggest impact on prime “conforming” loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Read More
One clue to predicting further declines in home values may be an insight into the “Shadow Inventory” of homes currently in default. To learn more about the Hidden Truths, CLICK HERE. Very interesting, short article.
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32 Story Condo Occupied by One Family
Victor Vangelakos purchased one unit in the luxury Oasis Condominum highrise in Fort Myers for his family. He then discovered that they are the only occupant in the huge, empty, 32 story building.
Vangelakos purchased the property, with his wife and three kids, for $430,000. The plan was to use the home for vacations, until his retirement in 4 years. Unfortunately, the housing market had another plan.
An Empty Condo Building is Spooky.
The family randomly hears people on the grounds and inside the building. One night, someone even banged on their door and disappeared. The community pool is especially popular for break ins and intruders toss the chairs into the pool, as they abandon the building. The management company shut off the water to the building for 10 days, but the TV’s worked.
So what can be done about this nightmare in Fort Myers? Vangelakos wants out and who can blame him. He has not filed a lawsuit, yet, but he has written to The Related Group, the seller, about building maintainence and their undelivered promises for ammenities such as a marina, pro shop and fancy resturants. To date, his plea’s have fallen on deaf ears, even though the developer could easily buy him out or move him to the Oasis II building located next door.
Betsy Lu McCoy, mouthpiece for the developer, responded to homeowner saying, “We did not foresee, nor did anyone else foresee, the collapse of the real estate business and the concurrent collapse of the lending industry,” Mc Coy added, “They’re caught and we’re caught.”
Our opinion…Give me a Break! You’re not caught Ms McCoy, this family is caught. Give them their money back or rent their unit from them, and be brave enough to live in your own building by yourself.
Thank you for visiting Why 6 Percent. If you need a chuckle after this frightful story, Click Here to see our Nominee’s for Worst Contractor of 2009. Good luck on the sale of your home and please let us know if we can help you with an MLS listing.
10 Signs that We’ve Hit the Bottom in Housing
Finally, the news we’ve all been waiting for…the real estate market is bottoming out, after a steep, long decline.
To read the about the 10 newsworthy signs that signal the worst may be behind us, CLICK HERE
Thank you for visiting Why 6 Percent. We have provided the power of the MLS to home sellers for years. We can help you sell your home, too. Visit the website or call 1-800-381-9496 to reach 10 million home buyers each and every month!!!
Refinancing Dries Up. Home Prices Drop, Again
U.S. home prices fall another 6.9 percent in April, from levels seen one year ago. The catalyst seems to be record foreclosures, rising rates and the highest level of unemployment in the past 26 years.
More troubling news…home buyers and people looking to refinance have retreated to the sidelines, as mortgage rates creep back up to nearly 6 percent for a 30 year fixed rate loan.
Although the Federal Reserve is working to keep rates low, concerns about rapidly growing government debt, inflation, and the likelihood of a further decline in real estate values continue to push rates higher.
Tax incentives and other efforts to stimulate housing sales have not been able to keep up with the number of people losing their homes. In May, filings surpassed 300,000 for the third straight month. Foreclosure filings are predicted to reach 1.8 million in the first half of 2009, alone.
To read about predictions for Real Estate Prices Going Forward, CLICK HERE.
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Latest Housing News from the NAR
Charles McMillan, President of the National Association of Realtors, held a conference in Ft. Worth, TX and told attendee’s that “The dream of homeownership is alive and well in the US.”
Highlights include:
- Homes are selling under two conditions. People are buying, if the home is priced right and financing is affordable.
- Good news, if your home is in a first-time buyer’s price range. The $8000 tax incentive is working. Nearly half of all home sold have been to first-time buyers.
- Cheap prices drive sales. In CA, NV, FL and AZ where prices are down over 50 percent, existing home sales are dramatically increasing. Bidding wars are not uncommon.
McMillan is optimistic about the housing market, in spite of his real estate experience. McMillan began his career in Fort Worth, TX in 1983, one year after the Texas market crash in 1982. Ironically, the prices of home in Texas are still below their pre-crash levels, 27 years later.
Thank you for visiting Why 6 Percent. If you want to market your home to 10 million home buyers each month, without paying 6 percent of your sales price to do so, call us today at 1-800-381-9496.