December 11, 2011

Comments Off on The World Turns On, But Inventory Does Not

Buying Real Estate, Foreclosures, Housing Market Stats

The World Turns On, But Inventory Does Not

CoreLogic is a company that tracks all kinds of trends.

They take a slice of recent history and the economic factors within it and do cool calculations that slice and dice information used by pundits and prognosticators – and sometimes speculators.

Data is only as good as its interpretation.  What is even more important is the actions that are taken by such interpretations.

You might be asking yourself what is the point behind all of this.  If you are in the housing industry in any way, it is quite meaningful.

You see, CoreLogic just released a report about inventory turns on foreclosures that hit the market in 2007.  You know, that time before the market crash of 2008.

There were over 23,000 foreclosures in 2006 that sat in REO inventory until 2010.  This number represents about 10% of the total number of foreclosures that hit that same year.

Now, we are about to have another 10 million homes hit the market in 2012 and 2013.  If history is any indicator, over 1 million of these homes will still be in the inventory until 2016 / 17.  So what, you say?

Well, 1 million is a long way from 23K.  Couple this with the radically changed credit accessibility of the general public and Dodd/Frank, and you have a very big recipe for protracted affects on home prices and selling cycles.

On the other hand, it does represent some great opportunity if you are of a mind to do so.

What we can be assured of is that home appreciation will be very low for several years to come, but the rental market will be quite hot.

Just make sure that if you plan to be in the speculation game any time soon, plan to be in it for the long haul…

Here’s the original article…More than 20,000 foreclosures in 2006 took 4 years to resell: CoreLogic

December 10, 2011

Comments Off on What is News?


What is News?

It is beyond me how people who call themselves writers seemingly have no imagination about subject matter.

There are so many things to write about in the housing industry that it confounds me when I read repeated articles about old news.

Do we really need to understand that housing foreclosures are about to pick up and more inventory will be moving into the market?

Is it any news that the number of foreclosures has been kept artificially low because of legal entanglements between banks and government?

If you think this is news, I wonder where you have been.  Particularly if you are a resident of the US and have two eyes and ears.

This is the last time I will write about the expected upturn in the inventory of foreclosures unless it suits my warped sense of humor to do so.  And so here goes…

All of the legal issues surrounding improper foreclosures have essentially been resolved and there is now a clear path outlined nationally and in each state.

It goes something like this: if you enter foreclosure proceedings,  you better have all of your i’s dotted and your t’s crossed.  If you don’t,  you as a financial concern are going to have your ass kicked in court.

If you are a homeowner and you are facing foreclosure, you had better understand the entire process from front to back and be prepared to keep excellent records.

You had also better be prepared to send time sensitive responses to the appropriate person / entity without delay and to follow an appeal process to the letter.

If you don’t, you are going to get a smack down from a judge or from an attorney or arbitrator.  It is that simple.

Do not cry the blues, do not whine, do not pass go and do not collect $200.  Take care of your business.  If you plan to double down, remember that you may lose and that is how the game is played.

You know, just like kickball on the old playground.  Someone loses and someone wins.  It is how the game is played.

Here’s the original article…Foreclosures Fall 12 Straight Months

December 9, 2011

Comments Off on This Too Shall Pass

Foreclosures, Mortgages

This Too Shall Pass

You have exactly four options if you are underwater on your mortgage.  They are as follows:

  1. Modify your loan (hopefully it is not serviced by Fannie / Freddie)
  2. Attempt a short sale
  3. Stay and pay
  4. Walk away

And that is about it.  Of course, if you live in a very desirable area, you have a good chance to sell your property to a foreign investor looking for a visa.

But that is really like looking to make a Hail Mary your bread and butter strategy in your playbook.

There are some very good reasons to adopt any one of the strategies listed above and it is good to remember that there is no shame in opting for any one of them.

The only people involved in what makes your decision “right” is you and your family.

If you are in the position of having to choose, you are intimately aware that the old adage “nobody is going to pay my bills, so why should I care what they think” is alive and  well.  It is also very, very true.

Whatever you should decide to do, do it.  Lay it out for yourself on paper and make a decision.  The very fact that you have done so will eliminate a lot of stress in your life and provide you a feelling of progress.

The Buddhists say that we have never arrived.  That we are forever entering into and exiting from stages in our lives that may be considered good or bad.  It is time for your to begin to exit the current stage.

You are American.  It is in our DNA to pull up our boots and march forward on our own two feet.

You will find you are better for it, once you have made the decision to do so for you and your family.  This too, shall pass.

Appraisal Source is a New York based residential real estate appraisal firm. Their highly-qualified appraisal staff of New York City and Long Island appraisers provide independent residential real estate appraisals for a variety of purposes.

Here’s the original article…Mortgage underwater? Here’s how to stay afloat

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