It's All About Price!

Amplify’d from www.dsnews.com

Three States Move to Ban Foreclosure Sales From Appraisal Values

With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market.

Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them.

According to the Appraisal Institute, “Elimination of foreclosures and short sales as comparables would result in an artificial market and would mislead lenders as to the true value of their mortgage collateral.” Read more at www.dsnews.com

 

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Housing Recovery Still In The Shadows!

Personally, as much as I respect Core Logic's data and estimates, I don't think anyone but the Bankers, know the real numbers behind all the so-called Shadow Housing Inventory. Time Will Tell! The way things are going however, it may not be in my lifetime!

Amplify’d from www.dsnews.com

Shadow Inventory Drops but Supply to Remain High for Extended Period

The industry’s shadow inventory of repossessed and soon-to-be repossessed homes that aren’t visible as properties for sale has contracted, according to CoreLogic.

CoreLogic estimates current shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple listing services (MLS) that are seriously delinquent (90 days or more), in foreclosure, and real estate owned (REO) by lenders.

Of the 1.8-million unit current shadow inventory supply, CoreLogic’s study shows that 870,000 units are seriously delinquent; 445,000 are in some stage of foreclosure; and 470,000 are already REO. Read more at www.dsnews.com

 

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February Home Sales Volume | first tuesday journal online

February Home Sales Volume | first tuesday journal online: "- Sent using Google Toolbar"

LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume

LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume: "- Sent using Google Toolbar"

OCC Issues Warning on Real Estate-Owned Exchange Programs

OCC Issues Warning on Real Estate-Owned Exchange Programs: "- Sent using Google Toolbar"

Survey: Nearly Half of Economists See Double-Dip Before Year-End

Survey: Nearly Half of Economists See Double-Dip Before Year-End

Time Again For A Sweet Ride Cruise!

Calling all you Dudes and Dudettes! Spring has sprung - Get Your Classic Ride

in Gear and come on down.

Amplify’d from www.redlandsdailyfacts.com

Car club's 'cruise nights' to rev up in Yucaipa

YUCAIPA - Residents in Yucaipa will take a drive back in time as one of the popular classic car shows makes its return to the city.

The Past Pleasure Car Club will begin its 32nd season by holding a "cruise night" from 6 to 9 p.m. on the first Friday of every month, from April to November.

The 2011 season will start on Friday, April 1, at the Yucaipa Valley Shopping Center, 33600 Yucaipa Blvd., in the Von's Supermarket center.

"Antique cars (and the cruise nights) sure are a big deal in Yucaipa," said Mayor Dick Riddell. "It's one of the more popular things in town."

Almost all of the cruise nights have a different theme. In May, attendees are invited to dress up in 1950s garb, and in June, the club will hold a canned food drive. The club will hold an Independence Day-theme cruise in July, and the rest of the year will have a variety of themes. Read more at www.redlandsdailyfacts.com

 

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Private IRA $ Funding Cash Investors!~

When we say; Cash is King! All that means is that realestate Investors have the funds available to make a purchase. In today's market, private loans from IRA's, Pension funds are backing most Investor purchases. A 12-15% Tax Free return plus steady monthly Income is the norm.





Mathews Realty Group

R.E. Advisor/Investment Services

Self Direct IRA/Self Employed Solo 401K Specialists

Amplify’d from www.dsnews.com

Cash Is King in Today's Distressed Marketplace

The HousingPulse report notes that the increase in cash purchases last month paralleled a rise in activity among investors, who for the most part have their sights set on distressed properties that can be scooped up at a discount.

Investors bought 23.5 percent of the homes sold in February, up from 19.9 percent just two months earlier, according to the industry survey. Real estate agents participating in the HousingPulse survey of February transactions confirmed the surge in investors.

“There are a number of investors and businesses buying up the short sale and REO properties and renovating them and then selling them as traditional sales,” reported an agent from Arizona. Read more at www.dsnews.com

 

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Time Again For A Sweet Ride Cruise!

Calling all you Dudes and Dudettes! Spring has sprung - Get Your Classic Ride

in Gear and come on down.

Amplify’d from www.redlandsdailyfacts.com

Car club's 'cruise nights' to rev up in Yucaipa

YUCAIPA - Residents in Yucaipa will take a drive back in time as one of the popular classic car shows makes its return to the city.

The Past Pleasure Car Club will begin its 32nd season by holding a "cruise night" from 6 to 9 p.m. on the first Friday of every month, from April to November.

The 2011 season will start on Friday, April 1, at the Yucaipa Valley Shopping Center, 33600 Yucaipa Blvd., in the Von's Supermarket center.

"Antique cars (and the cruise nights) sure are a big deal in Yucaipa," said Mayor Dick Riddell. "It's one of the more popular things in town."

Almost all of the cruise nights have a different theme. In May, attendees are invited to dress up in 1950s garb, and in June, the club will hold a canned food drive. The club will hold an Independence Day-theme cruise in July, and the rest of the year will have a variety of themes. Read more at www.redlandsdailyfacts.com

 

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Housing Double Dip Expected!

They say; If you line up a thousand experts side by side and ask for their opinion - That's, how many different opinions you would get!!



Better Late Than Never!





Mathews Realty Group

R.E. Advisor/Investment Services

Self Direct IRA-Self Employed Solo 401K Specialists

Amplify’d from www.inman.com

More analysts expect double dip

National home prices near post-crash low

By Inman News, Tuesday, March 22, 2011.

Nearly half of economists, real estate experts and investment strategists polled by MacroMarkets LLC this month said they now expect national home prices to "double dip" this year and hit a new post-crash low.

Panelists are asked to project the path of the Standard & Poor's/Case-Shiller U.S. National Home Price Index over the coming five years. In December, only 15 percent of the panel said they expected home prices to double dip.

Now, with national home prices less than 1 percent away from establishing a new post-crash low, on average the panelists expect that national home home prices will fall by 1.38 percent in 2011, before appreciating by 1.26 percent in 2012, 2.72 percent in 2013, 3.19 percent in 2014, and 3.42 percent in 2015. Read more at www.inman.com

 

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SoCal Cash Investors Getting Rich?

I'm not sure about the Rich part, but if you ever wanted to own property in Southern Calif., now is the time to be a serious buyer. Just remember!! Great Deals aren't found-Their negotiated.





Mathews Realty Group

R.E. Advisor/Investment Services

Self Direct IRA/Self Employed 401K Specialists

Amplify’d from www.dsnews.com

Distressed Sales in Southern California Remain High

Southern California’s distressed home sales – the combination of foreclosed home sales and short sales – made up more than half of February’s resale market. Foreclosure resales accounted for 37.1 percent of resales last month, up from 36.8 percent in January but down from 42.4 percent a year earlier.

Absentee and cash buyers – primarily investors – are purchasing these homes in record numbers.

Cash buyers accounted for a record 31.7 percent of February home sales, paying a median $200,000. Read more at www.dsnews.com

 

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Fix & Flip Investors - Good or Bad?

It's my experience that there are more Bad than Good! That my friends will never change.

Amplify’d from www.dsnews.com

Property Investors: Solving or Contributing to Neighborhood Blight?

A report released by the Federal Reserve Bank of Cleveland says many cities are being hurt by irresponsible behavior of investors who purchase homes at a low cost and sell them quickly at a small markup without regard for back taxes on the property that need to be paid.

The report shows that 31 percent of foreclosure properties bought by large investors from 2007 to 2009 were still vacant in June 2010. Not only that, 44 percent of properties purchased by large investors in 2009 were delinquent when analyzed again later, despite having been current the previous year, meaning the large investors bought the properties with no intention of ever paying the taxes. Read more at www.dsnews.com

 

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A Lost Decade of Income & Wealth!

Amplify’d from www.doctorhousingbubble.com

Debt built society – Last decade saw negative real household income gains yet the sharpest rise in home values ever. Household debt and dual incomes hid the collapse of real per capita wage growth. Home values destined for a stagnant decade ahead. Read more at www.doctorhousingbubble.com

Read the rest of this entry » Read more at www.doctorhousingbubble.com

 

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Fire sprinkler systems mandatory for new home construction in California | first tuesday journal online

Fire sprinkler systems mandatory for new home construction in California | first tuesday journal online

Bank Bailouts Close to Breaking Even, GSEs' Projected Price Tag Shrinks

Bank Bailouts Close to Breaking Even, GSEs' Projected Price Tag Shrinks

Billions Lost In City Tax Revenue

Amplify’d from www.dsnews.com

California Foreclosure Losses in Billions, Lawmaker Wants Banks to Pay

According to a community advocacy group in California, home value losses from foreclosed homes in California have cost a minimum of $632 billion, and could end up costing as much as $1 trillion.

California is considered one of the “hardest-hit” states in the country, and according to the report, one in every five foreclosures in the United States is in California. Nearly a third of mortgages in California are underwater, and there have been 1.2 million foreclosures in the state since 2008.

ACCE has teamed up with a California assemblyman who is proposing legislation that would force lenders to pay $20,000 for each home foreclosure they initiate in California. Read more at www.dsnews.com

 

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Making Dreams Come True!

HAPPY SAINT PATS DAY!

A LITTLE GREEN $$ GOES A LONG WAY!







Mathews Realty Group

"Building Lifestyles for Life"

Amplify’d from desktopinspirations.blogspot.com

Most of us, if not all, have grand dreams, but unfortunately only a few really get to attain those dreams. Why? Perhaps, because we keep on dreaming and forget to wake up to make our dreams come to life. Read more at desktopinspirations.blogspot.com

 

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The Recovery Will Be Bifurcated - CoStar Group

The Recovery Will Be Bifurcated - CoStar Group

HAMP Failed

Another testimony to show why the Government should have stayed out of the Housing market in the first place. Focus on getting people back to work and stop with all the Band Aid fixes-PLEASE!!!!!





Mathews Realty Group

Retirement Advisor/Investor Services

Self Direct IRA/Self Employed 401K plans

Amplify’d from www.dsnews.com

Congressional Panel Report Says Foreclosure Mitigation "Largely Failed"

The final report released on Wednesday by the Congressional Oversight Panel (COP) regarding the programs and uses of money under the Troubled Asset Relief Program (TARP) paid special attention to foreclosure mediation programs, particularly the Home Affordable Modification Program (HAMP).

Because of this, the report says “The TARP is now widely perceived as having restored stability to the financial sector by bailing out Wall Street banks and domestic automotive manufacturers while doing little for the 13.9 million workers who are unemployed, the 2.4 million homeowners who are at immediate risk of foreclosure, or the countless families otherwise struggling to make ends meet.”

The report also reiterated the negative sentiment that has surrounded HAMP for months, pointing out the programs failure to meet its initially projected number of modifications. Read more at www.dsnews.com

 

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An Overview of Reverse 1031 Exchanges | First American Exchange Company

An Overview of Reverse 1031 Exchanges | First American Exchange Company

Why NOW is the Time to Do a 1031 Exchange | First American Exchange Company

Why NOW is the Time to Do a 1031 Exchange | First American Exchange Company

A Nation of Lost Wealth!

Amplify’d from www.doctorhousingbubble.com

Over 35 percent of California homeowners are in a negative equity position or near negative equity (within a 5 percent range).  This is an enormous number of mortgage holders:

What this translates into is 1,880,000 California mortgage holders have no equity in their home.  They are essentially in a worse position than a renter and could be deep underwater if they used one of the common toxic mortgages that we are all so familiar with.  Many of these people would walk today if given the chance or if forced to pay their mortgage.  Psychologically it would make sense.  Take the hit, rebuild your credit, and buy a home in this much cheaper environment.

Some in California keep talking about the million dollar market.  Last year 22,000 homes sold for $1 million or more in the state.  That is great but California sells about 546,000 homes a year.  So now that we’ve addressed 4 percent of the market, what about the other 96 percent?  Bubble markets have a long way to go before any bottom can be called. Read more at www.doctorhousingbubble.com

 

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American Dream Getting Harder to Achieve

Amplify’d from www.smartmoney.com

New Rules for First-Time Home Buyers

New rule: Stay for a decade.

Not only are the days of flip-and-move long gone, but buying a house has become truly a long-term investment. In many cases, 10 years long, says Paul Bishop, vice president of research at the National Association of Realtors -- if buyers are hoping to make a profit or just break even. As mortgage fees rise, buyers have to recoup larger costs, which takes a longer time. Also, experts predict very slow growth in home prices over the next 10 years, which means it will take a long time before sellers can make a profit, says Findlay. Of course, buying a home may still make financial sense, but buyers' focus should shift from rising prices to building equity. Read more at www.smartmoney.com

 

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Home Prices Still Going Down

My Take!

I see another 2-3yrs before the realestate market begins to stabilize and prices begin to head higher.





Mathews Realty Group

Retirement Advisor/Investment Services

Self Direct IRA-Self Employed Solo 401K Plans

Amplify’d from www.inman.com

U.S. home prices fell for the sixth straight month in January as negative equity limited the mobility of homeowners, and weak demand and an overhang of shadow inventory continued to pressure home prices, data aggregator CoreLogic said today.

The five states with the greatest depreciation were Idaho (-15.7 percent), Alabama (-12.1 percent), Arizona (-11 percent), Oregon (-9.9 percent) and Utah (-9.8 percent).

The five states with the highest appreciation were West Virginia (5.5 percent), North Dakota (3.3 percent), New York (1.9 percent), Hawaii (0.7 percent) and Wyoming (0.2 percent).

In another report released this week, CoreLogic estimated that 11.1 million, or 23.1 percent, of all residential properties with a mortgage were in negative equity at the end of fourth-quarter 2010. That's up from 10.8 million, or 22.5 percent, in the third quarter. Read more at www.inman.com

 

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Real Estate Journal Online » Street Talk

Real Estate Journal Online » Street Talk

Squatters' Rights Paying Off $$!

How to kick someone out of a house they don't own? Send them an eviction notice or cough up some cash! Considering the fact that in today's market, it's taking a year or two to sell some of these abandoned high end properties, some squatters' are turning a misdemeanor charge, into a full time business.l

Amplify’d from rejournalonline.com

Real Estate Scam Of The Day: Cash For Keys

We’ve all heard of squatters’ rights. In fact, at one point in our nation’s history, squatting on land was even encouraged. But now, they’re not just trying to take over properties; squatters want lenders to pay cold, hard cash. While this concept is not new and many landlords have opted to pay a small cash sum to tenants in exchange for a quit exit instead of undergoing a tedious eviction process, in southern California the squatters are asking for big bills, not small cash sums to help the move go more smoothly. For example, Gregory Russell, who is a convicted squatter, recently demanded $25,000 from Gateway Bank in exchange for moving out of a foreclosed Bel Air mansion and turning over the keys[1]. Gateway has a policy of paying squatters up to $5,000, but balked at $25,000. Read more at rejournalonline.com

 

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Three Years To Fix $2.1 Trillion?

I would guess and make a prediction that it will take more than 3yrs to Fix BofA's toxic loan portfolio.

Amplify’d from www.dsnews.com

BofA to Double Outreach Staff but Fixing Legacy Issues to Take 3 Years

To illustrate the scope of the challenge ahead, Laughlin explained that Bank of America’s total servicing portfolio – performing and nonperforming assets – amounts to $2.1 trillion, or about 14 million loans.

Forty-eight percent – 6.7 million loans worth $1 trillion – will transfer to Laughlin’s legacy servicing division. The rest will remain under the Bank of America Home Loans umbrella, which servicers mortgage customers who remain current.

“We gonna get after this, we’re going to do it the right way, and we’re going to put it to bed over the next 36 months,” Laughlin told BofA shareholders. “We’re making good progress, and we’re already deploying strategies to more rapidly resolve these portfolios that balance borrower, mortgage investor, and shareholder interest.” Read more at www.dsnews.com

 

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Are You Ready For Retirement?

Amplify’d from www.advisorone.com

Federal Deficit, Unemployment Top Investor Concerns

Overall, pre-retirees are far more pessimistic than retirees

Looking at optimism between people who are already retired and those who have yet to do so, it's clear that retirement planning is a daunting task. Retirees scored 61 on the Index, nearly twice the level of pre-retirees who scored just 35. The mean age of the retirees surveyed was 69 and the mean age for pre-retirees is 46.

Overall, pre-retirees aren't approaching retirement with confidence. While 61% of retirees confident in their ability to fund health care needs in retirement, just over one-third of pre-retirees agreed. While 62% of retirees said they are confident they can maintain their lifestyle in retirement without working, only 40% of pre-retirees think they will be able to do so.

A survey by Wells Fargo and Gallup released Wednesday found that U.S. investors are as worried about the federal deficit as they are about traditional economic concerns. Read more at www.advisorone.com

 

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Short sales fluster California Realtors | Inman News

Short sales fluster California Realtors | Inman News

Now Hear This! It Won't Work

Nothing more to say!

Amplify’d from www.dsnews.com

Senators Advocate Restructuring Foreclosure Programs and Processes

While both the House and Senate seem to have similar ideas – that changes in foreclosure prevention are needed, and fast – the groups seem to have completely different takes on how to achieve those changes. This week members of a House subcommittee and committee reviewed proposals advocating for the termination of four foreclosure prevention programs, the Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Refinance Program, and the Emergency Mortgage Relief Fund.

“We write you today to urge you to establish clear national regulatory standards for the loan servicing industry that eliminate confusion and barriers to mortgage modification and help keep families in their homes,” the letter began. Read more at www.dsnews.com

 

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That Looming Double Bubble Is Here!

It was obvious to me, back in 2009, that a double dip in the housing market was a foregone conclusion. The Governments attempt to try and stop the free fall in home prices was a hopeless cause from the beginning. What it has done however is opened up a once in a lifetime buying opportunity for those savvy people who were patient and waited till now to purchase a home.



Mathews Realty Group

Retirement Advisor/Investment Consultant

Self Direct IRA/Solo 401K Real Estate Specialist

Amplify’d from money.cnn.com

Home prices: The double-dip is near

On Tuesday, we found out that home prices were near their post-bust lows. Two days later the government reported that January saw a double-digit dip in the number of new homes sold.

Then Robert Shiller, the Yale economist and co-founder of the S&P/Case-Shiller home price indexes, dropped this bomb: "There's a substantial risk of home prices falling another 15%, 20% or 25%," he said.

"People should base their decision on affordability, lifestyle choices and home preferences, not on investment," said Lawrence Yun, the National Association of Realtors' chief economist.

Despite the gloom, many Americans remain confident about home buying. A survey released Monday by Fannie Mae revealed that 65% of people believe it's a good time to purchase, with 78% expecting prices will rise or remain the same over the next 12 months. Read more at money.cnn.com

 

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Band Aid Fix for Home Owners Needs To End!

What started out as a well intentioned idea to try and help people save their homes from foreclosure, is turning out to be a hopeless cause.



I could say; "I Told You So", but no one was listening!





Mathews Realty Group

Retirement Investment Advisor

Self Direct IRA/Solo 401K specialists

Amplify’d from www.dsnews.com

House to Determine Fate of Four Foreclosure Mitigation Programs

Last week it was announced that a meeting would be held in front of the Insurance, Housing and Community Opportunity Subcommittee on Wednesday to determine the fate of four federal foreclosure mitigation programs.

The Department of Treasury released reports on Wednesday highlighting the more than 500,000 permanent modifications completed under HAMP. Those in favor of the program’s termination are quick to point out that number is significantly lower than the 3 or 4 million homeowners the program was projected to help.

“In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners,” said Committee Chairman Spencer Bachus. “These programs may have been well-intentioned but they’re not working and, in reality, are making things worse.” Read more at www.dsnews.com

 

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The Big Missing Component To Owning A Home - Equity Wealth!

Amplify’d from www.doctorhousingbubble.com

Housing is where the wealth is…or used to be

In the US nearly 7 million homes are either in foreclosure or have missed at least one mortgage payment.  Even if we suddenly had no more foreclosures (not happening in 2011) the pipeline is spilling over with homes that will drag prices lower.  Since many can still purchase with FHA insured loans with low down payments you are likely to lose all of your down payment in the correction that is coming.  In other words, it makes sense to rent simply as a hedge.  There is little incentive to buy today. Read more at www.doctorhousingbubble.com

 

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Government To Blame For Bringing Down Housing Market!

Nothing new with that statement from Treasury Secretary, Geithner. Fixing the problem however, will be easier said than done!

Amplify’d from www.dsnews.com

Geithner Concedes Government Incentives Distorted Housing Market

In a speech given Tuesday before the House Committee on Financial Services, Treasury Secretary Timothy Geithner said the government played a role in bringing down the housing market.

“We allowed an enormous amount of the mortgage market to shift to where there was little regulation and oversight,” Geithner said.

This fundamental change is based on a shift of what many believe is the “American Dream.” According to Geithner, “our goal is not for every American to become a homeowner.” Read more at www.dsnews.com

 

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Untitled

Amplify’d from www.retirementliving.com

New Research Shows Evolving Preferences  in the 55+ Housing Market

A joint study by the 50+ Housing Council of the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute shows the recession has made 55+ buyers more practical when selecting a new home. Design considerations have become less important, and financial concerns have become more prominent.

Previous studies from these two organizations found that most 55+ buyers depended on home sale proceeds to finance a new purchase. The most recent data shows that option diminished during the economic downturn.

The desire to be near family and friends is the mature mover's overwhelming motivation, the report noted. The design, amenities and appearance of the residence and the community remain important, but less so than before the recession. 55+ buyers moving into rental homes, both multi-family and single-family, cited a desire for less expensive housing as second in importance to living near friends and family.  Read more at www.retirementliving.com

 

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NY guarantees legal aid to homeowners in foreclosure | first tuesday journal online

NY guarantees legal aid to homeowners in foreclosure | first tuesday journal online

Fannie Mae Survey Says!!!

No matter how hard I try to be positive and optimistic about today's housing market, I always find myself in a catch 22 when I see reports such as the one below, being made public by a failing, on life support, quasi government institution.



I have to ask myself? Who did they called to get this information! It sure wasn't me or anyone in my neighborhood.





Mathews Realty Group

Retirement Investment Advisor

Self Direct IRA/Solo 401K specialists

Amplify’d from www.dsnews.com

Fannie Mae Finds Consumers Expect Home Prices to Hold Firm in 2011

Seventy-eight percent of respondents said they believe housing prices will hold steady or increase over the next twelve months, up from 73 percent who answered the same in January 2010.

Despite these positives, Duncan said, “[M]ost respondents to our survey continue to lack confidence in the strength of the economic recovery, and they are less optimistic about their ability to buy a home in the years ahead. This sense of uncertainty is weighing on the housing recovery today and reshaping expectations for housing for the future.”

One out of three delinquent borrowers continues to say they have considered defaulting on their mortgage, Fannie Mae also reported. However, that number fell from 39 percent at the beginning of 2010 to 31 percent in the fourth quarter. Read more at www.dsnews.com

 

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