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Dennis Norman This morning, the S&P/Case-Shiller Index report for October was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.1 percent and 1.2 percent respectively and the home price indexes were down 3.0 percent and 3.4 percent respectively from the Continue reading… Home Prices Fall In October; back to mid-2003 levels Mark Fleming, Ph.D., Chief Economist for CoreLogic, in a presentation yesterday, said the housing market is not out of the woods yet as the potential of a double-dip in our economy increases and as 30 to 40 percent of economists feel there is a chance of another recession. The economy’s “stall speed” was another issue Continue reading… Housing market not out of the woods yet David B. Fein, United States Attorney for the District of Connecticut, announced that ANNA McELANEY, 40, of Norwalk, was sentenced earlier this week by United States District Judge Janet C. Hall in Bridgeport to eight months of imprisonment, followed by three years of supervised release, the first six months of which Continue reading… Real Estate Agent Sentenced to Federal Prison for Defrauding Bank in Short Sale Mortgage Fraud Scheme Radarlogic, real estate data and analytics company that frequently disagrees with the National Association of REALTORS® view of the housing market, released their RPX Monthly Housing Market Report for May 2011 yesterday and in it had a scorecard showing how their rather bleak predictions they made at the end of 2010 for the 2011 housing Continue reading… 2011 Real Estate Market Performing about as Poorly as Predicted Thus Far The results of a survey conducted in eight countries for Genworth Financial was released today and contains some interesting findings. The survey was conducted on existing home-owners as well as people that said they were potential first-time home-buyers in eight countries; U.S., U.K., Ireland, Italy, Australia, Mexico, Canada and India. Real estate agents, are you tired of those paltry commissions? Tired of spending more on gas than the commission on the sale? Worry no more my friend, here is the answer! Just land a listing on one of these baby’s and your worries are over. Courtesy of “Unique Homes”, a luxury real estate magazine, below Continue reading… The 10 Most Expensive U.S. Homes For Sale A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, is somewhat encouraging as it shows the U.S. mortgage delinquency rate (not including foreclosures) for March 2011 was 7.78 percent which is a decrease of 11.6 percent from the month before and a decrease Continue reading… Mortgage Delinquencies Decline in March; Foreclosures on the rise A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, is somewhat encouraging as it shows the U.S. mortgage delinquency rate (not including foreclosures) for December was 8.83 percent which is a decrease of 2.1 percent from November’s rate of 9.02 percent. A report released this morning by CoreLogic shows negative equity declined in third quarter of 2010 for residential properties, marking the third-consecutive quarterly decline. The CoreLogic reports that 10.8 million, or 22.5 percent, of all residential properties with mortgages were in negative equity at the end of the third quarter of 2010, down Continue reading… Homeowner Negative Equity Declines for Third Straight Quarter According to a report released by RealtyTrac, foreclosure homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 32 percent below the average sales price of properties not Continue reading… Buyers of distressed properties in third quarter reaped largest discount in five years Dennis Norman The U.S. Department of the Treasury and the Department of Housing and Urban Development today released their “October 2010 Scorecard” on the “Obama Administration’s Efforts to Stabilize the Housing Market”. The scorecard points out the success of “The President’s housing market recovery efforts” but does point out that “data in the scorecard also show Continue reading… Scorecard on Obama’s Housing Recovery Plans Dennis Norman According to a report just released by RealtyTrac® foreclosures increased in the third quarter of 2010, although with a slowing rate of increase. There were 930,437 foreclosure filings in the third quarter, up almost 4 percent from the 2nd quarter but up only 1 percent from the year before. One in every 139 Continue reading… Is now a safe time to buy foreclosures? Dennis Norman A report by CoreLogic cautions that recent data showing improvements in negative equity, serious mortgage delinquency and a decrease in market share of short-sales, has been distorted as a result of the short-term boost in the “non-distressed” housing market by the homebuyer tax credit program, which recently ended. Daniel Manzano Many of us Real Estate industry professionals know that a Short Sale transaction can take months for it to be approved and closed. Nevertheless, we have had Short Sale approvals in less than 10 days. But, the reality is that Short Sales usually take three to four times as much Continue reading… Why do Short Sales Take so Long to Close? Dennis Norman A report just released by CoreLogic estimate the financial impact of short-sale fraud to be $310 million annually. It is estimated there is fraud in one in every 53 short sale transactions resulting in an unnecessary loss to the lender of $41,000 per transaction on average. Dennis Norman Worst Street In America for Mortgage Fraud is In Orlando (actually they have 5 of the top 10 streets) According to the 2010 Mortgage Fraud Trends Report released by CoreLogic this week, fraud risk in the mortgage industry has declined by 25 percent since it peaked in the third quarter of 2007. Even though Continue reading… Mortgage Fraud Trend Down; Still $14 Billion in 2009 Losses Dennis Norman Average discount on Foreclosure and Bank-Owned Homes is 27 Percent This morning RealtyTrac released a report stating that 31 percent of all residential sales in the first quarter of 2010 were foreclosure homes or bank-owned homes. They are reporting 233,000 foreclosure and bank-owned homes sold during first quarter 2010 at an average price Continue reading… Nearly 233,000 Foreclosure and Bank-Owned Homes Sold in First Quarter Dennis Norman According to data from NeighborWorks America, a national nonprofit organization created by Congress to provide community-based Continue reading… Loan Modification Scams On the Rise UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer, Continue reading… Fannie Mae Issues Guidelines For HAFA Short-Sales and Deed-in-Lieu Dennis Norman California typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and forgiving homeowners of their state income taxes on forgiven debt. Continue reading… California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners Dennis Norman As readers know, I have been somewhat critical of the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program for a few reasons, one is I believe it is just a temporary “band-aid” and not a cure for the problem and two, it does not appear Continue reading… Home Affordable Modification Program (HAMP) Update
Dennis Norman Back in early December I did a post about a new program that was announced in November, the Home Affordable Foreclosures Alternative (HAFA) Program which is scheduled to go into effect April 5, 2010. There was recently supplemental documentation published as well as FAQ’s about the program and I have to admit, Continue reading… Help for homeowners facing foreclosure or are underwater Dennis Norman “Generally speaking, real estate agents and brokers are not independent or properly trained valuation specialists.” This was said in a letter from several appraiser organizations that was sent to Treasury Secretary Timothy Geithner last week. The letter, not actually signed by anyone, but instead just bearing the names of the following four appraiser Continue reading… Do Real Estate Agents and Brokers Know The Value of a Home? Dennis Norman Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return. It’s not surprising, that according to Zip Realty foreclosures and short sales dominated the U.S. housing market last year and were the driving force for the real estate roller coaster ride of 2009. Zip Realty broke down what they considered were the nine major real estate stories for 2009 and they are: By: Dennis Norman I just did a post to a real estate investors blog about a video by Steph Davis, the Tampa-based bartender turned wholesaler, on how investors can use the MLS to locate cash buyers for their “flip” deals. While doing this, I realized many agents may find this information useful as well. With a Continue reading… Using the MLS to find cash buyers for your foreclosures, REO’s and short sales By: Dennis Norman Dennis Norman “I’m from the IRS and I’m here to help you.” Yeah, sure. Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as Continue reading… First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS Dennis Norman As green building gains in popularity and buying a green home grows in importance with buyers, agents and brokers need to be knowledgeable and informed about green building and green homes. So what is “green building”? The Environmental Protection Agency (EPA) defines green building as the practice of: Increasing the efficiency with which buildings and their Continue reading… Green building information and resources for real estate agents and brokers Dennis Norman By: Dennis Norman Short sales are on the rise. Yesterday I did a post on an investor blog on short sales in which I cited stats showing short sales in the first quarter of 2009 were up over 200% from a year ago. While the increase in short sales has created a market niche for Continue reading… Having problems with commissions on short sales? |
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