FRIDAY FACTS
November 26, 2010
According to “Think Big Work Small” HAMP, the federal government’s loan modification program has served 27,840 homeowners at a cost of $50 billion dollars. Hope Now, an alliance of 13 mortgage servicers, 360 counseling agencies and 1700 non-profits have served 147,425 homeowners at no cost to the taxpayer.
NAR is no longer making the email addresses of members available to other members after receiving complaints that spammers might be obtaining Realtors’ email addresses from NAR’s website.
RealTrends reports that third quarter homeownership rates remain at 66.9% which is equivalent to the 1999 rate of 66.7%. Each one point drop equates to roughly 1 million fewer homes.
Some lenders are abandoning MERS and going back to old-fashioned paper based system of physically recording mortgages to insure an unbroken chain of title.
NAR’s RPR is now live in 43 of 135 nationwide markets. CC&IMLS will be online December 14th. Realtors whose MLS’s haven’t signed onto the project won’t have access until the 4th quarter of 2011 and will then only have limited access. They won’t see active or historic listing data for their market.
Did you know that the value of U.S. real estate purchased annually by international buyers was $66 billion? 55% of global buyers paid cash. The median price paid by international clients was $219,400. There are 59 countries with REALTOR alliances. Global transactions took place in all 50 states.
Monday, November 29, 2010
Friday, November 19, 2010
Friday Facts 11-19-10
FRIDAY FACTS
November 19, 2010
When your sellers want to wait for the spring market when all will be sunshine and roses, let them know:
Inman reports that housing is still deteriorating. The brand new guide to underwriters at Mortgage Guaranty Insurance Corporation (MGIC) covering 73 metropolitan areas found 27 “stable”, all the rest were “weak” or “soft”. Of the stable, 12 are softening leaving only one metro area in 5 truly steady.
Inman also quotes a Zillow report that nationwide, home values fell for the 17th straight quarter, a 25% drop from the market peak in June ’06. The current housing recession is rivaling the Great Depression’s real estate downturn.
According to NAR, during the year ending in June 2010, 1st time buyers accounted for half (47%) of all home sales.
WCVB Channel 5 lists the top 10 towns with the most foreclosures: Springfield, Worcester, Dorchester, Brockton, Lowell, New Bedford, Lynn, Lawrence, Fitchburg and Fall River.
On Cape Cod, year to date foreclosure deeds:
Town 2009 2010 %Change
Barnstable 15 10 - 33.37%
Bourne 19 37 94.74%
Brewster 5 9 80%
Centerville 22 30 36.36%
Chatham 6 15 150%
Cotuit 3 3
Dennis 21 47 123.81%
Eastham 8 14 75%
Falmouth 35 73 108.75%
Harwich 11 26 136.36%
Hyannis 67 99 47.76%
Marston’s Mills 8 26 225%
Mashpee 41 51 24.39%
Orleans 4 8 100%
Osterville 3 14 366.67%
Provincetown 6 18 200%
Sandwich 23 41 78.26%
Truro 1 2 100%
Wellfleet 3 4 33.33%
Yarmouth 47 97 106.38%
November 19, 2010
When your sellers want to wait for the spring market when all will be sunshine and roses, let them know:
Inman reports that housing is still deteriorating. The brand new guide to underwriters at Mortgage Guaranty Insurance Corporation (MGIC) covering 73 metropolitan areas found 27 “stable”, all the rest were “weak” or “soft”. Of the stable, 12 are softening leaving only one metro area in 5 truly steady.
Inman also quotes a Zillow report that nationwide, home values fell for the 17th straight quarter, a 25% drop from the market peak in June ’06. The current housing recession is rivaling the Great Depression’s real estate downturn.
According to NAR, during the year ending in June 2010, 1st time buyers accounted for half (47%) of all home sales.
WCVB Channel 5 lists the top 10 towns with the most foreclosures: Springfield, Worcester, Dorchester, Brockton, Lowell, New Bedford, Lynn, Lawrence, Fitchburg and Fall River.
On Cape Cod, year to date foreclosure deeds:
Town 2009 2010 %Change
Barnstable 15 10 - 33.37%
Bourne 19 37 94.74%
Brewster 5 9 80%
Centerville 22 30 36.36%
Chatham 6 15 150%
Cotuit 3 3
Dennis 21 47 123.81%
Eastham 8 14 75%
Falmouth 35 73 108.75%
Harwich 11 26 136.36%
Hyannis 67 99 47.76%
Marston’s Mills 8 26 225%
Mashpee 41 51 24.39%
Orleans 4 8 100%
Osterville 3 14 366.67%
Provincetown 6 18 200%
Sandwich 23 41 78.26%
Truro 1 2 100%
Wellfleet 3 4 33.33%
Yarmouth 47 97 106.38%
Friday, November 12, 2010
Friday Facts November 12, 2010
November 12, 2010
Real Trends blog gives the following tips to become a market expert:
1. Narrow it down. Geographic area, price range, waterfront, golf course properties, etc.
2. View them. Look at properties all day every day. Know the inventory
3. Analyze. Understand where the best locations are
4. Write it down. Keep a spread sheet. For any property in your specialty, know the stats.
5. Become a detective. Know where the value is and who is motivated to sell and why
Broadcast your expertise only to Boomers. An article by Bernice Ross in Inman News breaks out the buying habits of the different generations:
o Born before 1965, Baby boomers and Traditionalists value expertise.
o Born between 1965 and 1976, Gen X doesn’t trust experts but has a strong belief in their ability to research and find information own their own
o Born between 1976 and 1994, Gen Y also has little or no use for expertise and is more concerned about what their peer group has to say.
You need to be the expert, but model your role based on the generation. Also remember that younger clients may watch you via your blog or social media activities for months before they contact you personally.
When your potential seller wants to wait to list their home until the spring market when all will be rosy, you might give them the following:
o Morgan Stanley analysts expect housing prices to continue to slide reaching new depths in 2012.
o Carter Murdoch, Senior Official with Bank of America’s Business Development Program says that the economy and housing will stay relatively flat through at least the end of 2011 because:
1. Consumer confidence though rising remains low
2. Income growth is anemic.
3. Unemployment may remain above 9% through 2011
o Allen L. Sinai, Chief Global Economist at the consulting firm, Decision Economics notes that median house prices have dropped 20% since 2005, and that given an inflation rate of 2%, it will take 13 years for housing prices to climb back to their peak.
From NAR’s 2009 Survey of Home Buyers and Sellers:
A third of all buyers looked online as the 1st step, 3% more than in ‘08
90% of home buyers used the Internet to search for a home, up 30% in 6 years
60% of buyers were likely to walk through homes viewed online.
36% found their home online, up 4% from ‘08
60% of homebuyers used MLS websites, the most frequently used online resource.
Where the buyer found the home they purchased. In 2001, 48% was through the real estate agent, and 8% was through the Internet. In 2009, 36% was through the real estate agent and 36% was through the Internet.
· In 2009, 13% of buyers had a purchase agreement that was cancelled, terminated, or fell through.
Real Trends blog gives the following tips to become a market expert:
1. Narrow it down. Geographic area, price range, waterfront, golf course properties, etc.
2. View them. Look at properties all day every day. Know the inventory
3. Analyze. Understand where the best locations are
4. Write it down. Keep a spread sheet. For any property in your specialty, know the stats.
5. Become a detective. Know where the value is and who is motivated to sell and why
Broadcast your expertise only to Boomers. An article by Bernice Ross in Inman News breaks out the buying habits of the different generations:
o Born before 1965, Baby boomers and Traditionalists value expertise.
o Born between 1965 and 1976, Gen X doesn’t trust experts but has a strong belief in their ability to research and find information own their own
o Born between 1976 and 1994, Gen Y also has little or no use for expertise and is more concerned about what their peer group has to say.
You need to be the expert, but model your role based on the generation. Also remember that younger clients may watch you via your blog or social media activities for months before they contact you personally.
When your potential seller wants to wait to list their home until the spring market when all will be rosy, you might give them the following:
o Morgan Stanley analysts expect housing prices to continue to slide reaching new depths in 2012.
o Carter Murdoch, Senior Official with Bank of America’s Business Development Program says that the economy and housing will stay relatively flat through at least the end of 2011 because:
1. Consumer confidence though rising remains low
2. Income growth is anemic.
3. Unemployment may remain above 9% through 2011
o Allen L. Sinai, Chief Global Economist at the consulting firm, Decision Economics notes that median house prices have dropped 20% since 2005, and that given an inflation rate of 2%, it will take 13 years for housing prices to climb back to their peak.
From NAR’s 2009 Survey of Home Buyers and Sellers:
A third of all buyers looked online as the 1st step, 3% more than in ‘08
90% of home buyers used the Internet to search for a home, up 30% in 6 years
60% of buyers were likely to walk through homes viewed online.
36% found their home online, up 4% from ‘08
60% of homebuyers used MLS websites, the most frequently used online resource.
Where the buyer found the home they purchased. In 2001, 48% was through the real estate agent, and 8% was through the Internet. In 2009, 36% was through the real estate agent and 36% was through the Internet.
· In 2009, 13% of buyers had a purchase agreement that was cancelled, terminated, or fell through.
Friday, November 5, 2010
Friday Facts November 5, 2010
FRIDAY FACTS
November 5, 2010
Something different. Inman News reports that on September 25th, the “Race for the Home Event”, planned and executed by gaming platform SCVNGR converted 50 open homes into a virtual game board. Competitors downloaded challenges at each location. After 3 hours, nearly 500 contestants gathered to see who won runner-up prizes such as tee shirts and sports tickets and who won the grand prize, a $20,000 down payment.
NAR statistics show that nationally, pendings rose 4.3% in August, but that was 20% below the pace in August 2009. Regionally, pendings were up 7% in the South, 6% in the West, 2% in the Midwest, but down 3% in the East. NAR anticipates a 6.4% drop in existing home sales in 2010 compared with 2009 to $4.82 million.
Inman News reports that GMAC Mortgage, JP Morgan Chase and Bank of America have halted foreclosure filings in 23 states because:
1. Documents were signed by employees who have not verified information
2. There was questionable legal notarization of documents
3. Different signatures of a single officials name appear leading to questions of forgery
4. Multiple banks claim the right to foreclose on the same property
Lawyers representing homeowners in foreclosure proceedings have challenged lenders on such grounds before and have mostly succeeded in delaying, not stopping foreclosure proceedings. Ultimately, most lenders have been able to prove they are the note holder. However, it could raise fears among homebuyers that if they buy a foreclosed home they could find themselves in a legal challenge by a former owner.
An article in Inman News explains that Poig is an online social network tool used to increase and expand the strength of your social network. The social object of Poig tends to be a small-scale get-together. Let’s say you’re going to grab a cup of coffee and wouldn’t mind having someone from your network show up. Here’s how it works:
1. Complete a profile
2. Select your event type
3. Enter in some details about the event
4. Publish your invitation to Facebook and/or Twitter.
Wells Fargo has put a stop on all short sale extensions.
November 5, 2010
Something different. Inman News reports that on September 25th, the “Race for the Home Event”, planned and executed by gaming platform SCVNGR converted 50 open homes into a virtual game board. Competitors downloaded challenges at each location. After 3 hours, nearly 500 contestants gathered to see who won runner-up prizes such as tee shirts and sports tickets and who won the grand prize, a $20,000 down payment.
NAR statistics show that nationally, pendings rose 4.3% in August, but that was 20% below the pace in August 2009. Regionally, pendings were up 7% in the South, 6% in the West, 2% in the Midwest, but down 3% in the East. NAR anticipates a 6.4% drop in existing home sales in 2010 compared with 2009 to $4.82 million.
Inman News reports that GMAC Mortgage, JP Morgan Chase and Bank of America have halted foreclosure filings in 23 states because:
1. Documents were signed by employees who have not verified information
2. There was questionable legal notarization of documents
3. Different signatures of a single officials name appear leading to questions of forgery
4. Multiple banks claim the right to foreclose on the same property
Lawyers representing homeowners in foreclosure proceedings have challenged lenders on such grounds before and have mostly succeeded in delaying, not stopping foreclosure proceedings. Ultimately, most lenders have been able to prove they are the note holder. However, it could raise fears among homebuyers that if they buy a foreclosed home they could find themselves in a legal challenge by a former owner.
An article in Inman News explains that Poig is an online social network tool used to increase and expand the strength of your social network. The social object of Poig tends to be a small-scale get-together. Let’s say you’re going to grab a cup of coffee and wouldn’t mind having someone from your network show up. Here’s how it works:
1. Complete a profile
2. Select your event type
3. Enter in some details about the event
4. Publish your invitation to Facebook and/or Twitter.
Wells Fargo has put a stop on all short sale extensions.
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