Category Archives for "Blogs"
A running list of every Blog Post
A running list of every Blog Post
According to the Charlotte Business Journal, Charlotte-area home prices drop 3.4% and existing US home sales jump 10%.
The following are two excerpts from articles about each of these subjects:
Charlotte-area home prices drop 3.4%
“Homes prices in the Charlotte market fell 3.4 percent in August from a year earlier, according to the Standard & Poor’s/Case-Shiller Home Price Index. And August’s local prices dipped 0.4 percent from the July level, the report says.
The year-over-year price drop was the third-largest among the 10 U.S. cities that posted declines. The local downward trend runs counter to S&P/Case-Shiller’s overall national index of 20 cities, which saw a 1.7 percent price increase in August from a year ago.”
Read more: Charlotte-area home prices drop 3.4%
Existing-home sales jump 10%
“Sales of existing homes in the United States jumped in September, though they remained lower than year-ago levels.
The National Association of Realtors says sales of existing single-family houses, townhomes, condos and co-ops rose 10 percent from August to September — the biggest monthly gain in nearly 28 years.
But compared with a year ago, existing-home sales nationwide were down 19.1 percent in September.
Still, the Realtors’ group says the housing market is in the early stages of recovery.
“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” says Lawrence Yun, NAR chief economist. “But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”
Distressed-home sales accounted for 35 percent of all sales in September, up from 34 percent in August.
Sales in the South rose 10.6 percent in September. That region includes the Carolinas but also stretches from Delaware to Florida, under the association’s reporting system.”
Read more: Existing-home sales jump 10%
For more information regarding buying or selling homes in Charlotte Metro and surrounding areas, click here.
Nancy Braun just returned from the REOMAC Fall Summit in Hollywood, Florida. Not only was she an attendee of this very informative conference, but she was also asked to speak during one of the “Breakout Sessions”. The session she presented during was titled, “Raising the Ante: How to Take Your REO Shop to the Next Level” giving help to those Realtors who are following in her footsteps and looking to grow their business to the next plateau. Nancy and three of her colleagues helped inform their audience by answering the following questions: how to maximize and grow office operations, how to manage and minimize reimbursement losses, how to maximize office space and/or equipment, how to monitor and discern market trends, and more. By presenting during this session, Nancy and her colleagues spread information they’ve learned from their own experiences and are helping new REO agents grow.
Nancy Braun has a wealth of knowledge in this arena because of her more than 14 years experience in the real estate market and because she has owned her own REO Shop since 2008, Showcase Realty, LLC. She is always looking for opportunities to help other agents just starting out as well as anyone dealing with distressed properties in any form. If you or anyone you may know is in need of help with foreclosures, short sales or distressed properties, Showcase Realty would be more than happy to help. Take the first step towards getting answers by clicking here and contacting us.
Below is a picture Nancy took at the REOMAC Fall Summit of Christopher Thornberg, Ph.D. of Beacon Economics, while presenting during the Town Hall Session. This Session included representatives of the mortgage industry dicussing the economy, loss mitigation efforts, class action lawsuits, legislation and more. The other presenters of this session were Michael Gutierrez of Standard and Poor’s and Rick Sharga of Realty Trac.
Christopher Thornberg, Ph.D., of Beacon Economics
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause.
But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a less disruptive solution: short sales, which allow owners to sell deeply devalued homes for less than what remains on their mortgage.
Ms. Sweetland, 47, tried such a sale this summer out of desperation. She had lost her high-paying job and drained her once-flush retirement savings, and her bank, GMAC, wouldn’t modify her mortgage. After seven months of being unable to pay her mortgage, she decided that a short sale would give her more time to move out of her Phoenix home and damage her credit rating less than a foreclosure.
She owes $206,000 and found a buyer who would pay $200,000. Last Friday, GMAC rejected that offer and said it would foreclose in seven days, even though, according to Ms. Sweetland’s broker, the bank estimates it will make $19,000 less on a foreclosure than on a short sale.
“I guess I could salute and say, ‘O.K., I’m walking, here’s the keys,’ ” says Ms. Sweetland, as she sits in a plastic Adirondack chair on her patio. “But I need a little time, and I don’t want to just leave the house vacant. I loved this neighborhood.”
GMAC declined to be interviewed about Ms. Sweetland’s case.
The halt in most foreclosures the last few weeks gave a hint of hope to homeowners like Ms. Sweetland, who found breathing room to pursue alternatives. Consumer advocates took the view that this might pressure banks to offer mortgage modifications on better terms and perhaps drive interest in short sales, which are rising sharply in many corners of the nation.
But some major lenders took a quick inventory of their foreclosure practices and insisted their processes were sound. They now seem intent on resuming foreclosures. And that could have a profound effect on many homeowners.
In Arizona, thousands of homeowners have turned to short sales to avoid foreclosures, and many end up running a daunting procedural gantlet. Several of the largest lenders have set up complicated and balky application systems.
Concerns about fraud are one of the reasons lenders are so careful about short sales. Sometimes well-off homeowners want to portray their finances as dire and cut their losses on a property. In other instances, distressed homeowners try to make a short sale to a relative, who would then sell it back to them (a practice that is illegal). A recent industry report estimates that short sale fraud occurs in at least 2 percent of sales and costs banks about $300 million annually.
Short sales are also hindered when homeowners fail to forward the proper papers, have tax liens or cannot find a buyer.
Because of such concerns, homeowners often are instructed that they must be delinquent and they must apply for a modification first, even if chances of approval are slim. The aversion to short sales also leads banks to take many months to process applications, and some lenders set unrealistically high sales prices — known as broker price opinions — and hire workers who say they are poorly trained.
As a result, quite a few homeowners seeking short sales — banks will not provide precise numbers — topple into foreclosure, sometimes, critics say, for reasons that are hard to understand. Ms. Sweetland and her broker say they are confounded by her foreclosure, because in Arizona’s depressed real estate market, foreclosed homes often sit vacant for many months before banks are able to resell them.
Excerpt from article on CNBC.com, written by Michael Powell for The New York Times. For the full article, click here.
For more information regarding short sales or foreclosures, speak with a Realtor who specializes in these subjects here.
Showcase Realty has recently acquired the honor of being one of the few brokerages able to list HUD Homes in the Charlotte, NC Metro and surrounding areas. The following is a quick helpful explanation of HUD Homes from the US Dept. of Housing and Urban Development:
What is a HUD Home?
A HUD Home may be a single-family house, a townhome, condominium or other type of residence. The properties were deeded to HUD/FHA by mortgage companies who had foreclosed on FHA-insured mortgage loans. Now HUD must sell these homes – as quickly as possible at market value – in order to obtain the maximum financial return on its mortgage insurance funds.
Who can buy a HUD Home?
Anyone who has the money or can qualify for the necessary amount of mortgage financing can purchase a HUD Home. You do not have to be low-incomeor meet any other auch limitations.
Can I get a HUD Home for free, or for one dollar?
No. HUD acquires its properties through the foreclosure of FHA insured mortgages. One of HUD’s many missions is to maximize return to the FHA insurance fund, which it does by selling the properties at fair market value.
How do I buy a HUD Home?
HUD’s policy is to market acquired properties on a competitive basis with offers being submitted through any participating licensed real estate broker. Local brokers will assist you in the transaction. They can show the property to prospective buyers, as well as answer questions and provide information on the location of parks, schools, shopping and employment centers.
Are HUD Homes meant for low income people?
HUD Homes come in a variety of price ranges, though most are affordably priced, making them accessible to low and moderate income Americans.
What are the income requirements?
If you make a cash purchase, there are no income requirements. Otherwise, you must be able to qualify for a particular type of mortgage financing based on established mortgage lending criteria.
How does HUD decide how much to charge for a HUD Home?
THe listing price of a HUD property is a price based on the appraised value.
Can investors purchase HUD Homes?
Yes. However, HUD offers its properties to owner/occupants for a period before making them available to investors.
What happens if I can’t close the sale within the time permitted by HUD?
You’ll probably have to pay fees for an extension of time, usually in increments of 15 days.
Is there any way for me to get advanced notice about homes that will be coming up for sale?
No. HUD Homes are listed for sale in the local multilple listing service (MLS), the Internet at www.hud.gov or ask your broker.
Since the partnership is still very new, Showcase Realty’s HUD Homes have not become available on MLS yet – but will be very soon. Keep checking back to see when they will be listed or keep an eye on our website.
Come see us this Sunday, October 24th
1:30 p.m. – 4:00 p.m.
14414 Winged Teal Rd.
Charlotte, NC 28278
This beautiful 5 bedroom, 2.5 bath REO (real estate owned) home is over $25,000 below tax value!
• 2 story home with open floor plan
• Eat-in kitchen with granite countertops and stainless steel appliances.
• Living room with fireplace
• All bedrooms and laundry room on 2nd story.
**Seller will credit buyer up to a maximum 3% of sales price towards closing costs if negotiated in final signed counter offer!
For more information about this property or any of our other REO listings: click here