Realtor Coaching & Training: National Real Estate News & Comment
This is a new video from CNBC….
HREU students will watch this video and think to themselves….”Tim and Julie told me about all of this new HAFA info LAST November”
Yep, we did.
And many of your took action late last year and are now ready for all the massive changes with short sales starting April 5th!
Bottom line, 2010 IS the Year of the Short Sale…here are a few of the highlights of the new HAFA Short Sale Plan:
* Standard Short Sale documents. All the forms will be the same regardless of lenders.
* $1500 to borrowers to move. Homeowners will literally earn $1500 for doing a short sale!
* $1000 to the banks to do Short Sales. Lenders will receive $1000 for doing a short sale.
* 6% commissions. No more worrying about reduced commissions.
* Lenders will required to respond to all short sale offers within 10 days!
* fast track short sale closings…we expect to see short sales close faster than even REOs!
Agents, please be clear on this. Your market will want you to know how to do short sales using these new Treasury Department guidelines. Learn now, earn now. Watch the FREE HREU CDPD Agent Short Sale Secrets video now…and download the FREE Agent Short Sale Secrets book.
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Harris Real Estate University has been advocating the streamlined…fast track short sales for years.
The HREU CDPD Short Sale Secrets coaching program is the nations largest short sale training education resource in the nation.
Why should you care?
Simple, because we have the utmost confidence that HAFA (or whatever it evolves into) will be the solution for this seemingly never ending housing crisis. Agents, you simply must learn the new 2010 Short Sale Rules. Everything you think you know about short sales will change April 5th. Are you ready?
Interesting video from CNBC’s Diana Olick.
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The US housing market will face another retreat while mortgage-backed securities and Treasurys are likely to go through a “material” correction, Meredith Whitney, CEO of Meredith Whitney Advisory Group, told CNBC Tuesday.
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Are you an agent in California?
Have you been avoiding learning how to do short sales and become a REO Listing Agent? WHY? Are you still believing that you can somehow survive in real estate without having these skills?
A simple suggestion for you…don’t wait another moment. Its not too late for you if you take action NOW to learn what this market..what we call, ‘The New Normal’ demands…
Great article from our friends at DNSNews:
Foreclosed homes taken back by lenders and distressed short sales accounted for nearly half of all residential home sales in California in 2009, according to a market report released this week by the California Association of Realtors (C.A.R.). In 2008, such sales made up 38 percent of annual transactions.
WOW! What else can you say? Agents, the question that I have for you is…how many of those short sales did you list and sell? How many home homeowners could you have helped had you known how to easily list and sell short sales? Watch the FREE HREU CDPD Short Sale Secrets video NOW. Learn the new 2010 ways to easily list and sell short sales.
As one of the hardest-hit states by the housing downturn, the Golden State is littered with bank-owned properties and homes facing foreclosure, but the lower prices and increasing buyer appetite for these deals are helping to reduce some of California’s distressed inventory.
The median price of distressed properties declined nearly one quarter to $250,000 in 2009, compared with $330,000 in 2008, C.A.R. reported. Meanwhile, the median price of non-distressed properties decreased only 10.4 percent to $485,000 compared with $541,000 in 2008.
Although one-third of sellers sold their homes for a loss last year – the highest level on record since C.A.R. started tracking net cash losses in 1989 – the lower home prices lured investors. According to the state Realtors association, more than 70 percent of properties purchased by investors were either short sales or REO/foreclosures. The typical investment property had a median price of $232,750.
Lower home prices and a large supply of distressed properties, coupled with federal tax breaks, also encouraged first-time buyers to take the plunge into
homeownership. The percent of first-time buyers increased dramatically to 47 percent in 2009, up from 35.9 percent in 2008, according to the report.
“It is clear that the federal tax credit for homebuyers worked well in 2009 and is continuing to drive home sales,” said C.A.R. President Steve Goddard. “The homebuyers’ tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the economy.”
…really? More so than the Fed buying MBS to artificially lower the interest rates….?
According to a survey conducted by C.A.R. on the effectiveness of the federal tax credit, nearly 40 percent of homebuyers in the state said they would not have purchased a home if the tax credit was not offered.
C.A.R. also noted that the large number of distressed properties led to more than half of all first-time buyers purchasing an REO/foreclosure or short sale property.
According to C.A.R.’s analysis, California’s median home price hit bottom in February 2009 at $245,170. Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009. The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009, the association said.
Homes priced $500,000 or less dominated the sales mix throughout 2008 and 2009, but C.A.R. says sales of high-end homes started picking up in late 2009, with the number of closings for homes priced $500,000 or higher rising 3 percent, and sales of homes priced $1 million or more experiencing their first year-to-year increase since July 2007.
A separate study by a local newspaper shows that a growing number of Californians are turning to the courts to fight the foreclosure process and prevent their homes from becoming REOs. According to numbers complied by the San Jose Mercury News, the number of foreclosure lawsuits filed in federal court in California has ballooned from just 29 cases statewide in 2005 to nearly 1,400 in 2009
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Join us for this week’s FREE live Harris Real Estate University Superstar Interview.
This weeks featured HREU Superstar’s are:
Lance and Karen Kenmore.
The Kenmore’s are long time HREU students having been personally coached by Tim and Julie Harris for years. Listen in as we ask the Kenmore’s how they have gone from selling only a handful of homes per year just a few years ago…..to today, where they will sell well over 100 homes in 2010. The Kenmores fully embrace the HREU rule of having multiple lead generation spokes. The Kenmore’s have a weekly radio show, are Dave Ramsey preferred agents, have a fantastic system for keeping in contact with their centers of influence and past clients.
Join us for this FREE HREU Event. Here is the info for your schedule:
EVENT: Super Star Interview
DATE & TIME: Friday, March 12th at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://AttendThisEvent.com/?eventid=11669457
A little info on Lance and Karen from their website:
The Kenmore Team is a full service real estate team assisting buyers and sellers in residential resale, relocation, investment properties, short sales, foreclosures and luxury homes sales in Tri-Cities, Washington (Richland, Pasco, Kennewick) and surrounding areas.
As life long residents of the Tri-Cities and active members of our community our first hand experience and knowledge of the area provide you a major advantage when making important real estate decisions. Working as part of a powerful team we provide our clients with exceptional customer service, technology, and most importantly results. We back this up with a guarantee that most agents wouldn’t even consider.
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Rick Sharga, RealtyTrac
Breaking News: New foreclosure filings drop…but, is this reason to celebrate…or is something else going on?
U.S. foreclosure filings rose at the slowest pace in four years in February as the government sought to reduce record bank seizures, RealtyTrac Inc. said.
A total of 308,524 properties received a notice of default, auction or seizure last month, or one in 418 households, the Irvine, California-based seller of default data said today in a statement. Filings rose 6 percent from a year earlier, the smallest increase since RealtyTrac began tracking annual changes in January 2006. They declined 2 percent from January.
The Obama administration’s main effort to keep people in their homes resulted in more than 830,000 trial loan modifications for delinquent borrowers through January, according to the Treasury Department. Still, filings were up for the 50th straight month in February on an annual basis and topped 300,000 for the 12th consecutive month, RealtyTrac said.
“This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity,” RealtyTrac Chief Executive Officer James J. Saccacio said in a statement.
About 116,000 mortgages have been permanently modified under the government’s program, compared with as many as 4 million targeted by December 2012. New data will be released March 15, Meg Reilly, a Treasury spokeswoman, said in an e-mail.
Winter storms may also have delayed the processing of foreclosure notices in the U.S. northeast and mid-Atlantic, RealtyTrac said.
Interesting point…many state offices were simply closed due to the weather. That will result in what appears to be fewer filings but, the reality is that we will see another surge in next months report. So, if the Obama administration wants to truly slow down the rate of foreclosure filings maybe they should simply mandate more ’snow days’ for the states county court houses! Hey, don’t laugh…that would be a heck of a lot cheaper than HAMP!
Bank Repossessions
Bank seizures are increasing the number of homes for sale. Lenders took back 78,683 properties last month, up 6 percent from February 2009 and down 15 percent from a peak in December, RealtyTrac said. More than 2 million empty homes were on the market in the fourth quarter, according to the Census Bureau.
“Government programs are helping to keep more supply from coming out,” Brian Bethune, chief financial economist at IHS Global Insight in Lexington, Massachusetts, said in an interview. “We’ve got a disjointed market where most of the housing supply is coming from foreclosures rather than building new homes.”
‘High’ Foreclosure Rate
Bethune predicted a “high” rate of foreclosures for at least the next 12 months. RealtyTrac expects record bank seizures this year, said Rick Sharga, executive vice president for marketing.
So, as an agent what should you do? Simple. Learn how to become a REO Listing agent…and make money from BPOs. Its NOT too late for you to become a REO listing agent. Banks are looking for agents to do their BPOs and list REOs NOW. Watch the FREE Agent REO Secrets Video and then Grab your FREE Agent REO Secrets book.
The cost of borrowing for home purchases will probably rise as the Federal Reserve winds down a program to purchase as much as $1.25 trillion of mortgage bonds, according to George Mokrzan, senior economist at Huntington National Bank in Columbus, Ohio. Mortgage rates fell to 4.95 percent in the week ended today from 4.97 percent, Freddie Mac said in a statement.
Default notices totaled 106,208 in February, down 3 percent from a year earlier and up 3 percent from January, RealtyTrac said. Defaults peaked at more than 142,000 in April.
Scheduled auctions totaled 123,633 last month, up 16 percent from February 2009 and down 1 percent from January. The peak was more than 144,000 in August.
Nevada, California
Nevada had the highest foreclosure rate for the 38th straight month in February, with one in 102 households receiving a filing. Arizona and Florida tied for second at one in 163 households.
California ranked fourth at one in 195 households, followed by Michigan at one in 226. Utah, Idaho, Illinois, Georgia and Maryland rounded out the 10 highest foreclosure rates.
The most filings were in California, with 68,562, down 15 percent from a year earlier. Florida was second with 54,032, up 16 percent, and Michigan was third at 20,028, a 59 percent rise.
Illinois had the fourth-highest total filings with 17,312, Arizona had 16,718 and Texas had 12,638. The six states accounted for 61 percent of the U.S. total, RealtyTrac said.
Georgia, Ohio, Nevada and Maryland rounded out the top 10.
Filings rose 14 percent from a year earlier to 3,750 in New Jersey. They climbed 3.3 percent to 2,294 in Connecticut, and dropped 20 percent to 3,237 in New York.
Las Vegas had the highest foreclosure rate for cities with a population of more than 200,000. One in 90 households there got a filing. Cape Coral-Fort Myers, Florida, was second at one in 92.
Six metro areas in California or Arizona had decreases in filings from January, with Phoenix showing the biggest drop at almost 18 percent.
Port St. Lucie, Florida, showed a 66 percent increase, said RealtyTrac, which sells default data collected from more than 2,200 counties representing 90 percent of the U.S. population.
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Harris Real Estate University students have been aware of the consumer shift away from the so-called McMansions.
The homes that were built by the now aging baby boomers. Status oriented homes that often had 5+ bedrooms and 3000+ square feet. HREU Students who are doing short sales know that a majority of their new short sale listings are these types of homes as downsizing boomers discover they have few options.
Agents, 2010 IS the year of the short sale. New Treasury Department Guidelines take place April 5th. Are you ready for the massive expected increase in short sales? Learn the new ways to list and sell short sales. Earn your HREU CDPD. Watch the FREE Agent Short Sale Secrets video and grab your FREE Short Sale Secrets book NOW.
The glut of unsold McMansions will certainly force a massive continued drop in property values. This will lead to more owners of these luxury homes to be underwater with few alternatives (if they have to sell) other than foreclosure or short sale. Refinancing isn’t an option. Millions of these homes were purchased in the last 5 years using the ARMs. Once those mortgages reset and interest rates rise….the inevitable churning of foreclosures continues.
There is a shift occurring in the housing demands of young professionals away from suburban lifestyles and a renewed interest in urban living, said keynote speaker Carol Coletta, president and CEO of CEOs for Cities, speaking at the 11th Annual North Texas Housing Summit, hosted by the Federal Reserve Bank of Dallas. The firm’s national network of urban leaders specialize in identifying trends for metropolitan development.
Colletta’s assertions at the event included:
- College graduates are a city’s primary economic driver
- Younger generations continue to desire to live in urban, inner city communities, creating communities with a more diverse income spectrum, creating neighborhood stability.
- Stability doesn’t necessarily come in the form of homeownership, because the financial and banking systems haven’t caught up to what consumers and citizens want out of their housing options.
- The millennial generation is more likely to want to rent or own urban apartments and condominiums rather than single-family houses.
Timothy Bray, director of the Institute for Urban Policy Research at the University of Texas at Dallas, said multi-family and mixed-use developments built near employments centers enable potential buyers to spend less on commuting, thereby releasing more disposable income. Fort Worth Mayor Mike Moncrief added that their city planners are demanding more out of developers who want to do business in the city.
CEOs for Cities is a national cross-sector network of urban leaders from the civic, business, academic and philanthropic sectors dedicated to building and sustaining American cities.
Source: HousingZone.com
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