Love em or hate em Zillow can rock the housing data! Hats off to Zillow for taking a much needed leadership role and providing this information…

HREU Coaching Students, use this information when speaking with your home sellers about pricing. Your sellers need to understand the importance of pricing their homes to sell in this market. Based on this Zillow study it seems that far too many sellers are not dealing with reality in terms of pricing.This national housing mess wont come to an end until Sellers accept the fact that their homes are (in many cases) worth considerably less than their current list prices. And the longer they wait the worse their equity position will become. Agents…you must be willing to tell the Sellers the truth about their homes value.

Get this, despite all the nasty housing news that seems to occupy nearly every headline…half of U.S. Homeowners do not think their home’s value has declined over the past year.

• 32% think their home’s value increased in the past 12 months
• 17% think their home’s value held steady
• 51% think their home’s value declined

The reality being that 74% of U.S. homes lost value in the past 12 months. Check out these graphs…

Despite the national housing recession (depression in some areas, to be sure) the Zillow study shows us that a large percent of homeowners are optimistic…

• 21% believe their home’s value will increase in the coming 6 months
• 40% believe their home’s value will stay the same
• 40% believe their home’s value will decrease

We always appreciate the testimonials students send to us…this one is from a new Agent Short Sale Secrets student. Download the Free Agent Short Sale Secrets crash course now. Instant Free Download.

Dear HREU,

Thank you so much for your quick response to my email.  I really
appreciate knowing that you guys are always in my corner.  Thanks again
for all your help and information. I just got an approval from Chase!!
I didn’t let up until I got an approval.

YEA, my first one!

Sincerely,
Iris Fields ABR, CRS, e-PRO, GRI, SRES
RE/MAX Advantage
The Fields Group
10075 S. Eastern Avenue # 103
Henderson, NV 89052
Phone: (702) 596-4663
Fax:     (702) 251-4855
iris@fieldsgroup.net
www.lasvegas-dreamhomes.com

Important Message: (Reminder) Agent REO Secrets Teleconference.

From: Tim and Julie Harris, Harris Real Estate University.

Hello,

Quick reminder for you….

Schedule yourself now for the -FR*EE– Agent REO Secrets
teleconference.

This Wednesday October 8th 2008..

This is your opportunity to learn now what you must know about REOs.

The teleconference (or webinar, your choice) starts in less than 20
hours from now.

Remember, we have very limited space on this call so first
come..first served.

The call is tomorrow WEDNESDAY October 8th, 2008 at 12nn PST, 1pm
MTN,2pm CNT,3pm EST.

Go here now for all the call in info:

Important Link—> http://instantTeleseminar.com/?eventid=4355787

We are really excited about this call.

We are interviewing 2 fellow agents who have become REO listing
machines…

1)  An agent from LA who just started listing REOs 3 months ago …
and he is now taking 4-6 new listings directly from REOs per week.
He is making more money and its taking 50% less time and effort.

2) You won’t believe our next agent expert’s REO experience…he is
listing 300 homes directly from ONE REO source this week. That is
not a typo…300 listings. You will learn exactly how he is doing
it…we are holding nothing back!

Your spot on this Wednesdays October 8th, 2008 Agent REO Secrets
teleconference has been reserved. Remember, this teleconference is
*F-R-E-E* to you.

Go to this link now for important call-in information:

Click This Link—> http://instantTeleseminar.com/?eventid=4355787

We only have very limited spots available for this teleconference.
We had 339 agents register (as of this morning) and are expecting
all the spots to be gone shortly.

You will want to call in (or log in using the webinar) at least 10
minutes early to be guaranteed your spot.

When you attend the event this Wednesday here are a few of the
things you will learn:

1)  How to contact the lenders…YES…we are giving out names and
numbers of the largest REO companies.
2) We will tell you exactly how to ‘present’ to the REO companies
so they will want to list their homes with you.
3) You will learn the 3 biggest mistakes you must avoid.
4) How to make money now from BPOs.

On this 90 minute call you will learn our proven step-by-step
process to becoming a REO listing agent. We aren’t holding anything
back on this call. Get ready to take pages of great notes.

Here is the best part about these 2 agents…neither had any REO
listings 6 months ago. They applied what they learned from Agent REO
Secrets and are now having their best years ever.

Here is that link again:
Last Chance—–> http://instantTeleseminar.com/?eventid=4355787

One more thing….I know this sounds crazy. Please don’t share the
info about this call with other agents. We expect the call to be
completely full.

Speak with you soon!

Tim and Julie Harris
Harris Real Estate University

P.S. This is not a ‘fluff call’. We respect your time and will be
giving you the information you must have to cash in on the REO
listings explosion that is taking place now.

P.P.S. This call is taking place at 12:00 pm PST, 1:00 pm MTN, 2:00
pm CTR, 3 pm EST.

If you are in Southern California you must read the Orange County Register. Their real estate section is fantastic. This is part of an article from the Register…

This graph shows how the Sub-prime loans spread like locusts across the US. Keep in mind the sheer numbers this graph represents. Many people have sub-prime or Alt-A loans and don’t even know it

Since 2004 the Fed has required lenders in their HMDA reports to break out loans carrying interest rates at least 3 percentage points higher than the comparable Treasury bill. The Fed believes these high-priced loans are equivalent to subprime and Alt-A loans, though the industry defines those loan categories by credit scores, not interest rates.

Here are maps showing subprime volume as a percentage of all home loan volume by county and by year.

The scale is the same for every map: yellow where subprime is 20 percent or less of total volume, green for 20 percent to 30 percent, light blue for 30 percent to 40 percent and dark blue where the subprime volume exceeds 40 percent.

The patterns are striking. In 2004 subprime was big in only a few areas of the country, most notably Texas and the Deep South. By 2005 it had built strongholds in Riverside and San Bernardino counties and especially in the San Joaquin Valley. By 2006 subprime was everywhere. But in 2007, when big players like Irvine-based New Century abruptly collapsed, the subprime wave rolled back.

Borrowers who took out a mortgage on or before Jan. 1 can apply if they have made at least six payments on their existing loan and they do not own a second home. If their lender goes along with the deal, they can refinance into a 30-year, fixed-rate loan.

They will need to verify that they cannot pay their existing loan without help and that their monthly payments were more than 31 percent of their gross monthly income as of March.

The Congressional Budget Office estimates that the new Hope for Homeowners program could help 400,000 people during its three-year life span.

“But compare that to the fact that we had 300,000 foreclosure filings in the last month alone,” said John Taylor, chief executive of the National Community Reinvestment Coalition, a housing advocacy group. “Have no illusions, this is going to help some homeowners, but it’s not going to solve the foreclosure crisis by any stretch.”

The final participation numbers will depend largely on lenders. The FHA doesn’t make loans directly; it insures loans by private lenders.

In this program, the FHA will insure a loan for only 90 percent of the home’s current value. With home prices plunging, borrowers who have little or no equity left in their homes need the lender to forgive the rest of the debt in order to qualify for the refinancing

Some lenders have resisted doing that in the recent past, preferring instead to lower interest rates or rearrange payment schedules on troubled loans. “Lenders are looking at this as a last resort,” said Guy Cecala, publisher of Inside Mortgage Finance. Of the 369,000 people who refinanced in the past year using a previous version of this program, only 1 percent of them were delinquent, according to the FHA.

Complicating matters is that borrowers who financed their homes using two loans must get both lenders to agree to refinance, even though the second-mortgage lender most likely will not get paid off under this arrangement.

Yesterday, Preston acknowledged that for lenders, the new program “may not be the preferred route in many situations.”

The FHA has received $29.5 million so far to upgrade its technology and hire new staff to handle this program, housing officials said.

Realtor coaching, real estate training, Realtor Shortsale Coaching and training, Realtor REO coaching and training, Bank owned homes, how to list reos, real estate owned by banks listings, Real estate scripts.

Ok, before you watch this TRY to keep an open mind. YES, this is political…and I will warn you right now if you are a Democrat you won’t like the content of this video. We are Republi-Crats meaning..we see things from both sides. I am posting this video because it does a great job to explain the history of the housing mess. WARNING: Not Bi-Partisan in any way…YOU HAVE BEEN WARNED!

Every newspaper seems to be headlining with the Failing Banks!

So, Julie and I decided to check to see if our banks were on this FDIC Watch list.

In case you don’t know what the ‘Watch List’ is..think of it as the list of banks the government thinks will fail.

Guess what, finding the list of banks on the list is nearly impossible. The FDIC doesn’t publish their list!

I read that the FDIC is not releasing the list because they are trying to avoid panic and a ‘rush on the banks’ for people to withdraw their money. After all, if the bank fails your deposits/ savings are insured to up to $100,000. If the bail out passes that amount will increase to $250,000.

From a real estate perspective, I want to know which banks are on the ‘Watch Lists’ for the sake of real estate clients. For example, you certainly wouldn’t want to refer a buyer to a lender for financing if the bank is going to fail.

Here is the list. FDIC Bank Watch List (03.08)

Click here to download: