Realtor Coaching & Training: How To List REO’s
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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Interesting new story from CNBC about PMI companies not paying up.
Specifically, the PMI companies aren’t paying the mortgage lenders for the losses they are incurring. This is useful information for those of you whom have come across PMI companies attempting to demand repayment from the borrower for a portion of the loss.
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Price cuts seem to be slowing down in some markets, which indicates the real estate market could well be stabilizing.
Video interview with Heather Fernandez, Truila.com, and CNBC’s Diana Olick.
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Watch out for this one…Principal Mortgage Balance Reductions.
We have watched this topic pop up now and then since 2007. Now, Barney Frank is seemingly championing the idea. In case you didn’t know it….Senator Frank doesn’t mess around. We suspect that Senator Frank is rolling this highly controversial topic out now to put the banks on notice that they sure as heck better abide by the new Treasury Departments HAFA Short Sale Program.
In case you have been living under a rock…2010 IS the Year of the Short Sale. Read this post now for more info on the simply stunning changes to short sales that are taking place 04/05/2010. YES…thats NEXT MONTH!
What does this mean to you?
Imagine a world where almost like magic…all the negative equity for every homeowner simply goes…’poof’. Gone, no more upside down homeowners. Does this sound like a great idea to you? Watch this video and share your comments.
Mor
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What is the state of the housing recovery?
A sharp drop in pending home sales for January is the latest in a string of reports calling into question the health of the housing recovery.
The housing recovery is “in a precarious state,” says Robert Shiller, Yale professor, author and co-creator of the S&P Case-Shiller Index, taking a much more pessimistic view vs. his comments here last July.
Shiller’s eponymous index, which has risen for seven straight months through December, “shows some weakening of the upward burst” from last year, but is still going up on a seasonally-adjusted basis, the professor says. “If I were to forecast based on my usual models of years ago I would think we’ve turned a corner, we’ve bottomed and we’re turning up.”
But that’s a very big “if” and Shiller says there are reasons to wonder whether this time is different, or certainly to be worried about the sustainability of housing’s recovery:
* — Only the Shadow Knows: Housing experts say there’s anywhere from 2 to 5 million homes ready to come on the market, due to pending foreclosure. How soon…this year and into next year. This DOES NOT include the up to 15,000,000 other homes that may go into foreclosure over the next few years.
Do YOU think its too late for you to become a REO Listing Agent…and make money from BPOs? Its not. The banks are boiling over with REOs. Watch the FREE Agent REO Secrets video now…and download the new 2010 REO Secrets book. Free List of Asset Managers and other info you need know to cash in on the explosion of REO Listings!
*– Strategic Default…”I think people will become less resistant to defaulting on their mortgage,” Shiller says. “That’s a real cloud on the horizon.”
* — What happens when the fed stops buying the MBS’s. What this will result in is that the artificially low mortgage rates will increase as the secondary market demands returns greater than what are currently being offered.
*–The home buyer tax credit ends this spring… “We can’t just slam on the brakes and withdraw that — we could but I’d hate to see what happens,” he says. “When [government programs] do end there’s going to be a psychological component of that ending as well, which is really hard to predict.”
For that reason, Shiller expects some or all of the government housing programs will be extended, raising the broader question of how the government removes all the liquidity that’s been provided.
“It’s very hard to get out of this mess,” he says. “We have to transition to a more [market-based] economy. It’s going to be a difficult transition. That’s why I have worries for years forward.”
Agents, as Dr. Shiller is making clear in this video….and as we have been telling you…THIS MARKET IS THE NEW NORMAL. What homes are selling now? Short Sales and REOs. Do whatever it takes to learn how to list and sell short sales. Watch the FREE HREU CDPD Agent Short Sale Secrets video now..and grab your FREE Short Sale Secrets book!
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