Realtor Coaching & Training: real estate coaching
Popularity: 35%
Loan Mod Success!
Mortgage Loan Modifications success…..
President Obama’s Housing Plan was launched only a few months ago and it seems that the mortgage loan modification aspect of his plan IS working!
Here are the facts:
1. More Modifications: The regulators reported a sharp increase in the number of loan modifications that were initiated during the period. “Newly initiated loan modifications reached 185,156 during the quarter—rising by 55.3 percent from the previous quarter and 172.3 percent from the first quarter of 2008,” the regulators said in the report. “The impact of this increase in modifications on reducing foreclosures and enabling borrowers to remain current on their loans will only be seen in future data.”
2. Rate reductions most popular: The Obama administration’s plan gives servicers a slew of options for bringing a borrower’s debt-to-income ratio down to that 31-percent threshold. But the report finds that reducing the interest rate and extending the terms of the loan were the most popular approaches for reducing payments in the first quarter. “Of the modifications made in the first quarter of 2009, 70.2 percent included a capitalization of missed payments and fees, 63.2 percent included a reduction in interest rate, and 25.1 included an extended term,” the regulators said in the report. “By comparison, 12.6 percent of the mortgages received modifications that froze the interest rate, 1.8 percent included a reduction of principal, and 1.1 percent included a deferral of principal.”
Realtors, learn how-to modify your own mortgage now. Save $100s per month and $1000s per year. Next, start your own loan mod business. Make money now from loan mods while helping others save money. Watch the FREE Agent Loan Mod Secrets video NOW.
3. More monthly payments reduced: Modifications during the first quarter of 2009 resulted in lower monthly principal and interest payments on 54.1 percent of all modified loans, as servicers focused on achieving more sustainable mortgage payments. The number of modifications that reduced payments by 20 percent or more nearly doubled in the first quarter compared with the previous quarter, increasing to 29.3 of all first quarter modifications and exceeding all other categories. Modifications that increased monthly payments declined to 18.5 percent of all modifications during the quarter, down from 25 percent in the fourth quarter and 33.5 percent in the third quarter. Actions that left payments unchanged increased to 27.3 percent.
4. Bigger reductions, better performance: This isn’t terribly surprising, but it’s worth pointing out that loan modifications that reduce monthly payments significantly have lower redefault rates.
5. Performance: It is still too soon to tell if the reduced-monthly-payment approach will drive down redefault rates significantly. Nevertheless, here is a breakdown of how mortgages that were modified last year have performed so far:
Hi HREU,
I wanted to give you guys kudos for doing a great job. I join Harris Real Estate University a little over a month ago in the REO and Short Sale programs. The up to date information you provide is essential to doing business in today’s market. I have received offers on three of my short sale listings which have been sent to the lenders for approval. The packages were complete by having the skills and the paperwork needed that you provided in the program. I try to be on all the calls, but if I can’t, I can always listen to them later. I really appreciate your quick response to my email questions. I feel like I have a partner by my side giving me answers and encouragement.
I have tried other programs and coaches in the past that were very expensive. I am so glad that I found your program. This is what I had been waiting for, thanks again.
Sincerely,
Iris Fields ABR, CRS, e-PRO, GRI, SRES
RE/MAX Advantage
The Fields Group
Realtor coaching, real estate coaching, real estate training, bank owned properties, reo coaching, reo, realtor, bpo coaching, real estate scripts, real estate coaching and training.
Quick reminder for you….
If you missed the recent -FR*EE– Agent REO Secrets teleconference
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 August 27th, 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=3946854
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 July 23rd 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=3946854
We only have very limited spots available for this teleconference.
We had 718 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 90 days 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=3946854
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.
Realtor coaching, real estate coaching, real estate training, bank owned homes, bank owned properties, how to list reos, BPO, best real estate coach, REI, real estate scripts, Realtor.
The state of the housing market remains dismal, based on data released Aug. 26. Still, it appears the pace of declines for U.S. home prices is moderating, and the glut of unsold homes is easing—offering some reason for cheer.
New U.S. home sales jumped 2.4% in July to a 0.515-million-unit annual pace, but after a downwardly revised 0.503 million rate in June (from 0.530 million) and below the 0.525 million expected. May’s pace was also revised down to 0.514 million from 0.533 million previously. The months’ supply of homes for sale declined to a still-high 10.1 from 10.7 in June. The median sales price rose to $230,700 from $230,000, though it’s still down 6.3% over last year.
“The weaker than expected July sales rate, together with downward revisions in May and June, will likely add to market fears that the housing correction has further to go,” wrote S&P senior economist Beth Ann Bovino.
New Construction Builders Homes Inventories Drop….
Miller Tabak strategist Tony Crescenzi wrote in an Aug. 26 note that “inventories are now at their lowest level since February 2005, 154,000 below the June 2006 peak of 570,000, and not all that far from normal levels of about 350,000. The supply of new homes is controlled by home builders and is not subject to the direct influence of foreclosures, which explains why the supply of new homes is falling and the supply of older homes is continuing to rise.”
Decelerating Declines
The U.S. S&P/Case-Shiller 20-city composite home price index fell 0.5% in June to 167.69, a new record low. However, 11 of the 20 cities posted month-over-month declines, while 13 posted month-over-month declines in May. Phoenix (–2.6%) led the pace of declines, followed by San Francisco (–1.8%), Miami (–1.7%), and Las Vegas (–1.6%). The June index was down 15.9% on a year-over-year basis, after a 15.8% decline in May. All 20 cities saw year-over-year declines, with 10 cities seeing double-digit percentage declines. The biggest year-over-year declines were in Phoenix, Miami, and Las Vegas, down 27.9%, 28.3%, and 28.6%, respectively.
“[T]he monthly pace of decline is slowing rather dramatically from the hefty 2.1% to 2.6% monthly declines over the November-March period, which may mark the maximum rate of collapse for the U.S. real estate market in this cycle,” wrote Action Economics analysts in an Aug. 26 Web site posting.
“The bubble markets, such as California, Florida, and Arizona, which are struggling with excess inventory and rising foreclosures, continue to lead the decline in national home prices. On a positive note, home prices in some non-bubble markets are declining at a slower pace or even increasing,” wrote Lehman Brothers (LEH) economist Michelle Meyer in an Aug. 26 note.
The U.S. Office of Federal Housing Enterprise Oversight home price index was flat in June, after declining 0.4% in May (revised from –0.3%). On a quarterly basis, prices fell 1.36% in the second quarter, less steep than the –1.68% in the first quarter. The home price index was down 4.80% in the second quarter a year ago, below the –3.03% year-over-year pace in the first quarter.
“The deceleration in the pace of declines over the past three months, together with the better than expected Case-Shiller reading, may give markets hope that the housing market is nearing the bottom,” wrote S&P’s Bovino in a separate note.
Business Week.
Realtor coaching, real estate coaching. Real Estate Coach, Realtor Coaching for REOs, Real Estate Training, Realtors, Bank Owned Properties, REO Homes.
Sales of previously owned homes in the U.S. rose 3.1 percent in July. Nonetheless, the increase masked continued weakness in the housing market.
Resales increased more than forecast to an annual rate of 5 million, with at least one-third of the purchases coming from foreclosed properties, the National Association of Realtors said today in Washington. At the same time, the median price dropped 7.1 percent from July 2007, and the number of homes for sale jumped to a record.
Sales averaged a pace of 4.95 million the past three months, the same rate as the previous period, indicating that purchases may have touched a bottom. At the same time, the glut of houses for sale means property values will probably keep dropping, putting pressure on household wealth and consumer spending.
“Existing home sales have likely stabilized,” Michelle Meyer, an economist at Lehman Brothers Holdings Inc. in New York, said in an interview with Bloomberg Television. “In terms of demand, we’re probably close to the bottom. In terms of prices, we don’t think we’ll see a bottom until the end of next year.”
Treasuries, which had rallied earlier in the day, remained higher after the report. Benchmark 10-year notes yielded 3.78 percent at 11:14 a.m. in New York, from 3.87 percent at last week’s close. The Standard & Poor’s Supercomposite Homebuilding Index of stocks was down 1.1 percent at 285.89.
Economists’ Forecasts
Resales were forecast to rise to a 4.91 million annual rate, according to the median estimate of 75 economists. Projections ranged from 4.69 million to 5 million. July’s sales rate was the highest since February.
Sales were down 13 percent compared with a year earlier. Resales totaled 5.65 million in 2007.
The increase in sales wasn’t enough to keep up with the surge in properties coming into the market as foreclosures mount. There were a record 4.67 million unsold houses and condos on the market in July, representing 11.2 month’s supply at the current sales pace, matching the highest ever. The group has said a five to six months’ supply is consistent with a stable market.
The jump in inventory was driven by an increase in the supply of condos as projects started one or two years ago came on the market, the Realtors group said.
The median price of an existing home fell to $212,400 from $228,600 in July 2007.
“We are in a very tight credit-availability condition,” Lawrence Yun, NAR’s chief economist, said in a press conference. “Inventories continue to remain very high.” One-third to 40 percent of total sales last month reflected distressed properties, which include foreclosures, he said.
Market Composition
Resales account for about 85 percent of the market, while purchases of new homes make up the rest. Sales of existing homes are compiled from contract closings and may reflect contracts signed one or two months earlier.
For that reason, economists consider new-home sales, which are recorded when a contract is signed, a more timely barometer of the market. A report tomorrow from the Commerce Department may show new-home sales fell in July for the third consecutive month, according to the Bloomberg survey median.
Today’s report showed resales of single-family homes increased 3.1 percent to a 4.39 million annual pace. Sales of condos and co-ops climbed 3.4 percent to a 610,000 rate, the most since November.
Purchases increased in three of four regions, led by a 9.7 percent jump in the West. Sales fell 0.5 percent in the South.
Tight credit conditions and ongoing declines in residential construction will weigh on economic growth in coming months, Federal Reserve policy makers said at their Aug. 5 meeting. The Fed’s quarterly survey of bank loan officers showed 75 percent had made it tougher for prime borrowers to get a mortgage, more than in the April survey.
`Worry a Lot’
“I worry a lot about what’s happening in housing,” Martin Feldstein, a member of the committee that charts American business cycles. “The number of negative-equity homes is exploding. Housing prices will continue to go down, driven by the large oversupply of houses and the increasing number of foreclosures.”
The number of unsold previously owned homes has piled up as some owners resist lowering prices and banks repossess more properties.
Bloomberg News
Realtor coaching, real estate coaching, real estate training, REOs, Bank Owned Properties, How To List REOs.
Don’t forget about the HREU.tv video channel. We have created and posted dozens of videos for you.
Here is one of the newest videos. Watch this great video that explains how you can create wealth from real estate.
Real estate coaching. Realtor coaching. REO. Short Sale. Realtor coaching classes. Coaching for Realtors. Realtors. Real Estate Agent.
You have to watch this testimonial for HREU.
Thanks Kim and Kris.
Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.
