Realtor Coaching & Training: real estate
Harris Real Estate University Breaking Real Estate News:
* S&P Case/ Shiller Housing Index reports…Prices drop (another) 5.5%
* FHFA reports that prices are up 1.2%…tracking only FHA backed mortgages.
Watch the video now:
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Is the Apple Tablet Computer the perfect computer for real estate professionals?
This week we will know for sure but, here are the juicy rumors about this new PC:
* According to many sources the new computer will be called: ipad, iSlate, iBook or itablet.
* The key board will be on the screen.
* Love your iphone? You will love this new computer…some refer to the new Apple Computer as a giant iphone.
* Connection to the internet.
* Download videos, books, magazines etc. directly off itunes and partner sites. Seems that the idea is that you will replace your Amazon Kindle with this new Apple computer. The Kindle was a e-reader using digital ink technology. Meaning, the actual screen on the kindle made the text look like printed paper (more or less). Downside was that there were no color images etc. The new Apple Tablet will give all of us carnivorous readers more options.
* Perfect…on the road….MLS access devise.
* Hey…here is an idea….attend your Harris Real Estate University classes via the webinar using your new Apple Slate!
* Price will be around $1000…..coming to an Apple store near you in the next 30 days! Look for the offcial announcement in less than 48 hours!
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Million's Of Bank 'Shadow Listings'
What is the #1 question agents ask Harris Real Estate University?
“When will the banks release their ‘Shadow Inventory’ homes to the market..”
Harris Real Estate University students have been preparing for the massive waves of bank REOs for nearly 2 years…and…get ready…the first of many waves are hitting NOW.
So the question is, have YOU waited too long to become a REO Listing Agent? Have you waited to long and missed one of the best ways to make money in real estate? The answer is NO. Matter of fact, you ARE in the right place at the right time! Now is the perfect time for you to become a REO Listing Agent. Watch the FREE Agent REO Secrets video and grab your FREE Agent REO Secrets book.
What happens in Vegas…no longer stays in Vegas. Especially when we are talking about real estate. In Las Vegas the banks are finally removing their inventory from the shadows…in a simply massive way. In 2010 alone…in Vegas….6000 bank controlled REOs to be listed (and sold)! Expect the banks to be doing the same thing in YOUR market…NOW.
Here’s the new story…
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday.
It’s part of the so-called “phantom inventory” of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure.
‘Phantom Inventory’ = Shadow Inventory. (very spooky names…eludes to something sinister.)
“Where are these homes? Banks are trying to convert some of them to short sales, but they’re holding on to houses in lieu of the market stabilizing and it has,” Kiernan said. “But every trend says there’s a second tsunami coming. These houses are somewhere. They’re not disappearing.”
Yep…thats true. There will be significant increases in foreclosures and eventual REOs…no question.
Throughout the country, estimates of homes being taken back by Bank of America range from 11,000 to 14,000 a month in the early part of this year to 29,000 to 35,000 by November and December, said John Ciresi, vice president and portfolio manager for Bank of America in Towson, Md.
Thats ONE BANK….now, take those numbers and multiply by ALL the lenders. BIG numbers.
The system became “clogged” by a voluntary moratorium on foreclosures while banks met the requirements of President Obama’s Making Home Affordable mortgage plan program and by state legislation requiring mediation before banks can start the foreclosure process, Ciresi said at a panel discussion sponsored by the Nevada chapter of the National Association of Hispanic Real Estate Professionals.
Some homes are being held back from closing escrow because of Bank of America’s fiduciary relationship with investors, he said.
“Let’s say you have a $120,000 property and you have a $110,000 offer from a cash buyer and a $120,000 offer on a VA loan,” Ciresi said. “Do I take the higher offer and hope financing is approved?”
ReMax Pros Realtor Tim Kelly Kiernan said the REO inventory in Las Vegas is dwindling, even though 200 homes a day are going into default.
Adam Fenn, president of Merit Asset Services in Henderson, said there’s talk on Wall Street about a “double-dip recession,” even as some data point to economic recovery. People are frustrated in their efforts to buy a home and there’s not enough capital out there to finance purchases, he said.
“It’s kind of scary,” Fenn said. “When you go for the highest and best offer, you get people bidding too high and the property ends up going back on the market. I think there’s going to be a double-dip in values. They’re going to go up and then come back down.”
Ciresi anticipates a rise in the foreclosure rate in 2010 because 60 percent of loan modifications failed and went into foreclosure. It’s a combination of property devaluation and people losing their jobs, he said.
Bank of America is getting 40,000 new offers a month on short sales, or homes offered for less than the mortgage balance, Ciresi said. It’s a difficult process, he said.
Short sales for most homeowners headed for Foreclosure IS the solution. With the release of the Treasury Departments New Short Sale Guidelines…its clear that Short Sales are now the solution for those homeowners who want to avoid a foreclosure. Learn the NEW ways to do short sales. Watch the FREE Agent Short Sale Secrets video..and grab the FREE Agent Short Sale Secrets book.
“Try to understand, we don’t have the title in a short sale. That makes it very difficult in a short sale versus an REO (real estate-owned) home,” he said.
Some banks are getting short sales done in as little as 30 days, said Steve Hawks, director of the National Association of Short Sale Professionals. They’re doing “cash for cooperation” deals, giving people $5,000 to leave the home in good condition.
“The average right now is four to six months, but I see an average of 90 days in 2010, except for a few institutions that have to answer to different investors,” Hawks said. “With half the country underwater (owing more than their home is worth), they’re going to make it easier for a short sale.”
Agreed. The ONLY way for slow the seemingly never ending waves of foreclosures is Short Sales. No question. Learn the new…proven ways to list and sell short sales. Watch the FREE Agent Short Sale Secrets video now..and download the FREE Agent Short Sale Secrets book.
He said 22 percent of mortgage defaults were “strategic defaults,” coming on homes that were underwater. Banks need to eliminate the hardship letter for short sales and consider anyone who falls behind on their payment, Hawks said.
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NEWS ALERT: Harris Real Estate University students (and future students) Read NOW!
Another brewing game changing news story that you need to be aware of…
Barney Frank is now calling for the end of Fannie and Freddie. Suggestions are being made that Fannie and Freddie are doomed and something ‘new’ needs to be created.
Watch this story. What effect with this have on interest rates when the biggest single ‘investor’ of mortgages very existence is in question?
Here is the video:
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Join us for this weeks FREE Harris Real Estate University Superstar Interview…
This weeks Star, Eric Blackwell.
Eric is a well known and respected SEO expert.
Go here now for all the event call-in info:
EVENT: Super Star Interview
DATE & TIME: Friday, January 22nd at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://www.AttendThisEvent.com/?eventid=10734159
Here is Eric’s Bio:
For those non-techie types (me included) that don’t know what SEO is…and perhaps more importantly…not sure why you need to know about SEO…here are a few of the questions I have prepared for Eric:
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Everyday Harris Real Estate University coaches set aside an hour or so to provide Free Coaching Calls for Agents.
The typical coaching call is with an agent who is….fearful that they are a little late to the party. What I mean by that is that these agents are often coming to us asking questions like:
Is it too late to become a REO listing agent?
Have all the banks selected all their REO listing agents?
Is it too late for me to learn how to list and sell Short Sales?
How can I make money NOW from BPOs….?
If you have concerns that you may of waited too long to learn what this market demands…I have (sort-a) great news for you.
You didn’t wait too long. Matter of fact…we are only half way through the overall ‘correction’ in housing….which will be followed by years of housing stagnation. Don’t believe me…no worries..here is an article that may convince you:
NEW YORK, Nov 19 (Reuters) – A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process also jumped to records from July to September, the Mortgage Bankers Association said on Thursday.
Rising job losses were behind the increasingly bleak portrait of the housing market in a trend that will continue into next year, the group said in data that adds to recent evidence of a still-struggling housing market.
Housing and related business account for about 20 percent of the economy and recovery is essential to bring unemployment down from a 26-1/2-year high and kick-start economic growth.
OK…convinced? Assuming you are…do the next smart thing and learn how to become a REO listing agent. Watch the FREE Agent REO Secrets video then download the FREE Agent REO Secrets book.
Yet record foreclosures will add to the growing supply of unsold homes, sapping the housing market as it attempts to recover from the worst slump since the Great Depression.
The MBA said the percentage of loans in foreclosure rose to 1.42 percent, from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.
“Foreclosures remain the biggest hurdle to the housing recovery,” said Michelle Meyer, economist at Barclays Capital in New York.
“Foreclosures will be worse in the first part of 2010 and we do not see a peak in foreclosures until the middle of next year.”
Agents…thats the middle of 2011…..see…you DIDN’T wait too long! Watch REO Secrets Video NOW.
More conservative, prime fixed-rate loans often sold to homebuyers with the highest credit ratings continued to represent the largest share of foreclosures started and were the biggest driver of the increase in foreclosures, said MBA chief economist Jay Brinkmann.
The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of loans outstanding, up from 9.24 percent in the second quarter and 6.99 percent a year earlier, the MBA said.
The delinquency rate broke the record set last quarter, based on MBA data going back to 1972. The rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure.
The latest splash of cold water follows a stunning 10.6 percent plunge in housing starts for October, reported on Wednesday.
The combination of loans in foreclosure and at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever seen in the survey.
In fact, 33 percent of foreclosures started in the third quarter were on prime fixed-rate loans and those loans were 44 percent of the quarterly increase in foreclosures, Brinkmann said.
“The foreclosure numbers for prime fixed-rate loans will get worse because those loans represented 54 percent of the quarterly increase in loans 90 days or more past due but not yet in foreclosure,” he said.
The percentage of loans in the foreclosure process at the end of the third quarter was 4.47 percent, up from 4.30 percent in the second quarter and 2.97 percent a year earlier.
Florida, California, Arizona and Nevada have a disproportionate share of these problems, Brinkmann said.
Translation: this is no longer just a sub-prime problem. Matter of fact we expect to see the single BIGGEST increase in foreclosures in homes that are above the FHA lending limits….in other words, expensive, luxury homes!
They had 43 percent of all foreclosures started in the third quarter, down from 44 percent both last quarter and the third quarter last year. They had 37 percent of the nation’s prime fixed-rate loan foreclosure starts and 67 percent of the prime adjustable-rate mortgage, or ARM, foreclosure starts.
At the end of September, 25 percent of mortgages in Florida were at least one payment past due or in foreclosure, he said.
OUTLOOK BLEAK
The outlook is for delinquency and foreclosure rates to continue to worsen before they improve, Brinkmann said.
“First, it is unlikely the employment picture will get better until sometime next year and even then jobs will increase at a very slow pace,” he said.
“Second, the number of loans 90 days or more past due or in foreclosure is now a little over 4 million as compared with 3.9 million new and previously occupied homes currently for sale, although there is likely some overlap between the two numbers,” he said.
Therefore, the ultimate resolution of these seriously delinquent loans will put added pressure on the hardest hit sections of the country, Brinkmann said.Harris
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Ok, I really can’t make it any easier for you than this..
Want REOs…fill out this application. If you are a current Titanium HRC…and you have a great score…you will have an advantage. Excellen will give agents 
who have advanced eduction higher priority.
Go here NOW to apply to ExcellenREO to become a REO Listing Agent..
You are welcome!
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