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

This was the cover from a Southern California Newspaper….on todays date…1929. History repeats itself!

Dear HREU,

Wow, how to start………

I’ve been a student of the Agent REO Class for just about 6 months now and signed up for the Short Sale course today. The information and help I’ve received from Harris RE University has been invaluable.

Over the past 3 months I’ve listed 5 REO properties and 1 short sale and I’m continually receiving BPO orders.

Out of my 6 listings, I have 4 under contract. While my obvious goal is to multiply that listing number 10 fold, it’s been nice to have them arrive slowly because it’s been such learning experience. Each REO company and bank so far has had different criteria for preservation, re-keying, etc. I’m excited to see where this is going to lead. Thank you to all the coaches. I couldn’t have done it without you.

Kris Kryder
Broker
Assist 2 Sell Buyers and Sellers Realty
office 419-878-2640
fax 419-878-3783
cell 419-277-8097

From the WSJ Real Time Economics: Fitch: Housing Prices Have 10% to Go Before Stabilizing

“Fitch’s analysis shows that the 29% rise in prices realized between 2004 and 2006 … has been reversed. With prices returning to early 2004 levels, Fitch believes that most of the additional 10% decline … will occur over the next eighteen months. Fitch then expects declines thereafter to moderate.”

Found this on Dan Greens Blog. Dan is a past HREU Superstar….listen to the interview here.

“In a move that will stymie thousands of American home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes last week.

Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates zero in home equity and home buyer downpayments.

This is consistent with the emerging underwriting philosophy that Collateral is King.

Paraphrasing Jeff Spicoli:

No home equity, no downpayment, no dice.

Effective December 13, 2008, Fannie Mae will enforce the following single-family residence restrictions:

• Primary residence, “cash out” refinances are limited to 85% loan-to-value
• Second home, cash out refinances are limited to 75% loan-to-value
• Investment properties cannot be refinanced without a 25% equity position

Each bullet point represents a 5 percent tightening over the previous guidelines.

Now, to be clear, Fannie Mae isn’t the only source for mortgage money.  To date, the others — comprising the FHA, the VA, and an innumerable amount of portfolio lenders — have yet to announce similar loan-to-value restrictions.

But, because Fannie Mae (along with Freddie Mac) guarantees almost half of the nation’s home loans, it does swing a big stick. Historically, when Fannie Mae gets tight with its money, the other groups tend to follow.

Starting 60 days from now, qualifying for a conforming mortgage will require more home equity than at any time since 2003.

Now, there are a lot of people sitting around right now, waiting for mortgage rates to fall before buying or refinancing their home.

I’d offer a more prudent idea: Just get on with it already.

None of us can predict what where mortgage rates will go.  Recession, inflation, whatever — it’s a big mystery. But, we do know with 100% certainty that guidelines will tighten effective December 13, 2008, and it will prohibit Americans from getting access to mortgages.

We know this because Fannie Mae published it on its Web site.

If you’re buying a home or in need of a refinance, consider moving up your timeline.  If rates fall after-the-fact, you can always try to refinance into something less expensive.  But if guidelines shut you out, there’s nothing you can do about in hindsight.

If you know you need mortgage money now, just take care of it.  Great low rates don’t mean a thing if you can’t get qualified.  And starting December 13, 2008, the qualifying hurdles are going to be raised.”

(Images courtesy: Free Republic, The Wall Street Journal Online)

One of our coaches just sent this article to me to share with all of you.

At this point it seems that nearly everyone is in agreement with what we have been saying for over 2 years. The bottom line is that the markets will continue to lose value through 2009 and into 2010…and there WON’T be any sort of bounce back for years after. In most markets the home prices will bottom around 2001-2002 prices. Once the depreciation levels off we will then see years of a flat or barely appreciating market.

Know how to do short sales is not longer something Realtors can ignore. Download our FREE Agent Short Sale Secrets Crash Course now. Instant Free Download.

WASHINGTON (AFP) – The falling US housing market, the trigger for the global financial crisis, is still far from reaching the bottom, promising more pain for consumers and more bad debt for banks, analysts say.

With the real estate bubble burst, prices are sinking under pressure from a glut of unsold homes, particularly in areas like California, Florida and Arizona, rising unemployment and foreclosures, as well as tightening credit conditions.

“In terms of prices, I don’t think they’ll bottom out until the end of next year and I don’t think they’re going to bounce back. They’ll crawl back,” chief economist for ratings agency Standard & Poor’s, David Wyss, told AFP.

He sees another 10 percent fall over the next year measured by the Standard & Poor’s/Case-Shiller property survey that tracks prices in 20 cities. The market has fallen by 20 percent since its peak of July 2006.

The adjustment will not be reversed by proposed government intervention to help homeowners threatened by foreclosure, analysts say. As economic conditions worsen, the property market looks a one-way bet in the short-term.

Ok, you will love this…

(Finally) the NAR is stepping up and offering a proposal to help the housing market.

The part that we really like….the NAR is proposing that the Short Sale process be changed to allow for more shortsales to happen faster! You read that right. Short Sale Agents…(or those who want to be Short Sale Listing agents…the best opportunites for Short Sales are still ahead of us…Get started now. Download the Free Agent Short Sale Secrets Crash Course. Instant Free Download..

Here is the press release from the NAR:

    WASHINGTON, Oct. 15 /PRNewswire/ -- The National Association of
Realtors(R) will offer a four-point legislative plan to reinvigorate the
housing market, calling on Congress to act during a lame-duck session. NAR
believes the plan will give a boost to the economy and help to calm jittery
potential homebuyers.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20080923/NARLOGO )

    The plan features such consumer-driven provisions as eliminating the
repayment of the first-time homebuyer tax credit and expanding it to all
homebuyers, making higher mortgage loan limits permanent, pushing banks to
extend credit to Main Street, and prohibiting banks from entering into real
estate.

    "Housing has always lifted the economy out of downturns, and it is
imperative to get the housing market moving forward as quickly as
possible," said NAR President Richard F. Gaylord. "It is vital to the
economy that Congress take specific actions to boost the confidence of
potential homebuyers in the housing market and make it easier for qualified
buyers to get safe and affordable mortgage loans. We are asking Congress to
act right away."

    Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach,
Calif., said NAR, as the leading advocate for homeownership and private
property rights, believes it is important for Congress to address the
concerns and fears of America's families, much in the way it has addressed
Wall Street turbulence. "Housing is and has always been a good, long-term
investment and a family's primary step towards accumulating wealth,"
Gaylord said.

    NAR recommends Congress pass new housing stimulus legislation that
includes the following priorities:

    1. Remove the requirement in the current law that first-time homebuyers
       repay the $7,500 tax credit, and expand the tax credit to apply not only
       to first-time buyers but also to all buyers of a primary residence.
    2. Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit
       increases to make them permanent. The Economic Stabilization Act, enacted
       in February, made loan limit increases temporary, and subsequent
       legislation reduced the loan limits and made them permanent.  This has
       broad implication for homebuyers in high cost areas.
    3. Urge the government to use a portion of the allotted $700 billion that
       was provided to purchase mortgage-backed securities from banks to provide
       price stabilization for housing. The Treasury department should be
       required to use the newly enacted Troubled Assets Relief Program to push
       banks to:
        --  Extend credit down to Main Street, making credit more available to
            consumers and small businesses;
        --  Expedite the process for short sales;
        --  Expedite the resolution of banks' real estate owned (REOs)
            properties. Learn How to Take REO Listings Now. Free REO Guide.
    4. Make permanent the prohibition against banks entering real estate
       brokerage and management, further protecting consumers and the economy.
    Gaylord said that NAR will strongly pursue those proposals and is
calling on Congress to return to enact housing stimulus legislation in a
lame-duck session after the national elections in November.

    The National Association of Realtors(R), "The Voice for Real Estate,"
is America's largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.

    Information about NAR is available at http://www.realtor.org. News releases
are posted in the Web site's "News Media" section in the NAR Media Center.

    REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

Todays Superstar Interview was fantastic….Here are a few of the testimonials about  todays call:

Chris Bedra-Fort Myers
This was one of the best super star interviews yet. Bob gave us advice that was both proven in the real world and practical.

Jasna Hoyt-St. Clair Shores
Great interview - humble agent that goes to work every day and follows a plan-knows that todays sellers are asset managers - asks them for business - now that is a great idea - going to where the business is! Jasna Hoyt Hoyt Real Estate St. Clair Shores, MI 586-805-3785

Gwen Walton-Haymarket
These calls have kept me well informed and motivated especially through a changing market. I look forward to each call with great enthusiam to what new information I will be able to put immediatly back into my business. Gwen Walton gwenwalton@mris.com

Oz-Panorama City
thanks Tim and Bob, great event very informative

Kevin Hall-Boise, Idaho
Listen to these guys! Your life and BUSINESS will change for the better…FAST! I know mine has. HREU just ROCKS, period. Kevin M. Hall 208-340-2823 http://kevinmhall.wordpress.com

PattyJohnston-Nashville, TN
Very inspirational, Bob! Thanks for sharing so openly! As always, Tim & Julie, great webinar! www.PattySellsNashvilleHomes.com FREE “Should I “Short Sale” My Home Book!”

Gloria-Santa Barbara
This the best call I have listened to. Thank you for answering my call.

Ernest Haney-Lawrenceville, Georgia
Great interview! Very inspiring, giving me confidence
Listen NOW to the replay of Todays Superstar Interview..

EVENT:  SUPER STAR INTERVIEW
DATE & TIME: Friday, October 17th at 9:30am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://HarrisRealEstateUniversity.com/urlforward.php?job=2WSdxTw49d&link=1&recip=IVkWVkFATYZ7YWR

By the way, when was the last time you visited HREU.tv? We are posting new educational and motivational videos for you on a weekly basis.

Here is the link to the the video channel: www.HREU.tv

Speak with you soon!

Tim and Julie

P.S. Would you like to schedule a free coaching call with a HREU coach?
Go here now to schedule: http://harrisrealestateuniversity.com/freestuff.php

P.S.S. Earn money now when you send a new student referral to HREU. Here is how it works…email us the same time (more or less) they are signing up.. coachjulieharris@gmail.com and we will pay you $97! Easily pay for your coaching programs from sending us referrals!