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PROPERTIES FOR SALE 

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Do these people have a clue?

Are they trying to destroy the market?

Is there nothing that the government thinks that they can not fix?

(No, this is not an old Batman sitcom introduction, I am being dead serious.)

The Obama administration is looking to stop all foreclosures until they go through a review by the Home Affordable Modification Program. That is right, he is willing to destroy the mortgage market to protect a few and employee thousands of bureaucrats.

Guys, government is not always the answer. The markets need to find a footing, not be forever beholden to some faceless bureaucrat. I am dead serious here.

There is a cost everytime the government gets involved. If the housing market does not know the rules it can not correct. It will be stuck until investors and homebuyers have some confidence. All velocity will cease, as we see now with the lowest new home sales in 50 years this January.

Foreclosures are part of the fix. Sure it is a painful fix, but it is a necessary one. The markets need a foundation.

Our present governmental officials think they are the foundation.

They are sadly mistaken.

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.

“It is one of the many ideas under consideration in the administration’s ongoing housing stabilization efforts,” Treasury spokeswoman Meg Reilly said in an e-mail. “This proposal has not been approved and there are no immediate planned announcements on the issue.”

She confirmed the authenticity of the document, which hasn’t been made public.  via Bloomberg.com.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Obama Looks To Stop ALL Foreclosures Without Government Review

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The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rise about 5 percent over December’s pace. via the AJC

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

New Home Sales Drop 11.2 Percent In January

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A combination of weather and low demand has led to a 13 year low in demand for mortgage applications according to The Mortgage Bankers Association. Demand for mortgages has not been this low since 1997.

Hopefully the market slowdown is a statistical blip due to the harsh winter that so much of the country has been dealing with. Unfortunately the uncertainty of the market and economy has all of us scoreboard watching. The demand for new mortgages is the canary in the coal mine for the real estate industry.

If mortgage applications drop typically closing are not on the horizon.

A continued drop in demand for purchase loans, a tentative early indicator of home sales, would not bode well for the hard-hit U.S. housing market, which remains highly vulnerable to setbacks and heavily reliant on government intervention.

The Mortgage Bankers Association reported an 8.5 percent decline in its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended February 19.

The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 1.6 percent.

The MBA’s seasonally adjusted purchase index fell 7.3 percent, the lowest level since May 1997.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Demand Hits 13 Year Low For Mortgage Applications

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Short sales of residential real estate, homes typically worth less than the bank is owned, are rising dramatically as a percentage of all real estate transactions. The Federal tax incentive had kept the numbers lower through November but it seems those buyers are now out of the marketplace.

With the overhang of mortgages not being paid on and borrowers upside down I do expect to see more and more news along these lines in the coming months.

Short sales have jumped from about 10 percent of distressed property sales during most of last year to 15.9 percent of home purchase transactions in January.

By contrast damaged real estate owned or bank owned properties accounted for only 13.4 percent and move-in ready bank-owned accounted for 13.8 percent of all sales, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions.

As recently as November of 2009, short sales accounted for 12.4 percent of the home purchase market, behind move-in ready REO at 12.6 percent and nearly even with damaged REO transactions at 12.3 percent. via UPI

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Large Increase in Short Sales For January 2010

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If you are looking for a new home there is a very good chance you are thinking of more than your immediate family. A report from Coldwell Banker shows that 37 percent of new home buyers are looking for a larger home to support multiple generations.

With the economy in rough patch and families not sure of what the future will bring having the extra space to have Mom or Dad move in to help with the bills or give a place for the kids to return if they are out of work is more and more important.

Let’s face it, people are scared. Even if they are confident in their future and are looking to make a move up, they are still worried about their families. If you are selling real estate, especially the larger homes, a great question to ask potential buyers is “Would having some extra space for a family member to move in be of interest?”

If 37 percent of Coldwell Banker agents are seeing this then selling the larger homes in your area may just become a little bit easier.

Thirty-seven percent of the company’s real estate agents polled in January said that in the past year, buyers were increasingly shopping for homes that fit more than one generation. Almost 70 percent of the agents said they expect economic conditions will drive still greater demand for this type of housing over the next year.

“More buyers are pooling investments, considering bringing mom and dad into it,” said Diann Patton, a Coldwell Banker real estate consumer specialist based in Grass Valley, California, in an interview with Reuters.

Buyers were primarily driven by financial concerns when deciding to combine generations in a household, the survey found. Health concerns were the second most common reason and strong family bonds a distant third. via Reuters

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Buyers Looking To Buys Houses To Fit More Than One Generation

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