Monthly Archives: January 2013

REOCON 2013: An update on short sale and REO trends

Short Sale

The nation turned a corner since entering a foreclosure crisis more than four years ago, analysts attending the 2013 REOCON Summit & Expo said Monday.

Speaker Daren Blomquist, vice president of RealtyTrac, elaborated on 2012 short sale and REO trends when speaking to Realtors attending the conference in Dallas.

Blomquist assured the crowd, saying “Our data does show that we’re past the [foreclosure] peak.” He then went on to reveal some startling statistics in regards to REO activity. More than 10 million REO starts and nearly 5 million REO completions occurred between 2006 and 2012.

After the robo-signing controversy came to light in late 2010, the number of foreclosures in the U.S. began its downward trajectory in the first quarter of 2011. Meanwhile, the industry is beginning to see a stronger surge of short sales as REO properties slowly dissipate.

So what is causing this increase in pre-foreclosed properties? Many states are coming off artificial lows from last year thanks to foreclosure processing delays and banks are more frustrated by homes that are hitting the foreclosed status.

In some states, such as New York, the amount of time it takes to complete a foreclosure after it’s been taken by the bank is borderline unbelievable, according to Blomquist. The average number of days it takes in New York to complete a foreclosure is 1,089 days from the time the bank forecloses. The national average is 414 days.

“This is evidence that these markets are just taking longer to absorb the foreclosures,” Blomquist noted.

As a result of this lagging completion time, Blomquist believes there will be more distressed homeowners interested in listing their homes as short sales in the next six to 12 months in these markets.

In many markets, this may already be happening. Pre-foreclosure sales (short sales) increased 22% in Q3 of 2012, reaching the highest level since Q2 2011.

Click on the image below to see the distressed sales share documented by RealtyTrac.

Because of this ample supply of short sales, the average price of a short sale home dropped 5% in Q3 year-over-year.

California, Florida, Arizona, Michigan, Colorado and Nevada all saw more short sales than REO sales, according to RealtyTrac’s latest data.

Additionally, 31 states posted annual increases in non-foreclosure short sales in the third quarter of 2012.

While all evidence seems to be pointing towards short sales as the latest and greatest, Blomquist reminded the crowd that REOs are not dead just yet.

The fact is that, while banks are preferring short sales to REOs with all things being equal, not all properties can be sold via short sale.

“There are signs that some of these foreclosure start increases that we are seeing are starting to transfer into REOs,” Blomquist added.

In fact, in some states, REOs are beginning to bounce back already. North Carolina, Connecticut, Illinois, Mississippi and Florida are all seeing a rebound of REO sales.

“One of the things those states have in common is a very short foreclosure process,” said Blomquist.

Because of this dip in foreclosure inventory recently, the average sales price of an REO property rose 7% year-over-year in the third quarter of 2012.

“There’s still plenty of delinquencies out there that are coming down the pipeline,” added Blomquist.

According to RealtyTrac reports, assuming no additional properties come onto the market, there is currently a 20-month supply of bank-owned REOs. “Even if we didn’t have any more properties starting the foreclosure process, we’d still have 1.5 million properties in the waiting pool,” said Blomquist.

“It’s good to be aware of what you’re dealing with in your market,” Blomquist concluded.

The author of this article is: Megan Hopkins

 See the original post at: http://www.housingwire.com/news/2013/01/28/reocon-2013-update-short-sale-and-reo-trends

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Posted on January 31, 2013 in Foreclosures

10 Best Places to Buy a Foreclosure in 2013

If you’re looking for big foreclosure deals, Florida may offer the most, according to a a new study by RealtyTrac. Palm Bay, Fla., topped its list of the best places to buy a foreclosure in 2013. Foreclosures accounted for nearly 24 percent of all sales in Palm Bay last year, and buyers tended to pay 28 percent less for a home in foreclosure than other homes.

The following are the markets with the high number of foreclosures available and some of the largest price discounts for foreclosures, according to RealtyTrac.

  • Palm Bay, Fla.

Average foreclosure discount: 28 percent

  • Rochester, N.Y.

Average foreclosure discount: 26 percent

  • Albany, N.Y.

Average foreclosure discount: 35 percent

  • New York City

Average foreclosure discount: 40 percent

  • Lakeland, Fla.

Average foreclosure discount: 15 percent

  • Tampa, Fla.

Average foreclosure discount: 27 percent

  • Jacksonville, Fla.

Average foreclosure discount: 32 percent

  • Poughkeepsie, N.Y.

Average foreclosure discount: 28 percent

  • Orlando, Fla.

Average foreclosure discount: 19 percent

  • Chicago

Average foreclosure discount: 46 percent

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/31/10-best-places-buy-foreclosure-in-2013

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Posted on January 31, 2013 in Foreclosures

Featured Carolina Beach Gay Realtor: Shelly Palmer, Network Real Estate

Lesbian Realtor Shelly Palmer

I’m a real estate professional with a passion for the real estate industry. I have been actively involved in the real estate market for decades and have sold real estate for over 9 years. I enjoy selling all types of real estate including residential & resort real estate. I service Wilmington & the surrounding areas including Castle Hayne & Leland. I specialize in Carolina & Kure Beaches.

Selling resort real estate in Carolina & Kure Beaches has been one of my greatest joys. I love what I do & it shows in every aspect of the service I give to my clients. If you want to live at the beach or invest there than call me because I’m “The Beach Agent”!!!!!!

If you are a first time home buyer than check me out on “My First Home – Season 2″ on the Learning Channel. I can take care of all of your buying needs & make sure that your first home buying experience is a smooth & pleasant process.

If you would like your real estate experience to be enjoyable, call me. I am easy to get in touch with & always answer my cell phone. You will not be disappointed. I guarantee I will give you unsurpassed service!!!

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

Specialties:

Beach/Resort properties, first time buyers, and investors

View Shelly Palmer’s  Complete Profile & Contact Her Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at: manager@gayrealestate.com

 

Posted on January 31, 2013 in Gay Realtors

Featured Columbus Gay Realtor: BJ White, Keller Williams Classic Properties Realty

Gay Realtor BJ White

When you contact me, you’ll have instant access to my website, the best resource for searching for homes!

A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there. This is about more than real estate. It is about your life and your dreams. Just like the B.J. identifies herself as an individual in the GLBT community, my real estate practice is different by design.

Keller Williams Realty takes a different approach to real estate, one that is built on personal touches, win-win deals and positive results.

I utilize the latest technologies, market research and business strategies to exceed your expectations. More importantly, I listen and that means I’m able to find solutions that are tailored to you… How can I help?

I appreciate the opportunity to earn your business.

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

Member National Association of Realtors

Specialties:

Residential Real Estate

View BJ White’s  Complete Profile & Contact Her Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at: manager@gayrealestate.com

Posted on January 31, 2013 in Gay Realtors

Report: The States People Are Most Moving To, From

The place with the highest number of people moving in rather than leaving: Washington, D.C., according to a new report by the moving company United Van Lines.

“Corporations have been steadily expanding in Washington, as more companies — especially defense contractors, banks, pharmaceuticals and health care providers — open branch offices to be closer to the federal government, which is the source of much of their revenues,” CNNMoney reports about the study.

Here are the top five areas that had the highest number of people moving in last year, according to United’s study:

  1. Washington, D.C.
  2. Oregon
  3. Nevada
  4. North Carolina
  5. South Carolina

On the other hand, the states that had the highest number of people leaving — that is, the most moves out — are:

1. New Jersey

2. Illinois

3. West Virginia

4. New York

5. New Mexico

Meanwhile, internationally, Germany was the top spot for Americans to move to abroad, followed by the United Kingdom. Many of the moves from the United States to Germany were U.S. military-related moves, according to United.

Of foreigners migrating to the United States, the most were likely to arrive from the United Kingdom, followed by Germany and Australia.

“[The] international migration study offers a unique perspective into what is happening with overall migration patterns to and from the U.S.,” says Rich McClure, CEO of UniGroup Relocation, United’s parent company. A majority of United’s international moves are corporate relocations.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/30/report-states-people-are-most-moving

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com

Posted on January 30, 2013 in Real Estate

Mortgage Applications Take a Dip

After three weeks of gains, mortgage applications reversed course and dropped last week, amid rising mortgage rates, the Mortgage Bankers Association reported in its weekly survey.

Most of the drop was attributed to a decrease in refinancing.

The MBA’s mortgage application index,which reflects applications for refinancing and purchases, dropped 8.1 percent in the week ending Jan. 25.

Broken out, refinancing applications, which make up the biggest bulk of the index, dropped 10.2 percent last week. Applications for home purchases, viewed as a leading indicator of future home sales, dropped slightly at 1.8 percent for the week.

The 30-year fixed-rate mortgage rose to its highest level since September, rising 5 basis points to a 3.67 percent average. The 30-year fixed-rate mortgage has risen six of the last seven weeks, according to MBA.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/30/mortgage-applications-take-dip

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

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Posted on January 30, 2013 in Mortgages

Builders Want Agents’ Help in Attracting Buyers

In March, some of the nation’s largest home builders will band together to launch a multimillion-dollar campaign aimed at persuading potential buyers about the appeal of new homes, but the campaign is mostly targeted at first winning over the buyers’ real estate professionals.

Eighty-four percent of 1,000 buyers recently surveyed say they are working with a real estate agent or expect to, according to a study by Chadwick Martin Bailey, a consumer research company.

“That’s a statistic [builders] can’t ignore,” says Jonathan Smoke, chief economist at Hanley Wood, a publishing company centered on the building industry. Builders “need them to sell their value.”

The mostly digital ad campaign, “Start Fresh, Buy New,” is being launched by Builders Homesite Inc, a high-tech marketing company owned by a consortium of 32 of the country’s largest builders. The campaign will emphasize new-homes’ quality of construction, safe neighborhoods, improved floor plans, and lower maintenance costs. It will also welcome agents and brokers to new-home communities and emphasize why “new” is better.

The campaign also will attempt to get new-home communities on the multiple listing service. Often new-homes are not on the MLS until the home is completed.

Builders currently account for about 7 percent of all home sales, but historically that percentage is usually around a 15 to 20 percent marketshare.

“It’s not that people aren’t buying, it’s that they’re buying existing homes,” says Tim Costello, BHI chief executive. “It’s not a demand problem, it’s a marketing and messaging problem. Other builders aren’t the competition, it’s existing houses.”

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/29/builders-want-agents-help-in-attracting-buyers

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com

Posted on January 30, 2013 in Home Buyers

Featured Virginia Beach Gay Realtor: Sandra Vargas, Keller Williams Realty

Gay Realtor Sandra Vargas

I have been a licensed real estate agent for 8 years, serving communities in California, Florida and now Virginia. As an Operations Specialist in the Navy, I was responsible for maintaining the Maritime picture and played a key role as an aid in navigating and information. My diverse background and experience allows me to provide my clients with the best in customer service. From our first meeting and beyond closing, I will be there for all of your real estate needs.

Consider me your guide to home, I will go through each step of the process and coordinate the transaction so there are no surprises. Avoid the obstacles in real estate by tackling them before they arise with a seasoned professional.

I take Pride in the work I do, and it shows through happy clients.

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

HRRA Hampton Roads Regional Realtor Association, VAR Virginia Association of Realtors, NAR National Association of Realtors.

Specialties:

Marketing Specialist, Distressed Properties, First Time Home Buyers, Relocation, Luxury Homes, Investors, International Buyers and Sellers, New Construction, 2nd Homes.

View Sandra Vargas’s  Complete Profile & Contact Her Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at: manager@gayrealestate.com

 

Posted on January 30, 2013 in Gay Realtors

Featured Columbia Gay Realtor: Karen Bataile, Prudential Vision Properties, LLC

Gay Realtor Karen Bataille

Columbia, MO is the home of the University of Missouri, Stephens College, and Columbia College. We are a small town with a great University spirit. There is a diversity of opportunities available to all who seek it.

I moved to Columbia in 1993 from upstate New York and found it an enjoyable and welcoming place to live. We boast a stable and affordable real estate market with wide range of properties available to all.

Situated between Kansas City and St. Louis, Columbia provides access to urban amenities and numerous outdoor adventures such as mountain biking, float trips, hiking, horse back riding, nature watching, fishing, hunting, birding, etc.

Contact me and I’ll be happy to help you buy or sell your home, answer any questions you have and meet any of your real estate needs.

Click here to search for a gay or lesbian real estate agent anywhere in the country.

Professional/Personal Distinctions:

Member Columbia Board of Realtors Prudential Real Estate OBA and OSA certified eCertified BS – Biology and MS – Wildlife Biology Enjoy the outdoors and support environmental conservation.

Specialties:

Residential and Rural Properties

View Karen Bataille’s  Complete Profile & Contact Her Immediately by Clicking Here

Occasionally we’ll feature one of our top gay real estate professionals here to let our readers know about some of the great Gay Realtors, Lesbian Realtors, Gay Friendly Realtors, and other Real Estate Professionals at GayRealEstate.com

At Gay Real Estate, we keep you posted about all the residential real estate news, gay real estate news and Gay Realtor stories affecting the gay and lesbian home buying and selling community coast to coast, and in your neighborhood!

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the LGBT community, please contact us at: manager@gayrealestate.com

Posted on January 30, 2013 in Uncategorized

Home prices shot up in 2012: S&P/Case-Shiller

Home prices shot up

Home prices rose in 19 of the 20 U.S. cities studied by Standard & Poor’s for the S&P/Case-Shiller Home Price Indices, falling only in New York, for the 12-month period ending in November.

The 20-city composite index rose 5.5% during the 12-month period, while the Case-Shiller’s 10-city composite index rose 4.5%. Bloomberg noted that November home prices grew the most in six years, suggesting a significant market turnaround in 2012.

The recovering market of Phoenix experienced rapid price appreciation, with home prices jumping 22.8% for the 12-month period ending in November.

Prices also grew from October to November of last year.

“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

“Phoenix and San Francisco were both up 1.4% in November followed by Minneapolis up 1.0%. On the downside, Chicago was again amongst the weakest with a drop of 1.3% for November.”

Blitzer added, “Housing is clearly recovering. Prices are rising as are both new and existing home sales. Existing home sales in November were 5 million, highest since November 2009. New home sales at 398,000 were the highest since June 2010. These figures confirm that housing is contributing to economic growth.”

But seeing strong price growth is not necessarily evidence of a full recovery, according to Josh Tashjian, principal at Centurion Real Estate Partners in New York City.

“It’s a further indication of a separation between the haves and have-nots,” Tashjian said. “It shows the larger cities – with a better economic basis, demand generators and foreign investment – appreciating at a rate far more rapidly than the wider U.S. Only when consumers are able to entre the market through better financing and increased job growth will we see the rest of the country catch up with the larger MSAs.”

The author of this article is: Kerri Ann Panchuk

 See the original post at: http://www.housingwire.com/news/2013/01/29/home-prices-shot-2012-spcase-shiller

At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.

Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.

If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com

Posted on January 29, 2013 in Home Prices