Renters Spending 5% More Than Home Owners
Daily Real Estate News
Rising rents are forcing renters to outspend home owners on housing costs, according to a new study.
Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same -- or less -- than the median rental payment.
Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period-
Monday, December 19, 2011
Tuesday, December 13, 2011
FLIPPERS ARE TO BLAME FOR HOUSING CRISIS?
House Flippers to Blame for Housing Downturn?
Daily Real Estate News
Tuesday, December 13, 2011
House flippers — made up of investors who bought up homes during the housing boom, possibly made a few upgrades to the home, and quickly resold the homes for high-dollar profit — played a larger role in causing the housing bubble than previously thought, according to a new federal report out by the Federal Reserve Bank of New York. The impact that speculative real estate investors played in driving the housing downturn has mostly been overlooked until now, the researchers note.
The speculative investors used low downpayments and subprime credit in buying up multiple homes at once, the report says. Their actions attributed to home prices in some areas being inflated, researchers say.
"This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family," researchers note in the report.
House flippers made up a big piece of the real estate market during the housing boom. According to the report, more than one-third of all home mortgages from 2006 were to people who already owned at least one home. What’s more, “in Arizona, California, Florida and Nevada, where average home prices more than doubled from 2000 to 2006, investors made up nearly half of all mortgage-backed purchases during the housing bubble,” the Associated Press reports. “Buyers owning three or more properties represented the fastest-growing segment of home owners during that time.”
When home values began to fall in 2006, investors defaulted on their loans in large numbers, accounting for more than 25 percent of seriously delinquent mortgage balances, according to the report. In investor hot-spots like Arizona, California, Florida, and Nevada, investors accounted for more than a third of seriously delinquent mortgage balances from 2007 to 2009.
The report urges lenders and regulators to take action to limit speculative borrowing in order to avoid a future housing downturn.
Daily Real Estate News
Tuesday, December 13, 2011
House flippers — made up of investors who bought up homes during the housing boom, possibly made a few upgrades to the home, and quickly resold the homes for high-dollar profit — played a larger role in causing the housing bubble than previously thought, according to a new federal report out by the Federal Reserve Bank of New York. The impact that speculative real estate investors played in driving the housing downturn has mostly been overlooked until now, the researchers note.
The speculative investors used low downpayments and subprime credit in buying up multiple homes at once, the report says. Their actions attributed to home prices in some areas being inflated, researchers say.
"This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family," researchers note in the report.
House flippers made up a big piece of the real estate market during the housing boom. According to the report, more than one-third of all home mortgages from 2006 were to people who already owned at least one home. What’s more, “in Arizona, California, Florida and Nevada, where average home prices more than doubled from 2000 to 2006, investors made up nearly half of all mortgage-backed purchases during the housing bubble,” the Associated Press reports. “Buyers owning three or more properties represented the fastest-growing segment of home owners during that time.”
When home values began to fall in 2006, investors defaulted on their loans in large numbers, accounting for more than 25 percent of seriously delinquent mortgage balances, according to the report. In investor hot-spots like Arizona, California, Florida, and Nevada, investors accounted for more than a third of seriously delinquent mortgage balances from 2007 to 2009.
The report urges lenders and regulators to take action to limit speculative borrowing in order to avoid a future housing downturn.
Thursday, November 17, 2011
GREAT INCENTIVES FROM THE GOVERNMENT!!! TIME TO BUY AN INVESTMENT
REO'S ON SALE????????????
Freddie Mac Launches Winter REO Sale
Posted by GLOZAL on November 17, 2011 at 9:04am
Now, in many areas throughout the United States, owning your own home may be more affordable than you think. If you currently rent or are considering homeownership, now is the time to make a smart buy.
Freddie Mac First Look Initiative
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing (30 days in Nevada), without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary or secondary residence.
HomeSteps SmartBuySM
HomeSteps SmartBuy is our exciting home purchase program that offers:
■A limited two-year HomeProtect® Home Warranty [PDF]
■Up to 30% savings* on new appliances
*Certain restrictions, limitations, terms and conditions apply. See HomeSteps SmartBuy Terms and Conditions for further details.
Homebuyer Incentives**
■2-Year HomeProtect Limited Home Warranty***
■Up to 3.0% buyer's closing cost
DURATION OF OFFER:
Offers received between November 15, 2011 and January 31, 2012 with escrow closed on or before March 15, 2012.
■The Winter Sales Promotion Selling Agent Bonus offer is only available on the sale of HomeSteps homes in the following states: CO, CT, DC, DE, IA, ID, IL, IN, MA, MD, ME, MI, MN, MT, ND, NE, NH, NJ, NY, OH, PA, RI, SD, UT, VA, VT, WI, WV and WY.
.
CALL ME TODAY SO I CAN HELP YOU FIND A HOMESTEPS HOME!
Freddie Mac Launches Winter REO Sale
Posted by GLOZAL on November 17, 2011 at 9:04am
Now, in many areas throughout the United States, owning your own home may be more affordable than you think. If you currently rent or are considering homeownership, now is the time to make a smart buy.
Freddie Mac First Look Initiative
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing (30 days in Nevada), without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary or secondary residence.
HomeSteps SmartBuySM
HomeSteps SmartBuy is our exciting home purchase program that offers:
■A limited two-year HomeProtect® Home Warranty [PDF]
■Up to 30% savings* on new appliances
*Certain restrictions, limitations, terms and conditions apply. See HomeSteps SmartBuy Terms and Conditions for further details.
Homebuyer Incentives**
■2-Year HomeProtect Limited Home Warranty***
■Up to 3.0% buyer's closing cost
DURATION OF OFFER:
Offers received between November 15, 2011 and January 31, 2012 with escrow closed on or before March 15, 2012.
■The Winter Sales Promotion Selling Agent Bonus offer is only available on the sale of HomeSteps homes in the following states: CO, CT, DC, DE, IA, ID, IL, IN, MA, MD, ME, MI, MN, MT, ND, NE, NH, NJ, NY, OH, PA, RI, SD, UT, VA, VT, WI, WV and WY.
.
CALL ME TODAY SO I CAN HELP YOU FIND A HOMESTEPS HOME!
Thursday, October 27, 2011
OWN VS RENT? CHEAPER TO BUY RIGHT NOW!!!
Rising rents are forcing renters to outspend home owners on housing costs, according to a new study.
Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Yes, It's true-Interest rates are low..............................Making it a great time to buy!!!
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same -- or less -- than the median rental payment.
Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period.
Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.
In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.
Yes, It's true-Interest rates are low..............................Making it a great time to buy!!!
Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same -- or less -- than the median rental payment.
Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period.
Tuesday, October 18, 2011
10 Top reason to buy vs rent-
BUY VS RENT- INTEREST RATES ARE AT AN ALL TIME LOW- I HAVE TOLD YOU THIS BEFORE-REALLY THIS IS AN ALL TIME LOW!!
Top 10 reasons to own rather than rent- Here they are-
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.
Reprinted with permission. Florida Realtors®. All rights reserved
Top 10 reasons to own rather than rent- Here they are-
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.
Reprinted with permission. Florida Realtors®. All rights reserved
Friday, October 14, 2011
BABY BOOMERS DESIRE SECOND HOME-ARIZONA IS THE PERFECT PLACE!!
Baby Boomers desire a second home-ARIZONA IS THE PLACE! Arizona is a great place to play- 360 days of sunshine and a paradise to play in!!
CHICAGO – Oct. 13, 2011 – The fragile economy is causing more baby boomers to delay selling their homes, even though they want to, according to a new survey from Coldwell Banker Real Estate, which surveyed about 1,300 agents to gauge home selling and buying behavior among the baby boomer generation.
However, there is still a strong desire for investment properties and second homes among this generation.
“The baby boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real estate decision,” Jim Gillespie, CEO of Coldwell Banker Real Estate, said in a statement. “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that boomers who are financially secure are actively seeking to buy their retirement home, or a second home.”
Among the survey’s findings:
• More than one-third (34 percent) of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.
• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home, while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers looking to downsize, their primary reason is for a simpler lifestyle.
CHICAGO – Oct. 13, 2011 – The fragile economy is causing more baby boomers to delay selling their homes, even though they want to, according to a new survey from Coldwell Banker Real Estate, which surveyed about 1,300 agents to gauge home selling and buying behavior among the baby boomer generation.
However, there is still a strong desire for investment properties and second homes among this generation.
“The baby boomer generation has driven the U.S. economy for years, and like many Americans, they may be anxious about their next real estate decision,” Jim Gillespie, CEO of Coldwell Banker Real Estate, said in a statement. “I know baby boomers are a very diverse group and cannot be described in generalities, but our survey clearly indicates that boomers who are financially secure are actively seeking to buy their retirement home, or a second home.”
Among the survey’s findings:
• More than one-third (34 percent) of real estate professionals say younger baby boomers (those aged 47-55) are interested in purchasing a second home. Meanwhile, about 22 percent of older baby boomers (ages 56-64) are interested in buying a second home.
• 31 percent of younger baby boomers (47-55) are looking to sell their current home and trade up to a larger home, while only 6 percent of older baby boomers desire a larger home. For the majority of baby boomers looking to downsize, their primary reason is for a simpler lifestyle.
Sunday, October 2, 2011
ROBO SIGNING- NOTHING NEW
Robo-signed mortgage docs date back to late 1990sPosted by GLOZAL on September 6, 2011 at 9:04am
MIAMI – Sept. 6, 2011 – Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.
The suspect documents could create legal trouble for homeowners for years.
Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.
The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as “robo-signing,” led the nation’s largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide last fall.
At the time, “robo-signing” was thought to be contained to the affidavits that banks file when a mortgage is issued and somebody buys a house. The documents are used to prove they have the right to foreclose if the homeowner isn’t making mortgage payments. Companies that process mortgages said they were so overwhelmed with paperwork that they cut corners.
But now, as county officials review years’ worth of mortgage paperwork, in some cases combing through one page at a time, they are finding suspect signatures – either signed with the same name by dozens of different people, improperly notarized or signed without a review of the facts in the paperwork – on all sorts of mortgage documents, dating as far back as 1998, The Associated Press has found.
“Because of these bad titles, property owners can’t prove they own the properties they think they bought, and banks can’t prove they had the right to sell them,” says Jeff Thigpen, the registrar of deeds in Guilford County, N.C.
In Guilford County, where Greensboro is located, a sample of 6,100 mortgage documents filed since 2006 turned up 74 percent with questionable signatures. Thigpen says his office received 456 more documents with suspect signatures from Oct. 1 through June 30.
The suspect signatures found by Thigpen and other registrars around the country were on documents from the banks involved in the temporary foreclosure halt and others.
Widespread robo-signing that stretches back a decade or more could create problems for homeowners. Regulators have so far not asked lenders to clean up the potentially millions of suspect documents filed in the past decade or earlier. That troubles some banking experts, including Sheila Bair, who until early July was chairwoman of the Federal Deposit Insurance Corp.
“We do not yet really know the full extent of the problem,” Bair said in written remarks to the Senate Banking Committee. She and others have called for a comprehensive study on the extent of the fraudulent signatures in mortgage documents.
If documents with robo-signed signatures are challenged in court, judges could question the ownership of the properties, says Katherine Porter, a professor at University of California Irvine School of Law and an expert on consumer credit law. The consequences extend to homeowners in good standing when they try to sell.
If invalid documents are discovered in the chain of ownership, it could delay the sale or make it difficult for buyers to get a mortgage because title insurers won’t write a policy for the property, says Justin Ailes, vice president of government affairs of the American Land Title Association, a trade association representing the title insurance industry. Banks and other mortgage lenders won’t write a home loan without title insurance.
Among the findings shared with The Associated Press by county officials from several states:
• An investigation of mortgage documents in the county that includes Salem, Mass., found that more than 25,000 had suspect signatures. The earliest date to 1998, says John O’Brien, the registrar of deeds there.
• In Michigan, the state attorney general has sent criminal subpoenas to three companies that processed mortgage paperwork after 24 local recorders of deeds looked through their files and found rampant robo-signing.
• An Illinois county, Kankakee, pulled a sample of 60 documents filed since 2007 to look for suspect signatures. All 60 were “signed” by people who have been identified as robo-signers. At least 12 county officials in Illinois have sent their findings to the state attorney general.
The results of these reviews are troubling to the registers of deeds in counties across the country. It’s the job of these officials to record documents on property transfers, and they say, they need to be able to trust that notarized paperwork is legitimate.
“I want papers that come into our office to be clean,” says Lori Gadbois, the recorder of deeds in Kankakee County, whose office handles more than 15,000 mortgage documents in a typical month.
Many banks began outsourcing paperwork at the beginning of the housing boom around 1998. That’s when an increasing number of home loans were being packaged into securities on Wall Street and sold off to global investors. As demand skyrocketed, lenders and mortgage processing firms hired entry-level employees to sign hundreds of mortgage documents a day.
Sometimes they forged the signatures of executives who were qualified to sign. Other times, actual executives signed the documents without verifying their accuracy. Many of the documents were stamped by notaries even though the people who had signed the documents weren’t present when the papers were notarized, a requirement by law. All are instances of robo-signing, and are potentially illegal.
The 50 state attorneys general have been negotiating a settlement with major lenders over robo-signing and other bad mortgage practices. Analysts say it could top $20 billion. But the attorneys general of some states, including New York, Massachusetts, Illinois, Delaware and California, have balked because banks have demanded a release from all future liability on past mortgage practices or the mortgage-backed securities they sold to investors.
Meanwhile, federal bank regulators have focused on getting banks to clean up their act in the future, not on fixing the potentially millions of tainted documents that have been filed in land record offices in counties across the country.
Robo-signing came to light last fall, when the largest banks halted foreclosures for several months to clean up their paperwork problem. The lenders promised last fall to stop the practice. But The Associated Press reported in July that robo-signing has continued. Officials in at least four states say mortgage documents with suspect signatures have been filed with counties in recent months. The revelation led to calls for Congressional hearings.
On Thursday, the mortgage unit of Goldman Sachs Group Inc. agreed to stop robo-signing and other controversial mortgage practices under an agreement with New York state’s banking regulator. The Federal Reserve, meanwhile, launched a formal enforcement action against the unit, Litton Loan Servicing, ordering it to review foreclosure proceedings from 2009 and 2010.
“The banks are playing with the integrity of the land record system,” says John O’Brien, the recorder of deeds from Salem, Mass.
The documents that are filed in county deed offices are legal affidavits that transfer loans from one bank to another in a sale, refinancing, or foreclosure and certify if a loan has been paid off. They verify that there are no claims against the property.
Robo-signing could ultimately invalidate tens of thousands of homeownership documents, say legal experts.
In addition to delaying regular sales, banks could be blocked from foreclosing even if the homeowner falls behind on mortgage payments for the same reasons.
That’s already happening.
Judges who handle foreclosures in Maine, California, Arizona, New York and other states have thrown out foreclosure cases if documents contain signatures of known robo-signers.
On July 1, a state judge in Brooklyn ruled that HSBC lacked the legal authority to foreclose on homeowner Ellen Taher because the mortgage documents that accompanied the filing were signed by at least three known robo-signers.
In May, a Maine judge dismissed another foreclosure involving HSBC, calling mortgage documents presented in a case untrustworthy because they contained signatures of one person posing as three different people. HSBC spokesman Neil Brazil says another company handled the mortgage paperwork in the New York case, and the bank is working with regulators to address and resolve issues related to robo-signing.
Registrars like Thigpen in North Carolina and O’Brien in Massachusetts say they have taken their findings to federal authorities. Except for a call from the North Carolina attorney general’s office, though, Thigpen says he has been ignored for months.
Deed offices in North Carolina and Massachusetts have stopped recording documents if they contain signatures of names known to be part of the robo-signing scandal. Such actions could delay new sales. O’Brien, the recorder of deeds from Massachusetts, says he’s only responsible for one county out of more than 3,000 in the U.S.
“Federal regulators with a lot more authority than me have to step up to the plate and help correct this,” he says.
MIAMI – Sept. 6, 2011 – Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.
The suspect documents could create legal trouble for homeowners for years.
Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.
The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as “robo-signing,” led the nation’s largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide last fall.
At the time, “robo-signing” was thought to be contained to the affidavits that banks file when a mortgage is issued and somebody buys a house. The documents are used to prove they have the right to foreclose if the homeowner isn’t making mortgage payments. Companies that process mortgages said they were so overwhelmed with paperwork that they cut corners.
But now, as county officials review years’ worth of mortgage paperwork, in some cases combing through one page at a time, they are finding suspect signatures – either signed with the same name by dozens of different people, improperly notarized or signed without a review of the facts in the paperwork – on all sorts of mortgage documents, dating as far back as 1998, The Associated Press has found.
“Because of these bad titles, property owners can’t prove they own the properties they think they bought, and banks can’t prove they had the right to sell them,” says Jeff Thigpen, the registrar of deeds in Guilford County, N.C.
In Guilford County, where Greensboro is located, a sample of 6,100 mortgage documents filed since 2006 turned up 74 percent with questionable signatures. Thigpen says his office received 456 more documents with suspect signatures from Oct. 1 through June 30.
The suspect signatures found by Thigpen and other registrars around the country were on documents from the banks involved in the temporary foreclosure halt and others.
Widespread robo-signing that stretches back a decade or more could create problems for homeowners. Regulators have so far not asked lenders to clean up the potentially millions of suspect documents filed in the past decade or earlier. That troubles some banking experts, including Sheila Bair, who until early July was chairwoman of the Federal Deposit Insurance Corp.
“We do not yet really know the full extent of the problem,” Bair said in written remarks to the Senate Banking Committee. She and others have called for a comprehensive study on the extent of the fraudulent signatures in mortgage documents.
If documents with robo-signed signatures are challenged in court, judges could question the ownership of the properties, says Katherine Porter, a professor at University of California Irvine School of Law and an expert on consumer credit law. The consequences extend to homeowners in good standing when they try to sell.
If invalid documents are discovered in the chain of ownership, it could delay the sale or make it difficult for buyers to get a mortgage because title insurers won’t write a policy for the property, says Justin Ailes, vice president of government affairs of the American Land Title Association, a trade association representing the title insurance industry. Banks and other mortgage lenders won’t write a home loan without title insurance.
Among the findings shared with The Associated Press by county officials from several states:
• An investigation of mortgage documents in the county that includes Salem, Mass., found that more than 25,000 had suspect signatures. The earliest date to 1998, says John O’Brien, the registrar of deeds there.
• In Michigan, the state attorney general has sent criminal subpoenas to three companies that processed mortgage paperwork after 24 local recorders of deeds looked through their files and found rampant robo-signing.
• An Illinois county, Kankakee, pulled a sample of 60 documents filed since 2007 to look for suspect signatures. All 60 were “signed” by people who have been identified as robo-signers. At least 12 county officials in Illinois have sent their findings to the state attorney general.
The results of these reviews are troubling to the registers of deeds in counties across the country. It’s the job of these officials to record documents on property transfers, and they say, they need to be able to trust that notarized paperwork is legitimate.
“I want papers that come into our office to be clean,” says Lori Gadbois, the recorder of deeds in Kankakee County, whose office handles more than 15,000 mortgage documents in a typical month.
Many banks began outsourcing paperwork at the beginning of the housing boom around 1998. That’s when an increasing number of home loans were being packaged into securities on Wall Street and sold off to global investors. As demand skyrocketed, lenders and mortgage processing firms hired entry-level employees to sign hundreds of mortgage documents a day.
Sometimes they forged the signatures of executives who were qualified to sign. Other times, actual executives signed the documents without verifying their accuracy. Many of the documents were stamped by notaries even though the people who had signed the documents weren’t present when the papers were notarized, a requirement by law. All are instances of robo-signing, and are potentially illegal.
The 50 state attorneys general have been negotiating a settlement with major lenders over robo-signing and other bad mortgage practices. Analysts say it could top $20 billion. But the attorneys general of some states, including New York, Massachusetts, Illinois, Delaware and California, have balked because banks have demanded a release from all future liability on past mortgage practices or the mortgage-backed securities they sold to investors.
Meanwhile, federal bank regulators have focused on getting banks to clean up their act in the future, not on fixing the potentially millions of tainted documents that have been filed in land record offices in counties across the country.
Robo-signing came to light last fall, when the largest banks halted foreclosures for several months to clean up their paperwork problem. The lenders promised last fall to stop the practice. But The Associated Press reported in July that robo-signing has continued. Officials in at least four states say mortgage documents with suspect signatures have been filed with counties in recent months. The revelation led to calls for Congressional hearings.
On Thursday, the mortgage unit of Goldman Sachs Group Inc. agreed to stop robo-signing and other controversial mortgage practices under an agreement with New York state’s banking regulator. The Federal Reserve, meanwhile, launched a formal enforcement action against the unit, Litton Loan Servicing, ordering it to review foreclosure proceedings from 2009 and 2010.
“The banks are playing with the integrity of the land record system,” says John O’Brien, the recorder of deeds from Salem, Mass.
The documents that are filed in county deed offices are legal affidavits that transfer loans from one bank to another in a sale, refinancing, or foreclosure and certify if a loan has been paid off. They verify that there are no claims against the property.
Robo-signing could ultimately invalidate tens of thousands of homeownership documents, say legal experts.
In addition to delaying regular sales, banks could be blocked from foreclosing even if the homeowner falls behind on mortgage payments for the same reasons.
That’s already happening.
Judges who handle foreclosures in Maine, California, Arizona, New York and other states have thrown out foreclosure cases if documents contain signatures of known robo-signers.
On July 1, a state judge in Brooklyn ruled that HSBC lacked the legal authority to foreclose on homeowner Ellen Taher because the mortgage documents that accompanied the filing were signed by at least three known robo-signers.
In May, a Maine judge dismissed another foreclosure involving HSBC, calling mortgage documents presented in a case untrustworthy because they contained signatures of one person posing as three different people. HSBC spokesman Neil Brazil says another company handled the mortgage paperwork in the New York case, and the bank is working with regulators to address and resolve issues related to robo-signing.
Registrars like Thigpen in North Carolina and O’Brien in Massachusetts say they have taken their findings to federal authorities. Except for a call from the North Carolina attorney general’s office, though, Thigpen says he has been ignored for months.
Deed offices in North Carolina and Massachusetts have stopped recording documents if they contain signatures of names known to be part of the robo-signing scandal. Such actions could delay new sales. O’Brien, the recorder of deeds from Massachusetts, says he’s only responsible for one county out of more than 3,000 in the U.S.
“Federal regulators with a lot more authority than me have to step up to the plate and help correct this,” he says.
Wednesday, August 31, 2011
B of A is Doing What??
B OF A -
BofA Proposes Loan-Forgiveness DealPosted by GLOZAL on August 3, 2011 at 8:00am
.Bank of America Corp. is having preliminary conversations about a home-foreclosure settlement that would reduce the amounts owed by some of its troubled borrowers in exchange for a broad release from legal claims against the lender, said people familiar with the talks.
The largest U.S. bank by assets is discussing the proposal with state and federal officials who are prodding the country's biggest banks toward a multibillion-dollar deal to atone for foreclosure errors. It isn't clear if the talks will result in a final deal, these people said.
The conversations illustrate how the Charlotte, N.C., lender is trying to get its arms around an array of woes linked to the 2008 purchase of mortgage lender Countrywide Financial Corp. That $2.5 billion deal saddled the bank with hundreds of thousands of delinquent borrowers and thrust it into the middle of the foreclosure-paperwork crisis last fall.
In late June, BofA announced an $8.5 billion settlement with a large group of mortgage-bond holders who lost money on mortgage-backed securities purchased before the U.S. housing collapse.
Bank of America and four other big banks have been in talks with state and federal officials about the ultimate cost of ending the foreclosure controversy since March. Progress has been slowed by a squabble among the banks over how to split the tab, with Wells Fargo & Co. telling government officials it should pay less than Bank of America or J.P Morgan Chase & Co., said people familiar with the matter.
As the discussions dragged on past the mid-June target set by U.S. officials, Bank of America began pressing officials for a speedy resolution, and it put forward its principal reduction proposal in one-on-one talks with state and federal officials. Meanwhile, negotiations continue with the banks as a group.
Bank of America has told officials it wants protection against future litigation relating to mortgage servicing, said people familiar with the situation. In exchange it is willing to agree to a program in which troubled borrowers would have to prove financial distress to qualify for a writedown of the principal owed on their mortgage.
The principal amount would have to be $1 million or less in certain geographic areas, one of these people said, and a reduction would apply to the bank's own mortgages and those its services for private investors. Borrowers who don't qualify for the reductions would still be eligible for transition assistance.
The more modifications the bank agrees to, the less it will pay in cash as part of an eventual settlement, one of these people said.
It isn't known if other banks, which are having their own one-on-one conversations with state and federal officials, have put forward similar proposals.
BofA Proposes Loan-Forgiveness DealPosted by GLOZAL on August 3, 2011 at 8:00am
.Bank of America Corp. is having preliminary conversations about a home-foreclosure settlement that would reduce the amounts owed by some of its troubled borrowers in exchange for a broad release from legal claims against the lender, said people familiar with the talks.
The largest U.S. bank by assets is discussing the proposal with state and federal officials who are prodding the country's biggest banks toward a multibillion-dollar deal to atone for foreclosure errors. It isn't clear if the talks will result in a final deal, these people said.
The conversations illustrate how the Charlotte, N.C., lender is trying to get its arms around an array of woes linked to the 2008 purchase of mortgage lender Countrywide Financial Corp. That $2.5 billion deal saddled the bank with hundreds of thousands of delinquent borrowers and thrust it into the middle of the foreclosure-paperwork crisis last fall.
In late June, BofA announced an $8.5 billion settlement with a large group of mortgage-bond holders who lost money on mortgage-backed securities purchased before the U.S. housing collapse.
Bank of America and four other big banks have been in talks with state and federal officials about the ultimate cost of ending the foreclosure controversy since March. Progress has been slowed by a squabble among the banks over how to split the tab, with Wells Fargo & Co. telling government officials it should pay less than Bank of America or J.P Morgan Chase & Co., said people familiar with the matter.
As the discussions dragged on past the mid-June target set by U.S. officials, Bank of America began pressing officials for a speedy resolution, and it put forward its principal reduction proposal in one-on-one talks with state and federal officials. Meanwhile, negotiations continue with the banks as a group.
Bank of America has told officials it wants protection against future litigation relating to mortgage servicing, said people familiar with the situation. In exchange it is willing to agree to a program in which troubled borrowers would have to prove financial distress to qualify for a writedown of the principal owed on their mortgage.
The principal amount would have to be $1 million or less in certain geographic areas, one of these people said, and a reduction would apply to the bank's own mortgages and those its services for private investors. Borrowers who don't qualify for the reductions would still be eligible for transition assistance.
The more modifications the bank agrees to, the less it will pay in cash as part of an eventual settlement, one of these people said.
It isn't known if other banks, which are having their own one-on-one conversations with state and federal officials, have put forward similar proposals.
Sunday, August 21, 2011
WHY ARE YOU STILL WAITING TO BUY A HOME OR INVESTMENT PROPERTY??
Housing Affordability at Highest in 20 Years
Daily Real Estate News
Friday, August 19, 2011
Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
About 72 percent of all new and existing-homes sold in the second quarter of the year were affordable to families earning the national median income of $64,200, according to the index. The record high remains 74.6 percent, which was reached last quarter.
"At a time when home ownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales," says Bob Nielsen, chairman of the National Association of Home Builders. "That said, however, some housing markets across the country have stabilized and are beginning to show signs of a budding recovery."
Daily Real Estate News
Friday, August 19, 2011
Housing affordability continued to be near record highs in the second quarter, hovering near its highest level in the 20-plus years it has been recorded, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
About 72 percent of all new and existing-homes sold in the second quarter of the year were affordable to families earning the national median income of $64,200, according to the index. The record high remains 74.6 percent, which was reached last quarter.
"At a time when home ownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales," says Bob Nielsen, chairman of the National Association of Home Builders. "That said, however, some housing markets across the country have stabilized and are beginning to show signs of a budding recovery."
Wednesday, August 17, 2011
NEXT TIME YOU THINK ABOUT SELLING YOUR OWN HOME- THINK AGAIN!!
CHECK IT OUT!!!
ForSalebyOwner.com founder uses agent to sell homePosted by GLOZAL on August 10, 2011 at 6:07pm
.NEW YORK – Aug. 10, 2011 – The founder of ForSalebyOwner.com, a popular for-sale by owner (FSBO) website, used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months.
Colby Sambrotto, founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.
Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.
“At first he wouldn’t let me increase the price,” Buckler said. “I told him I know what I am doing – the market is picking up.”
The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.
WOW!!! NEXT TIME YOU MAY THINK ABOUT SELLING YOUR OWN HOME - THINK AGAIN!!!
ForSalebyOwner.com founder uses agent to sell homePosted by GLOZAL on August 10, 2011 at 6:07pm
.NEW YORK – Aug. 10, 2011 – The founder of ForSalebyOwner.com, a popular for-sale by owner (FSBO) website, used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months.
Colby Sambrotto, founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.
Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.
“At first he wouldn’t let me increase the price,” Buckler said. “I told him I know what I am doing – the market is picking up.”
The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.
WOW!!! NEXT TIME YOU MAY THINK ABOUT SELLING YOUR OWN HOME - THINK AGAIN!!!
Tuesday, July 26, 2011
THINGS ARE LOOKING UP!!
OUR MARKET IS IMPROVING-THE NUMBERS DON'T LIE!!
According to several residential and commercial real estate experts the Phoenix real estate markets are expected to return to normal in 2013 or 2014 who presented their opinions at Real Estate Forward, a forum sponsored by the Arizona Regional Multiple Listing Service in conjunction with the Phoenix Business Journal.
The event drew a crowd of more than 170 participants and was held Wednesday, July 20, at the Camelback Inn.
ARMLS CEO Bob Bemis said he wanted to combine the expertise of both the commercial and residential communities so that everyone could get a better picture of what truly is going on across the real estate spectrum.
Michael Orr, creator of the Cromford Report, placed a few bets on the next three or four months, which look modestly positive for home sales except when it comes to prices, which are, “definitely not going up, but they’re not going down either,” Orr said. Prices are not going to turn around quickly, but they could next year.
According to several residential and commercial real estate experts the Phoenix real estate markets are expected to return to normal in 2013 or 2014 who presented their opinions at Real Estate Forward, a forum sponsored by the Arizona Regional Multiple Listing Service in conjunction with the Phoenix Business Journal.
The event drew a crowd of more than 170 participants and was held Wednesday, July 20, at the Camelback Inn.
ARMLS CEO Bob Bemis said he wanted to combine the expertise of both the commercial and residential communities so that everyone could get a better picture of what truly is going on across the real estate spectrum.
Michael Orr, creator of the Cromford Report, placed a few bets on the next three or four months, which look modestly positive for home sales except when it comes to prices, which are, “definitely not going up, but they’re not going down either,” Orr said. Prices are not going to turn around quickly, but they could next year.
Wednesday, July 20, 2011
Robo Signing- Were You Wrongfully Foreclosed??
Mortgage ‘robo-signing’ goes onPosted by Glozal on July 20, 2011 at 10:13am
.WASHINGTON – July 20, 2011 – Mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.
County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as “robo-signing,” remain widespread in the industry.
The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, “Linda Green,” was signed almost two dozen different ways.
Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted.
Last fall, the nation’s largest banks and mortgage lenders, including JPMorgan Chase, Wells Fargo, Bank of America and an arm of Goldman Sachs, suspended foreclosures while they investigated how corners were cut to keep pace with the crush of foreclosure paperwork.
Critics say the new findings point to a systemic problem with the paperwork involved in home mortgages and titles. And they say it shows that banks and mortgage processors haven’t acted aggressively enough to put an end to widespread document fraud in the mortgage industry.
“Robo-signing is not even close to over,” says Curtis Hertel, the recorder of deeds in Ingham County, Mich., which includes Lansing. “It’s still an epidemic.”
In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of “Linda Green,” but in 22 different handwriting styles and with many different titles.
Linda Green worked for a company called DocX that processed mortgage paperwork and was shut down in the spring of 2010. County officials say they believe Green no longer works in the industry. Why her signature remains in use is not clear.
“My office is a crime scene,” says John O’Brien, the registrar of deeds in Essex County, which is north of Boston and includes the city of Salem.
In Guilford County, N.C., the office that records deeds says it received 456 documents with suspect signatures from Oct. 1, 2010, through June 30. The documents, mortgage assignments and certificates of satisfaction, transfer loans from one bank to another or certify a loan has been paid off.
Suspect signatures on the paperwork include 290 signed by Bryan Bly and 155 by Crystal Moore. In the mortgage investigations last fall, both admitted signing their names to mortgage documents without having read them. Neither was charged with a crime.
And in Michigan, a fraud investigator who works on behalf of homeowners says he has uncovered documents filed this year bearing the purported signature of Marshall Isaacs, an attorney with foreclosure law firm Orlans Associates. Isaacs’ name did not come up in last year’s investigations, but county officials across Michigan believe his name is being robo-signed.
O’Brien caused a stir in June at a national convention of county clerks by presenting his findings and encouraging his counterparts to investigate continued robo-signing.
The nation’s foreclosure machine almost came to a standstill when the nation’s largest banks suspended foreclosures last fall. Part of the problem, banks contended, was that foreclosures became so rampant in 2009 and 2010 that they were overwhelmed with paperwork.
The banks reviewed thousands of foreclosure filings, and where they found problems, they submitted new paperwork to courts handling the cases, with signatures they said were valid. The banks slowly started to resume foreclosures this winter and spring.
The 14 biggest U.S. banks reached a settlement with federal regulators in April, in which they promised to clean up their mistakes and pay restitution to homeowners who had been wrongly foreclosed upon. The full amount of the settlement has not been determined. But it will not involve independent mortgage processing firms, the companies that some banks use to handle and file paperwork for mortgages.
So far, no individuals, lenders or paperwork processors have been charged with a crime over the robo-signed signatures found on documents last year. Critics such as April Charney, a Florida homeowner and defense lawyer, called the settlement a farce because no real punishment was meted out, making it easy for lenders and mortgage processors to continue the practice of robo-signing.
Robo-signing refers to a variety of practices. It can mean a qualified executive in the mortgage industry signs a mortgage affidavit document without verifying the information. It can mean someone forges an executive’s signature, or a lower-level employee signs his or her own name with a fake title. It can mean failing to comply with notary procedures. In all of these cases, robo-signing involves people signing documents and swearing to their accuracy without verifying any of the information.
Most of the tainted mortgage documents in question last fall were related to homes in foreclosure. But much of the suspect paperwork that has been filed since then is for refinancing or for new purchases by people who are in good standing in the eyes of the bank. In addition, foreclosures are down 30 percent this year from last. Home sales have also fallen. So the new suspect documents come at a time when much less paperwork is streaming through the nation’s mortgage machinery.
None of the almost 1,300 suspect documents signed by Linda Green that O’Brien’s has in his office, for example, involve foreclosures. And Jeff Thigpen, the register of deeds in North Carolina’s Guilford County, says fewer than 40 of the 456 suspect documents filed to his office since October involved foreclosures.
Banks and their partner firms file mortgage documents with county deeds offices to prove that there are no liens on a property, that the bank owns a mortgage or that a bank filing for foreclosure has the authority to do so.
The signature of a qualified bank or mortgage official on these legal documents is supposed to guarantee that this information is accurate. The paper trail ensures a legal chain of title on a property and has been the backbone of U.S. property ownership for more than 300 years.
The county officials say the problem could be even worse than what they’re reporting. That’s because they are working off lists of known robo-signed names, such as Linda Green and Crystal Moore, that were identified during the investigation that began last fall. Officials suspect that other names on documents they have received since then are also robo-signed.
It is a federal crime to sign someone else’s name to a legal document. It is also illegal to sign your name to an affidavit if you have not verified the information you’re swearing to. Both are punishable by prison.
In Michigan, the attorney general took the rare step in June of filing criminal subpoenas to out-of-state mortgage processing companies after 23 county registers of deeds filed a criminal complaint with his office over robo-signed documents they say they have received. New York Attorney General Eric Schneiderman’s office has said it is conducting a banking probe that could lead to criminal charges against financial executives. The attorneys general of Delaware, California and Illinois are conducting their own probes.
The legal issues are grave, deeds officials across the country say. At worst, legal experts say, the document debacle has opened the property system to legal liability well beyond the nation’s foreclosure crisis. So someone buying a home and trying to obtain title insurance might be delayed or denied if robo-signed documents turn up in the property’s history. That’s because forged signatures call into question who owns mortgages and the properties they are attached to.
“The banks have completely screwed up property records,” says L. Randall Wray, an economics professor and senior scholar at the University of Missouri-Kansas City.
In the Massachusetts case, The Associated Press tried to reach Linda Green, whose name was purportedly signed 1,300 times since October. The AP, using a phone number provided by lawyers who have been investigating the documents since last year, reached a person who said she was Linda Green, but not the Linda Green involved in the mortgage investigation.
In the Michigan case, a lawyer for the Orlans Associates law firm, where Isaacs works, denies that Isaacs or the firm has done anything wrong. “People have signatures that change,” says Terry Cramer, general counsel for the firm. “We do not engage in ‘robo-signing’ at Orlans.”
To combat the stream of suspect filings, O’Brien and Jeff Thigpen, the register of deeds in North Carolina’s Guilford County, stopped accepting questionable paperwork June 7. They say they had no choice after complaining to federal and state authorities for months without getting anywhere.
Since then, O’Brien has received nine documents from Bank of America purportedly signed by Linda Burton, another name on authorities’ list of known robo-signers. For years, his office has regularly received documents signed with Burton’s name but written in such vastly different handwriting that two forensic investigators say it’s highly unlikely it all came from the same person.
O’Brien returned the nine Burton documents to Bank of America in mid-June. He told the bank he would not file them unless the bank signed an affidavit certifying the signature and accepting responsibility if the title was called into question down the road. Instead, Bank of America sent new documents with new signatures and new notaries.
A Bank of America spokesman says Burton is an assistant vice president with a subsidiary, ReconTrust. That company handles mortgage paperwork processing for Bank of America.
“She signed the documents on behalf of the bank,” spokesman Richard Simon says. The bank says providing the affidavit O’Brien asked for would have been costly and time-consuming. Instead, Simon says Bank of America sent a new set of documents “signed by an authorized associate who Mr. O’Brien wasn’t challenging.”
The bank didn’t respond to questions about why Burton’s name has been signed in different ways or why her signature appeared on documents that investigators in at least two states have deemed invalid.
Several attempts by the AP to reach Burton at ReconTrust were unsuccessful.
O’Brien says the bank’s actions show “consciousness of guilt.” Earlier this year, he hired Marie McDonnell, a mortgage fraud investigator and forensic document analyst, to verify his suspicions about Burton’s and other names on suspect paperwork.
She compared valid copies of Burton’s signature with the documents O’Brien had received in 2008, 2009 and 2010 and found that Burton’s name was fraudulently signed on hundreds of documents.
Most of the documents reviewed by McDonnell were mortgage discharges, which are issued when a home changes hands or is refinanced by a new lender and are supposed to confirm that the previous mortgage has been paid off. Bank of America declined comment on McDonnell’s findings.
In Michigan, recorder of deeds Hertel and his counterparts in 23 other counties found numerous suspect signatures on documents filed since the beginning of the year.
In June, their findings led the Michigan attorney general to issue criminal subpoenas to several firms that process mortgages for banks, including Lender Processing Services, the parent company of DocX, where Linda Green worked. On July 6, the CEO of that company, which is also under investigation by the Florida Attorney General’s office, resigned, citing health reasons.
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.WASHINGTON – July 20, 2011 – Mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.
County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as “robo-signing,” remain widespread in the industry.
The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, “Linda Green,” was signed almost two dozen different ways.
Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted.
Last fall, the nation’s largest banks and mortgage lenders, including JPMorgan Chase, Wells Fargo, Bank of America and an arm of Goldman Sachs, suspended foreclosures while they investigated how corners were cut to keep pace with the crush of foreclosure paperwork.
Critics say the new findings point to a systemic problem with the paperwork involved in home mortgages and titles. And they say it shows that banks and mortgage processors haven’t acted aggressively enough to put an end to widespread document fraud in the mortgage industry.
“Robo-signing is not even close to over,” says Curtis Hertel, the recorder of deeds in Ingham County, Mich., which includes Lansing. “It’s still an epidemic.”
In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of “Linda Green,” but in 22 different handwriting styles and with many different titles.
Linda Green worked for a company called DocX that processed mortgage paperwork and was shut down in the spring of 2010. County officials say they believe Green no longer works in the industry. Why her signature remains in use is not clear.
“My office is a crime scene,” says John O’Brien, the registrar of deeds in Essex County, which is north of Boston and includes the city of Salem.
In Guilford County, N.C., the office that records deeds says it received 456 documents with suspect signatures from Oct. 1, 2010, through June 30. The documents, mortgage assignments and certificates of satisfaction, transfer loans from one bank to another or certify a loan has been paid off.
Suspect signatures on the paperwork include 290 signed by Bryan Bly and 155 by Crystal Moore. In the mortgage investigations last fall, both admitted signing their names to mortgage documents without having read them. Neither was charged with a crime.
And in Michigan, a fraud investigator who works on behalf of homeowners says he has uncovered documents filed this year bearing the purported signature of Marshall Isaacs, an attorney with foreclosure law firm Orlans Associates. Isaacs’ name did not come up in last year’s investigations, but county officials across Michigan believe his name is being robo-signed.
O’Brien caused a stir in June at a national convention of county clerks by presenting his findings and encouraging his counterparts to investigate continued robo-signing.
The nation’s foreclosure machine almost came to a standstill when the nation’s largest banks suspended foreclosures last fall. Part of the problem, banks contended, was that foreclosures became so rampant in 2009 and 2010 that they were overwhelmed with paperwork.
The banks reviewed thousands of foreclosure filings, and where they found problems, they submitted new paperwork to courts handling the cases, with signatures they said were valid. The banks slowly started to resume foreclosures this winter and spring.
The 14 biggest U.S. banks reached a settlement with federal regulators in April, in which they promised to clean up their mistakes and pay restitution to homeowners who had been wrongly foreclosed upon. The full amount of the settlement has not been determined. But it will not involve independent mortgage processing firms, the companies that some banks use to handle and file paperwork for mortgages.
So far, no individuals, lenders or paperwork processors have been charged with a crime over the robo-signed signatures found on documents last year. Critics such as April Charney, a Florida homeowner and defense lawyer, called the settlement a farce because no real punishment was meted out, making it easy for lenders and mortgage processors to continue the practice of robo-signing.
Robo-signing refers to a variety of practices. It can mean a qualified executive in the mortgage industry signs a mortgage affidavit document without verifying the information. It can mean someone forges an executive’s signature, or a lower-level employee signs his or her own name with a fake title. It can mean failing to comply with notary procedures. In all of these cases, robo-signing involves people signing documents and swearing to their accuracy without verifying any of the information.
Most of the tainted mortgage documents in question last fall were related to homes in foreclosure. But much of the suspect paperwork that has been filed since then is for refinancing or for new purchases by people who are in good standing in the eyes of the bank. In addition, foreclosures are down 30 percent this year from last. Home sales have also fallen. So the new suspect documents come at a time when much less paperwork is streaming through the nation’s mortgage machinery.
None of the almost 1,300 suspect documents signed by Linda Green that O’Brien’s has in his office, for example, involve foreclosures. And Jeff Thigpen, the register of deeds in North Carolina’s Guilford County, says fewer than 40 of the 456 suspect documents filed to his office since October involved foreclosures.
Banks and their partner firms file mortgage documents with county deeds offices to prove that there are no liens on a property, that the bank owns a mortgage or that a bank filing for foreclosure has the authority to do so.
The signature of a qualified bank or mortgage official on these legal documents is supposed to guarantee that this information is accurate. The paper trail ensures a legal chain of title on a property and has been the backbone of U.S. property ownership for more than 300 years.
The county officials say the problem could be even worse than what they’re reporting. That’s because they are working off lists of known robo-signed names, such as Linda Green and Crystal Moore, that were identified during the investigation that began last fall. Officials suspect that other names on documents they have received since then are also robo-signed.
It is a federal crime to sign someone else’s name to a legal document. It is also illegal to sign your name to an affidavit if you have not verified the information you’re swearing to. Both are punishable by prison.
In Michigan, the attorney general took the rare step in June of filing criminal subpoenas to out-of-state mortgage processing companies after 23 county registers of deeds filed a criminal complaint with his office over robo-signed documents they say they have received. New York Attorney General Eric Schneiderman’s office has said it is conducting a banking probe that could lead to criminal charges against financial executives. The attorneys general of Delaware, California and Illinois are conducting their own probes.
The legal issues are grave, deeds officials across the country say. At worst, legal experts say, the document debacle has opened the property system to legal liability well beyond the nation’s foreclosure crisis. So someone buying a home and trying to obtain title insurance might be delayed or denied if robo-signed documents turn up in the property’s history. That’s because forged signatures call into question who owns mortgages and the properties they are attached to.
“The banks have completely screwed up property records,” says L. Randall Wray, an economics professor and senior scholar at the University of Missouri-Kansas City.
In the Massachusetts case, The Associated Press tried to reach Linda Green, whose name was purportedly signed 1,300 times since October. The AP, using a phone number provided by lawyers who have been investigating the documents since last year, reached a person who said she was Linda Green, but not the Linda Green involved in the mortgage investigation.
In the Michigan case, a lawyer for the Orlans Associates law firm, where Isaacs works, denies that Isaacs or the firm has done anything wrong. “People have signatures that change,” says Terry Cramer, general counsel for the firm. “We do not engage in ‘robo-signing’ at Orlans.”
To combat the stream of suspect filings, O’Brien and Jeff Thigpen, the register of deeds in North Carolina’s Guilford County, stopped accepting questionable paperwork June 7. They say they had no choice after complaining to federal and state authorities for months without getting anywhere.
Since then, O’Brien has received nine documents from Bank of America purportedly signed by Linda Burton, another name on authorities’ list of known robo-signers. For years, his office has regularly received documents signed with Burton’s name but written in such vastly different handwriting that two forensic investigators say it’s highly unlikely it all came from the same person.
O’Brien returned the nine Burton documents to Bank of America in mid-June. He told the bank he would not file them unless the bank signed an affidavit certifying the signature and accepting responsibility if the title was called into question down the road. Instead, Bank of America sent new documents with new signatures and new notaries.
A Bank of America spokesman says Burton is an assistant vice president with a subsidiary, ReconTrust. That company handles mortgage paperwork processing for Bank of America.
“She signed the documents on behalf of the bank,” spokesman Richard Simon says. The bank says providing the affidavit O’Brien asked for would have been costly and time-consuming. Instead, Simon says Bank of America sent a new set of documents “signed by an authorized associate who Mr. O’Brien wasn’t challenging.”
The bank didn’t respond to questions about why Burton’s name has been signed in different ways or why her signature appeared on documents that investigators in at least two states have deemed invalid.
Several attempts by the AP to reach Burton at ReconTrust were unsuccessful.
O’Brien says the bank’s actions show “consciousness of guilt.” Earlier this year, he hired Marie McDonnell, a mortgage fraud investigator and forensic document analyst, to verify his suspicions about Burton’s and other names on suspect paperwork.
She compared valid copies of Burton’s signature with the documents O’Brien had received in 2008, 2009 and 2010 and found that Burton’s name was fraudulently signed on hundreds of documents.
Most of the documents reviewed by McDonnell were mortgage discharges, which are issued when a home changes hands or is refinanced by a new lender and are supposed to confirm that the previous mortgage has been paid off. Bank of America declined comment on McDonnell’s findings.
In Michigan, recorder of deeds Hertel and his counterparts in 23 other counties found numerous suspect signatures on documents filed since the beginning of the year.
In June, their findings led the Michigan attorney general to issue criminal subpoenas to several firms that process mortgages for banks, including Lender Processing Services, the parent company of DocX, where Linda Green worked. On July 6, the CEO of that company, which is also under investigation by the Florida Attorney General’s office, resigned, citing health reasons.
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Tuesday, July 19, 2011
Investment Potential Over the Top
SAY IT ISN'T SO...........................
Man pays $16 to take over $330,000 house
The neighbors are outraged, but the Texas resident says his takeover is legal and will eventually give him title to the suburban Dallas home.
Posted by Teresa at MSN Real Estate on Monday, July 18, 2011 1:59 PM
We all dream of scoring a great deal on a house.
But a $330,000 house for $16?
Want a mansion? Just take one
Kenneth Robinson of the Dallas suburb of Flower Mound, Texas, says he sealed just such a deal, taking over a vacant house by simply moving in and paying $16 to file documents with the court claiming ownership.
"This is not a normal process, but it is not a process that is not known," he told WFAA-TV in Dallas. "It's just not known to everybody."
Robinson said he invested months in research to find the house. The property had been in foreclosure for more than a year, and the owner walked away. In the meantime, the lender that held the mortgage went out of business.
To squat or not: Can you take over the abandoned home next door?
Robinson says he can take legal title to the house after he lives there for three years through a provision in the law called "adverse possession." Exactly how that works varies state to state.
Man pays $16 to take over $330,000 house
The neighbors are outraged, but the Texas resident says his takeover is legal and will eventually give him title to the suburban Dallas home.
Posted by Teresa at MSN Real Estate on Monday, July 18, 2011 1:59 PM
We all dream of scoring a great deal on a house.
But a $330,000 house for $16?
Want a mansion? Just take one
Kenneth Robinson of the Dallas suburb of Flower Mound, Texas, says he sealed just such a deal, taking over a vacant house by simply moving in and paying $16 to file documents with the court claiming ownership.
"This is not a normal process, but it is not a process that is not known," he told WFAA-TV in Dallas. "It's just not known to everybody."
Robinson said he invested months in research to find the house. The property had been in foreclosure for more than a year, and the owner walked away. In the meantime, the lender that held the mortgage went out of business.
To squat or not: Can you take over the abandoned home next door?
Robinson says he can take legal title to the house after he lives there for three years through a provision in the law called "adverse possession." Exactly how that works varies state to state.
Tuesday, July 12, 2011
Investors driving Phoenix area home sales to record levels!!
According to DataQuick, Phoenix-area home sales rose in May, when resales of single-family houses hit the highest level for that month in six years amid near-record levels of investor purchases.
The region's median price remained at essentially the same level - $120,000 - it's been at the past six months as distressed property sales continued to account for around two-thirds of the resale market. The median price dropped sharply from a year earlier, however, as the number of homes selling below $100,000 shot up nearly 41 percent year-over-year, a real estate information service reported.
A total of 9,837 new and resale houses and condos closed escrow during May in the combined Maricopa-Pinal counties metro area. That was up 0.8 percent from the month before and up 4.9 percent from a year earlier.
On average, Phoenix-area sales have risen 5.2 percent between April and May since 1994, when DataQuick's complete Phoenix region statistics begin.
May's total sales were the highest since 2007, when 10,112 homes sold, and were 8.6 percent short of the average number of May sales since 1994. However, the number of existing (not new) resale single-family detached houses that sold in May was the highest for that month since 2005, while resales of condos were the highest for a May since 2006. The new-home market remained troubled, however, with sales at the lowest level for a May in 14 years.
Sub-$100,000 home sales, which rose 40.8 percent from a year earlier, represented 39.7 percent of all May transactions, compared with 28.8 percent a year earlier.
In May, buyers paid a median $120,000 for all new and resale houses and condos that closed escrow in the two-county Phoenix area. That was the same as the month before but down 13.7 percent from a year earlier. The median has fallen year-over-year for 11 consecutive months.
The May median was 14.2 percent below the highest median recorded over the past year -$139,900 last June - and it stood 54.6 percent lower than the all-time peak of $264,100 in June 2006.
The region's median price remained at essentially the same level - $120,000 - it's been at the past six months as distressed property sales continued to account for around two-thirds of the resale market. The median price dropped sharply from a year earlier, however, as the number of homes selling below $100,000 shot up nearly 41 percent year-over-year, a real estate information service reported.
A total of 9,837 new and resale houses and condos closed escrow during May in the combined Maricopa-Pinal counties metro area. That was up 0.8 percent from the month before and up 4.9 percent from a year earlier.
On average, Phoenix-area sales have risen 5.2 percent between April and May since 1994, when DataQuick's complete Phoenix region statistics begin.
May's total sales were the highest since 2007, when 10,112 homes sold, and were 8.6 percent short of the average number of May sales since 1994. However, the number of existing (not new) resale single-family detached houses that sold in May was the highest for that month since 2005, while resales of condos were the highest for a May since 2006. The new-home market remained troubled, however, with sales at the lowest level for a May in 14 years.
Sub-$100,000 home sales, which rose 40.8 percent from a year earlier, represented 39.7 percent of all May transactions, compared with 28.8 percent a year earlier.
In May, buyers paid a median $120,000 for all new and resale houses and condos that closed escrow in the two-county Phoenix area. That was the same as the month before but down 13.7 percent from a year earlier. The median has fallen year-over-year for 11 consecutive months.
The May median was 14.2 percent below the highest median recorded over the past year -$139,900 last June - and it stood 54.6 percent lower than the all-time peak of $264,100 in June 2006.
Monday, July 11, 2011
The Power of An HOA? Beleive it or Not!
Some HOAs Foreclosing on Residents
While banks are usually the ones who go after delinquent home owners, more homeowners’ associations (HOAs) around the country are deciding to take on that power too in fighting against home owners who have stopped paying their HOA fees.
For communities governed by a homeowners’ association, which one in five communities are, more HOAs are discovering they have a power they have ever rarely acted upon until now — the right to foreclose on residents who stop paying fees.
For example, a condo complex in Fort Pierce, Fla., for 55-and-older residents was once a desirable area with condos once fetching nearly $80,000 four years ago but now sell for as little as $3,000. The HOA levied $6,000 assessments on its residents for much-needed repairs in the complex and when some residents didn’t pay, the HOA foreclosed on them, even if they didn’t owe the bank anything.
"The treacherous part is that homeowners' associations are acting like a local government without restraints, and they have this extraordinary power," Marjorie Murray, a lawyer and founder of the Center for California Homeowner Association Law, told the Associated Press.
If HOAs need to do major repairs, the board can levy a “special assessment” on top of its regular dues. When a home owner fails to pay, all of the home owners then have to step up to pick the costs.
“What many people didn't realize when they bought their homes was that the fine print gave the association the right to foreclose — even over a few hundred dollars in unpaid dues,” according to an article by the Associated Press. “All the association board has to do is alert its attorney to place a lien on the property to start the process. The home can then be auctioned by the board until the bank eventually takes ownership. Home owners typically have no right to a hearing.”
About 65 percent of HOAs have reported delinquency rates higher than 5 percent, according to a September survey by the Community Association Institute.
Source: “As More Are Unable to Pay Homeowners’ Fees, Associations Pit Neighbor Against Neighbor,” Associated Press (July 7, 2011)
While banks are usually the ones who go after delinquent home owners, more homeowners’ associations (HOAs) around the country are deciding to take on that power too in fighting against home owners who have stopped paying their HOA fees.
For communities governed by a homeowners’ association, which one in five communities are, more HOAs are discovering they have a power they have ever rarely acted upon until now — the right to foreclose on residents who stop paying fees.
For example, a condo complex in Fort Pierce, Fla., for 55-and-older residents was once a desirable area with condos once fetching nearly $80,000 four years ago but now sell for as little as $3,000. The HOA levied $6,000 assessments on its residents for much-needed repairs in the complex and when some residents didn’t pay, the HOA foreclosed on them, even if they didn’t owe the bank anything.
"The treacherous part is that homeowners' associations are acting like a local government without restraints, and they have this extraordinary power," Marjorie Murray, a lawyer and founder of the Center for California Homeowner Association Law, told the Associated Press.
If HOAs need to do major repairs, the board can levy a “special assessment” on top of its regular dues. When a home owner fails to pay, all of the home owners then have to step up to pick the costs.
“What many people didn't realize when they bought their homes was that the fine print gave the association the right to foreclose — even over a few hundred dollars in unpaid dues,” according to an article by the Associated Press. “All the association board has to do is alert its attorney to place a lien on the property to start the process. The home can then be auctioned by the board until the bank eventually takes ownership. Home owners typically have no right to a hearing.”
About 65 percent of HOAs have reported delinquency rates higher than 5 percent, according to a September survey by the Community Association Institute.
Source: “As More Are Unable to Pay Homeowners’ Fees, Associations Pit Neighbor Against Neighbor,” Associated Press (July 7, 2011)
Thursday, July 7, 2011
Great News for Unemployed Homeowner's
Obama Announces More Aid for the Unemployed
Home owners who have lost their jobs will get more mortgage relief. The Obama administration has announced that two programs for unemployed home owners will extend the forbearance period on mortgages to 12 months.
For unemployed home owners with a Federal Housing Administration loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA’s Special Forbearance Program.
“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said in a statement. “Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six. Providing the option for a year of forbearance will give struggling home owners a substantially greater chance of finding employment before they lose their home.”
The administration also announced that it will extend the minimum forbearance period in the Making Home Affordable Program from three months to 12 months for eligible unemployed home owners, when possible under regulator and investor guidelines. Forbearance will also be available to borrowers who are seriously delinquent.
All FHA-approved mortgage servicers are required to participate in FHA’s Loss Mitigation Program, which includes the Special Forbearance program.
Home owners who have lost their jobs will get more mortgage relief. The Obama administration has announced that two programs for unemployed home owners will extend the forbearance period on mortgages to 12 months.
For unemployed home owners with a Federal Housing Administration loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA’s Special Forbearance Program.
“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” U.S. Housing and Urban Development Secretary Shaun Donovan said in a statement. “Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six. Providing the option for a year of forbearance will give struggling home owners a substantially greater chance of finding employment before they lose their home.”
The administration also announced that it will extend the minimum forbearance period in the Making Home Affordable Program from three months to 12 months for eligible unemployed home owners, when possible under regulator and investor guidelines. Forbearance will also be available to borrowers who are seriously delinquent.
All FHA-approved mortgage servicers are required to participate in FHA’s Loss Mitigation Program, which includes the Special Forbearance program.
SCOOP UP AN INVESTMENT PROPERTY AND YOUR INCOME WILL BRING GAINS UNTIL 2013- EXPERTS SAY!
RENTAL INCOME IS UP!!!
Rents are increasingPosted by Glozal on July 6, 2011 at 7:31pm
.Sorry renters, but the days of low rents and lenient landlords are over — at least for now.
Nationwide, the average rate for apartment and home rentals is up 6.7% from June 2010, according to a new report from housing search engine HotPads.com. Prices for studio apartments are up 14.3%, and a five-bedroom home is 12.1% more. One- and two-bedrooms got off relatively easy, with average increases of 2.3% and 2%, respectively. Tenants will see the bulk of rent increases this year, predicts listing site Rent.com, but can expect another 3% jump when it’s time to renew in 2012.
At the heart of the increases: vacancy rates have dropped from about 8% to 6.2% nationwide over the past year. “That’s a really steep decline in a 12-month period,” says Christina Aragon, a spokeswoman for Rent.com. The drop indicates pent-up demand from people who made-do with roommates or stayed with family during the recession. Nearly half of property managers say they have also seen an increase in applicants moving from a foreclosed property, according to a recent survey from credit bureau TransUnion. “Landlords have the power right now,” Aragon says.
In past years, renters could negotiate a lower rent or other concessions, like a waived pet fee or free parking. That’s largely disappeared, leaving consumers little recourse but hunting around.
Renters have a glimmer of hope for better deals in coming years. Landlords are so thrilled with the market that they’re starting to take out permits to build new multi-family buildings, Aragon says. Prices may loosen somewhat once those properties come in the market, as early as 2013
Rents are increasingPosted by Glozal on July 6, 2011 at 7:31pm
.Sorry renters, but the days of low rents and lenient landlords are over — at least for now.
Nationwide, the average rate for apartment and home rentals is up 6.7% from June 2010, according to a new report from housing search engine HotPads.com. Prices for studio apartments are up 14.3%, and a five-bedroom home is 12.1% more. One- and two-bedrooms got off relatively easy, with average increases of 2.3% and 2%, respectively. Tenants will see the bulk of rent increases this year, predicts listing site Rent.com, but can expect another 3% jump when it’s time to renew in 2012.
At the heart of the increases: vacancy rates have dropped from about 8% to 6.2% nationwide over the past year. “That’s a really steep decline in a 12-month period,” says Christina Aragon, a spokeswoman for Rent.com. The drop indicates pent-up demand from people who made-do with roommates or stayed with family during the recession. Nearly half of property managers say they have also seen an increase in applicants moving from a foreclosed property, according to a recent survey from credit bureau TransUnion. “Landlords have the power right now,” Aragon says.
In past years, renters could negotiate a lower rent or other concessions, like a waived pet fee or free parking. That’s largely disappeared, leaving consumers little recourse but hunting around.
Renters have a glimmer of hope for better deals in coming years. Landlords are so thrilled with the market that they’re starting to take out permits to build new multi-family buildings, Aragon says. Prices may loosen somewhat once those properties come in the market, as early as 2013
Tuesday, July 5, 2011
Home Sales Rise
Pending Home Sales Rose in May
"Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®."
"Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®."
Thursday, June 16, 2011
Can Color Cost You a Sale Part 2
I left you with the statement, " Research has shown the use of warm colors are favorable to buyers"-
Well, I am sure you are thinking , What colors are warm colors? Let's go with what studies have known to be true. The best color to lift a buyer's spirits was.................. the color "green". Now, green comes in many shades. I am not talking about lime green nor am I talking about neon green. When the color green is used it needs be very muted with a hint of grey to the base . This breaks down the tonal quality and the shade of green becomes very soothing. Green is also known as the color of Mother Nature. Does that mean you paint the entire house green- NO. This shade can be used as an accent color for a focal wall or niches. When painting a home to sell- I would use a warm shade of beige or taupe. This too exudes a feeling of calmness and enlarges the space making a home appear larger.
When your ready to list your home for sale- please call and I will help you chose paint colors so your home will sell as quick as possible!
Well, I am sure you are thinking , What colors are warm colors? Let's go with what studies have known to be true. The best color to lift a buyer's spirits was.................. the color "green". Now, green comes in many shades. I am not talking about lime green nor am I talking about neon green. When the color green is used it needs be very muted with a hint of grey to the base . This breaks down the tonal quality and the shade of green becomes very soothing. Green is also known as the color of Mother Nature. Does that mean you paint the entire house green- NO. This shade can be used as an accent color for a focal wall or niches. When painting a home to sell- I would use a warm shade of beige or taupe. This too exudes a feeling of calmness and enlarges the space making a home appear larger.
When your ready to list your home for sale- please call and I will help you chose paint colors so your home will sell as quick as possible!
Sunday, June 12, 2011
Can Color Cost You The Sale of Your Home???
As many of you already know, I am an Interior Designer as well as a Realtor. The next couple of blog posts, I want to tell you a little bit about the use of color-How it affects you as well as potential buyers!
If your selling your home, should you paint the walls white or off white? Think again.......Have you ever noticed some listings boast the words "designer" or " professionally decorated"? What are they referring too?? More often they are referring to a " feel " that exudes from the warm rich tones of color used throughout the space. The right color on a home's walls or spotlighted can trigger positive physiological and psychological responses among potential buyers. If buyers walk into a space and they immediately get a sense of a cozy home, they will react positively. White paint color is a missed opportunity to create a feeling within the space . It doesnt help buyers imagine themselves in the home. Research on color response suggests the use of warm colors.
Stay tuned for my next blogpost to learn more........................
If your selling your home, should you paint the walls white or off white? Think again.......Have you ever noticed some listings boast the words "designer" or " professionally decorated"? What are they referring too?? More often they are referring to a " feel " that exudes from the warm rich tones of color used throughout the space. The right color on a home's walls or spotlighted can trigger positive physiological and psychological responses among potential buyers. If buyers walk into a space and they immediately get a sense of a cozy home, they will react positively. White paint color is a missed opportunity to create a feeling within the space . It doesnt help buyers imagine themselves in the home. Research on color response suggests the use of warm colors.
Stay tuned for my next blogpost to learn more........................
Friday, June 10, 2011
HOUSING SHORTAGE??? GOOD NEWS FOR SELLERS-
Housing Shortage Is Likely Coming, Report Says
Within the next decade, 16 million new housing units will be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.
That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand. From 2007-2010, household growth averaged about 500,000 per year--less than half the 1.2 million annual pace averaged prior from 2000-2007.
To absorb the current rate of foreclosed and distressed homes plaguing most markets, a more normal rate of household formation is critical, according to the report. However, household growth partially has stalled as young adults have delayed home ownership and immigration has slowed.
As such, in recent years, builders have drastically cut production of new homes.
"With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets," the report notes. "Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes."
The report predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will be needed over the next decade.
Within the next decade, 16 million new housing units will be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.
That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand. From 2007-2010, household growth averaged about 500,000 per year--less than half the 1.2 million annual pace averaged prior from 2000-2007.
To absorb the current rate of foreclosed and distressed homes plaguing most markets, a more normal rate of household formation is critical, according to the report. However, household growth partially has stalled as young adults have delayed home ownership and immigration has slowed.
As such, in recent years, builders have drastically cut production of new homes.
"With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets," the report notes. "Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes."
The report predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will be needed over the next decade.
Thursday, June 9, 2011
FOR SALE LISTINGS USED IN RENTAL SCAM
FOR SALE LISTINGS USED IN RENTAL SCAM -
I HAVE TALKED ABOUT THIS BEFORE AND IT'S TRUE-
Some home owners are getting a surprise when a person shows up on their doorstep, with a lease agreement in hand, saying that he or she is renting out their home, which isn’t for rent but for sale.
Law enforcement and real estate professionals are finding a growing scam involving for-sale listings being promoted as rentals--without home owners’ consent.
Scammers are taking listing information of homes for-sale--including photos--and then reposting that information on rental sites and tweaking it to pass the home off as a rental. The scammers then use a fake lease agreement and collect rent from unsuspecting consumers.
And when the scammers don’t present keys for the property, they give the unsuspecting renter permission to call a locksmith to gain access to the home.
Les Sulgrove, president of the Des Moines Area Association of REALTORS®, recently issued a warning to association members about the scam. He suggested real estate professionals set up Google alerts for the home addresses they’re listing so they’ll learn if their clients’ information is being misused on another site.
“All it takes is cutting, pasting, and changing some key pieces of data,” Geoff Greenwood, spokesperson for the Iowa Attorney General’s office, told the Des Moines Register. “People find out the hard way what they paid for wasn’t for sale or for rent.”
I HAVE TALKED ABOUT THIS BEFORE AND IT'S TRUE-
Some home owners are getting a surprise when a person shows up on their doorstep, with a lease agreement in hand, saying that he or she is renting out their home, which isn’t for rent but for sale.
Law enforcement and real estate professionals are finding a growing scam involving for-sale listings being promoted as rentals--without home owners’ consent.
Scammers are taking listing information of homes for-sale--including photos--and then reposting that information on rental sites and tweaking it to pass the home off as a rental. The scammers then use a fake lease agreement and collect rent from unsuspecting consumers.
And when the scammers don’t present keys for the property, they give the unsuspecting renter permission to call a locksmith to gain access to the home.
Les Sulgrove, president of the Des Moines Area Association of REALTORS®, recently issued a warning to association members about the scam. He suggested real estate professionals set up Google alerts for the home addresses they’re listing so they’ll learn if their clients’ information is being misused on another site.
“All it takes is cutting, pasting, and changing some key pieces of data,” Geoff Greenwood, spokesperson for the Iowa Attorney General’s office, told the Des Moines Register. “People find out the hard way what they paid for wasn’t for sale or for rent.”
Wednesday, June 8, 2011
Buying still makes sense for most people
Rising Rentals and Down Payments: Two Reasons to Buy Now
Posted on May 24, 2011 by Realty Executives
It might be time to get off the fence. Interest rates are at a 50 year low and rumored to be increasing the later part of 20111.
If you’re on the fence about buying a home–particularly a first home–two recent pieces of news should be of particular interest. The first is a study by the National Low Income Housing Coalition (NLIHC) revealing that rental units are becoming more expensive and less affordable. The logic behind this phenomenon is simple. Our population is growing, yet housing sales remain near all-time lows. More people are putting off home purchases, driving up competition and prices for rental units. Just as used car prices are skyrocketing in the sluggish recovery, economic pressures are forcing rental rates to skyrocket.
At the same time, the days of easy credit are coming to an end. Interest rates are set to rise, and minimum down payments are growing. Most recently, the GOP proposed a rise in the minimum down-payment from 3.5 percent to 5 percent, a potentially significant barrier to first-time buyers with stable incomes but small savings.
The upshot is that if you’re considering buying a first home at a bargain rate, your Window of opportunity may be closing. Renting may still make sense for you, but if it doesn’t, consider acting now before you get priced out of the market.
Posted on May 24, 2011 by Realty Executives
It might be time to get off the fence. Interest rates are at a 50 year low and rumored to be increasing the later part of 20111.
If you’re on the fence about buying a home–particularly a first home–two recent pieces of news should be of particular interest. The first is a study by the National Low Income Housing Coalition (NLIHC) revealing that rental units are becoming more expensive and less affordable. The logic behind this phenomenon is simple. Our population is growing, yet housing sales remain near all-time lows. More people are putting off home purchases, driving up competition and prices for rental units. Just as used car prices are skyrocketing in the sluggish recovery, economic pressures are forcing rental rates to skyrocket.
At the same time, the days of easy credit are coming to an end. Interest rates are set to rise, and minimum down payments are growing. Most recently, the GOP proposed a rise in the minimum down-payment from 3.5 percent to 5 percent, a potentially significant barrier to first-time buyers with stable incomes but small savings.
The upshot is that if you’re considering buying a first home at a bargain rate, your Window of opportunity may be closing. Renting may still make sense for you, but if it doesn’t, consider acting now before you get priced out of the market.
Friday, June 3, 2011
Scottsdale Luxury Furnisehd Rental under $ 2000 per month!!
Wednesday, June 1, 2011
Sprawling Estate in Tally Ho Farms-5 min from the airport, work/live, super modern environment
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