Common Myths about Appraisals in the Home-Buying Process


Wednesday, March 19, 2014
Common Myths about Appraisals in the Home-Buying Process
At The Appraisal Foundation, we often encounter misperceptions about the appraisal process in real estate transactions – from how an appraisal is ordered and carried out, to the type of communication permitted with appraisers. As a result, we have compiled the most common myths that we hear from lenders, borrowers, real estate brokers, and homebuilders. …Read More >

New Poll Of Millennials Gives New Meaning To The American Dream


New Poll Of Millennials Gives New Meaning To The American Dream

Posted: 18 Mar 2014 08:00 AM PDT

A new poll of Millennials puts travel and self-employment at the top of what they consider the American Dream. Putting these values far higher than generations before them. More surprising numbers show Millennials identify the dream of homeownership at a far lower rate than Gen X and Baby Boomers. This from the latest MassMutual third biennial study The 2013 State of the American Family.

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The Future of the Housing Finance System


Monday, March 17, 2014
The Future of the Housing Finance System
The future of the housing finance system is a key issue for the housing industry as well as the economic makeup of the middle class, given the importance that housing wealth and access to rental housing plays in our economy. These factors and the policies that shape them are of such significant importance that this topic was selected as a primary issue for NAHB’s 2014 legislative conference, …Read More >

Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges


Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges

Author: Colin Robins March 12, 2014 2 Comments

Total Foreclosures Fall; ‘Zombie Foreclosures’ Pose Challenges

Foreclosure filings are down to record lows, but a more sinister-sounding problem may be on the rise—”zombie foreclosures.”

RealtyTrac released its U.S. Foreclosure Market Report for February, reporting that foreclosure filings (default notices, schedule auctions, and bank repossessions) were 112,498, down 10 percent from January and down 27 percent from the previous year.

Foreclosure filings in the month of February represent the lowest monthly total since December, 2006—a more than seven-year low.

“Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said Daren Blomquist, VP at RealtyTrac.

“The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home—or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance,” Blomquist said.

As of the first quarter of 2014, a total of 152,033 properties in the foreclosure process had been vacated by the homeowner. These “zombie foreclosures” represent 21 percent of all properties in the foreclosure process.

Owner-vacated properties have been in the foreclosure process an average of 1,031 days, nearly three years.

“One in every five homes in the foreclosure process nationwide have been vacated by the distressed homeowner, but it is closer to one in three foreclosures in some cities,” Blomquist added. “These properties drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty and low inventory in local housing markets.”

The state with the most owner-vacated foreclosures was Florida with 54,908, representing 36 percent of the national total. Illinois (15,512), New York (10,880), New Jersey (8,595), and Ohio (7,780) rounded out the top five states for owner-vacated foreclosures.

Foreclosure starts fell back to 51,842, their lowest level since December, 2005. A total of 47,715 U.S. properties were scheduled for a future foreclosure auction in February, down 15 percent from the previous month and down 21 percent from a year ago.

Bank repossessions (REO) were 30,307 in February, up less than 1 percent from January. Year-over-year, REO properties were down 33 percent.

States with the highest foreclosure rates in February were Florida, Maryland, Nevada, New Jersey, and Illinois.

Among metros with populations of 200,000 or more, Florida held nine of the top ten metros for foreclosure rates in February. The dubious honor of leader went to the Palm Bay-Melbourne-Titusville metro, where one in every 296 housing units were in foreclosure—nearly four times the national average.

7 Simple Questions to Develop Your Mobile Strategy


Friday, March 14, 2014
7 Simple Questions to Develop Your Mobile Strategy
By Seth Kaplan
When you talk mobile, it’s very easy to get lost in features and cool technology. Although those become key components in a mobile solution, the strategy is the road map to the final destination. Because of this, we decided to get a handful of mobile experts in a room to discuss the proper steps for developing …Read More >

Buying Property Out Of State Or Country?

If  you are thinking about investing outside your area find someone you can trust by referral.

There are so many people getting ripped off by Wholesalers and Property Management Companies.  Find out who is being recommended by people in that area.

This past month I was contacted by three separate people 1 from the west coast, 2 from two separate countries, about property they bought here  for investment and they have been greatly taken advantage of.  The two for other countries their properties are completely destroyed everything has been ripped out and now they are boarded up.

The third is rented but she only received 10% of the collected rent last year. The Property management company told her the rest went for repairs and management fees.

When I contacted the Management Companies they all avoided me because they knew why I was calling and that they were in the wrong.

If you are interested in buying investment property in the Greater Rochester, NY area please feel free to contact me. I will check the property out take photos and do a complete evaluation of the property and potential rental income and rehab cost.  I will provide you with a detailed report and opinion if it is worth the purchase or not.  I charge between one and two hundred dollars for this service. If you decide to purchase it and hire us to do the renovations if needed or handle the management I will give that fee back as a credit.

I have been rehabbing properties for investors since the early nineties. I am adding a link of recommendations

New Generational Trends Study Shows Confidence in Market


Thursday, March 13, 2014
New Generational Trends Study Shows Confidence in Market
Young home buyers remain optimistic and see their home as a good investment, while older buyers are more likely to trade down to a smaller property to match changing lifestyles, according to the 2014 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. …Read More >