|Wednesday, March 19, 2014|
|Wednesday, March 19, 2014|
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.
The New Buzzword in Real Estate May Be a Game Changer
is Digital Transaction Management? The newest innovation in real estate is the
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many of the problems facing Brokers today—how do you “go paperless” and, “Is it
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|Monday, March 17, 2014|
|Big Banks Reduce The Credit Requirements To Buy Real Estate Brought to you by: EquityBuild Finance ReportAccording to a report prepared by Ellie Mae, a mortgage technology company, the average FICO credit score for approved mortgage loans dropped…………..|
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.
|Friday, March 14, 2014|
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
|Thursday, March 13, 2014|