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Home Price Forecast Predicts Further Decline Before Upswing; Bottom in March, 2010

Dennis Norman

According to a report issued by First American CoreLogic the rate of decline in U.S. home prices improved in August with prices 10.1 percent below August 2008, compared with July’s year-over-year price decline of 11.6 percent and June’s decline of 14.1 percent.

Obviously these numbers are being impacted by the number of [...]

Home buyer tax credit update-October 30, 2009

Dennis Norman

In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard [...]

Home buyer tax credit update

Dennis Norman

I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association [...]

Real estate investors and renovators; Having problems finding affordable insurance?

Dennis Norman

Over the past couple of years, coming in right behind financing, it seems many real estate investors’ biggest problems have to do with insurance.  It is getting more and more difficult to obtain insurance on vacant property that you are holding to “flip” or rehab, and if you can get it, it [...]

New Homes Sold Through September down 26.6 Percent from Year Before

Dennis Norman

This morning the U.S. Department of Commerce released a report showing the sale of New Homes in September were at a seasonally adjusted annual rate of 402,000, a 3.6 percent decrease from the revised August rate of 417,000 and is 7.8 percent below a year ago.

Like I pointed out however, in [...]

Home price declines appear to be easing

Dennis Norman

This morning the S&P/Case-Shiller Index report for August was released showing that home prices in the 20 cities covered by their report fell 11.3 percent in August from a year ago. This is a smaller year over year decline than July when the index showed a 13.3 percent drop in home prices [...]

Real Estate seized by IRS to be sold at auction-Updated List

Dennis Norman

The IRS acquires property as a result of seizing it or otherwise acquiring it for nonpayment of taxes and sells the acquired properties at auction. There are a few things to keep in mind when considering whether to bid on, or buy, property in this manner, including:

The owner (the taxpayer) has [...]

D.D.I.Y. (Don’t Do It Yourself) – Outsourcing for your Real Estate Business

Shae Bynes, Good Faith Investing

If you’re like me and working a full time gig while building your real estate business, it is critically important to figure out how to leverage others and maximize the limited time that you have. Quite honestly, this is important regardless of your available time because that’s the [...]

Tax credits and distressed sales push home sales to highest pace in over two years

Dennis Norman

According to the latest report released today from the National Association of REALTORS(R), existing home sales in September jumped 9.4 percent to a seasonally adjusted-annual rate of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September [...]

U.S. Monthly House Price Index Estimates 0.3 percent decline in August; Price index about the same as February 2005

Dennis Norman

Today the Federal Housing Finance Agency (FHFA) reported that U.S. home prices decreased 0.3 percent on a seasonally-adjusted basis from July to August and are down 3.6 percent for the past year. The U.S. home price index is now 10.7 percent below is April, 2007 peak.

The FHFA home price index is [...]

Interest rates increase; applications for loans to buy a home drop 16.7 percent

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 16, 2009. The report showed an decrease of 16.7 percent in mortgage loan applications for a home purchase from the week as interest rates inched back above 5 percent for the second week in a row.

[...]

Short sales up 268 percent from a year ago; Serious mortgage delinquencies up 147 percent for same period

Dennis Norman

Yesterday the Federal Housing Finance Agency (FHFA) released its foreclosure prevention report for July, 2009 for Freddie Mac and Fannie Mae loans.  Based upon the data in the report I would say it’s safe to say the housing market is going to continue to be challenged for a while. 

Ah, the opportunities though [...]

The 5 metros expected to have the best housing market in the next 12 months; and the 5 worst

Dennis Norman

Do you want to know what areas are going to the best performing real estate markets in the coming year. How the ones that are going to be the worst-performing?

I can’t say that I know the answers to these questions however Veros Real Estate Solutions has published their quarterly update with [...]

Justice Department Files Lawsuit Against TK Properties LLC for Violating the Fair Housing Act

Department of Justice Office of Public Affairs

FOR IMMEDIATE RELEASE:  Friday, October 16, 2009

Justice Department Files Lawsuit Against TK Properties LLC for Violating the Fair Housing Act

WASHINGTON – The Justice Department announced this week that it has filed a lawsuit against TK Properties L.L.C., [...]

FBI ‘Operation Bad Deeds’ results in 41 defendants charged in Mortgage Fraud Takedown

Department of Justice Press Release

PREET BHARARA, the United States Attorney for the Southern District of New York, JOSEPH M. DEMAREST, JR., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation (“FBI”), RICHARD H. NEIMAN, the Superintendent of Banks for New York State, RENE FEBLES, the Special Agent-in-Charge [...]

How to use Craigslist to grow your wholesale business

Shae Bynes, Good Faith Investing

I’ve had a few people post comments and send me emails requesting more info on the Craigslist ads that we do to build our buyer’s list (and sell deals too of course!). Remember: even if you don’t have your own deals under contract, if you partner up with a [...]

Foreclosures in third quarter 2009 increase 23 percent from a year ago

Dennis Norman

This morning RealtyTrac® released its U.S. Foreclosure Market Reporttmfor the third quarter of 2009, which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 937,840 properties in the third quarter which represents a 5 percent increase from the prior quarter and an increase of almost 23 percent [...]

Mortgage rates increase; loan applications decrease

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 9, 2009. The report showed an increase of 1.8 percent in mortgage loan applications from the week as interest rates inched back above 5 percent for the first time in four weeks.

Refi’s continue to dominate [...]

Lessons learned from a newbies first rehab

Dennis Norman

Earlier this year I ran across a “newbie” investor and blogger, Shae Bynes, that impressed me for a couple of reasons.  One, I like the message conveyed by the domain name of her website, GoodFaithInvesting.com, and two I like the “mission statement” on Shae’s site which states her purpose is “I simply want to live [...]

How to use the MLS to build your wholesale buyers list

I ran across a video put together by Steph Davis, the Tampa-based bartender turned wholesaler on how to use the MLS to locate cash buyers in your area and help build the list of buyers you market your homes to. I thought the video had some useful tips and good advice and wanted to share [...]

Ever tried to buy an REO? If so this should be familiar

I thought we would start out this Sunday morning on a light note.  At the end of last week I was checking out the blog of Stephani Davis, the bartender turned real estate wholesaler, “Flip This Wholesaler” and saw the video below poking fun at REO agents.  I couldn’t resist and had to publish it [...]

Foreclosures UP…Mortgage Delinquencies UP…No end in site

Dennis Norman

The foreclosure rate in the U.S. for the month of August, 2009 was 2.86 percent, a 73.3 percent increase from August, 2008 when the rate was 1.65 percent according to a report released yesterday by First American CoreLogic.

In addition, the report showed that the number of borrowers that are seriously delinquent [...]

Real Estate seized by IRS to be sold at auction

Dennis Norman

The IRS acquires property as a result of seizing it or otherwise acquiring it for nonpayment of taxes and sells the acquired properties at auction.   There are a few things to keep in mind when considering whether to bid on, or buy, property in this manner, including:

The owner (the taxpayer) has [...]

Investors, do you want your homes for sale to stand out? Price them right!

This morning Trulia, the online real estate search company, announced that “25.6 percent of homes currently on the market in the United States as of October 1, 2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The [...]

Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery; HVCC a problem, Says NAR

Dennis Norman

The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.

NAR Regional Vice President Joseph [...]

MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit

Dennis Norman

Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased.

The MBA [...]

Mortgage applications increase; Interest rates stay below 5 percent for third consecutive week

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 2, 2009. The report showed an increase of 16.4 percent in mortgage loan applications from the week before fueled by interest rates remaing below 5 percent.

Unfortunately interest rates seem to be doing more for existing homeowners [...]

Short Sales increase 45 percent in 2nd quarter; Foreclosures up by 23 percent

Dennis Norman

Many investors see short-sales and foreclosures as opportunities to make money in this challenging real estate market.  If you are one of them, or agree, rest assured, there are plenty more “opportunities” coming.

According to a report just released by the Federal Housing Finance Agency, the number of short sales and foreclosures continue to [...]

Homebuyer tax credit has been primary cause of recent return of buyers to market according to study

Dennis Norman

Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits.

The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress [...]