Archive for February, 2008
House Price Inflation picks Up
Posted by admin under: Main Feb 18
Figures released by rightmove suggest that house prices have picked up in February, making prospects of large falls unlikely. The survey found an increase of 5.3% in the asking prices, despite a glut of properties on the market. It is worth noting that house prices are often sold for less than the asking price. The sale price is a more reliable guide to effective house prices. London house prices were amongst the most sluggish, being particularly affected by the downturn in the housing market.
Home sellers may have been encouraged by the latest interest cut and homebuyers looking for a bargain. However, with the governor of the Bank of England being cautious on future interest rate cuts, it may be this boost in house prices proves to be temporary.Latest predictions for mortgage interest rates
Source: House Price Inflation picks Up
Realty Viewpoint: Foreclosures Caused By More Than Subprime Loans
Posted by admin under: Main Feb 18With FHA, Freddie Mac and Fannie Mae conventional loan limits being raised to nearly $730,000, the housing industry should be breathing a sigh of relief. Or are new conventional loan limits just a bandaid on the huge foreclosure wound?
A new coalition of mortgage lenders called Project Lifeline aims to help homeowners who are 90 days or more behind in their mortgage payments. The program includes a 30-day pause to give homeowners and their lenders time to work out a payment or loan modification solution.
Other homeowners can refinance their high-risk loans into conventional loans, and the higher loan limits will allow more homebuyers access to conventional loans.
But will that slow foreclosures?
Some believe the foreclosure crisis, such as the crush of foreclosures in Southern California aren’t being caused by subprime loans, but by homeowners who are simply walking away from homes with negative equity. They could make the payments. They just don’t want to. Why are they being pressured by price? New homes that aren’t selling.
“If you look at the hardest hit areas, you will see they are the areas with the most dramatic growth,” says Sean O’Toole, spokesperson for ForeclosureRadar.com. “In Stockton, for example, there is an unsold new construction inventory of over 7,000 units (source: Hanley Wood, includes improved lots), yet only 150 homes (MLS) selling each month. That has put serious downward pressure on pricing — with builders leading the charge on discounting to get existing inventories sold.”
A recent study by the Boston Federal reserve found that downward pricing pressure is the primary cause of foreclosures — not subprime loans.
O’Toole points out that Realty Times noted a correlation between the date range of loans in foreclosure and the origination of risky loans, but he says the date range of loans in foreclosure also correlate with being upside down (prices have fallen to 2005 levels).
“As we think about how to get out of this crisis, I think we should all focus on the core problem — price declines due to too much inventory. Without action this problem will get worse before it gets better. We added 60 percent more REO’s to existing inventory in January than we did in December (exclusive ForeclosureRadar.com data). Ultimately, of course, it will self-correct even without intervention, with prices falling until the rent/price relationship comes back into historic norms.”
Source: Realty Viewpoint: Foreclosures Caused By More Than Subprime Loans
Ocean Front Condo’s for less than 250K - Really?
Posted by admin under: Main Feb 18February 18th, 2008 by James Morrison
Is your goal is to wake up every morning to the aroma of wind swept salt air and panoramic ocean views? Maybe in retirement? A second home perhaps? Why not now?
Our good friends at the Boston Globe chose to highlight an auction of condominiums going on March 9th by the Atlantica, a beautifully styled piece of New England architecture, located directly across from the Atlantic Ocean. These one & two bedroom units will required bids starting from $215,000 to $315,000 depending on the size and location in the building.
Seems like a great buy. Currently according to the Atlantica sales office a 641 sq. ft. 1 bed 1 bath would run you $300,000 not bad if you can purchase the unit at the opening bid of $215,000. The same holds true for a 1289 sq. ft. 2 bed 2 bath that is priced at $449,900. Thats over $134,900 in savings if your the only bidder.
I say only bidder because it is possible you may be. The Atlantica is located in Revere, right along Revere Beach Parkway. I am not looking to bash Revere tonight. Actually I think the buyers of these units will be pioneers. Revere gets beat up pretty badly in Real Estate cycles. Look no further than to your neighbors at the multi-colored St. Georges Condominium Complex. This south beach inspired building fell to the same fate in the 1980’s. Dress Shoes without socks anyone?
To get back on point, the buyers at this auction will be purchasing at the bottom of the latest real estate cycle. Not a bad place to pick up real estate considering that we’re not making anymore ocean’s. Add in a possible casino (Wonderland Park down the Street is competing for a casino license) and suddenly Revere may become a destination town again. See if those condo’s are still selling for less than 300k then.
Again this will require a pioneering mind. The casino may never come. But then again the Ocean isn’t about to leave.
Filed under: Boston Home Buying Tips
Source: Ocean Front Condo’s for less than 250K - Really?
Outer Banks Link Lube
Posted by admin under: Main Feb 18Just a few links about happenings on the Outer Banks:
Nags Head Water Tower deconstruction time lapse video. Pretty cool to watch but some explosions and fire would have made it even better.
Monticello our resident BoSox fan gives an update on the Sandbag Removal Deadline which will affect many in South Nags Head. (All sandbags must be removed from oceanfront properties in North Carolina before May 1, 2008). Question for Monty - did that traitor use steroids or HGH before he went to the dark side?
Pete Hummers from the Outer Banks Sentinel published a story about our most famous Outer Banks resident. Andy Griffith donated a sword he used many years ago while playing Sir Walter Raleigh to the Lost Colony Recovery Effort. The Lost Colony lost 80% of their costumes in a fire September 11, 2007.
Bob Muller published a response to the Coastland Times about the tax burdens of Dare County and other resort communities. Political Science class credit - 2 hours. Bob is supposed to be retired - but quite a few want him back in political office. He would be a true asset to our government.
Jason Summerton from Twiddy Real Estate covers the 4WD area of the Outer Banks. He has published two articles of importance to many - first an update on the Mid Currituck Bridge - there will be three public meetings to discuss the bridge on February 26th at the Hampton Inn in Corolla, Feburary 27th at Griggs Elementary School in Poplar Branch and February 28th at the Southern Shores Town Hall. All meetings will be from 4 - 8 pm. This is an important issue for many of us on the northern end of the Outer Banks. He also posted about the Wild Horse herd - we have 89 healthy horses roaming the beaches.
Source: Outer Banks Link Lube
Your First Short Sale Bid
Posted by admin under: Main Feb 17
Short sale bids require some sophistication, skill and patience on the part of the investor. But, with a little study, and some experience, short sales and foreclosures can be the most profitable way to invest in real estate.
A short sale usually occurs when a seller can’t make his loan payments because of death, divorce, job loss or other hardship. When homes are rising in value, owners can sell the house and pay back the lender. A short-sale foreclosure is a lender accepting a loan payoff for less than the amount owed.
In today’s market, when home values are dropping and the owner hasn’t built up much equity, lenders will often accept less than the amount owed to avoid the hassle and expense of auctioning the house.
Short sale bid, foreclosures, short-sale foreclosure
Source: Your First Short Sale Bid
Large Floorplans introduced at Preserve East Atlanta
Posted by admin under: Main Feb 17The Preserve East Atlanta, Dekalb’s first “conservation zoned” community, has updated and created new floor plans. 
The Charleston and the Claire are now 4 bedroom and 3.5 bath floorplans with larger kitchens, master bedroom, and master bathrooms. The Magnolia is brand new and a true master on the main floor plan. This plan can have 3 bedroom 2.5 baths upstairs or can be built as a dual master plan with 1 additional bedroom and a bonus room.
The Preserve East Atlanta is a 131 home Dekalb County community. Springdale Homes, the Atlanta home builder, is currently building in Phase 2 of the community and has close out specials on a few remaining lots in Phase 1. This DeKalb County community offers eight differnt two-story, single-family home plans with three to four bedrooms and three and two-half bathrooms. The Preserve East Atlanta is located i Dekalb county just minutes away from downtown Atlanta, Little 5 Points, and Decatur, all areas that offer exclusive shopping and dining experiences. The Preserve East Atlanta is priced from $289,900 to $379,900.
Our new floor plans have about 2,200 to 2,600 square feet of living space. Our unfinished basments add another 1,000 to 1,500 square feet of bonus space. These new plans now offer four bedrooms and three and one-half bathrooms or 3 bedrooms and 3 and half bathrooms with bonus rooms. The main level has hardwood floors throughout. The kitchens have large islands and walk-in pantries all of this open to the dining and keeping rooms.
For information about the community, visit www.thepreserveeastatlanta.com or call 404-246-5037.
Source: Large Floorplans introduced at Preserve East Atlanta
Online Loans - Easy Approval And Quick Transfer Of Money
Posted by admin under: Main Feb 17Getting your hands on some money to fulfill your needs has become very easy nowadays provided that you are pretty much ready to accept all the hassles as a part of the procedure. If you want to avoid all this trouble and get money, it is rather better to go out for online loans and obtain the money for your needs.
The procedure of these loans is made very easy if the borrower approach the internet mode to obtain money. The borrowers can conduct a research easily amongst all the deals that are offered to the borrowers from the numerous lenders online. Also, there is also no hassle attached to these loans. The money is transferred to the account of the borrowers from where they can take it up for their use.
The money is available to the borrowers in the secured and the unsecured form. They can choose whichever option is suitable for them. If the need of the borrower will be fulfilled with the help of a big amount, then the borrowers can take up the secured form of these loans. An asset is required to be pledged with the lender like a home or a car that acts as a security. The money available in the range of ?5000-?75000 can be used for personal needs and has to be repaid to the lender in a term of 5-25 years.
Smaller needs may be fulfilled easily without involving any assets by the borrower. The money can be borrowed within the range of ?1000-?25000 through the unsecured form. The money is required to be repaid to the lender in a term of 6 months to 10 years. Bad credit borrowers can also take up deals according to their needs. Any personal needs of borrowers can be easily fulfilled with the help of these loans like wedding expenses, travel expenditure, medical use, car purchase etc.
Online loans have instilled great convenience with the money that is to be borrowed. The borrowers now do not ace any problems when taking up money for their needs.
Ashley P Lewis is a debt consolidator and advisor and has been dealing with various finance programs. If you want to know more about Online Loans, Fast Loans, Online Personal Loans, Fast Online Loans you can visit http://www.fastonlineloans.org.uk/
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Source: Online Loans - Easy Approval And Quick Transfer Of Money
Better Than Free
Posted by admin under: Main Feb 17Cathy Tishhouse is a new Real Estate Shows client. And she asked the following question in the comment section of a blog post on ActiveRain:
I subscribed to Real Estate Shows a few weeks ago after seeing some posted by Missy Caulk and my seller’s love them - really adds to my listing presentation. Just when I was doing the trial run, I found out that RE/MAX has a similar tool in their design center but liked this one better… I have noticed that the pictures on the Real Estate Shows end up zooming into a particular spot that I might not have chosen - is there a tutorial to say what angle is best to take the pictures in the future - don’t want to go back and retake them all. Thanks for your help.
Well, we did have a tutorial on camera movement that I could have sent her to view, but I wanted to test a brand new piece of software, ScreenFlow, so I made the following video to answer her question.
ScreenFlow: Editing Camera Movement in Real Estate Shows from respres on Vimeo.
I sent the video to her via email and this was her response:
It worked great – thanks so much – I have changed my shows and very quickly. I am having trouble with the sound on my lap top – very faint and volume is turned up the highest. So, I could hardly hear but the visuals were enough to do this quickly. I love that I don’t have to watch the way I take the picture but can adjust the focus here. Great idea – this is why I chose yours over the free version that RE/MAX offers J and Thanks for the quick response!!
It was, of course, my pleasure. I was asked twice last week why someone would choose to pay for Real Estate Shows instead of opting for some other “free” option. I’ve been asked that question many times. But I’ve never had anyone ask me that question who had actually given Real Estate Shows a try.
There’s an old adage, “free is usually worth what you pay for it.”
Success and mastery are always about the subtleties. Many presentations look the same until you examine them more closely. Then the details emerge, details that mark the difference between successful presentations and those that just go through the motions but don’t deliver great results.
You are in business to get results and earn a living. We’re in business to help you do that.
Source: Better Than Free
Urgent Cash Loan UK -Immediate Cash
Posted by admin under: Main Feb 17Has an unforeseen cash need put you in a predicament? People living in the UK can make use of urgent cash loan for their rescue. The loan scheme can give borrowers quick cash between ?100 and ?1000. But act judiciously before you take a decision. Take some time to understand your loan provider and seek answers to some basic questions.
Urgent cash loan lenders usually provide all the basic information on the internet. These include,
But prior to making a decision you need to seek answers to all the relevant questions.
Spend some time to get answers to these questions. It will do you good even if you delay a bit. Better be sure of all aspects of the loan, than to make haste and repent later.
Payday loan calculators are a handy tool to determine the cost of the loan. Some lenders provide online loan calculators. You need to input the following figures.
1. Loan fee / ?100. This figure is provided by your lender and also regulated by the state.
2. The amount of money you need to borrow. This usually ranges between ?100 and ?1000.
3. The loan term. This figure ranges from 7 days and 30 days.
4. The number of loans or loan renewals you expect to have in a year.
After feeding the figures you can get the cost of the loan per ?100.
Once you are familiar with the basics of the urgent cash loan, you will feel confident and reassured.
Click here to check out urgent cash loan in the UK for quick money before payday. Whenever a financial emergency pops up suddenly, you can rely on instant cash loans with quick approval. A loan until payday is a short term loan that comes to the rescue of the borrower till the person’s next payday.
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Source: Urgent Cash Loan UK -Immediate Cash
The KGB of Our Credit System
Posted by admin under: Main Feb 17Well, we have been indoctrinated, vaccinated, hyperventilated, isolated, inoculated and just about every reason “why” the credit system is a mess by everyone from the top to the bottom. All fingers are pointing at “bad mortgages” Bull crap! Plain and simple. Do you think for a cotton pickin minute that all of a sudden people with bad credit or loans made to people with weak credit is some “brand new baby”.
The mortgage industry is partly to blame for sure. Greedy lenders, investors and brokers have all pulled their chair up the to “buffet table” of profits and helped themselves. Now, prior to these “portfolio loans” we relied mostly on FHA, GI, Fannie Mae and conforming loans.
A lot of people bought a home using the FHA guidelines. The credit criteria was relaxed and folks with credit issues were given a chance to own a home and pay competitive rates. Yup, if you had some minor credit issues, you were given some leeway to explain them and if you had a job, paid your bills on time for one year and proved to the underwriters that you deserved a home, by golly, you got a mortgage. Have these folks lost their homes? Not in a long shot. WHY NOT? Because the FHA fully understood credit issues and produced a credit guideline that enabled these folks to qualify.
But, what really has happened stems from a few years back. I mentioned in one of my other articles the “rule of 72″. I guess a lot of folks just didn’t get it or just didn’t care. But lets get on with the business at hand. When I say we are faced with the likeness of the notorious KGB in our system, I am speaking directly about the credit reporting agencies. I don’t care what you think or what you say, facts are facts and until the politicians quit fighting for turf and handouts and pay attention to what is happening, we will be facing this credit crisis for a long, long time.
Why do I say this? Well, read very carefully. The credit reporting agencies have more power than the Federal Reserve. If you don’t believe me, take a close look at them. They are “for profit” companies owned by stockholders for profits. In fact, Experian is owned by a group from the UK. Here is where there power affects you and I and we are helpless to do anything about it.
You see, as a consumer, you do not own the data on your credit report. They own it. They have gathered up your paying history and sell it to anyone that wants to pay them for it. So, when you go into the local TV store, the manager automatically pulls your credit. It costs him anywhere from $8.00 to $16.00. Of the millions of people in the US. How many credit reports are pulled daily? Mind boggling. Now, who are the agency customers? NOT YOU and NOT ME.
The customers of the agencies are the creditors. So, lets be logical, when anyone disputes an entry on their credit report, who do you think that the credit bureau will favor? Not you for sure. You are nothing to them but a statistic that makes them money. Okay, got the picture? Now lets really get “down and dirty”. How about the hundreds of credit card companies that use the information from the credit bureaus? Do you think that it would be reasonable to assume that these companies are happy making 8% on loans? Come on, get real. These companies are geared to make over 24% on their money plus the extras that they charge for being late and over the limit.
Here is a new twist. Try and pay your monthly bill on the telephone and they will charge you an extra $5 - $10 bucks for that. I went ballistic with a clerk when she told me that I would have to pay $10 for the privilege of paying by phone. I said “why in the sam hell would I pay you for the privilege of paying you? Ludicrous, but they get away with it.
Now that you can see the “pigs cavorting around the trough” of extra costs and filling their plates, you begin to understand what this whole picture is about. There are NO CREDIT COPS out there to protect us. Sure, the FTC occasionally metes out a fine when it is politically proper and the public has screamed enough.
Now when the bottom feeders get 24% and more in interest, do you think for one minute they care about you or me? They only care about the bottom line. But, these “thieves” need a partner to guarantee that your credit stays in the pits. Who is that partner? Well it’s Equifax, Experian and Transunion. You see, in today’s real world there are more credit reports with errors than there are accurate credit reports.
Sure, we have laws that says “the bureaus MUST report 100% accuracy” or else? Or else, WHAT. NOTHING, NADA, ZILTCH. When they report erroneous information you play “hell” trying to get it straightened out. If you don’t believe it, just go to this website and see how Transunion reported to Congress “how they handle disputes”. Go ahead and read this article about the credit reporting agencies. It will “blow your mind”. http://epic.org/privacy/preemption/lefebvre6.4.03.pdf.
I certainly do not want to write a book on this subject, but that could naturally follow. The truth of the matter is this. I guess we call it the “food chain” for profits.
Harry and Jane use their credit card and go over the limit. Not a big deal. But wait. Lets see how this “credit cancer” spreads. First of all, they are hit with an over the limit fee. Secondly their credit scores drop because of the fact that they are over the limit. Who knows this? You didn’t but you do now. With this lower credit score, the other credit card companies have their “sniffers” working and they raise the interest rates on their credit cards, simply because you “might” have a problem. Is that justice? Not at all, but they get away with it.
So, Harry and Jane now see their interest rates climb on their credit cards, their payments increase and something has to give. You cannot get “blood out of a turnip”. So, they miss a payment or are late because the paycheck was late or he missed a couple of days of work. Doesn’t matter the reason, but their personal “pristine” credit is heading for the bottom of the pile.
Can they do something about it? Well, because they were over the limit is in itself not a crime. BUT, here is where the credit reporting agencies help the creditors.
When an account is placed for collection or charged off, the furnisher of information MUST provide the bureau with the commencement of the initial delinquency. BUT, they rarely do. On most credit reports over 90% have the same error. You cannot determine when the seven year period of reporting derogatory information begins. THIS IS WHAT KEEPS YOU IN CREDIT PRISON.
I will write a follow up article to this one as this is such a “bombshell” and an education for Joe Consumer.
Regis Sauger is a licensed Mortgage Broker in Florida, an author, lecturer on credit awareness. He haa conducted seminars for underwriters, attorneys, mortgage lenders, realtors and the general public.www.yurcredit.com
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Source: The KGB of Our Credit System