Shelli Dore’s Real Estate Blog

Posts Tagged ‘Realtor

The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.

The plan is designed to help homeowners who don’t have the income or debt levels to qualify for a loan modification under the Obama administration’s $75 billion Making Home Affordable program.

The plan establishes timelines, a standard process and documents, and cash incentives for participation.

“There’s always efficiency with uniformity,” said Vicki Vidal of the Mortgage Bankers Association. “It makes it easier for the parties involved to know what to expect.”

“Short sales” reduce the damage to the borrower’s credit record and save the lenders the cost of foreclosure. Short sales also help property values because the sales price is usually higher than what it would be in a foreclosure auction.

To qualify under the new guidelines:

• The property must be the home owner’s principal residence.

• The homeowner is delinquent on the mortgage or default looks likely.

• The loan was made before Jan. 1 this year and is less than $729,750.

• The borrower’s total monthly mortgage payment exceeds 31 percent of before-tax income.

Posted: 12/02/2009 01:00:00 AM MST
The Associated Press
www.denverpost.com

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.

Rates averaged 4.62 percent last week, 4.66 percent the week of Nov. 9 and 4.77 percent the week of Nov. 2, Zillow reported.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

The average 30-year fixed nationwide rate was 4.57 percent Wednesday, Zillow said.

Separately, Freddie Mac calculated average 30-year fixed mortgage rates nationwide at 4.78 percent with an average 0.7 points for the week ending Wednesday, the lowest rate since April 30. Freddie Mac calculates average rates for a broader range of credit scores and down payments.

The average 30-year fixed rate was 4.83 percent last week. A year ago, it was 5.97 percent, Freddie Mac said.

Low rates and the homebuyer tax credits, continue to get much of the credit for a rebound in housing sales.

The Commerce Department Wednesday reported sales of new homes rose a better-than-expected 6.2 percent in October, although they slipped in the western states, including Colorado.

The National Association of Realtors says sales of existing homes surged 10.1 percent last month.

And a Metrolist Inc. report on Nov. 6 said that in the Denver metro area, home resales increased 2.9 percent in October from September, but were down 7.6 percent from October of last year.

Thursday, November 26, 2009
Denver Business Journal

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

Even as the housing market continues to stagger, foreclosure filings in October declined for the third month in a row. Foreclosure filings were reported on 332,292 properties last month, or 3 percent fewer than September’s tally, real estate firm RealtyTrac said today. Even though filings remained 19 percent higher than a year earlier, “[t]hree consecutive monthly declines is unprecedented for our report,” RealtyTrac CEO James Saccacio said in a statement. But with unemployment busting through the 10 percent threshold and a slew of state and federal initiatives against foreclosures in place, foreclosure trends aren’t as optimistic as they may appear in this report. Here are five things you need to know:

1. Obama rescue: The monthly foreclosure decline comes as the Obama administration ramps up its sweeping effort to get as many as 4 million struggling homeowners into more affordable mortgages. On Tuesday, the Treasury Department said it had extended more than 650,000 trial loan modifications through October, putting it on track to meet its ambitious goals. However, mortgage modifications have a checkered history of success, and it remains unclear how many of these borrowers will simply fall behind on their new loans. The concern is that the program may be delaying foreclosures rather than preventing them. “Every loan servicer or lender I have spoken to in the last couple months has basically told me that they have had to slow down foreclosure initiations because they have had to re-evaluate their portfolio of loans to see which ones qualify for [a rescue program],” says Rick Sharga, RealtyTrac’s vice president of marketing. There are about 5.5 million delinquent loans. It just takes an awful lot of time to go through each loan individually.”

[Check out Obama’s Loan Modification Plan: 7 Things You Need to Know.]

2. State rescue efforts: While the Obama administration’s is the most expansive, the foreclosure crisis has prompted a number of state governments to launch housing rescues of their own. But as was the case with the Treasury Department, it’s possible that these state-level initiatives are just postponing reality. Take Nevada, for example. With 1 in every 80 households getting a filing last month, Nevada has the nation’s highest foreclosure rate. However, a new state law requiring foreclosure mediation helped trigger a 26 percent plunge in foreclosure activity from September and a 4 percent drop from a year earlier, Sharga says. Mediation very well may put some troubled borrowers into sustainable home loans, but it’s quite likely that others will just redefault at a later date. “The intention is good,” Sharga says. “But there will be a bill to pay at the end of this.”

3. Seriously delinquent: To get a sense of where foreclosures may head from here, economist Patrick Newport of IHS Global Insight points to Fannie Mae’s serious delinquency rates, which track loans mostly made to well-qualified borrowers. The serious delinquency rate hit 4.45 percent for single-family-home loans in August, up sharply from 4.17 percent in July and just 1.57 a year earlier. “That number keeps on growing, and the monthly increments keep getting bigger,” Newport says. “I am almost sure that the foreclosure rate is going to continue to rise.”

4. Unemployment problem: These days, the primary driver of home foreclosures isn’t exotic mortgage products but the nation’s dismal labor market. As more people lose jobs, a growing number of borrowers—even those with sound credit histories—can no longer pay their mortgage. And with the unemployment rate hitting 10.2 percent last month, job losses will continue sending homeowners into foreclosure. “I don’t think that foreclosures are going to peak until the unemployment rate does,” Newport says. Newport projects the unemployment rate will peak at around 10.5 percent sometime in the middle of next year.

5. Hole in the rescue: Rising unemployment also highlights a gaping hole in the Obama administration’s housing rescue. Homeowners need an income stream in order to qualify for a modification, which makes anyone who can’t pay their mortgage because of a job loss ineligible. But borrowers facing foreclosure after losing a job are increasingly at the heart of today’s housing crisis. The administration’s initiative “was not designed to address foreclosures caused by unemployment, which now appears to be a central cause of nonpayment,” a congressional oversight panel said in an October 9 report. “It increasingly appears that [the Obama administration’s housing rescue] is targeted at the housing crisis as it existed six months ago, rather than as it exists right now.”

By Luke Mullins
Posted: November 12, 2009
USNews

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?

Click here for all FAQs!

Lauren Sherman, 03.30.09, 04:00 PM EST

U.S. migration may be down overall, but these vibrant metro areas are still attracting newcomers.

Unemployment is on the rise, credit is tight, and consumers aren’t spending–which means they aren’t picking up and moving much either. Very few places in America saw significant population growth in 2008.

But the buzzing metropolitan area of Denver bucked that trend. Its population increased by 2.17% in 2008. In 2007, it increased by 2.09%. In 2008, Denver was the 10th-fastest growing metro area in the U.S.

What’s Denver got that other places don’t? 

Click below or copy and paste this link in your internet browser for the complete article:

http://www.forbes.com/2009/03/30/americans-moving-cities-lifestyle-real-estate-relocating.html?partner=email

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Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

The Pew Research Center’s new survey says, “Denver is the most desirable city in America!” Forty-three percent of those in the survey say Denver was the city they would most like to live in if they had a choice of living in the nation’s top 30 cities. In the top five Denver was followed by Seattle, San Diego, Tampa and Orlando. The bottom five, all east of the Mississippi were Cleveland, Cincinnati, Kansas City, Minneapolis and Detroit.

Read on… http://www.kdvr.com/news/kdvr-denver-top-city012909,0,4773717.story

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Your friend in the real estate business,

Shelli Dore

Find me on Facebook!
Connect with me on LinkedIn!
Follow me on Twitter!

…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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If you or someone you know is facing foreclosure, I can help!  You do have options.

I am one of just a few Certified Distressed Property Experts (CDPE) in Colorado. 

The Developers of the Certified Distressed Property Expert Designation (CDPE) believe that in almost all cases the best person for a homeowner in distress to speak with is a well informed Licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind.

An Agent who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help.

While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn’t be, Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

If you are in a state other than Colorado and need the help of a Realtor who understands the intricacies of a looming foreclosure, be sure to give me a call.  I can help you find the right Realtor.

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Your Certified Distressed Property Expert,

Shelli Dore

Find me on Facebook!
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.


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