REOs, short sales lose market share
RealtyTrac: distressed properties account for 31% of Q1 sales
By Inman News, Wednesday, June 30, 2010
Sales of bank-owned homes and properties in the foreclosure process fell 33 percent during the first quarter from their year-ago peak, to 232,959, but accounted for 31 percent of all home sales, according to data aggregator RealtyTrac.
Sales of "real estate-owned" (REO) properties repossessed by lenders at the end of the foreclosure process were down 27 percent from a year ago, to 144,503, RealtyTrac said. REO properties still accounted for 19 percent of all homes sales during the first quarter, up from 16 percent in the final three months of 2009 but down from 21 percent a year ago.
Sales of homes making their way through the foreclosure process but not yet repossessed by lenders fell by nearly 41 percent from a year ago, to 88,456. Those transactions -- which were typically short sales -- accounted for nearly 12 percent of all home sales, up from 10 percent in the final quarter of 2009 but down from 16 percent a year ago.
article continued at:
http://www.inman.com/news/2010/06/30/reos-short-sales-lose-market-share
Wednesday, June 30, 2010
Monday, June 28, 2010
HomeBuyer Tax Credit Extension Is Not Granted
By ANDREW TAYLOR (AP) – 14 hours ago
WASHINGTON — Republicans on Thursday defeated Democrats' showcase election-year jobs bill, including an extension of weekly unemployment benefits for millions of people out of work more than six months.
The 57-41 vote fell three votes short of the 60 required to crack a GOP filibuster, delivering a major blow to President Barack Obama and Democrats facing big losses of House and Senate seats in the fall election
The death of the measure meant that more than 200,000 people a week would lose their jobless benefits because they would be unable to reapply for additional tiers of benefits enacted since 2008. People seeking the popular homebuyer tax credit would be denied a paperwork extension approved by the Senate last week. And state and local governments would lose subsidies on bonds they issue to finance infrastructure projects.
Entire article can be found via the following link:
http://www.google.com/hostednews/ap/article/ALeqM5gBPaHA8wyvhZsKWPW8Uxp30QpfqgD9GHVPM01
WASHINGTON — Republicans on Thursday defeated Democrats' showcase election-year jobs bill, including an extension of weekly unemployment benefits for millions of people out of work more than six months.
The 57-41 vote fell three votes short of the 60 required to crack a GOP filibuster, delivering a major blow to President Barack Obama and Democrats facing big losses of House and Senate seats in the fall election
The death of the measure meant that more than 200,000 people a week would lose their jobless benefits because they would be unable to reapply for additional tiers of benefits enacted since 2008. People seeking the popular homebuyer tax credit would be denied a paperwork extension approved by the Senate last week. And state and local governments would lose subsidies on bonds they issue to finance infrastructure projects.
Entire article can be found via the following link:
http://www.google.com/hostednews/ap/article/ALeqM5gBPaHA8wyvhZsKWPW8Uxp30QpfqgD9GHVPM01
BusinessWeek States Denver Is the Most Improved Housing Market
Real Estate News June 10, 2010, 5:40PM EST
Denver Is the Most Improved U.S. Housing Market
The housing market in Denver and 20 other markets are showing signs of life, but still a long way from precrash highs
By Venessa Wong
Across the U.S., signs of life are budding in the housing market. This statement will have many people scratching their heads. Yes, more foreclosed homes will enter the market. Yes, job creation has been disappointing, and unemployment hovers at high rates. And yes, more mortgages are going to become delinquent. So what is the good news?
With help from the government's first-time home buyers tax credit, which expired in April, home prices improved slightly. Some metro areas appear to have entered the early phases of the long recovery process. According to CoreLogic, a data company in Santa Ana, Calif., national home prices increased 1.73 percent from March 2009 to March 2010. The next few years will be rocky, but gains on Wall Street during the first quarter and hiring improvements in some areas since January have improved confidence, with a positive effect on housing. Things are not rosy, but several markets are showing modest signs of improvement.
Denver Is the Most Improved U.S. Housing Market
The housing market in Denver and 20 other markets are showing signs of life, but still a long way from precrash highs
By Venessa Wong
Across the U.S., signs of life are budding in the housing market. This statement will have many people scratching their heads. Yes, more foreclosed homes will enter the market. Yes, job creation has been disappointing, and unemployment hovers at high rates. And yes, more mortgages are going to become delinquent. So what is the good news?
With help from the government's first-time home buyers tax credit, which expired in April, home prices improved slightly. Some metro areas appear to have entered the early phases of the long recovery process. According to CoreLogic, a data company in Santa Ana, Calif., national home prices increased 1.73 percent from March 2009 to March 2010. The next few years will be rocky, but gains on Wall Street during the first quarter and hiring improvements in some areas since January have improved confidence, with a positive effect on housing. Things are not rosy, but several markets are showing modest signs of improvement.
Wednesday, June 23, 2010
Flow of Water Will Affect Future Colorado Development
Federal data shows that the average annual use of Colorado River water (15.4 million acre feet) has surpassed the average annual supply (14.5 million acre-feet) in the river. Colorado will have to start seriously looking at new developments, their specific planning as far as how water will be used within them, and how large developments will be. Water is becoming scarcer in Colorado and it is definitely a consideration for future development.
Believe it or Not, It's a Great Time to Borrow Says WSJ
Edited by NIKKI WALLER
Homeowners are being foreclosed on at a record clip. Job growth in the U.S. remains feeble at best. And at the center of the global economic storm are bad loans.
And yet—and yet!—the cold clarity of financial analysis points to an inescapable conclusion: There has never been a better time for people to borrow money, whether to buy assets or boost cash reserves.
For disciplined investors who have lived and invested within their means, this is your time to take advantage. Not only are interest rates about as low as they can get, but future inflation could erode the paper value of loans, making debt even cheaper over the long run.
— Jane J. Kim and Jeff D. Opdyke
The Wall Street Journal
Homeowners are being foreclosed on at a record clip. Job growth in the U.S. remains feeble at best. And at the center of the global economic storm are bad loans.
And yet—and yet!—the cold clarity of financial analysis points to an inescapable conclusion: There has never been a better time for people to borrow money, whether to buy assets or boost cash reserves.
For disciplined investors who have lived and invested within their means, this is your time to take advantage. Not only are interest rates about as low as they can get, but future inflation could erode the paper value of loans, making debt even cheaper over the long run.
— Jane J. Kim and Jeff D. Opdyke
The Wall Street Journal
Top 5 States People Move to Colorado From
In order of most to least for 2004 and 2005 numbers that are available.
California-25,350
Texas-14,916
Florida-8,463
Arizona-7,018
New Mexico-6,547
1 in 8 Colorado Transplants moved from California.
California-25,350
Texas-14,916
Florida-8,463
Arizona-7,018
New Mexico-6,547
1 in 8 Colorado Transplants moved from California.
Parade of Homes Denver Scheduled for August 14th-September 16th
The Parade of Homes is returning to Denver in 2010 with a brand new format. This year visitors will have as many as 100 homes to see, in all price ranges, located throughout the Denver metro area. And best of all, the new Parade of Homes event will be free to visitors.
For more info go to: http://www.paradeofhomesdenver.com/poh/index.html
For more info go to: http://www.paradeofhomesdenver.com/poh/index.html
Outdoor Movie Fest to Debut in City Park in 2011
Outdoor movie fest to debut in City Park
■ US OpenAir’s agreement called for premiere in Civic Center, but opening delayed until 2011
BY RORY SEEBER
US OpenAir plans to debut its 2011 month-long outdoor movie series in City Park.
Although some critics declaim the apparent switch from the originally announced Civic Center opening, USOA’s contract states that in 2011 and 2012 the series will be screened in City Park. Since the 2010 opening in Civic Center was canceled, that site has been removed from the schedule.
USOA managing director Julie Frahm characterized complaints about “changing” the opening site as “misconceptions.” She told LIFE, “There is no change to our contract, nor any changes to the original plan as proposed to the city.”
■ US OpenAir’s agreement called for premiere in Civic Center, but opening delayed until 2011
BY RORY SEEBER
US OpenAir plans to debut its 2011 month-long outdoor movie series in City Park.
Although some critics declaim the apparent switch from the originally announced Civic Center opening, USOA’s contract states that in 2011 and 2012 the series will be screened in City Park. Since the 2010 opening in Civic Center was canceled, that site has been removed from the schedule.
USOA managing director Julie Frahm characterized complaints about “changing” the opening site as “misconceptions.” She told LIFE, “There is no change to our contract, nor any changes to the original plan as proposed to the city.”
Inmates Receive $8,000 Homebuyer Tax Credit
Inmates receive homebuyer tax credit
By INMAN NEWS An audit of refunds to taxpayers claiming the federal homebuyer tax credit concludes that although the IRS has made "significant strides" in detecting erroneous claims, millions of dollars have been paid out to prison inmates and for transactions involving homes purchased before the credit took effect.
By INMAN NEWS An audit of refunds to taxpayers claiming the federal homebuyer tax credit concludes that although the IRS has made "significant strides" in detecting erroneous claims, millions of dollars have been paid out to prison inmates and for transactions involving homes purchased before the credit took effect.
Thursday, June 10, 2010
A Growing Popular Trend, Foreclosure due to Strategy, not crisis
In areas where homes are worth significantly less than what homeowners owe on their mortgage, some homeowners are choosing a "strategic default", where they are walking away from their property and giving the bank the keys. This is starting to become somewhat more common because of homeowner frustation with home values plummeting in various parts of the country along with frustration with banks dragging their heels on loan modifications.
New Website Provides Average Energy Usage Costs By Address & Average Energy Score
www.Microsoft-Hohm.com website allows people to search average utilities and energy consumption for residential real estate by property address. It's just an estimate, yet still helpful just the same to get a ballpark idea on homes energy usage in specific areas and their energy efficiency. The higher your score, the more energy efficient your home is.
Thursday, June 3, 2010
By 2030, Number of Colorado Seniors is Expected to Triple
In the next 20 years, the Colorado senior population is projected to increase 18% and the adult working group drops from 62.1 percent of the population to 54.5 percent of the population. The Denver senior citizen population will increase from 1 in 10 to 1 in 5 in the next 20 years. There will be an increase in demand for social services and home searches in neighborhoods with the highest demand could become more difficult as retirees stay in their homes after their retirement. The youngest population will remain static.
"Amityville Horror" house for sale for $1.15 million
(Daniel Gale Sotheby's International Realty )AMITYVILLE, N.Y. — The house made famous in the 1979 film "The Amityville Horror" is up for sale in New Yorkghosts not included. The five-bedroom Dutch Colonial went on the market Monday for $1.15 million. The film is based on the story of the Lutz family's brief stay in the house in 1975 after six members of the DeFeo family were shot and killed as they slept in the home. Eldest son Ronald DeFeo Jr. was convicted of the murders. The crime spawned a book and a series of movies that chronicled various supernatural horrors, including visions of walls oozing slime, moving furniture and a visit from a demonic pig. The Associated Press
MORTGAGE PROGRAM DROPOUTS RISING
WASHINGTON (Associated Press) – The number of borrowers failing to meet the requirements of the Obama administration’s mortgage modification program is rising, almost equaling the number of homeowners who have received permanent relief.
Over 299,000 homeowners received permanent loan modifications as of April, according to the Treasury Department. However, that’s about 25 percent of the 1.2 million borrowers who started the program since its inception in March 2009.
By last month, about 277,000 homeowners, or 23 percent of those enrolled, dropped out during the trial phase, which requires borrowers to make at least three mortgage payments on time. This number was a 79 percent increase from the 155,000 who had left the program by March 2010.
On average, homeowners with permanently reduced mortgages are paying $516 less each month.
Over 299,000 homeowners received permanent loan modifications as of April, according to the Treasury Department. However, that’s about 25 percent of the 1.2 million borrowers who started the program since its inception in March 2009.
By last month, about 277,000 homeowners, or 23 percent of those enrolled, dropped out during the trial phase, which requires borrowers to make at least three mortgage payments on time. This number was a 79 percent increase from the 155,000 who had left the program by March 2010.
On average, homeowners with permanently reduced mortgages are paying $516 less each month.
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