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A: It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted as this issue goes to press, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.

Q: Will we see a flood of REOs?

A: Investors, home buyers and real estate professionals have all been anxiously awaiting a tidal wave of REOs for the past two years. Instead, inventory levels have remained frustratingly low, even in some of the hardest-hit foreclosure markets. Expect more of the same in 2010.

What this means for buyers and sellers is that there will be limited availability of REOs, albeit at higher-than-normal levels. No flood, but a good chance that the trickle on the market today will grow to a more steady stream. While this makes it less likely that we’ll see a “double dip” in home prices, we also won’t see much price appreciation until these distressed assets are finally gobbled up. The most likely scenario is a long, relatively flat period of recovery in the housing market.

Q: Will there be a surge in short sales?

A: A big frustration for potential foreclosure buyers has been the difficulty in buying a property via short sale. Agents have questioned why banks reject a short sale offer 20% below the mortgage amount only to spend tens of thousands of dollars to foreclose on the home and then sell it as an REO at a 50% discount.

We’ll see an increase in the number of short sales if the Treasury Department has anything to say about it. Lenders participating in the Obama Administration’s loan modification program will be strongly encouraged to offer any homeowner who doesn’t meet the requirements for HAMP (Home Affordable Modification Program) a short sale opportunity as an alternative to foreclosure.

But short sales won’t be a panacea, either. In many cases, the presence of a second loan will make negotiating a short sale much more difficult; in other cases, the owner of the primary loan might foreclose on the home, wipe out the second loan, and sell the home, using the amount of the second loan as a “market discount” to move the property.

by Rick Sharga

4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

• Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
• Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion, Agents with the CDPE Designation have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. Finding a CDPE can explain what options you have, and get you on the path to recovery.

Jesse Herfel is a CDPE designated agent!  Jesse and his team are experienced short sale negotiators and can help you with selling your home!

Article provided by http://www.cdpe.com/short-sale-myths.html

By Lucia Mutikani Lucia Mutikani – Fri Aug 21, 5:22 pm ET

WASHINGTON (Reuters) – Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years, a survey showed on Friday, in a strong sign that housing is pulling out of a three-year slump.

Sales in July rose for the fourth straight month to hit an annual rate of 5.24 million units, the highest since August 2007, the National Association of Realtors said. The total beat market expectations of a 5 million unit pace and June's 4.89 million pace.

July's increase was the largest monthly gain since the series started in 1999. The last time sales rose for four consecutive months was in June 2004, the NAR said.

The Realtors group heralded the July sales as a turning point, while other observers offered a more cautious view.

"The housing market has decisively turned for the better. We are bouncing back. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," NAR Chief Economist Lawrence Yun said.

With distressed sales accounting for 31 percent of the transactions in July, inventories rising and home prices remaining depressed, analysts said the housing market was not out of the woods yet.

The national median home price was $178,400 in July, down 15.1 percent from the same period last year, weighed down by distressed sales -- sales in foreclosure or close to it -- as such homes typically sell for 15 to 20 percent less than traditional homes.

"It's really going to take home prices to broadly stabilize and come back a bit before you want to characterize the housing market as being fully recovering," said Craig Thomas, a senior economist at PNC Financial Services Group in Pittsburgh.

"I will say there is not an indicator out there that doesn't suggest we are not moving in that direction."

White House spokesman Robert Gibbs said the housing market appeared to be bottoming out.

U.S. STOCKS RALLY

U.S. stocks rallied to new 2009 highs on the robust report, with shares of home builders posting hefty gains. D.R. Horton Inc gained 3.6 percent, while luxury home builder Toll Brothers Inc was up 3.7 percent. A broader measure of home construction stocks was up 3.65 percent.

Treasury debt prices fell as investors viewed the data as another indication that the recession that started in 2007 was close to an end, if not over.

U.S. Federal Reserve Chairman Ben Bernanke, speaking at a gathering of central bankers and top economists in Jackson Hole, Wyoming, said economic activity appeared to be leveling off, both in the United States and abroad, and prospects for a return to growth looked good in the near term.

The housing market is at the epicenter of the worst U.S. recession in 70 years. A recovery in the housing market would help to draw a line under losses at financial institutions, which have been battered by defaults on mortgages.

It would also improve the psychology of households, whose net worth has been decimated by the plunge in home values, and encourage them to spend rather than save to make up for lost wealth, analysts say.

Even more encouraging, existing homes sales in July were 5 percent higher compared with the same period last year, the biggest year-on-year gain since November 2005.

The improvement in July sales was broad-based, with sales of single-family homes, the worst-hit segment of the market, up 6.5 percent to an annual rate of 4.61 million units and multi-family dwellings up 12.5 percent to a 630,000 unit rate. Sales were up in three of the four regions.

Still, high unemployment threatens the budding recovery as many homeowners continue to lose their properties, and some economists question the sustainability of the economic recovery many see taking root.

A report from the Mortgage Bankers Association on Thursday showed late home loan payments jumped to a record high in the second quarter, with almost one in eight homeowners delinquent or in the process of foreclosure.

The inventory of existing homes for sale in July rose 7.3 percent to 4.09 million units from the previous month, NAR said. At July's sales pace, that represented a 9.4 months' supply, the same as in June.

"The inventory overhang needs to be reduced significantly further before prices can start rising on a sustained basis. Overall, these figures may suggest that the recovery in housing activity is gathering pace, but there is a long way to go yet," said Paul Dales, U.S. economist at Capital Economics in Toronto.

(Additional reporting by Nick Zieminski in New York; editing by Leslie Adler and Dan Grebler)

May 2009 home sales Vs. May 2008, 2007, 2006, and 2005 (sales according to FlexMLS)
	May-09	May-08	May-07	May-06	May-05
Total Sales (Single Family Detached Homes)	8,338	4,830	4,659	6,181	8,025
Between the price range of $1 to $399,999	7,852 (94.1%)	4,117 (85%)	3,480 (75%)	4,671 (75.5%)	6,483 (80%)
Between the price range of $400,000 and above	486	713	1,179	1,510	1,542
REO sales and percentage of total sales	5,349 (64%)	1,505 (31%)	99 (2.1%)	10 (<1%)	19 (<1%)
Short Sales and Percentage of total sales	947 (11.45%)	0	0	0	0
*Numbers as of 6/4/09
	2009 previous months activity
	Jan-09	Feb-09	Mar-09	Apr-09
Total Sales (Single Family Detached Homes)	4,285	4,869	6,881	7,655
Between the price range of $1 to $399,999	3,989 (93%)	4,525 (93%)	6,504 (94.5%)	7,222 (94.3%)
Between the price range of $400,000 and above	296	344	377	433
REO sales and percentage of total sales	2,881 (67%)	3,278 (67%)	4,709 (68%)	5,108 (66.7%)
Short Sales and Percentage of total sales	396 (9.2%)	444 (9.1%)	690 (10%)	774 (10.1%)

 The Percentages in the chart above refer to the percentage of total sales for the month. Example: in MAY 2009 homes priced under $399,999 represent 94.1% of the total sales in May 2009 (7,852 total sales).

As you can see things are selling at an astounding rate...this is very positive news!!! WE SOLD MORE HOMES IN MAY 2009 THAN WE DID IN MAY 2005!!! As of 6/04/09, there are an amazing 11,852 Single Family Homes PENDING!!! And a total of 13,277 total properties Pending in the MLS!

Have a Great Day!

From The Jesse Herfel Group

This information was provided by PlainsCapital Corporation

HomePath vs. 203k streamline...which is right for you?

There are many new loan programs that have been introduced recently and it can be difficult for a home buyer to know which one is right for them. There are many misconceptions about some of these programs which makes it even more difficult. What I would like to do today is briefly describe the difference between two of the more popular loan programs so you can decide what might be the best fit for you.

The first of these programs I would like to mention is the HomePath. For those of you who have been receiving my notes for a while, you may have read about this before. The HomePath is a program that has been rolled out by Fannie Mae. It has been designed to assist Fannie Mae sell more of their REO properties. As an owner occupant of the property, it can be purchased with as little as 3% down and there is NO mortgage insurance required which will save a lot in monthly expense. They also do not require an appraisal on this home. I don't think they really want to know what it is worth

Fannie Mae also offers this program for investors. An investor can qualify for this loan with a little as 10% down, no appraisal and they do not have to pay for mortgage insurance either. This is a fantastic way to assist an investor who is looking to maintain more of their personal liquidity.

Now comparing these to the 203k, there are many differences. The 203k can come in two different packages and is only for owner occupants. The standard 203k is really meant for major rehab jobs that may even include foundation issues. It has a standard draw process for the rehab money. The 203k streamline is really a good alternative to someone who just needs to fix up a property but does not want to do a complete rehab job. It has a simplified easy to use draw and can be used for cosmetics only. You are not limited to Fannie Mae homes and qualify in a similar manner that you would with any FHA style loan.

Neither the HomePath or the 203k have very stringent qualifying factors.

Information courtesy of Matt Redding

Don't miss this chance to take advantage of the 1st Time Homebuyer Tax Credit!  If you or anyone you know can benefit from this, call 602-565-2424 today!  Visit this link for criteria and more information!

http://www.federalhousingtaxcredit.com/

http://greeninc.blogs.nytimes.com/2009/02/17/obama-signs-stimulus-packed-with-clean-energy-provisions/?scp=1&sq=energy%20efficient%20tax%20credit&st=cse