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Click Here to see the latest news on new home sales.  The easy to read charts, with comments, give instant insight to the housing market.  

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InfoTube has been blogging that Something is Wrong with real estate appraisals for quite some time now.   A new rule, called “Home Valuation Code of Conduct”, which went into effect on May 1st, has derailed sales and wrecked havoc on homeowners and buyers, with the worst possible timing.

The intent of the new rule for loan funding was to eliminate inflated appraisals.  Lawmakers found that lenders, such as Washington Mutual, pressured appraisers to inflate values in order to make more money on higher priced loans.  Although accurate appraisals are necessary to prevent fraud, the policy has had unintended, devastating effects on the entire real estate industry.

Take the case of the Mann family from San Jose, CA.  David and Penny Mann decided to sell their downtown Victorian home in order to move to a retirement community closer to their children and grandchildren.  They knew the market was tough, but they priced the home to sell and they were rewarded with back to back offers.   They accepted an offer for $560,000 from an excited young couple, buying their first home.

The Mann’s home appraised for full value, but it was deemed to be invalid, because it was done before the new rule took effect.  The second appraiser,  sent by an appraisal management company, came in $100,000 below the contract price, resulting in the buyer being turned down for their loan.  After the initial tears and panic, both parties did some frantic research.  They discovered that the appraiser didn’t live in San Jose and had never worked there.  Both buyer and seller decided to take action versus lying down and rolling over.

The buyer’s, a lawyer and student, toured at least 40 homes before buying the Mann’s house, and had lived in San Jose their entire lives.  They knew that the 100 year old home was perfect for them and they insisted that the management company send an appraiser, from the 408 area code to value the property.  The 33 year old lawyer said, “I am an educated person.” …”I’ve lived in the Bay Area my whole life”.  “I had no question it was worth $560,000, plus.  Neither did my agent or the mortgage broker or the first appraiser.  “Nor, as it turned out, did a third appraiser”,… who valued the property at the full sales price.

After all the drama, buyer and seller recently celebrated their victory at the Mann house.  The first time buyer’s brought the wine.  The Mann’s provided fresh peaches from the tree in the backyard.   Finally, a happy ending.

Unfortunately, not all victims of the new appraisal law are as fortunate as these couples.  75 percent of Industry professionals said they have had at least one low appraisal problem since May 1st, with the average loss being around $13,000.  In addition, 90 percent of real estate professionals site that at least one transaction had fallen apart because of the new law.

Something is definitely wrong, but you can take action:

To read more about what you can do if you are the victim of a low ball appraisal, Click Here.

To sign a petition to repeal the law, Click Here.  Gary Miller, Rep from California is co-sponsoring legislation.

Thank you for visiting InfoTube.net homes for sale and lease website. If you have experienced a financial loss due to the new law, please leave a comment in the space below. Your identity is completely confidential.

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For those of us searching for signs of a bottom in the housing market, the writing is now on the wall.  The charts are bottoming out and leveling off.

10 Noteworthy observations and signs include:

1. The rate of REO’s (real estate owned by the bank) coming onto the marketplace has slowed across the country.
2. In May, sales prices for existing homes rose 3 percent from April levels.
3. The number of Sold Homes surged in California, Nevada, Arizona and other hard hit area’s of the nation.
4. Even in Las Vegas, the epicenter of the crash, sales prices are firming and seller’s are receiving near full asking price, albeit at a 50 percent discount to pre-crash levels.
5. Inventory levels of existing and new homes has fallen in recent months.
6. The doomsayers were wrong about runaway inflation and rising rates.  30 year fixed interest rates remain at a very attractive 5.5 percent and banks are lending money.
7. Stocks of pubically traded home building companies have moved off their bottoms and are trading within a sustainable uptrend range.
8. The number of housing starts increased for the first time in months.  Since financing for speculation homes is hard, if not impossible to obtain, we assume these homes are already sold before construction begins, signaling demand.
9. Large home builders are starting to acquire select tracts of land for future development.
10. The rate of borrowers receiving notice of foreclosure has seen a meaningful decline of late.

Finally, we have a glimpse of light at the end of a long tunnel.  While the market will surely continue to experience difficulties, news indicates that the worst may well be behind us. 

Thank you for visiting InfoTube.net.   The summer home selling season is rapidly getting away.  If you need to sell a home, nothing beats the power of the MLS to get you noticed.  To learn more about the advantage of selling by owner and taking advantage of the MLS, Click Here.

A frequent question we receive about correctly pricing a home is “Should we use Comparable Listing Prices or Comparable Sales Data to correctly price our home?”

The answer is overwhelming, Comparable Sales Data.

Looking at the prices of listed property is a big mistake, when determining the correct asking price for a home.  Take a moment and think about it.  If the neighbors list price was motivating, the property would be Sold, not Still for Sale. 

Always use accurate a Comparable Market Analysis (CMA) to correctly price your home.   A CMA features only properties that have sold for all cash or a funded loan.  This is important because many properities aren’t appraising or closing for anything near their “under contract” price.   In our declining market, a home that is worth $250,000 today, may only be worth $220,000, 60 days later when it closes.   Appraisers are aware of this fact and generally appraise very conservatively these days.

Click here To Read more about Appraisal Problems and What you Can do About it.

To obtain accurate Sales data about competing properties in your neighborhood, visit your local county tax assessor website.  Or, research MLS data which can be viewed at sites like zillow.com.

Thank you for visiting InfoTube.net.  We are here to help you sell your home.  Feel free to place a free property listing on our site or search for a great value on your dream home.

Question:  What is the worst home selling strategy ever???

Answer:  ”Let’s test the market”.   “Let’s throw it up for sale at a high, unrealistic price and just see what happens…”

Testing the market…whatever that really means is the worst idea, ever.  Buyer’s don’t live in a fantasy world.  And, if they did, their home buying fantasy is finding a mansion for $100.  

“Testing the market” by overpricing a property means that the listing loses its ”honeymoon” period.  As a rule, properties receive more interest and more showings in the first 30 days, than they will ever see again.   Why?  Buyer’s who haven’t found the right home, rush to see new listings as soon as they appear on the market.  And, new buyer’s coming into the market always look at new listings first. 

If you overprice your home during the honeymoon, chances are high that it will sit on the market for a long time, eventually becoming a “stale” listing.   It is possible to stir up more interest later by substantially dropping the price, but seller’s can never again recreate the attention the property would have received, had it been priced right when it made its debut.

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Big Mistake.  A big mistake that home seller’s make is that they often set their asking price, based on what they paid for the property.  For example, I hear frustrated, unsuccessful sellers justify overpricing their homes by rationalizing that ”We are asking $265,000 because we paid $250,000 and want to break even.” 

The truth is, what you paid for your home doesn’t matter to anyone except you.  While it is painful to admit a financial loss, don’t dig yourself in even deeper by thinking that someone else will pay for your mistake.  They won’t.  And, their lender and appraiser won’t, either

Real estate is just like the stock market.   The Buyer determines the price they will pay, not the seller.   For example, if you bought Citibank at $120 per share and its now trading at $3.00, then $3.00 is what the asset is worth.   The fact you paid $120 a share is irrelevant to buyers in the marketplace.   The situation is exactly the same for real estate.

If you want or need to sell a piece of real estate, forget about what you paid for the asset.  The only thing that determines today’s value is what a buyer would be willing to pay today.   To determine the realistic, current value of your home, research what other homes like yours have actually SOLD for by searching on your local, county property tax database or websites like Realtor.com or Zillow.com. 

Thank you for visiting InfoTube.net.  House are selling, but only the homes in the best location, condition and price.  The summer selling season is rapidly passing by and its time to get serious.  If not, you may find that home values are even lower next year.  To reach 10 million home buyer’s each month, call us for an MLS and search engine listing for your property.  You won’t find a better way to let the world know your home is for sale and time is passing you by.

Foreclosures UP.  Unemployment UP.  U.S. home prices DOWN.

Home prices in the United States dropped another 6.8 percent in April from the same period only one year earlier.   The housing crash has now erased 26 percent of the equity in the median priced home, since the peak in July 2006.  The silver lining for renters is that home affordability is at near record levels.

Economists predict that the market will continue to see more home price declines, despite $8000 tax incentives and $275 billon in funding to keep some owner’s in their homes.

Analysts at Deutsche Bank said US home prices may fall another 14 percent before they stabilize.  Like sentiment was expressed by Robert Shiller, who co-founded the respected S&P Case-Shiller Home Price Index.   Many predict the worse declines could be even worse in New York and Orange County, CA.

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Charles McMillan, president of the National Association of Realtors, spoke in Ft. Worth, TX and reported to attendee’s that ”The dream of homeownership is alive and well in the US.”

Mr. McMillan began his real estate career in Ft. Worth, TX in 1983, one year after the Texas real estate market crashed in 1982.  Although McMillan did not address it, Texas home prices have not recovered to pre-1982 levels over the past 27 years.

Highlights from the speech include:

1. Consumers will buy houses if two conditions are met.  The home and financing costs must be at a bargain, basement price levels.
2. Keeping interest rates low and stable are necessary to stabilize the housing market.
3. The tax credit is working.  43 percent of all property sales have been first-time buyers.
4. Thanks to distressed property price declines of up to 52 percent, sales of existing home inventory has increased in CA, NV, AZ and FL.
5. The two biggest issues facing the real estate industry going forward are appraisal issues and healthcare.  Half of all real estate agents have no insurance.

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Story from Philadelphia Inquirer:

Unoccupied, these homes would be defenseless in a storm; there will be no one to put up shutters, batten down garage doors, and otherwise secure homes. But that’s not all. Nearby homes and their residents would also be at risk from wind-propelled debris.

Lehigh Acres and other communities at the epicenter of the nation’s housing crisis are coming to realize that this year’s hurricane season, which began this month, represents yet another pitfall. Hurricanes could make hazards of thousands of foreclosed-upon houses, and their diminished value could decrease even more.

“Here’s your choice,” said Julie Rochman, president of the Tampa-based Institute for Business and Home Safety. “Spend a little bit of time and money to secure the properties to withstand wind and water, or not do the right thing and have the homes become damaged and are valued less.”

The Associated Press Economic Stress Index - a month-by-month analysis of foreclosure, bankruptcy and unemployment rates in more than 3,000 U.S. counties - confirms that some of the areas most likely to be struck by a hurricane are suffering the most in this recession.

In March, there were 281,691 homes in foreclosure in Florida and coastal counties in Alabama, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas, and Virginia.

Lee County, where Manikchand lives, is among the hardest-hit counties in the country. A 22-year-old pharmacy student, he took advantage of a dismal housing market and bought a foreclosed duplex for $36,000.

In coming months, he and millions of others along the Atlantic and Gulf coasts will dutifully track tropical weather forecasts and stockpile batteries, flashlights, and tins of tuna, hoping that hurricanes blow harmlessly out to sea.

But who will secure all the foreclosed homes if a storm does approach? No one really knows.

In some cases, a property-management company hired by the bank could do the work. Or it could be a real estate agent, a homeowners’ association, or even resourceful neighbors who clear debris from yards and board windows.

Yet no state laws mandate who prepares buildings before a hurricane; even officials from the Florida Division of Emergency Management say that securing foreclosures isn’t a concern.

“It’s not an aspect that we really deal with,” said John Cherry, the agency’s external-affairs director. “Our No. 1 concern is life safety.”

Quick evacuation, not securing vacant homes, will be the priority if a major storm looms, others say. But shutterless homes can be a major safety hazard in a hurricane. And a region full of destroyed or heavily damaged homes would depress real estate values even further.

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The worst housing market since the Great Depression is taking a huge toll on senior citizens in this country.  The crash in housing values, especially in retirement haven’s such as Nevada, Florida, California and Arizona, is robbing these long, hard working Americans of their retirement and adequate health care.

While most people believe that seniors have no mortgage on their homes, the reality is that hundreds of thousands of retiree’s owe money on their homes.  Even for those lucky enough to own their house outright, the unprecedented drop in home values means they have less equity to live on or exchange for a move to retirement housing or health care facilities.

• According to the AARP, 25.5 million people over the age of 50 have a mortgage on their home.  More than 680,000 (which represents 30 percent of all distressed property) baby boomers are deliquent on their mortgage or are in the process of foreclosure. 
• Many seniors have little saved, other than the equity in their homes.  36 percent of all retiree’s state that their savings and investment nest egg is less than $25,000, excluding home equity and benefit plans.
• Seniors banked on rising home prices and leveraged their primary asset through equity loans and reverse mortgages.   Those that leveraged assets to afford retirement owe an average of $150,000 on their houses.
• Retirement communities and long term care facilities are suffering from the housing market, too.  Seniors usually sell their homes to finance admission into senior housing facilities.   Dire market conditions often mean no sale at all, or one at substantially discounted prices.  Many people are left with no choice or options, forcing them to cancel plans to move to housing that fits their changing needs.

Although seniors and retiree’s are often overlooked in the news, the housing and stock market crash have taken a huge toll on their lives and well being.   Most have worked all their lives to build secure nest eggs for their golden years, only to discover that half a lifetime of work and savings vanished in the blink of an eye. 

Click Here to Read More from USA Today

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In light of a new wave of foreclosures and distressed property sales, home seller’s may need to lower their expectations about home asking prices.

Recent reports find that nearly one in every four current home sellers (not seller’s of bank owned property) have dropped asking prices an average of 10.6 percent from their original listing price.   In dollar terms, that is equal to another $27.4 BILLION, yes BILLION, slash in the equity of  US homes.  Ouch!

The good news for home seller’s is that higher interest rates and a rapidly approaching deadline for an $8000 tax credit is creating urgency among buyers.   A recent uptick in sales proves that homes priced aggressively are selling very fast.  But, homes priced above the competition continue to sit and languish on the market for months on end.  Simply put, there is great demand in the market now…at the right price.  Seller’s may need to sharpen their pencils, but buyers are actively purchasing homes.

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Although all the news about real estate, housing and lending isn’t particularily bullish, there are some compelling new motivations for buying now.   Rising interest rates, Inventory Decreases and the $8000 tax credit which expires December 1.

1. Interest rates are soaring, as the dollar falls.  Economists predict that the low rates we saw only a month ago, aren’t likely to return anytime soon.   In April, 30 year fixed rate mortgages averaged 4.5 percent.  Last week, rates hit 4.98 percent.  And, this week, Bankrate.com is quoting 30 year fixed rates for prime borrowers at just over 5 percent.  Note: An increase of only 1/2 percent in interest rates raises the mortgage payment for a $170,000 loan by $52/month, $624/year or $18,720/over the life of the loan.
2. The deadline for qualifying for an $8000 tax credit is rapidly approaching.   Although, the December 1st deadline may seem a long way off, in real estate terms it really isn’t.  A lot of people are sitting on the sidelines, waiting to see if prices will drop another 1 or 2 percent over the next 6 months.   Lenders are already warning us that when all those buyers rush into the market in August or September, the backlog in loan applications will mean a wait of 60-90 days to close an average loan.  Note:  Given that the average buyer in this market looks at over 30 homes, over a 3 month period, buyers who don’t want to miss the boat on their $8000 gift, should get serious now.

For those buyer’s hoping to time the market perfectly, we think their ship may be sailing by.    Home inventories are dropping, prices are stabilizing, interest rate increases erase potential gains made by a further fall in prices and $8 grand is on the line, if the December 1 closing deadline can’t be met.   Serious buyer’s should jump on board now, before they find out that the ship has sailed and they missed the boat!!

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Sales for existing homes increased nearly 3 percent, on average, in April, slightly exceeding forecasts and expectations.  The report offered hope that home sales were stabilizing and we may be at the bottom of the housing recession.   Watch the short 1 minute video for more information about your local and national housing market.

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On Thursday, the government announced two programs that may help thousands of homeowners that are sinking in debt avoid foreclosure.

Treasury Secretary, Tim Geithner, said “Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from price declines.  If a modification is not possible, we are announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future.”  Geithner went on to say that, “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to your economic recovery”

The Program in a Nutshell:

1. Foreclosure Alternatives:  The program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation.  The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one.  Under the new program, lenders may receive compensation up to $1000 for completing a short sale.  Borrower’s may receive up to $1500 for relocation expenses.  Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale.

Why This New Program May Help:

1. A short sale is the last step before foreclosure, and is far less costly for lenders and borrowers.   Selling short is less damaging to the homeowners credit and they are less costly for banks and lenders.   Survey results show that losses from short sales average 19 percent versus losses of 40 percent in the case of foreclosure.
2. Currently, more than 75 percent of short sale contracts fall apart, despite sometimes heroic efforts on the part of the borrower.  Lenders have for the most part been uncooperative when responding to offers on short sales, which means the properties sit vacant and pull down values in the entire area.
3. The new program may provide a much needed boost to the current Making a Home Affordable program.  Despite good intentions, the program has only helped 55,000 homeowner’s modify their loans.   In comparison, there were 342,000 foreclosure filings in the month of April, alone.

  Stop The Sinking Feeling.   If you are struggling to pay your mortgage or you are falling behind on your payments…CALL YOUR LENDER TODAY!!   Don’t procrastinate, the problem will only become larger if you wait.   You may also waste valuable time in stopping a foreclosure on your property, which is the worst case scenario for borrower and lender alike.

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With all the housing and finance related news these days, it is hard to stay focused on where the real problems are and what specific issues affect the real estate market.   

Today, we outline the issues and target in on facts about the specific problems in housing and real estate in the U.S.  

1. Real estate markets are Local:   The University of Virginia studied foreclosures in all 50 states; 35 metro area’s and 236 counties.  They found that 85 percent of the lost value in homes occured in only 4 states - Arizona, California, Florida and Nevada.
2. Nevada, California, Arizona and Florida rank 1,2,3 and 4 in all foreclosure activity.    Combined together, these 4 states account for 55 percent of all foreclosures in the U.S.
3. The 4 sunbelt states, representing 55 percent of all foreclosed property, were also the playing grounds of investors, second home buyer’s and “flippers” who rode the out the bubble in search of riches.
4. 19 million homes are now vacant in the United States.  
5. Lenders forecast another 2.5 million home foreclosures before the end of the year.
6. The average value of a home today has fallen to less than $170,000, which is now well within the budget of the majority of workers in the country.  At the top of the bubble, the average home price in the US was $220,000, and hit $300,000 in California.
7. Uptrends:  Home sales have increased dramatically in California and Nevada in recent months.  Discounts of 50 percent or more are bringing the inventory of unsold homes to their lowest levels since the crash began.

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