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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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Dear InfoTube:   My husband and I are considering the purchase of a townhome.  We found a great unit, much larger than most for the money, but the builder has filed for bankruptcy.  Also, the development is not entirely finished and it has a lot of unsold units.

We would like to take advantage of the $8000 tax credit and low interest rates, so we are in a hurry.  Should we buy this unit?  Your thoughts and expertise would be a big help. 

Dear First Time Buyer:  You don’t say where you live, but bankrupt builders are common in this market.  The fact that the builder is insolvent doesn’t mean that the construction was sub-standard.   But, it does mean you won’t have the builder backing up his work.  Keep in mind that all warranties for appliances, roofing, flooring, etc. are backed by the manufacturer, not the builder, anyway, then make sure you have a very good home inspection before moving forward.

The issue of the unsold and unfinished development should probably be of more concern to you than construction or inspection problems.   There are issues that you need to discuss before considering buying into a paritally vacant, multi-family development.

1. How much do you want to live through??  Since the development is unfinished, it could take years before the project is completed.  And, you will have to tolerate construction noise and dirt while the work is done.
2. How long do you plan to live there?  You need to be aware that prices may drop subtantially on the completed unsold units before everything is said and done.  This means that you may lose your equity and owe more than the people who buy later for less money.  Also, when the remaining new buildings are finished, you will face a lot of competition from new or newer units than the one you own.  If you decide to buy here, make sure you can stay until everything is complete and the market has stabilized.
3. What about the Homeowners Association?  Unsold and vacant units mean that the association will need to cover their expenses.  If the development is large and has ammenities such as pools, tennis courts, greenbelt area’s, etc. you may have only a few owners splitting the costs of insurance, maintenance and upkeep.  This situation can dramatically raise dues beyond what most people are willing to pay.  Verify the financial situation of the HOA and make sure you understand the by-laws before jumping into a situation with no real ceiling on future expenses.

I would offer you one piece of advise for any property you are considering, never buy a home because of tax incentives.  Although the $8000 credit is very enticing, make sure you buy a home that is located in a good neighborhood and suits your families needs.  Low interest rates, and the tax credit are strong motivators, but make sure you are buying the right home, in the right spot and at the right price.

Thank you for writing to InfoTube.net homes for sale and lease website.  I hope I have answered some of your concerns and if you need more information, please let me know.

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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As if being foreclosed upon isn’t traumatic enough, one man from Minneapolis can attest that being homeless might not be the worst thing that can happen to you, if you lose your home.   

When the city of Minneapolis evicted Joe Poetsch from the home he had lived in his entire life, they actually boarded the poor owner up inside the home, then drove away.  Mr. Poetsch, like millions of other Americans, admited he made a few mistakes that caused him to lose the roof over his head.   But, talk about kicking someone when they are down…Imagine losing the only home you ever had, and then suffering the humiliation of being boarded up inside, then abandoned. 

Although hard to believe, it’s all true.  Read the story from the Star Tribune Newspaper below. 

Cane in hand, he lurched around, throwing a few things in bags, putting Kitty in the carrier. He heard the contractor outside starting to drill into the door frame.

Poetsch made his way down his narrow stairway, resigned to the end he had resisted for three years, through personal financial missteps, the false promise of a foreclosure“rescue” and a court victory that gave him short-lived hope.

He came to the door and realized that he was too late. A truck had driven away from the house, prompting those outside to think the tenants were gone. Poetsch had been boarded up inside his house.

City officials say Poetsch had ample warning that they were coming that day, but they say his brief incarceration was an unprecedented mistake. In many ways, Poetsch’s experience is emblematic of the forces that have fastened plywood over so much of the North Side and urban neighborhoods across America.

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Low home appraisals are becoming a huge obstacle for homeowners and sellers. 

After years of succumbing to pressure to inflate appraisals for greedy lenders, anxious to make loans, it seems that appraisers have done an “about face”.  Now, the biggest obstacle to selling a home or refinancing one is the appraisal.   Like with all back lashes, it seems that the recently lax appraiser has now “over corrected” the problem to the determent of the housing market.

To read more about how to address low appraisal issues, Click HERE.

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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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Being raised in rural Missouri, the concept of using goats (goating out a property) to clear and maintain land is not a new one.  But, for many people, the idea of using goats, instead of noisy mowers, to help with the chores is an option they never considered.

Goats, What’s Not to Love?  In addition to being very cute and smart, goats are great at clearing brush and weeds without using gasoline, polluting the air or disturbing the peace.  Mowing by goat means less work for busy people, it is chemical free and the little darlings automatically fertilize as they work. 

Even Silicon Valley and other metro area’s are looking to the environmentally, friendly goat as a non-tech means of maintaining their grounds and property.  Google “hired” 200 goats to maintain the grounds at its Mt. View, CA headquarters.  Yahoo, located just a stones throw away, must have loved the idea because they also rented goats to cut their grass.  Even cities are joining in the goat movement.  Mesa, AZ has used goats to maintain the land around their water reclaimation plant for quite some time.

All “Kidding” Aside….  If Rent-A-Goat appeals to your lazy and green side, renting one is as easy as locating your nearest goat farm.  Or, you can visit GoatFinder.com, which has a directory for goat rentals for 10 states.  But beware before you rent, using goats has risks, like a deep attachment.  Goats are so cute and friendly, it can be very hard to say Goodbye when the work is done. 

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Cluck, Cluck…Do the funky chicken.  A new movement is occurring across urban area’s and cities in the country, namely raising chickens for “pure” food, fun and profit.  

Not just a hobby for hippies.  Today, urban Chicken farming has caught fire in some of the most sophisticated cities from coast to coast.  Madison, WI was among the first cities to allow limited numbers of chickens.  New York city has allowed chickens for years.  Other major metro area’s which give a thumbs up to fresh eggs from suburban back yards include:  Chicago, IL; Albuquerque, NM; Portland, OR; Seattle, WA; and many other major area’s.

• Don’t Run Afowl of the Law:  If raising cute little chicks appeals to you, make sure you know the laws in your area before you buy a cool coop.  Many cities, or nosy neighbors, may take issue.  For example, in Kansas City, MO, the birds can’t roam or be raised within 100 feet of a home or business.  No Crowing Roosters in Madison, only layers are allowed.  Some cities limit the number of chickens on residential property to 5 or 6.  So, please check the law before you get too excited about raising your own omelet.

Birds Eye View:  After looking into the new trend, we give a thumbs up for the chickens coming home to roost.   With Americans ripping up sod to grow victory gardens, aren’t chicken’s a natural next step?  And, who doesn’t think fresh eggs are better for your family and better tasting?  What do we have to lose?  Chickens are cool and advocates for urban chickens say that they are quieter and cleaner than dogs.  And, children of all ages love feeding them and gathering their own breakfast eggs.  

Chickens are a Good Thing.  For more information about raising chickens in your backyard, visit BackYardChickens.com, which boasts 30,000 members or urbanchickens.org.

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Pictures are crucial in motivating buyers and showcasing your property.   In fact, homes advertised with great pictures attract 50 percent more interest and sell much faster than other homes that are poorly marketed.

Taking great pictures of your home is easy for the most novice do-it-yourselfer, if they follow these tips from the pro’s.  

1. Staging the Shot is Critical:  No People and no pets in the picture help the buyer imagine themselves in the room.  Flowers always help.  Remove all clutter and evidence of anything personal.  Move furniture to look good in the picture, even if you don’t live that way.
2. Lighting:   Turn on all the lights, but leave the fluorescents off because they distort colors.  Light candles in the fireplace (shown top left) to punch up ambience.  Shoot one exterior shot at twilight (shown below) with all the interior and exterior lights on.

     3.  Camera Angle:  Stand in Corners of the room and aim the shot toward the other corners.  The room looks bigger, if there are no more than 2 walls in the picture.   Crouch down and take the shot from a kids height (may explain why houses get smaller as we get older) to make any space appear larger.   Try to keep the back of the camera parallel to walls or doorways to make the room feel taller.

Thank you for visiting InfoTube.net homes for sale or rent website.   If you are serious about selling a home, remember that a picture paints a thousand words and each one should motivate buyer to take a look inside for themselves.  If you aren’t using 20 good photo’s in your InfoTube.net home ad, please do yourself a favor, grab your camera and upload some new ones.  You will be very glad you did!

Finally, the house is under contract.  The inspections are done.  Repairs have been negotiated.  Everyone is ready to move…then, the buyer’s appraisal comes in below the agreed upon sales price. 

Don’t Panic.  It’s Not the End of the World.  Read this helpful article about how to keep the deal alive.

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