Nancy Cross

What's Happening in the Market? Inventory Declining! Not Necessarily Good News ...

2011-10-17T17:29:00Z

WSJ - lack of attractive inventory

The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory. There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007. The report is the latest sign of how the US housing market can't seem to catch a break. While falling inventories are typically a sign of health, because reduced competition can boost prices, that isn't the case right now. Instead, real-estate agents say, people are pulling their homes off the market rather than try to sell them at today's discounted prices. At the same time, banks have been more slowly moving to take back properties through foreclosure ever since processing irregularities surfaced last fall, temporarily reducing the supply of foreclosed properties. The shrinking supply isn't driving up prices because demand is soft.

Yet there is still a substantial "shadow" supply of foreclosures and other distressed homes, estimated to be more than one million, that is likely to stream onto the market in the coming years. The pent-up supply is another constraint on any of the price gains that might normally occur when supply falls. The decline in inventory also suggests that there are fewer opportunities for buyers and sellers to strike deals. That can further chill sales, as buyers become afraid to overpay while sellers are similarly cautious about under-pricing their homes. In Detroit, the inventory of homes for sale was down by 28% from a year earlier, according to Realtor.com. Listings were down by 49% in Miami, by 48% in Phoenix and by 46% in Orlando, Fla. Housing inventory was down from one year earlier in all 146 markets tracked by Realtor.com except for Denver and El Paso, Texas. The Realtor.com data include only single-family homes, townhouses and condominiums listed for sale on more than 900 multiple-listing services across the country. They don't include unsold homes listed as "for sale by owner" or other properties that don't find their way onto the multiple-listing services.

Real Estate Insanity - Tenant Takes Control

2010-11-02T19:46:00Z

OK, so here's today's Real Estate insanity - A homeowner is renting his house and decides to stop paying his mortgage because he can no longer afford the payments (mortgage, taxes, HOA, etc.). Eventually, the tenant gets a knock on the door from the Process Server notifying him of an impending foreclosure. HERE'S THE GOOD PART! The tenant contacts the mortgage company and starts paying the rent payments directly to them! The mortgage company is happy so they stop foreclosure proceedings. The landlord can't evict the tenant because he's making his rent payments. And the tenant refuses showings, so how likely is it the owner can sell the house? Luckily, this isn't my listing. True Story, Crazy Times!!

5 Major Banks Halt Temporarily Halt Foreclosures! How will this affect Tampa? ....

2010-10-13T14:46:00Z

In September, Chase announced a review of 56,000 foreclosure cases in 23 states that require a judge to sign off on a foreclosure. The recent move expands the inspection to states that do not require judicial approval. Under the latest expansion, the foreclosure process will continue while documents are being examined, expected to take a few weeks. In the initial review, Chase requested that the courts not enter judgments until completion of the audit. Without a judgment from a court, those homes cannot be sold. The initial review was announced after the lender discovered that its employees may have signed affidavits on the basis of reviews done by other personnel.

In those 56,000 cases, JPMorgan Chase has asked its local foreclosure attorneys to communicate to courts, affected homeowners and their lawyers. The notification process is underway, a company spokesman said. Banks have come under increasing pressure from lawmakers in recent weeks to review foreclosures or to expand existing reviews. On Friday, Bank of America announced it was halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process. The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale. Ally Financial, previously known as GMAC, the finance arm of General Motors, has said it is temporarily suspending evictions and post-foreclosure closings in states that require judicial review while it conducts a review of documents.

How does all this affect us here in Tampabay?? Already, roughy 17% of Tampabay's bank-owned properties have been de-listed or taken off the market.

Stay tuned! I'll be getting you more information on this as the details unfold this week.

Assistance for Underwater Homeowners Coming Sept 7 - FHA Short Refi

2010-08-09T11:02:00Z

Assistance for Underwater Homeowners Coming Sept 7 - FHA Short Refi

According to RISMEDIA today, homeowners who are current on their mortgage may be able to work with their lender, provided the lender is wiling to participate, to write off at least 10% of their first mortgage. This is open to non-FHA borrowers as well. If you're wanting to stay in your home and are looking for help to refinance your mortgage into a new FHA loan, this may be an option for you. Hopefully, the government has relayed this information to the lenders as well.

Call us at 813-789-7836 for more information!

J D Power Award for Keller Williams

2010-08-03T17:50:00Z

We're proud to be in Keller Williams "Family" - see our news of the JD Power award again!

Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction by J.D. Power and Associates for Third Straight Year

AUSTIN, TEXAS (July 30, 2010) —According to the J.D. Power and Associates 2010 Home Buyer/Seller Study^SM, Keller Williams Realty, Inc., the third largest real estate company in the United States, has received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. The company also ranked second among home sellers in the study for the second year in a row.

“We are incredibly proud of our associates for earning this distinction and want to thank them for their commitment to their clients and communities," said Mark Willis, CEO of Keller Williams Realty. “We see this honor as demonstration of our company philosophy that it is the agent’s brand that matters most and no amount of money spent on advertising can replace the influence and reputations our agents have in their local communities. Our associates have earned this on their own, by building relationships in their communities."

The study was produced by J.D. Power and Associates to measure home buyers and sellers customer satisfaction. The results of the home-buying experience were determined by three factors including the buyer’s experience with their agent, the real estate office and a variety of additional services. Keller Williams Realty performed particularly well in the agent and office factors. And, overall satisfaction of buyers for the industry was up over last year.

Additionally, the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.

“It is thrilling to see our firm, once again, get public recognition for its incredible focus on customer satisfaction from such a prestigious group. Our associates continually demonstrate that it is possible to deliver the highest level of customer service in one of the toughest real estate markets on record," said Mary Tennant, president and COO of Keller Williams Realty. “We feel incredibly fortunate to be in business with them, and want to congratulate them on their hard work and dedication."

In the past year, Keller Williams Realty has continued to grow despite the well-publicized turmoil in the real estate industry. In addition to becoming the 3^rd largest real estate company in the U.S., surpassing RE/MAX®, Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31^st Annual Franchise 500 list by Entrepreneur magazine and was voted the Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.

First Time Homebuyer Credit Blocked!!

2010-06-03T18:54:00Z

So tell me the logic in this: The government puts out this great first time home buyer program where loans have to be closed by June 30 to get an $8000 tax credit. Then Congress fails to fund the National Flood Insurance fund and the 100% USDA Guaranteed fund, so the buyers that WANT to take advantage of the First Time Homebuyer Tax Credit actually can't. Now those buyers will either lose their escrow deposits because the deals crashed and burned, or they won't be eligible for the $8000 tax...(read more)

Hey, New Tampa! Wanna see what Bruce B Downs will look like after all that construction is complete?

2010-05-28T14:46:00Z

Yes, sometimes it's difficult to believe there is a grand plan for the widening of Bruce B Downs Boulevard through New Tampa, especially when you're stuck in traffic at the end of the day and all you want is to be home. But there is a final design! Check out the virtual design below:

http://previews.urscreativeimaging.com/future_projects/flash-videos/I75.html

Oh, By The Way .... I'm never too busy for your real estate referrals!

Buying a Foreclosure - Opportunities and Pitfalls!

2010-05-04T14:13:00Z

I have many people calling asking to buy foreclosure properties. But do they really know what that means? Buying a foreclosure comes with great opportunities, greater pressures and unknown pitfalls in the foreclosure market. First, you have to decide at what stage of foreclosure you want to buy. There are three options: 1. pre-foreclosure (also known as a short sale); 2. sheriff's auction; 3. repossession, called REO (for real estate owned by the bank).

Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Potential buyers must negotiate a deal with the lender as well as the current owner. That makes buying at this stage of foreclosure complicated and slow. But, you have the advantage of being able to inspect the home and negotiate for repairs or credit for repairs before purchase -- which isn't the case in other types of foreclosure sales, but the prices remain high.

Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties, like the house being unavailable for inspection and probable repairs which you were not prepared for. At this point, you may also be responsible to clear any liens placed against the property. This stage is usually best left to the professionals - the contractors and investors who know what they're doing.

Repossession: This occurs after the home has gone through a sheriff's auction but does not sell and the bank gains possession of the property. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property comes with a clear title. Even in this safer stage, though, homes are still usually sold in "as is" condition," but the process can be faster. The pitfalls to avoid are: Do not get caught up in a bidding frenzy, and do not underestimate repair costs. Not knowing what comparable properties cost, can mean that you must be prepared for eroding prices in high foreclosure areas. If you are buying for the short-term, the better bet would be is to buy the only foreclosed home in an otherwise stable community that will hold its value. Not having financing in place is as good as not being in the market, as banks often jump on the highest bid with the best financing already in place.

Interested in learning more about buying distressed property in Tampa? Call Nancy at 813-78-7836.

Fannie Mae Home Buyer Credit Still Available Thru June 30!

2010-05-02T19:04:00Z

Fannie Mae announced this week that it would extend its 3.5% seller assistance on its REO properties (foreclosures) to June 30, 2010. It was originally supposed to expire May 1. "We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values," said Terry Edwards, Executive Vice President of Credit Portfolio Management. This program gives buyers back 3.5% of the final sales price to be used toward closing cost assistance or their choice of selected appliances. No surprise that with the home buyer tax credit expiring and foreclosures rising, Fannie would choose to extend a program that's working like this. Of course, remember, Fannie Mae (along with Freddie Mac) is under government conservatorship and is being fueled by billions of taxpayer dollars, so this program is nothing short of another government housing bailout.

Understanding HAFA

2010-04-29T12:04:00Z

http://www.youtube.com/watch?v=8TXx8rKy-Ow

Have you tried to modify your loan using HAMP and been declined? The government has come out with a new program called HAFA to help those folks who did not qualify for HAMP. Watch the video to get the big picture to avoid foreclosure. HAFA is designed to help homeowners thru the short sale or deed in lieu process. Call Nancy for more details and 813-789-7836!

Price Reduced on 330 & 350-8907 Regents Park Drive in Pebble Creek

2010-04-20T14:29:00Z

Pebble Creek, New Tampa - Announcing a price reduction on 330 & 350-8907 Regents Park Drive, a 1,800 sq. ft., 2 bath single story. Now MLS® $252,900 - Aggressive market price!.

Property information

Single Story For Sale in Seven Oaks

2010-04-13T19:00:00Z

Move-in ready!

• 2,500 sq. ft., 1 bdrm single story - MLS® $369,000 - Best price in the center

Seven Oaks, Wesley Chapel - Fantastic opportunity to own one of the very popular Seven Oaks Professional center office units. Built by Waterford in 2006, it has an attractive facade and tiled roof outside, and many upgrades inside. It is pre-plumbed, and pre-wired for Medical Use. It could be used a single unit, but is curently divided into two 1250SF units, and each side has waiting and reception areas, bathroom, kitchen and 5 offices.
Located close to SR 56, I-75, I-275, and Bruce B Downs Blvd it is easily accessible. The planned new UCH/Adventist 80 bed Medical Center is just two minutes away.

Property information

Price Reduced on 2236 Ashley Oaks circle in Seven Oaks

2010-04-13T19:00:00Z

Seven Oaks, Wesley Chapel - Announcing a price reduction on 2236 Ashley Oaks circle, a 2,500 sq. ft., 1 bdrm single story. Now MLS® $369,000 - Best price in the center.

Property information

Short Sale News: HAFA Coming April 5

2010-03-30T23:07:00Z

Short sales are already picking up in the distressed-property market, and the trend is expected to explode in coming weeks, when the government starts handing out cash to encourage lenders to close these deals. "Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales." Short sales accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance. And Bank of America, the country's largest mortgage servicer, has more than doubled the number of short sales it processed in recent months. This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers. But that has been changing.

For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. "The lenders lose 50% on a foreclosure and only 30% on a short sale," said Glenn Kelman, founder of the real estate Web site Redfin. "And short sales offer a way to get distressed properties off their books quickly." And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing. Under the new Home Affordable Foreclosure Alternatives (HAFA) program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale. The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims. Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

What's in HAFA?

The coming boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners. Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale. I'll provide details as they come along, but here's a primer from the National Association of Realtors (NAR):

- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.

- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

- Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6%).

- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

- Uses standard processes, documents, and timeframes/deadlines.

- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

NEW Tax Credits

2009-11-06T13:20:00Z

President Obama will be signing into law the new Tax Credits today. This means there is STILL an opportunity for First Time Buyers to obtain the $8,000 credit, PLUS now Existing Home Owners may be eligible for a $6,500 credit.

Existing home owners must have owned their current home for at least 5 years. To qualify for the credit opportunities you must have your next home under contract by April 30th 2010, and complete the transaction by end of June 2010.

Contact Nancy for more details 813-789-7836