A friend of ours, Jerry Paffendorf, had some very interesting thoughts on a new approach to foreclosure auctions. In comments posted on his own Facebook page he argues for marked changes that we think are innovative and good for the community. The two most striking suggestions are aimed … [Read more...]
Nationally Home Sales and House Construction Increase in August
New house construction and home sales rose in August both year-over-year and compared to the previous month. According to the statistics sales of existing homes rose 7.8 percent in August from July and were 9.3 percent above the pace of August 2011. And all of these gains accompany an overall … [Read more...]
Home Prices Rise Nationwide and Late Mortgage Paymnents Decline
There were two pieces of very encouraging news this week; home prices nation wide are on the rise, and there were fewer late mortgage payments being made. Prices rose by 2.5% in June from a year ago, and by 6% from the previous quarter according to the Wall Street Journal article. The quarterly jump … [Read more...]
Banks are now Demolishing Foreclosures
In an effort to reduce costs and some banks are now demolishing foreclosures. In certain cities around the country banks are donating homes to municipalities that condemn and demolish decaying houses. Improving the Housing Stock by Reducing Inventory The theory is that if you can demolish the … [Read more...]
Are Foreclosures in Ohio Impacting the Real Estate Market Disproportionately?
Without a doubt the influx of foreclosures are is putting downward pressure on real estate prices nationwide. However, in Ohio is it a disproportionately higher problem than the rest of the country? We looked over at a post from The Mortgage Reports for some insight and a great graph. It turns out … [Read more...]
Foreclosure Home Buyers Beware
Since so many of my buyer clients are interested in distressed homes sales (bank owned and foreclosure properties) I wanted to be sure that everyone is aware of a major change in title insurance. USA Today reports, that Old Republic National Title Insurance, one of the nation's largest title … [Read more...]
Banks Suspend Foreclosures and Impact The Real Estate Market
Major US banks including Bank of America, GMAC / Ally, and JP Morgan Chase suspended foreclosures because of irregularities and incomplete records. Ohio’s Secretary of State Jennifer Brunner asked federal prosecutors to investigate foreclosure irregularities in her state. Ohio has been pushing … [Read more...]
Fire Fighters, Teachers, Police and EMTs can buy a home for 50%
Fire Fighters, Teachers, EMT's, and Police are eligible to purchase HUD homes at a 50% through a program called Good Neighbor Next Door (GNND). The program allows buyers to use FHA, VA, Cash, or Conventional financing to buy HUD homes in Designated Revitalization areas. Buyers take out 2 mortgages … [Read more...]
The Rich are More Likely to Default on Mortgages
Recent research shows that 1 in 7 American with home loans of more than $1,000,000 have missed 3 consecutive mortgage payments. According to marketplace.org only 1 in 12 of home owners with loans less than $1,000,000 are in seriously deliquent. Large mortgages, called Jumbo loans, often carry a … [Read more...]
Living Rent Free After a Foreclosure
In a sign of the times, more and more Americans are living in their homes post-foreclosure. An article in RSI media details the growing phenomenon and attributes the situation to the volume of foreclosures that have washed over the banks and the fact that they were not prepared to process … [Read more...]
