Where is the Economy Headed, and How Will That Affect Real Estate?
 News about the economy continues to send mixed messages. The Fed sounds optimistic as they declare this week that “economic activity is leveling out,” supported by stabilizing housing prices. Yet others report more softening as retail sales fall and jobless claims rise. While these reports reflect changes on the national level, a REALTOR® ’s business backs into a niche market, one that can follow the trends of the nation, or one that can be much hotter or colder than the average. Given that they are on the front lines, a Realtor can have a unique perspective on what is going on in the economy. Scott Voak wants to know where you think the economy is going: “With this post, I am looking for a few responses. I am interested in getting...
Foreclosure Opportunities for Buyers
D espite signs of stabilization in the past months, the foreclosure numbers for July remind everyone that the housing market, and perhaps the economy as a whole, are still in recovering. The rise in foreclosures is not an anomaly. In fact, many analysat predicted July would see a rush of foreclosure listings as the government’s moratorium on foreclosures ended. While the moratorium undoubtedly helped some families who were in line for loan modifications, it only prolonged the inevitable for others. As in months past, the states with the highest foreclosures were California, Florida, and Nevada. Bob Phillips explains more about the concentration of foreclosures: “Foreclosure tracker RealtyTrac reports that the number of foreclosures nationwide rose 7...
Homeowners Can Be Proactive Sellers
T he fiduciary responsibilities of an agent to a seller obligates the agent to act in the selle’rs best interest at all times. This role covers a wide range of duties, but the main theme centers around the agent doing everything possible to gain an advantage for the seller, whether that be over the buyer or competing properties. On the other side of the coin are the responsibilities of the seller. While sellers aren’t obligated by a code of ethics or fiduciary duties, there are ways a seller can be proactive to help sell their own home. Matt Malouf gives sellers some tips to help sellers be more proactive: “Think like a team player. Yes, your real estate agent is the professional, but that doesn’t mean you aren’t an integral part of it all....
New Products for Greener Homes
T he list of new and innovative green building materials keeps growing as homeowners increasely demand earth-friendly, sustainable products. Many of these ingenious products are made from recycled everyday items and others are old items that have been remade with greener standards. These amazing advances in technology are helping builders build better homes while keeping utility bills lower for those that buy them. Carol Chiafalo provides us with a list of great new green products for your home: “I am a REALTOR® and I am a builder in the ‘green’ city of Decatur, Georgia. I have no problem spending a few extra bucks today on a furnace system that will heat and cool a home for years to come without using nearly as much fuel as the older,...
Mortgage Fraud Affects Real Estate Homeowners
M ortgage fraud is at least partly to blame for the mass of foreclosures that sit on the books of the nation’s biggest banks, many of which the taxpayers bailed out. As underqualified buyers applied for loans, brokers found ways to make the numbers “work,” so the underwriters would sign off on the loan. However, as rates adjusted and values fell, those underqualified buyers were the first to lose their homes, exposing inflated incomes and other falsified documents. While the foreclosures brought to light the ways in which mortgage fraud was being commited, it certainly did not stop it from occuring. In fact, the occurances of mortgage fraud have only increased in recent years. Ki Gray explains more about mortgage fraud, and who is being targeted...
Expand Your Knowledge About the Short Sale Process
T he short sale process has become the new staple for many REALTORS® working in states like California, Florida, and Arizona, to name a few. The ever-changing regulations that affect this process further emphasize the need for Realtors to continue their education if they want to be seen as an expert in this arena. Knowing what is involved and the delays that can occur will help you give your clients an accurate timeframe to work with. Erin Attardi posts about the new delays caused by mortgage insurance companies: “With the bulk load of short sales that I am negotiating, there is an interesting phenomena I am running into more and more these days. Lenders are placing their own mortgage insurance policies on loans. This is not your typical private mortgage...