Short Sales Riches Blog » Investors

FBI looking at foreclosure mess

admin — Thu, 21 Oct 2010 14:13:33 +0000

Smart Real Estate News & Commentary by Chris McLaughlin October 20, 2010

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Straight talk from Chris McLaughlin about the REO Riches Formula system.

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And if you’re already to invest in the system, secure your bonuses

with our link:

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*********************************************************

FBI looking at foreclosure mess

As much as the big banks want to end the mess and move on; as much as the country NEEDS this mess to be over, it looks like it’s around for a while. Attorneys general in all 50 states are jointly investigating whether lenders violated state laws, lawyers for evicted homeowners are preparing lawsuits against major lenders, state judges have signaled they will review the banks’ foreclosure documents with skepticism, and lawmakers on Capitol Hill plan to hold hearings. On top of all that, now and unnamed official has told CNBC that the FBI is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis. The law enforcement official says the question is whether some in the industry were acting with criminal intent or were simply overwhelmed by events in the wake of the housing market’s collapse.

The official spoke on condition of anonymity because the investigation is just getting under way. Hundreds of judges around the country have the authority to penalize bank officials who violate their procedural rules. They could also force thousands of foreclosure cases to go to full trials rather than issue a quick ruling. Judges won’t take well to banks that filed erroneous documents with their courts, said Indiana Attorney General Greg Zoeller. “There could be some serious consequences,” including criminal charges, Zoeller said. Even if there aren’t, lawsuits are likely to continue for years, said Guy Cecala, publisher of trade publication Inside Mortgage Finance. “Some of these plaintiffs’ attorneys clearly smell blood in the water,” Cecala said.

Mortgage apps down

Data from the Mortgage Banker’s Association shows mortgage applications slumped last week as interest rates on 15- and 30-year fixed-rate mortgages rose for the first time in six weeks. seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Oct. 15 decreased 10.5 percent. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 0.4 percent. Demand for home refinancing loans fell for the sixth time in seven weeks. The MBA’s seasonally adjusted index of refinancing applications decreased 11.2 percent. The MBA’s seasonally adjusted purchase index, a tentative early indicator of home sales, decreased 6.7 percent. Mark Vitner, senior economist at Wells Fargo Securities in Charlotte, North Carolina, said the drop in demand is a reflection of the inability of many homeowners to take advantage of record low interest rates.

“Tight lending standards are preventing many homeowners from home loan refinancing,” he said. “Low credit scores and high unemployment are also playing a big role.” Vitner said “underwater” mortgages — where the amount owed on the mortgage exceeds the value of the home — are one of the biggest banes of the homeowners. This negative equity makes many of them unqualified for home loan refinancing and prevents some from selling.

Colvin – uncertainty is killing the recovery

And yes, it is the fault of Obama and the Democratic establishment. Geoff Colvin is a senior editor at large for CNN: “Life is inherently uncertain, of course, but this is different. As I travel around the country, businesspeople tell me they’ve rarely felt so unsure of what the laws and rules governing their business will be. Like Kelly, they sense major changes ahead — but what? So instead of investing and hiring as usual in a recovery, U.S. companies are sitting on more cash than ever. We shouldn’t be surprised. It has always been true that the more activist the administration in Washington, the more uncertainty it spawns. The reasons are several. Sweeping new laws — like the 2,400-page health care law and the 2,300-page Dodd-Frank financial services law — create winners and losers, but the horsetrading continues almost until the President’s pen signs the bill. Did you know that Dodd-Frank exempts car dealers from the oversight of the new Consumer Financial Protection Bureau? Such oddities are legion, but in major legislation still to come, such as an energy bill, no one knows what they’ll be.

Once these mammoth laws are enacted, government agencies must write new rules to implement them. For example, the Dodd-Frank law requires 243 new rules, by the count of the Davis Polk & Wardwell law firm, and no one yet knows what they’ll require. It takes a long time to figure out what the new rules really mean, especially at 2,000 pages. When I asked AT&T chief Randall Stephenson whether the new health care law might cause him to drop medical coverage for his employees, he did not say anything to reassure workers. “We don’t know exactly what we’ve got here yet,” he said. “But something will change.” McDonald’s recently said it might drop medical coverage for 30,000 employees because of a rule buried in the new law. Such surprises are only beginning. These historic new laws bestow significant new powers on administrators, who are not elected and are highly unpredictable. For example, the new Consumer Financial Protection Bureau has been granted extremely broad powers; its director (not yet nominated) is apparently “beyond the control of the President, the Fed, and the Congress,” says Investment News magazine, citing the new law. What new rules will it promulgate in its first five years? Uncertainty is a Republican talking point in the midterm elections, so Democrats disparage it, maybe leaving ordinary citizens to dismiss the debate as partisan sniping. That would be a shame. The businesspeople I talk to aren’t libertarians who want a minimalist government. They’re pragmatic managers who want to make an honest buck. As Dick Kelly says, “If they explain the rules, we’ll figure it out. We’ve always figured it out, and we’ll figure it out again.” More than at any time in many years, businesspeople just don’t know what the rules are. They’re frozen. Writ small, that’s a frustration. Writ large, it’s an economy that can’t get going.

Construction activity up

The September Architecture Billings Index was up 2.2 points to 50.4, marking the fourth consecutive month of increases, the American Institute of Architects (AIA) said. The score reflects a rise in demand for design services, as any score above 50 indicates an increase in billings, the AIA said. “The strong upturn in design activity in the commercial and industrial sector certainly suggests that this upturn can possibly be sustained,” said Kermit Baker, AIA’s chief economist. “But we will need to see consistent improvement over the next few months in order to feel comfortable about the state of the design and construction industry.” The AIA’S separate, less predictive, project inquiries index rose to 62.3, from 54.6 in August, reaching its best level since July 2007. Project inquiries typically produce a higher reading than actual billings because multiple architecture firms bid on the same work. The billings index is an indicator of construction spending nine to 12 months in the future. It is regularly cited by companies that sell into the sector as a reliable gauge of demand. Most diversified industrial companies get at least some revenue from nonresidential construction, selling either machinery used in construction or the components of a building: elevators, electrical and lighting systems, heating and cooling and security networks, for example.

Olick – is the mess over?

“As I was driving in to work today, the lead story at the top of the hour on the radio was Bank of America’s announcement that it would start submitting foreclosure sale paperwork again on Monday. The anchors made it out like, okay, we’re all done. Little two-week snafu, but that’s that. Then the president of the New York Fed, William Dudley, during a briefing at his bank on the regional economic outlook, said ‘The Federal Reserve actively encourages efforts to find viable alternatives to foreclosure, like loan modifications, or deeds in lieu,’ but he also added that, ‘It’s important foreclosures that comply with state and federal laws can take place as this is a necessary part of adjustment that will lead to more normal conditions in the housing market.’ Shortly after that, White House Press Secretary Robert Gibbs put out the following statement: ‘As institutions are determining their next steps in addressing these issues, we remain committed to holding accountable any bank that has violated the law. In addition to strongly supporting the investigation by the state attorneys general, the administration’s Federal Housing Administration and Financial Fraud Enforcement Task Force have undertaken their own regulatory and enforcement investigation into the foreclosure process.’

Then the Texas state attorney general, Greg Abbott, one of the 50 state attorneys general who announced a major joint investigation last week, went on CNBC charging that paperwork needs to be cleaned up and, ‘we have to deal with appropriate title to these homes.’ But he also added that with regards to dealing with robo-signing, ‘there’s no reason why all these financiers can’t get that accomplished by the end of October.’ The big banks seem to be taking a legal stand, and trust me, they have plenty of high-priced lawyers telling them what they can and can’t stand on. This is not to say that law suits won’t abound, and we will hear ever more stories in the local news about ‘wrongful’ foreclosures. But this creates something of a conundrum: It feels like there’s a little bit of backpedaling and a lot of continuing to tow the popular political line. Yes, apparently the banks are clearing some things up, but let’s not lose that great momentum of keeping folks in their homes…at least until election day.”

Now for our real estate education section…

Prospecting 101

Prospecting. Love it or hate it, everyone must master it in order to reap rewards in the real estate business. Whether you are a part-time investor, full-time flip guru or veteran agent chances are you could still benefit from refining your prospecting efforts.

Prospecting Logic

There is a natural progression or logic model to the art of prospecting; once mastered it can be used in nearly any industry with fantastic impact. The steps are deceptively simple:

1. To increase profits you must first close/sell more properties.

2. To close/sell more properties, you need to sign more contracts.

3. To sign more contracts, you must have more leads.

4. To obtain more leads, you need more referrals and first contact(s).

5. To obtain more leads and referrals, you need to prospect.

It’s All in the Numbers

We’ve said it before and we will say it again; prospecting is a numbers game. The more you manage the numbers the better the results. We have previously covered the number of contacts, ratio’s and other pertinent data here on the short sales newsletter so we won’t bore you with the data again. Suffice to say, there is one important mistake that even veteran investors and agents tend to make when calculating the target number of contacts each month; don’t forget to replace the units under contract! For example, if your personal ratio is 10:1 and you forget to replace the one unit under contact, by the end of the year your total performance will be “off” by 10 percent!

Ready-Aim-Fire!

Do you know who your target is? Hopefully you do but a surprising number of agents and investors really don’t. For example, what gives the biggest bang for the buck…pitching to other agents/investors or regular buyers? Novice investors often spend an inordinate amount of time working with individual buyers…lots of them…who will only purchase one home. On the other hand, by targeting other agents, larger investors, etc, it is often possible to cultivate a long term relationship that takes less time while yielding better results.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

*************************************************
About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

    * As the top Florida foreclosure and pre-
      foreclosure expert, he oversees more than
      100 short sale & REO closings each month
   * Long-time authority on real estate investing
      and rapid reselling of distressed homes. Owns
      portfolio of nearly 100 high-value, high-profit
     properties
    * Owner of one of Florida’s largest Real Estate firms,
     running 4 different offices, supporting over
     400 agents, uniquely positioning him to help
     thousands of investors make money in the
     biggest market opportunity ever!
   * Highly sought-after speaker, consultant, and
      seminar leader for current trends and hot topics
      in Real Estate Investing, Entrepreneurship, and
      Wealth Building
  * Follow me on Twitter: http://twitter.com/mclaughlinchris
    * Join my Facebook Fan Page: http://www.mclaughlinchris.com
–

If you’re ready for the best bonus package of all for REO Riches Formula, then hold on tight…

admin — Tue, 19 Oct 2010 13:25:30 +0000

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CNBC’s Olick – foreclosure delay means big trouble

admin — Fri, 01 Oct 2010 15:34:03 +0000

Smart Real Estate News & Commentary by Chris McLaughlin October 1, 2010

Forward this e-mail to your friends!

Then they can subscribe directly at the following link:

http://www.smartrealestatenews.com/

*** Join Chris’ Facebook Fan Page–> http://www.mclaughlinchris.com

*** Follow Chris on Twitter–> http://www.twitter.com/mclaughlinchris

**********************************************************

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CNBC’s Olick – foreclosure delay means big trouble

“JP Morgan Chase told CNBC on Wednesday that it will delay more than 56,000 foreclosure proceedings due to paperwork that was signed, ‘without the signer personally having reviewed those files.’ That came on the heels of GMAC halting foreclosures and evictions in 23 states for roughly the same reason. All this leads anybody with a heartbeat to figure that other large servicers will likely follow suit, as potential lawsuits abound. So what will that mean to the larger foreclosure crisis and the already weakening housing recovery? ‘It’s clear the pace of foreclosures will slow down,’ says Laurie Maggiano, Policy Director in the Treasury Department’s Homeownership Preservation Office. ‘As of right now this is a policy and procedure issue until proven otherwise, but never underestimate mid-term electioneering,’ says mortgage consultant Mark Hanson. ‘If this does go to the next level (i.e. national foreclosure moratorium, fear that hundreds of thousands of foreclosures have been performed illegally, etc.), the unintended negative consequences on the mortgage market, MBS investors, banks’ balance sheets and ultimately the housing market will be significant. ‘

We’re already seeing threats of ratings agency downgrades on all the major servicers, not to mention the threat to housing’s overall recovery. If the bulk of these cases are valid, then delaying them is only going to prolong the pain. ‘Worst case is that the current foreclosure problems turn out to be industry-wide and trigger a landslide of legal challenges that lock up foreclosures resolutions for a year or more,’ says Guy Cecala, publisher of Inside Mortgage Finance. That means all kinds of borrowers would sit in their homes free of charge, banks would be unable to get any return at all, and the housing market would still be facing the inevitable: ‘We may then see a [foreclosure] surge at some point in the future,’ notes Treasury’s Maggiano. We’ve talked an awful lot about artificial government stimulus skewing the housing recovery as it tries to help; that’s nothing compared to the potential for this latest scandal to wreak havoc on housing yet again.”

Dodd-Frank bill more trouble for business

Acting Comptroller of the Currency, John Walsh spoke before the Committee on Banking, Housing and Urban Affairs Thursday, about the challenges facing his office in adapting to the Dodd-Frank Act — citing the transition as a “mammoth effort.” His sentiment was reiterated in a letter to Congress from the National Association of Federal Credit Unions. “The additional requirements imposed by Dodd-Frank have created an overwhelming number of new compliance burdens, which will take credit unions considerable time and effort to resolve,” the letter said. “A slightly longer period for implementation of Dodd-Frank — up to 24 months — would help alleviate some of these burdens and give credit unions more time to comply.” Walsh said the biggest task right now is integrating the Office of Thrift Supervision into the Office of the Comptroller of the Currency, which requires the OCC to not only revise its rules, but review and republish the rules for the OTS also.

The OCC duties under the bill also include supporting the Financial Stability Oversight Committee, whose first meeting is scheduled for tomorrow. Walsh expects that under Basel III, will help advance the Dodd-Frank Act and help absorb some of the present challenges. The NAFCU, however, sent its own list of recommended changes and potential provisions for Congress to consider, including changes to the appraiser independence standard (mandatory reporting requirements on credit unions and other lenders who believe an appraiser is behaving unethically or violating applicable codes and laws, with heavy monetary penalties for failure to comply) and the Bureau of Consumer Financial Protection’s power to preempt consumer protection rules.

Personal income up

The Commerce Department says personal income rose 0.5% in August, the largest increase this year, while spending by individuals rose only 0.1 percent for a fourth straight month. Personal income increased $59.3 billion, or 0.5% last month, said. That’s more than the 0.3% rise economists expected. Meanwhile, spending by individuals rose $41.3 billion, or 0.4%, matching the gain from the previous month. Analysts polled by Reuters had forecast spending, which accounts for about 70 percent of U.S. economic activity, rising 0.3 percent in August. A consensus of economists polled by Briefing.com had also expected personal spending to climb 0.3% in August. In August, spending was supported by a 0.5 percent rise in personal income, the largest rise since December, the Commerce Department report showed.

The rise in incomes was above market expectations for a 0.3 percent increase and followed a 0.2 percent gain in July. Spending adjusted for inflation rose 0.2 percent after a similar gain in July. The fourth straight month of gains offered hope that consumer s continued to prop up economic growth in the third quarter. Spending grew at an annual 2.2 percent pace in the second quarter, with overall gross domestic product expanding at a 1.7 percent rate, the government reported on Thursday. With spending a touch below the 0.5 percent rise in disposable income, the saving rate edged up to 5.8 percent from 5.7 percent in July. Savings rose to an annual rate of $661.9 billion.

New York prices stabilize

Manhattan apartment prices were up year-over-year in the third quarter as more residents bought larger apartments, according to the city’s biggest brokerages. The median price was $914,000, up 7.5% from a year earlier, according to a report from Prudential Douglas Elliman. The Corcoran report said the median price was up 9% to $900,000 since last year. “Prices are jumping because of a shift in the mix,” said Jonathan Miller, who writes the Elliman report. Studio apartments’ share of the market fell by 8% while two-bedroom apartments’ share rose by the same amount, he said. The median price of a two-bedroom is about three times higher than a studio’s median price. “Market-wide price metrics have stabilized” and even in some cases improved, Liebman said. Prices of new housing as opposed to resale on the West side rose compared with both last year and last quarter, while the median price of existing condominiums on the East side rose 28%, according to the Corcoran report. This quarter, 27.7% of Manhattan’s listings sustained price cuts, but that is 14% less than last quarter and 29.4% less than a year ago. Also, condo resales spent 17.5% less time on the market than last year, while co-ops spent 19% less time, StreetEasy.com said. Manhattan’s Midtown East section, within walking distance of its main office district, saw the most home closings, with 300 closings at a median price of $687,500, according to StreetEasy.com.”

Stimulus gone, jobs gone

Tens of thousands of low-income workers lost their jobs Thursday as a stimulus-subsidized employment program came to an end. About a quarter of a million people in 37 states were placed in short-term jobs thanks to a $5 billion boost to the Temporary Assistance for Needy Families program, according to the Center on Budget and Policy Priorities. States used about $1 billion to provide subsidized employment, with the remaining funds going to cash grants, food programs, housing assistance and other aid. About half the jobs were summer employment for youth and the rest were for disadvantaged parents. Each state configured its initiative differently. Some covered all the workers’ wages for a few months, while others paid for a portion of their salary. With the program expiring, many of the adults have been told not to report to work anymore. A handful of states will continue to operate the programs for another few months, but most of those will be downsized considerably.

Now for our real estate education section…

Learn a Lesson from the Big Boys…aka What’s in the Works for 2011 and Beyond

Ever wish you had a crystal ball to know what is in the works for next year’s marketing campaigns? Today we are going to give you a taste of what is to come for 2011 and beyond. Not only is it a great way to position your own real estate and short sales messages to appeal to the same crowd as that targeted by the big boys but riding the wave of something “bigger” is a great way to cash in on the top trends for the coming year.

Cause Marketing - Forget “shock and awe”…today’s hottest trend in the financial, service and even communication industry is “cause” marketing. Need a new credit card? Select one that automatically donates to your favorite charity. Savvy real estate and short sale professionals trying to reach a concerned target market should consider visible support for charitable or other common causes. It’s a great way to show your support and gain visibility while taking advantage of tax incentives.

Back to Basics – Making memories never goes out of style but it’s time to get serious about family, friends and social support networks when major outlets like Disney are making it the foundation of their upcoming promotional efforts. Family oriented neighborhoods and other areas that support lifestyle choices are prime targets for the back to basics marketing message.

Ambush Marketing – Have a rowdy crowd that tends to be impulsive, spontaneous and excitable? Build on it by creating exciting campaigns using the latest in technology combined with special events, location related incentives and other fun, festive ventures. Not only does it set you apart but it’s a great way to gain a bit of local press and notoriety.

Green – Eco friendly alternatives might sound like yesterdays news but everyone from car manufacturers to pet products are planning major marketing campaigns around healthy and sustainable living. Real estate and short sale professionals can tap into this growing trend via a number of new ways including environmentally friendly appliance upgrades, access to public transportation or even the re-use of older homes. Take stock of your properties to determine which are able to attract the green market segment.

Local Marketing – Everyone from LexisNexis to the farmer next door is interested in local visibility and because all real estate is essentially local – well, you should be too. Local is the new global in that the appeal extends beyond the normal reach of those buyers or sellers in the immediate area; instead, the new local creates customized opportunities and services that serve the needs of buyers and sellers from diverse backgrounds in a well defined area and context. Specialized expertise and experience is essential.

Price – Bargains still sell….use the recession to your advantage by competing on price whenever possible. Think it won’t work…how long does it take most people to complete this sentence…

“Five – Five dollar…..”

Yes, it’s the Subway theme that you love to hate but it does demonstrate the successful sales strategy of affordable quality. Stay away from “cheap” and emphasize the intelligent aspect of making a great sales transaction. This is an especially helpful solution to those less than impressive properties in need of extensive repairs or renovation. Add a few discounts or free products (ie, home warranty for someone just starting out, big screen television for a retiree couple, Disney vacation for a family) to up the ante and make them feel great about the decision. Just do what it takes to close the deal and move on to the next transaction.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

*************************************************
About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

    * As the top Florida foreclosure and pre-
      foreclosure expert, he oversees more than
      100 short sale & REO closings each month
   * Long-time authority on real estate investing
      and rapid reselling of distressed homes. Owns
      portfolio of nearly 100 high-value, high-profit
     properties
  * Owner of one of Florida’s largest Real Estate firms,
     running 4 different offices, supporting over
     400 agents, uniquely positioning him to help
     thousands of investors make money in the
     biggest market opportunity ever!
   * Highly sought-after speaker, consultant, and
      seminar leader for current trends and hot topics
      in Real Estate Investing, Entrepreneurship, and
      Wealth Building
  * Follow me on Twitter: http://twitter.com/mclaughlinchris
    * Join my Facebook Fan Page: http://www.mclaughlinchris.com
–

Government giveth – and taketh away

admin — Fri, 10 Sep 2010 17:10:08 +0000

Smart Real Estate News & Commentary by Chris McLaughlin September 10, 2010

Forward this e-mail to your friends!

Then they can subscribe directly at the following link:

http://www.smartrealestatenews.com/

*** Join Chris’ Facebook Fan Page–> http://www.mclaughlinchris.com

*** Follow Chris on Twitter–> http://www.twitter.com/mclaughlinchris

**********************************************************

How to wholesale and quickly flip commercial real estate properties without using a dime of your own money or credit:

Our guest Dave recently got a commercial property under contract in Dallas… and another investor immediately contacted him and offered him a one million dollar “assignment fee” if Dave would assign that deal to him. Dave turned his offer down flat because as you’ll see on the webinar, it’s projected that Dave will earn a $12.5 million dollar profit on this one deal…in just 5 years! This property will be featured as one of the “case studies” on the webinar. RSVP for our Saturday webinar now:

https://www2.gotomeeting.com/register/126114731

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Government giveth – and taketh away

According to a report from the Inspector General for Tax Administration, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money. Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home’s purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years. Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan. Now, the IRS is developing a strategy for separating the 2009 taxpayers who are required to repay the credit from those who are not.

A review by the Inspector General earlier this year found that the IRS could not easily distinguish between home purchases made in 2008 and 2009. That heightened concerns that some claims could be erroneous or even fraudulent, that buyers could, for example, claim their purchase came later than it actually occurred. Yesterday’s release reported that 73,000 claims, more than 4% of the 1.8 million homebuyers who received the credit, had incorrect purchase dates recorded by the IRS. Some of the inaccuracies counted against the taxpayers, Nearly 60,000 were listed as purchasing in 2008 (meaning they had to repay the credit) or had no purchase dates at all, rather than their correct 2009 purchase dates, which would free them of the obligation to pay it back. It is also taking a look at all those deceased taxpayers who received credits. The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.

Closing “tax loopholes” (read: more taxes coming)

According to White House economist Jason Furman, if Congress were to pass new economic recovery measures, it could pay for them by raising some $300 billion in new revenue by closing “tax loopholes.” The White House has yet to specify exactly which corporate tax breaks would be on the chopping block, beyond saying that oil and gas companies will be first up. But Furman pointed to billions of dollars worth of tax loopholes that the administration has previously identified in budget proposals that Congress has yet to enact.

Here are two examples from the White House’s proposed 2011 budget, as noted by Anne Mathias of Concept Capital’s Washington Research Group:

* Limiting the amount of interest that can be deducted by U.S. subsidiaries of companies that have moved overseas. That could raise $1.7 billion.

* Repealing a manufacturing tax deduction. That could raise $15 billion.

Congress has already passed legislation to close some international tax loopholes, but White House officials still think there’s more left to tackle. A 150-page report from the Treasury Department details the laundry list of tax changes the White House is pushing for. Figuring out how to pay for the package will be key to congressional passage. Several Republicans — plus one Democrat, Sen. Mary Landrieu of Louisiana — have already come out swinging and said they don’t want raise taxes on the oil and gas industry. “While these tax increases may be politically popular in some areas of the country, they have a disproportionately negative effect on working families in the Gulf Coast where much of the industry is located,” Landrieu spokesman Aaron Saunders said. “Sen. Landrieu fully supports getting America’s economy back on track but feels that it should not be done at the expense of the Gulf Coast.”

FHA insurance increases – how long will they take to work?

In August, the Senate approved a bill that would allow the FHA to raise insurance premiums on the mortgages it backs. The changes take effect Oct. 4. The upfront premium will be cut to 1% from 2.25%, while the monthly yield was increased to 0.90% from 0.55%. The FHA claims the new policy will add $300 million a month to the insurance fund. FHA Chief Risk Officer Bob Ryan said that it would be “the biggest contributor” to getting the fund back to a 2% capital ratio as mandated by Congress.

But Tim Cornelison, a mortgage broker with United Community Bank in Georgia, disagrees. He said because the monthly yield increase is less than the cut to the upfront fee, it would take up to 43 months, just shy of four years, before the fund realizes any gains. “The problem is immediate,” he said. Ryan says the current FHA book of mortgages has improved from last year and is “considerably better for the 2007 and 2006 books.” But while the underwriting standards for FHA have recently been tightened, those loans behind by 90 days or more has increased 31.5% from a year ago.

US losing more competitiveness

According to the Global Competitiveness Report for 2010-2011, released by the World Economic Forum, the US was overtaken by Sweden and Singapore, partly because of the sluggish economy and political uncertainly that have weakened the private sector. Switzerland tops the list, with Sweden notching up to second place and Singapore moving up to third, knocking the U.S. down to fourth. The U.S. has been incrementally moving down the ladder. In the prior release of the Global Competitiveness Report, the U.S. held second place.

But even then, it had been knocked out of the top slot by Switzerland. “Switzerland retains its first-place position, characterized by an excellent capacity for innovation and a very sophisticated business culture,” read the report, co-authored by chief advisor Xavier Sala-i-Martin of Columbia University in New York. The report pointed to the United States’ innovative companies, supported by a strong university system, as a strong driver of business competition. But the nation was hampered by some weaknesses that caused it to lose ground in the ranking. They included the decline of private institutions, particularly in the weakening of auditing and reporting standards as well as corporate ethics, the report said.

The report also said the United States is hamstrung by its distrust of politicians. “The business community remains concerned about the government’s ability to maintain arms-length relationships with the private sector and considers that the government spends its resources relatively wastefully,” read the report. Furthermore, the report said “a lack of macroeconomic stability continues to be the United States’ greatest area of weakness.” The study pointed to “repeated fiscal deficits leading to burgeoning levels of public indebtedness” and said “this has been exacerbated by significant stimulus spending.” When even the rest of the world thinks this congress and administration is driving us over a cliff…ya gotta wonder…

DSNews.com – fewer cuts in asking price

For the first time in five months, fewer home sellers cut the asking price of their home in August, according to the online real estate marketplace Zillow. As of the end of last month, the company says just over one-fourth, 28.8 percent, of all listings on Zillow had at least one price reduction. That’s a decrease from the 30.1 percent of listings that had a price reduction as of the end of July. Price reductions peaked last September, when 32.6 percent of listings on Zillow had at least one price cut. Zillow also reported that the amount of the price reductions remained flat in August, with the asking prices nationally being slashed by a median of 7 percent, unchanged from July.

According to Dr. Stan Humphries, Zillow’s chief economist, home value depreciation stayed constant in July with home values registering a 0.2 percent decline from June and a 3.2 percent decline over the past one year. Out of 125 metropolitan markets included in Zillow’s home price study, 85 saw negative year-over-year change in home values in July, 13 saw flat annual change, and 24 saw positive annual change. Humphries points out that home price depreciation has consistently improved since last December, before going sideways in July. “Considering home sales fell 27 percent between June and July, sideways really doesn’t seem that bad,” Humphries said, referring to the National Association of Realtors’ latest existing-home sales report, which showed buying activity was the lowest it’s been in more than a decade. Zillow reports that foreclosure resales as a percentage of all sales in July notched up slightly to 18 percent, up one percentage point from June. Foreclosures in the month as a percentage of all homes remained at its record high rate of 0.11 percent, according to the company’s market data.

Now for our real estate education section…

Friday File – 15 Minute Resolution: Cheap Mi-Fi Made Easy

First it was Starbucks then most hotels joined in and now even budget constrained libraries are in on the action…hot spots have gained ground in corporations, business and schools across the nation. Unfortunately, they remain elusive within the home or small business environment. This week’s fifteen minute resolution will show you how to set-up your own mi-fi and save money at the same time…without any long contracts or other irritating charges.

Mi-Fi Defined

Everyone has heard of Wi-Fi; Mi-Fi is basically the same thing except that it creates a personalized hot spot from a 3G cell phone network. Using a portable device roughly the size of a credit card, the Internet signal is then converted into a Wi-Fi signal that can be shared with up to five people. Leave it in your pocket or purse for instant connectivity within 30 feet.

Where to Find

There are several different systems each with a twist; Virgin Mobile, Verizon and Sprint are perhaps the most popular options at the moment however, Virgin Mobile is making a big splash due to the super low cost and widespread coverage options.

What’s the Cost?

Here at the ShortSaleRiches.com blog we like to keep things simple so have done the legwork for you. The least expensive choice is the Virgin Mobile application; priced at $150, it provides unlimited coverage (yes…unlimited coverage unlike the other options that sport stiff overage charges) and no contract (let’s repeat…NO contract!). Best of all, the price is a economy inspiring $40 per month compared to $60 (and up) for Sprint, AT&T and Verizon plans (which also require two year contracts and monthly data limits). Don’t forget the added tax deductions for business use!

The Need for Speed

One of the most encouraging aspects of this little deal is that Virgin didn’t scrimp on speed; you get the same 3G speed as you would on other networks allowing you to watch online videos or even engage in video chats while on the road or traveling.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Short refinancing program started yesterday

admin — Wed, 08 Sep 2010 15:36:47 +0000

Smart Real Estate News & Commentary by Chris McLaughlin September 8, 2010

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Short refinancing program started yesterday

The Federal Housing Administration (FHA) began offering new government-insured mortgages to rescue underwater borrowers yesterday, but the new Short Refinancing program may face as many limitations as earlier programs designed to aid the still sputtering housing market. The Treasury Department set aside $14 billion in Troubled Asset Relief Program (TARP) funds to encourage mortgage servicers to support write-downs of second mortgages and to provide coverage for a share of potential losses on these new loans, according to HUD.

The combination of TARP dollars and the FHA insurance means the new lenders will have a loan backed by the U.S. for up to 97.75% of the home value. Under the program, eligible borrowers can receive an FHA-insured loan if the lender or investor writes off the unpaid principal balance of the original first-lien by at least 10%. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan must have a loan-to-value ratio of no more than 97.75%. After receiving the new refinancing through the program, the borrower’s combined loan-to-value ratio on the re-subordinated mortgages cannot exceed 115%. The new FHA mortgage can only be used to refinance the unpaid principal balance on the first lien.

MBA – mortgage applications up, refinance applications down

The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 3, 2010 decreased 1.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.9% compared with the previous week. The Refinance Index decreased 3.1% from the previous week. The seasonally adjusted Purchase Index increased 6.3% from one week earlier. The unadjusted Purchase Index increased 4.0% compared with the previous week and was 38.8% lower than the same week one year ago. “Purchase applications increased last week, reaching the highest level since the end of May.

However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40% below the level recorded one year ago,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “On the other hand, refinance volume dropped last week for the first time in six weeks, but the level of applications to refinance remains close to recent highs, as historically low mortgage rates continue to draw borrowers into the market.” The four week moving average for the seasonally adjusted Market Index is up 4.4%. The four week moving average is up 1.3% for the seasonally adjusted Purchase Index, while this average is up 5.0% for the Refinance Index. The refinance share of mortgage activity decreased to 81.9% of total applications from 82.9% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.1% of total applications from the previous week.

More spending by the administration

According to many economists, Obama’s new proposals are not going to reverse the downward trend of economic activity. The proposals, which are not expected to pass through Congress quickly, include an estimated $200 billion in tax breaks for investing in new plants and equipment, a $100 billion extension of the business tax credit for research and development and $50 billion over the next decade to improve roads, rails and other infrastructure. These plans come on top of existing administration proposals to extend tax cuts to households earning less than $250,000 a year, and provide $30 billion to spark an increase in lending to small businesses. “I don’t think the [new] proposals taken together are a game changer,” said Mark Zandi, chief economist of Moody’s Analytics. “They’re not going to jump start the economy, at least not in the next 6 to 12 months.” Allowing businesses that make equipment purchases to write off the cost of the investment right away, rather than over a period of years, might spark some capital spending, but will have limited impact on employment, according to Zandi.

It could even cost some jobs if a business buys technology from overseas that improves productivity rather than hiring more U.S. workers. “Investment spending has picked up very nicely, that’s not the problem,” he said. “The problem is a lack of hiring. This is driven more by what [Obama] can get through Congress than by what will create jobs.” With record cash on corporate balance sheets, the tax credit will do little to spur additional short-term spending, echoed David Rosenberg, chief economist and strategist for investment bank Gluskin Sheff.

“We already have business spending running at its fastest rate in three decades without the need for more deficit-financed tax incentives,” he said. “In other words, how ridiculous is it for the government to be targeting tax relief to the one part of the economy that needs it the least?” Allen Sinai of Decision Economics also sees limited impact from any of the proposals. He said the infrastructure spending is only going to add to government debt without providing long-term help for the economy, and that similar spending in Japan did little to prevent a so-called “Lost Decade” there in the 1990′s. “We need outside-the-box, big picture thinking to have a big effect on the muddle-through economy we’re facing,” he said.

Prime mortgage delinquencies next?

Mortgage analytics firm CoreLogic is reporting that subprime delinquencies are steadily trending downward. Additionally, the firm’s main economist warns the performance of prime mortgages may be a growing concern, especially considering economic hardship can suddenly hit any American family, regardless of the types of housing debt they hold. CoreLogic reports 2,376,120 American subprime mortgages are still active in the market in June, down 12.5% from a year ago. Overall, the numbers show that despite the decrease in volume, subprime mortgages still account for the great percentage of current delinquent loans and foreclosures across the board.

As of June, 39.6% of the subprime loan market is 60 days delinquent — 35% of that is 90 days delinquent, 13% of that are now in foreclosure and 3.8% of mortgages are real estate owned. But that’s comparable to the nearly 6.5 million prime mortgages that fit into the same delinquency categories, where 60+ day delinquencies are not showing a significant decline and foreclosures continue to steadily inch upward, now passing the 2% mark. “If you’re looking at delinquencies and foreclosures by data type you’re comparing 16% versus 40%,” said Fleming in an interview. “But that’s 16% of 40 million loans (prime) versus 40% of only 2 million loans (subprime),” which equals 6,355,506 delinquent prime mortgages versus 950,448 delinquent subprime mortgages.

Fleming also mentioned that delinquency and foreclosure are “product agnostic” occurrences, meaning economic factors such as job loss don’t choose a person based on their mortgage. A borrower who losses his job and has a subprime mortgage is more likely to have trouble paying it than does a borrower with a prime mortgage who losses his job. “Maybe we need policy to look at what kind of loans people have,” Fleming said with regard to decreasing delinquency. “If I were a policy maker I would be focusing law toward the prime space.”

Republican plan

House Minority Leader John Boehner outlined a plan to bolster the economy on Wednesday, hours ahead of President Obama’s scheduled speech unveiling a $350 billion job-boosting proposal. Boehner, R-Ohio, identified the “two main problems hampering job creation” as “excessive government spending and the uncertainty Washington Democrats’ policies – especially their massive tax hike – are causing small businesses.” He called on House Republicans to take on the problems in two ways. First, he suggested passing a bill that “cuts non-security related government spending for the next year back to FY 2008 levels — before all of the bailouts, government takeovers and ‘stimulus’ spending sprees began.”

Second, he suggested the Congress “enact a two-year freeze on all current tax rates to stop job-killing tax hikes on families and small businesses…While President Obama intends to move forward with his plan to raise taxes on half of small business income in America, House Republicans will continue to fight to permanently stop job-killing tax hikes,” said Boehner. Boehner’s call for a freeze on tax rates amounts to a compromise with Obama. Republicans have called for a permanent extension of the tax cuts, saying they are needed to spur economic growth. “If we’re able to do this together, I think we’ll show the American people that we understand what’s going on in the country and we’ll be able to get our economy moving again and get jobs growing in America,” Boehner said.

Now for our real estate education section…

White Hat Replies to Black Hat Accusations

Back in the day when Westerns were popular, the bad guy always wore a black hat while the good guy sported a shining white hat. With a single glance it was simple to see who to trust and who to keep an eye on. Today things aren’t quite so simple especially when it concerns financial matters. Who is to blame for the current economic woes…bankers, brokers or buyers? Everyone seems to have a different opinion. The same applies to real estate investors – especially if they specialize in foreclosures or short sales. If only things were that simple. The reality is that investors are increasingly able to create a win-win situation that benefits the bank, the investor, the homeowner and even the new buyer. Today we will tackle a few of the more common accusations levied against real estate investors along with the facts behind the facade.

Accusation: You are taking advantage of someone else’s misfortune.

Response: Not everyone is a victim; some made a calculated risk while seeking a greater reward…and lost. Also, the economy has changed and many people are now stuck in homes they cannot afford and do not want. Once out from under the burden of this house they are now free to pursue other opportunities and get their financial life back on track.

Accusation: You are profiting from the poor since foreclosures and short sales only happen in distressed or poor areas.

Response: Foreclosures and short sales are not limited to poor areas. The neighborhood may or may not be distressed depending upon the unique composure of the community itself. Some areas were over-built and heavily promoted for investment properties by new builders and have an inordinate number of foreclosures while other neighborhoods may only have a very few. It can literally change from street to street.

Accusation: You are taking advantage of people by bidding low and then re-selling at a higher price.

Response: A tremendous amount of time, energy and risk goes into securing a property, making any needed renovations, marketing it and locating a new buyer. Unforeseen repairs, unanticipated delays, taxes and insurance plus a long list of other potential costs are just a small part of the equation. Sellers and banks need to move properties; the reward reflects the inherent risk plus value of time and other costs.

Accusation: You are throwing needy families out into the street.

Response: Evictions are not the norm. Even in the worst case situation, most homeowners have lived in the home rent/mortgage free anywhere from six months up to two full years…in fact, media reports clearly demonstrate some homeowners admittedly “making out like bandits” simply by refusing to pay their mortgage. Banks are so backed up that it can take an inordinate amount of time to process the paperwork; meanwhile, many homeowners are able to save a substantial sum simply by putting aside the mortgage payments. Social service programs and other government assistance is available to families in need especially those with children, the elderly or the disabled. In fact, many modification programs actually help with moving expenses by putting cash in the hands of former homeowners.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

*************************************************
About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Let the housing market crash?

admin — Tue, 07 Sep 2010 20:51:14 +0000

Smart Real Estate News & Commentary by Chris McLaughlin September 7, 2010

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Let the housing market crash?

As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash. When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve. “Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.”

The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent. The poorer these owners feel, the less likely they will indulge in the sort of consumer spending the economy needs to recover. If they see an identical house down the street going for half what they owe, the temptation to default might be irresistible. Ultimately, “the administration made a bet that a rising economy would solve the housing problem and now they are out of chips,” said Howard Glaser, a former Clinton administration housing official with close ties to policy makers in the administration. “They are deeply worried and don’t really know what to do.”

What about responsible homeowners?

Keith Gumbinger, a leading mortgage expert, has an interesting proposal for how the government can help responsible homeowners who actually pay their mortgage, help the housing market, and even help whoever owns your mortgage. Say you bought a house for $350,000 in July 2006 — those were the days of 100% financing, so you borrowed $350,000 on a 30-year fixed-rate mortgage at 6.8%. The house is now worth $280,000, but your mortgage balance is $334,000. The current rate for a 30-year fixed-rate loan, if you could get one, is 4.7%. Under Gumbinger’s plan, you’d get a new $280,000 mortgage at 4.7%, and the government would guarantee the other $54,000, on which you’d pay 4.7% interest to the current mortgage holder.

This would reduce your payments by $6,700 a year, or roughly 25%. Your mortgage holder wouldn’t have to take a write-down, because the shortfall would be guaranteed by Uncle Sam. You get lower payments, preserve your credit rating, and save your pride by not becoming a deadbeat. The government is probably on the hook, in one way or another, for some of your shortfall now. This way everyone gets breathing space for the home market to recover. The government’s exposure would shrink over time as house prices begin to rise modestly (or so we hope) and your payments gradually reduce the principal on your loan. You wouldn’t have any equity in your house until its market value exceeds the loan balance plus the government’s guarantee, but then again, you don’t have any equity now.

What’s another $350 billion?

Well, it’s getting near the November election and President Barack Obama is going to introduce a new $200 billion tax cut tomorrow, giving businesses across the country an incentive to buy new equipment in the short term. The tax cut will allow businesses to write off 100% of new investments in plants and equipment made between now and the end of 2011, according to the senior administration official. The new tax cut will be in addition to a $100 billion permanent extension of the business tax credit for research and development, as well as $50 billion in new infrastructure spending included in a package that the president will officially unveil Wednesday during an economic speech in Cleveland, Ohio. The $100 billion tax credit proposal was reported by CNN on Sunday while Obama himself disclosed the infrastructure spending Monday in a fiery speech at a Labor Day event in Milwaukee, Wisconsin, in which he tried to draw a sharp contrast with Republican economic plans.

The leaks of a flurry of Obama proposals in just the last 36 hours show just how anxious White House officials are to show the president is on top of trying to rescue the still-faltering economy at a time when Democrats strategists are privately starting to panic that their majorities in both the House and Senate may now be up for grabs. Altogether, the three new Obama proposals add up to $350 billion, which is starting to creep up to nearly half the size of the $787 billion stimulus plan the president pushed through Congress in the first 100 days of his administration. Top White House aides still claim that they are not putting together a “second stimulus” package, but does anyone believe that?

Economic pain stays

According to The Associated Press’ monthly analysis of conditions around the country, unemployment, foreclosure and bankruptcy rates didn’t budge from June. Yet the economic pain varied among localities, depending on their economic bases. Stress eased in counties whose work forces lean toward areas like agriculture, mining, wholesale trade and finance. By contrast, counties with many employees in the retail and real estate industries suffered higher distress in July, according to a statistical analysis by AP. Economic stress declined month to month in July in about 54% of the nation’s 3,141 counties and in 24 of the 50 states, the AP’s Economic Stress Index shows. The AP’s index found the average county’s Stress score in July was 10.5, unchanged from the previous month. About 42% of counties were found to be stressed.

That, too, was unchanged from June. Nevada, with a score of 22.1, was again the most stressed state. Put another way, 1 in 4.5 Nevadans in July was either unemployed, owned a home in some stage of foreclosure or had filed for bankruptcy. Rounding out the top five-most-stressed states were Michigan (17.44), California (16.88), Florida (15.94) and Arizona (15.41). The healthiest state was North Dakota with a stress score of 4.24. Its score dipped slightly from June, aided by a lower unemployment rate. Next best were South Dakota (5.05), Nebraska (5.92), Vermont (6.29) and Wyoming (7.13). The national unemployment rate remained the same from June to July, at 9.5%. So did the foreclosure rate (one in 62 homes) and the average state’s bankruptcy rate (1.2%). On Friday, the government said the unemployment rate for August ticked up to 9.6%. Most economists say it will take years for the rate to drop to near 5%, where it was when the recession began in late 2007.

Now for our real estate education section…

5 Secrets of Successful Real Estate Investors

Can anyone become a successful real estate investor? According to industry experts…the answer is a resounding “Yes”. Average Americans and heavy-hitting investors alike have historically embraced real estate as one of the most reliable methods available to generate real wealth. If anyone can succeed at real estate then it only stands to reason that there must be a series of steps or guidelines to be followed; a “formula” for success….and there is. Research indicates there are five essential elements involved in becoming a successful real estate investor; steps available to almost anyone. Although they are not easy, they are very “do-able” with a bit of determination.

1. Position yourself as a real estate insider. Becoming a real estate insider doesn’t require you to rub elbows with the likes of Donald Trump. Instead, keep it realistic and focus your efforts on becoming an insider within your own local market. Plenty of average people make millions without ever leaving their own hometown. In fact, research on the wealthy conducted by Charles Stanley found the majority of “self-made” millionaires tend to stay close to home, invest in real estate or a small business and form strong local networks. Be sure to catch tomorrow’s short sale newsletter for great tips on how to become an industry insider.

2. Learn how to recognize real estate opportunities. Sounds simple enough but putting this into practice often requires the ability to think independently and go against the prevailing wisdom of the day. For example, tough economic times like those in the current fiscal crisis lead many to believe that real estate is a bad investment. Others see a major buying opportunity with historically low prices and the lowest interest rates in decades. Which are you?

3. Discover the advantages of using other people’s money. Contrary to popular opinion, it doesn’t take a lot of money to get started investing in real estate…in some cases it takes nearly nothing. Using other people’s money (OPM) isn’t just a good way to get started, it’s the preferred method of investing in real estate.

4. Utilize buying techniques that reduce your risk. Newbie real estate investors fall prey to schemes and scams that promise fast riches without risk but in reality, do little more than pass along outdated information. When evaluating buying techniques it’s important to get the most up-to-date and reliable information possible about financing, legal issues and other related topics.

5. Utilize selling methods to maximize profits. Last but not least, successful real estate investors know how to utilize selling methods to maximize profits. This also entails more than the mere use of leverage; legal considerations, tax implications plus literally dozens of other issues are routinely scrutinized in order to determine the maximum ROI for every transaction.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

*************************************************
About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

NAR – pending home sales rise

admin — Fri, 03 Sep 2010 16:39:55 +0000

Smart Real Estate News & Commentary by Chris McLaughlin September 3, 2010

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**********************************************************

NAR – pending home sales rise

The Pending Home Sales Index (PHSI) rose 5.2% to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1% below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. The PHSI in the Northeast rose 6.3% to 62.5 in July but is 21.1% below a year ago. In the Midwest the index increased 4.1% to 66.7 but remains 25.7% below July 2009. Pending home sales in the South rose 1.2% to an index of 86.3, but are 15.6% lower than a year ago. In the West the index jumped 11.6% to 95.0 but is 17.6% below July 2009. The national index had fallen 29.9% in May and another 2.8% in June.

Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.” Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

Government fires, business hires

According to the Labor Department, the economy lost a total of 54,000 jobs in August, matching the revised estimate of jobs lost in July. Briefing.com had predicted a loss of 120,000 jobs in the month. The bulk of the losses came from the public sector, as the government cut 114,000 temporary census workers. It was the third straight month that census worker layoffs caused an overall decline in jobs. Government payrolls outside of the Census Bureau trimmed another 7,000 jobs in the month, with most of the cuts coming from state governments. The good news is that private sector hiring was stronger than anticipated. Businesses added 67,000 jobs to their payrolls in August. Economists had forecast a gain of 44,000 jobs. It marked the eighth straight month that businesses added jobs, following nearly two straight years of job losses. The unemployment rate rose to 9.6% in the month from 9.5% in July, matching economists’ expectations. Stubbornly high levels of unemployment and weak job creation have raised fears that the nation’s economic recovery is in danger of stalling out and falling into a double-dip recession.

Delaying foreclosures will cost lenders

In a letter sent to servicers, Fannie Mae said it will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure. It says that loans “must not be put on hold on a blanket basis.” Fannie Mae also says that servicers must not jump the gun either, but rather must follow the letter of the law as it pertains to HAMP/HAFA guidelines. In a July speech, Edward DeMarco, acting director of the Federal Housing Finance Agency, told loss mitigation servicers that, “if you have an abandoned property or a borrower not willing to discuss or work with anything, then get going [and foreclose],” he advised. Fannie Mae allows several exceptions in the case where the property is occupied, unless “the borrower has displayed an obvious lack of concern for the mortgage obligation.” In cases where the property is vacant or the borrower is not going to pay any of the mortgage, “servicers must expedite foreclosure proceedings under the greatest extent allowable by law.”

Harrisburg going broke?

On Sept. 15, Harrisburg, Pa., was scheduled to make a $3.29 million payment on the bonds it issued to build a trash plant. But, the cash-strapped city doesn’t have the money. “The city’s budget is in deficit,” said Chuck Ardo, spokesman for Harrisburg Mayor Linda Thompson. “We’re looking for ways to trim the budget just to keep services going.” “Now the chickens have come home to roost,” the mayor said in a statement released Wednesday. In May, Moody’s knocked the rating on its general-obligation bonds three notches to B2 — five steps below investment grade. To put that into perspective: Moody’s rating on Greece’s government debt sits at A3 — still investment grade. “It’s a warning to holders of bonds issued by financially stressed state and local governments,” said John Lonski, chief economist for Moody’s Investors Services.

“Credit crisis is still with us.” And in, fact, many on city council have been floating the idea of bankruptcy. However, Mayor Thompson chastised them for that. “There are some in this community who see bankruptcy as a silver bullet,” said Thompson. “But, it’s actually just a can of worms. The pro-bankruptcy cabal has blocked every attempt we’ve made to find a way back from the fiscal abyss.” She said the city “is developing a comprehensive plan to meet its debt obligations in the future.” Ardo said the mayor considers bankruptcy to be an “option of last resort,” though it’s not clear how the city will pull itself out of the red. “Given the city’s financial challenges, it’s difficult to predict what will happen next,” he said. The city of Harrisburg is scouring its financial accounts as part of its drive for fiscal austerity.

Title insurance premiums down

According to a market share analysis done by the American Land Title Association (ALTA), title insurance premiums decreased 8.5% year-over-year to a total of $2.3 billion. The total of title insurance premiums for the first half of 2010 is also down relative to 2009, down 2.9% at $4.4 billion. It’s a sign that demand for first-time home mortgages is depleting and refinance transactions are soaring. “The latest market share analysis reflects an on-going recession in the housing market, with further downward pressure on home prices,” said Pfotenhauer. “While an abundance of affordable homes and low interest rates make the market attractive, people need jobs to obtain credit and purchase homes.”

Title insurance is a policy that protects a borrower against any mistakes, fraudulent activity, rick or defect of a mortgage upon origination. Title insurance premium totals are congruent with the volume of loan origination transactions. Lenders also generate their own policies to protect their interest in a mortgage transaction. The insurance premium is based on the actual amount of the loan. Title insurance premiums can also be purchased during a refinance, although the premium is exponentially smaller. Borrowers going through a refinance are not required to purchase title insurance because the original insurance carries over with them through the lifetime of the mortgage. Therefore, even when the volume of refinances increases, the total volume of premiums nationwide will falter. Only Colorado, Illinois, Texas, New York and the District of Columbia saw year-over-year increases in title insurance premiums. The states that generated the most title insurance premium during Q210 were California ($350.7 million, down 13.6% from Q209), Texas ($266.1 million, up 0.1%), Florida ($169.9 million, down 2.2%), New York ($150.8 million, up 2.4%) and Pennsylvania ($97.1 million, down 19.2%).

Now for our real estate education section…

Friday File – 15 Minute Resolution: Email Update

Email. It has become such an integral component of our lives that it’s easy to take for granted. It’s even easier to use it the wrong way especially during day-to-day interactions or marketing. It’s important to remember the five key roles that email should fulfill when using it for business:

1. Increase awareness. Every email you send out should increase awareness about you, your services and other important information including homes you have on the market or types of property you would like to list/buy.

2. Build a better relationship. Earlier in the week we talked about how important it was to create an emotional connection with clients; email should build upon that by creating a friendly exchange. Abrupt, abbreviated exchanges are easily misunderstood or can give the impression of not caring. It’s especially important to avoid this risk when sending messages via iPhone or other mobile devices; sometimes it’s better to wait until you are able to sit down and respond with a complete sentence rather than respond right away.

3. Incentives & Motivations. Sometimes you can feel a hot client beginning to grow cold and then eventually just slip away. Create a renewed interest or sense of urgency with a well-timed reminder about upcoming properties, seasonal trends, interest rates or other specials that may be available.

4. Business. By far, the most important function of email is to drive business. Whether buying or selling, building your business IS the business. Ask for referrals, post finder fees and get creative about using email to turn more transactions into done deals.

5. Retain &/o cross sale. It’s easier to retain a good client than find a new one. It’s also easier to sell a formerly satisfied client something new than to start over with an unknown entity. Retaining clients by forming a long term relationship is one of the most important aspect of email but don’t forget to cross sale. For every buyer there is a seller. Most buyers are likely to become sellers at some point in the future. Many will purchase more than one property or have other needs. Referral fees, resales, second homes, investment property, commercial or residential leases and much more are all potential sources of revenue. Expand your reach even if you are not the primary service provider; your relationships are valuable assets that can be used by other providers in the area while allowing you to remain in touch with clients.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

    * As the top Florida foreclosure and pre-
      foreclosure expert, he oversees more than
      100 short sale & REO closings each month
   * Long-time authority on real estate investing
      and rapid reselling of distressed homes. Owns
      portfolio of nearly 100 high-value, high-profit
     properties
    * Owner of one of Florida’s largest Real Estate firms,
     running 4 different offices, supporting over
     400 agents, uniquely positioning him to help
     thousands of investors make money in the
     biggest market opportunity ever!
   * Highly sought-after speaker, consultant, and
      seminar leader for current trends and hot topics
      in Real Estate Investing, Entrepreneurship, and
     Wealth Building
  * Follow me on Twitter: http://twitter.com/mclaughlinchris
    * Join my Facebook Fan Page: http://www.mclaughlinchris.com
–

Home prices up – for now

admin — Wed, 01 Sep 2010 18:37:32 +0000

Smart Real Estate News & Commentary by Chris McLaughlin September 1, 2010

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Home prices up – for now

According to the S&P/Case-Shiller Home Price Index, national home prices jumped 3.6% in the past year. Prices also climbed 4.4% in the second quarter compared with a 2.8% plunge in the first quarter. “While the numbers are upbeat, other more recent data on home sales and mortgages point to fewer gains ahead,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. Home prices across the country could be substantially lower a year from now, according to Pat Newport, an analyst with IHS Global Insight. “It’s now apparent that the demand for housing is a lot weaker than anyone thought,” he said. That has resulted in a glut of inventory, which a slew of bank repossessions of foreclosed properties is only making worse.

Plus job gains are still proving elusive. “These three factors are enough to bring home prices down,” Newport said. A market basket of 20 metro areas tracked by the S&P/Case-Shiller home price indexes showed that prices gained in all markets but one. The index is up 4.2% year-over-year, well above a 3.1% forecast from industry experts as compiled by Briefing.com. The month-over-month gain was 1%. “Las Vegas was the only city to record a fall in prices during June (-0.6%), compared with a month earlier. All 19 other markets were either up or flat, with Chicago, Detroit and Minneapolis the biggest winners. Each gained 2.5%. Fifteen of the 20 cities recorded 12-month price rises, with San Francisco leading the way. Its 14.3% increase was one of three cities posting double-digit gains, with San Diego prices jumping 11.2% and Minneapolis 10.7%. Las Vegas had the biggest 12-month loss, down 5.2%.

Jobs mixed

Private sector employers cut 10,000 jobs in August — down from the downwardly revised 37,000 jobs they added the month before, according to a report by payroll processing firm Automatic Data Processing. Those cuts reversed a sixth-month trend of private sector employers adding jobs and surprised economists, who had expected the report to show 13,000 jobs added in August. After rising for three months in a row, planned job cuts plummeted to 34,768 last month, the lowest level since June 2000 and down 17% from the previous month, according to outplacement firm Challenger, Gray & Christmas Inc.

Compared to a year ago, downsizing activity dropped 55% in August, and job cuts have eased 65% so far this year compared with the same period last year. Despite the overall improvement in August, government and non-profit hiring continued to lag. The government and non-profit sector has shed the most jobs this year, accounting for 30% of all 2010 job cuts and eliminating three times more jobs than the pharmaceutical sector, which reported the second highest number of year-to-date cuts. Real estate, chemical and commodities companies boasted the fewest job cuts in August, while the entertainment and leisure, automotive and computer sectors announced plans to do the most hiring.

Mortgage apps up

The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of mortgage loan application volume, increased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.3% compared with the previous week. The Refinance Index increased 2.8% from the previous week and is at its highest level since May 1, 2009. The seasonally adjusted Purchase Index increased 1.8% from one week earlier. The unadjusted Purchase Index decreased 0.4% compared with the previous week and was 37.0% lower than the same week one year ago. “Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates.

The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “The sharp decline in MBA’s Purchase Application index in May had provided a clear leading indicator of the drops in new and existing home sales that were reported for June and July. Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September.” The four week moving average for the seasonally adjusted Market Index is up 5.2%. The four week moving average is down 0.2% for the seasonally adjusted Purchase Index, while this average is up 6.3% for the Refinance Index. The refinance share of mortgage activity increased to 82.9% of total applications from 82.4% the previous week and is the highest refinance share observed since January 2009. The adjustable-rate mortgage (ARM) share of activity increased to 6.1% from 5.8% of total applications from the previous week.

Consumer confidence up

The Consumer Confidence Index rose to 53.5 in August, from July’s upwardly revised level of 51.0, the Conference Board, a New York-based research group that compiles the index, said yesterday. The rise follows two months of losses and beats the drop to 50 that economists surveyed by Briefing.com were expecting. But the index is still painfully low, falling far below 90 — a level that typically indicates a stable economy. “Markets are broadly interpreting this as an improvement in the economy, but overall consumer confidence is still very, very bad,” said Tim Quinlan, an economist with Wells Fargo. “We went from being severely depressed about the outlook, to just being depressed about the outlook.” While the uptick means consumers’ short-term outlook for the economy has improved slightly, a weak job market continues to weigh on their attitudes, Lynn Franco, director of the Conference Board Consumer Research Center said in a statement.

“Expectations about future business and labor market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future. All in all, consumers are about as confident today as they were a year ago,” Franco said. Jobs will remain the key driver behind morale, said Daniel Penrod, senior industry analyst for the California Credit Union League. The index showed 45.7% of consumers still feel jobs are “hard to get” in August, a minor uptick from July. The government’s closely watched jobs report due on Friday is expected to reinforce that view. Economists forecast a loss of 120,000 jobs in August, following the decline of 131,000 in July, and an increase in the unemployment rate to 9.6% from 9.5%.

Mortgage rates hit (another) record low

The national, 30-year fixed-mortgage rate (FRM) slightly decreased from a week earlier, setting a new record low average of 4.26%, according to the Zillow Mortgage Marketplace weekly update. This is down 0.03% from last week and 0.02% below the previous record low. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Most large states saw a decline in rates: California’s current rate of 4.28% is down from 4.3% last week; Texas’ at 4.23% is down from 4.28%, and Massachusetts’ at 4.26% is down from 4.27%.

Rates substantially decreased in New York to 4.24% from 4.31% and New Jersey to 4.19% from 4.27%. Rates increased in Washington to 4.33% from 4.29% as well as Colorado, up to 4.3% from 4.17%. Rates remained flat in Florida and Pennsylvania at 4.2% and 4.37%, respectively. Zillow reported the national average rate for 15-year fixed home loans remained flat at 3.82%, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.29%. Zillow’s rates are based on real-time mortgage quotes from lenders registered with, but not exclusively bound to the company. The national average comes from thousands of daily quotes given to anonymous borrowers through their website. State averages are also available.

Now for our real estate education section…

CHAID & Other Marketing Know-How

Today’s topic isn’t for the novice short sale or real estate newbie but rather veteran investors searching for robust tools to help make informed decisions about future trends. Yesterday we discussed the use of frequency intervals and demographic trends to help build a predictive model with direct day-to-day application for your investing decisions. Now we will turn our attention to the use of CHAID and SIMM data to help understand how economists, researchers and marketing experts are able to generate broad trends well into the future. Once you understand the basics, it’s easy to use the same techniques in your own local market.

SIMM or simultaneous media usage studies, are performed twice each year. Each segment contains roughly 15 to 17 thousand participants with a total of 14 groups representing major age range distributions patterns. With over 200,000 participants, the study is large enough to generate valuable data which can then be generalized to the larger population. The US government also conducts similar types of survey’s and data gathering activities although typically with less emphasize on media penetration. Not only does this level of consumer tracking across all media sources (online, magazines, television, newspapers, radio etc) assure a comprehensive tracking mechanism, it also forms the foundation for predictive modeling and consumer purchasing behavior.

Consumer participants are asked questions such as “whether or not they intend to buy a house in the next year then combined with household income, age and other basic demographic information, it is used to generate a CHIAD or Chi Square Automatic Interaction Detector. Despite the somewhat fancy sounding name, a CHIAD is little more than a decision tree. For example, for those participants which indicate they intend to purchase a home within the next year they may then be asked whether it will be a primary purchase or a second home. The time frame of that purchase (1-3 months, 4-6 months etc…). The size of the home and so forth.

So, how can this be used in your local market? Depending upon the size of your social media reach and client list, it’s easier than ever to create an informal survey to gauge the level of interest and intent in any given zip code or metropolitan statistical area. It’s also possible to gather large scale data created by the government (both state and local) in order to combine it with that of the Census, Department of Labor and other federal generated trends.

Remember, information is power. To stay informed about the most important real estate and investment related information available, sign-up for our daily newsletter and free webinars.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
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http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

http://www.smartrealestatenews.com (subscribe to this newsletter)

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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

CNBC’s Olick – homebuyer credit again?

admin — Tue, 31 Aug 2010 22:19:25 +0000

Smart Real Estate News & Commentary by Chris McLaughlin August 31, 2010

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CNBC’s Olick – homebuyer credit again?

“Just when I thought the housing market was finally being left to correct on its own, I’m starting to hear talk regarding yet another home buyer tax credit. From HUD to the hedge funds, it sounds as if it is gaining steam yet again. This one could involve not just first time/move-up buyers, but a credit for buyers purchasing foreclosed properties or short sales (when the bank allows you to buy a home for less than the value of the outstanding mortgage). HUD Secretary Shaun Donovan, appearing on CNN’s State of the Union this weekend, didn’t rule out another tax credit. He did say it’s ‘too early to say,’ but then added that ‘we’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.’ After that several Congressional candidates in Florida threw their voices behind the possibility, and Florida Gov. Charlie Crist then chimed in on the same show, saying that another tax credit, ‘would stimulate the economy. It would increase home sales in Florida.’ He finished with: ‘I would absolutely encourage the president to support that because it would certainly help my fellow Floridians.’

So of course then I went the official route and followed up with a HUD spokesperson who responded: ‘No news here…there are no discussions underway to revive the credit.’ Is it all political? And is another tax credit the answer? ‘I don’t think it’s all political,’ says housing consultant Howard Glaser. ‘I think they are panicked that the economy/housing got away from them.’ Glaser doesn’t sound convinced the tax credit is really on the table. ‘They can do a lot off budget with the GSE’s and FHA with no Congress.’ I know a lot of you out there would argue that a housing market correction, as painful as it is, is necessary for housing to truly find its footing again and recover for the long term. Another artificial stimulus could just prolong the agony and set us up for the same drop off in sales and prices that we’re seeing right now. But it could also move some inventory quickly.

With inventories of new and existing homes dangerously high, and the shadow supply of foreclosures pushing that volume even higher, more stimulus could be a necessary evil. I liken it to what I’m doing with my lawn this week. All summer I fought the weeds, pulling them, using the organic sprays and repellents, spreading mulch to deprive them of any air. And then I gave up. I called the lawn service and told them to bring every chemical in their arsenal. Shock the overgrown mess into submission once and for all, so that I can start fresh again and reseed this fall.”

Banks modifying more than HAMP

Banks have long come under fire not doing enough to help troubled homeowners, particularly when the mortgage crisis started spinning out of control in 2007. Many loan servicers initially addressed the problem by tacking on the missed payments, which only increased strapped homeowners’ monthly burden. However, banks now are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration’s signature Home Affordable Modification Program (HAMP).

Servicers completed nearly 644,000 so-called “proprietary permanent modifications” in the first half of this year, compared to 332,000 such adjustments made under the Obama program, according to Hope Now, a consortium of mortgage servicers, investors and housing counselors. About half of borrowers who don’t land a permanent HAMP modification are given an in-house adjustment, according to federal statistics. About 78% of banks’ in-house modifications involved interest rate and principal reductions, Hope Now found. Wells Fargo, for instance, said last week it has reduced more than $3.1 billion in principal on nearly 60,000 loan modifications in the past 18 months. It uses a combination of principal adjustments, interest rate reductions and term extensions to assist its borrowers.

Hidden secrets

Buried in section 953(b) of the Dodd-Frank financial reform act is a new rule forcing companies to disclose the ratio between their chief executive’s pay package and that of the typical employee. While this may sound like a good, if intrusive, idea on the surface, it creates what lawyers call a “logistical nightmare.” “We’re not debating the concept of disclosure – we think it’s a good thing,” said Larry Burton, executive director of the Business Roundtable, which represents chief executives of the biggest US companies. “But you can do more harm than good if you take a well-intended piece of policy and implement it badly. That’s the risk here.” The rules’ complexity means multinationals face a “logistical nightmare” in calculating the ratio, which has to be based on the median annual total compensation for all employees, warned Richard Susko, partner at law firm Cleary Gottlieb. “It’s just not do-able for a large company with tens of thousands of employees worldwide.”

Pay experts said business had been caught off-guard by the measure, which was not one of the high-profile battlegrounds of the Dodd-Frank legislation. Companies are now gearing up to lobby the Securities and Exchange Commission, which has to write detailed provisions for the new rule. The rule could also reward with a relatively low ratio those companies that outsourced low-paid work rather than keeping jobs in-house, lawyers said. Robert Menendez, the senator who sponsored the provision, dismissed business fears. “The idea behind the new rule is that sunlight is the best disinfectant,” said an aide. “Disclosure will help encourage fair pay for workers at a time when middle class pay has stagnated while CEO pay has skyrocketed.” Like most intrusions by government into the private sector, this one will have bucketloads of unforeseen consequences I’m sure.

Home prices rise

Standard & Poor’s/Case Shiller composite index of 20 metropolitan areas rose 0.3% in June from May on a seasonally adjusted basis. The rise was better than the 0.2% increase expected by economists polled by Reuters, though slower than the 0.5% rise in May. Unadjusted, the 20-city index gained 1% following May’s 1.3% jump. S&P, which publishes the indexes, also said home prices nationally rose 4.4% in the second quarter after a 2.8% drop in the first quarter. Prices rose in 17 of the 20 metro areas in June, S&P said, adding that in the first half of the year 15 of the 20 areas had positive annual growth rates. The housing market is in better shape than a year ago, S&P said. “Given the way home sales collapsed in July and given the boost in housing activity across the board in the second quarter, it’s clear this may have been the calm before the storm,” said David M. Blitzer, chairman of the index committee at S&P. “The worry starts when you remember that the Homebuyers’ Tax Credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak,” Blitzer said in a statement. “The inventory of unsold homes and months’ supply data were particularly troubling,” he said, adding that “if this relative weakness in demand continues, it will likely filter through to home prices in coming months.

Auto sales lowest in 28 years

U.S. auto sales in August probably were the slowest for the month in 28 years as model-year closeout deals failed to entice consumers concerned the economy is worsening and they may lose their jobs. While automakers increased discounts by 1% from July to an average of $2,864 per vehicle, sales to individuals probably fell 7% from last month, according to Santa Monica, California-based TrueCar. Industrywide deliveries, to be released tomorrow, may have reached an annualized rate of 11.6 million vehicles this month, the average of eight analysts’ estimates compiled by Bloomberg. That would be the slowest August since 1982, according to researcher Ward’s AutoInfoBank. The rate would be 18% below last year’s 14.2 million pace, when the U.S. government’s “cash for clunkers” incentive program boosted sales. “Home sales are way down, the stock market is way down, the unemployment report is very disappointing and consumer confidence is sputtering,” Jesse Toprak, vice president of industry trends at TrueCar.com, said in an interview. “People just don’t want to make big-ticket purchases because they’re uncertain about their jobs and the value of their homes.” Ford, helped by new models such as the Fiesta small car, will post a 5.2% sales drop, the average of six analysts’ estimates. Chrysler, aided by deliveries to large buyers such as rental-car companies, will have sales increase 3%, the average of six estimates. General Motors Co. will fall 19%, the average of four estimates, in line with the industrywide drop.

Now for our real estate education section…

Frequency Intervals & Demographic Trends

Statistics. Love them or hate them but most business decisions involve the use of statistical data including the purchase and sale of investment real estate. For example, one common measure of a good investment property is “affordability”. But what exactly constitutes affordable?

It’s an important consideration and one that most short sale investors do not fully understand. The short answer is that an affordable home is at or below the “average” household income for that location; ie, it can be purchased or rented by most households and is therefore an attractive investment. However, this really only relates a small amount of the total information required. Average or mean incomes are notoriously inaccurate due to skewing of results at the high or low ends. Likewise, “average” priced homes are equally biased due to very high priced or very low priced home.

One way to avoid the problem is to use frequency intervals in combination with demographic trends and housing price. Frequency intervals are ways of measuring a large group of items to determine which is the most commonly occurring. For example, let’s assume a short sale investor is interested in purchasing a few properties in a given city; s/he is very prudent and does some research to find out the average household income and the average sales price of a home. So far – so good. Just for the sake of simplicity we will assume the household income is close to the national average at $50,000. The average sales price of homes in the area is $150,000 or roughly 3x the annual household income. Our savvy short sale investor sets out to find a few homes in that price range…what could go wrong? Well a lot.

Unfortunately, the rising rates of unemployment combined with a few very high incomes skew the results…basically there are a lot of low-end household incomes in the $25,000 range and a small but significant number of wealthy households in the $ million dollar range. The “average” may still be $50,000 per household for that city but it fails to account for the lack of a substantial middle class. Basically, there are very few households able and willing to purchase a home for $150,000. The lower income households cannot qualify and the higher income households may not be interested.

The solution is to use frequency intervals for all pertinent data including household income, age and other significant criteria. By learning how many households are in a given income bracket, how many are of home-buying or renting age, etc… the investor has a much more detailed plan of action. Returning to the prior example, rather than purchase a $150,000 average home, the investor may concentrate efforts on homes priced at or below $75,000 and/or luxury homes instead. This would appeal to the largest number of buyers and renters for that area at either/or the low income level of high household income level. It’s a simple solution to address highly volatile markets and disparate data.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
http://www.shortsalescoach.com
http://www.sixfigurebpo.com
http://www.reomillionaireclub.com
http://www.youtube.com/shortsalesriches

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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Foreclosure relief – great for banks; for consumers not so much

admin — Mon, 30 Aug 2010 20:31:40 +0000

Smart Real Estate News & Commentary by Chris McLaughlin August 30, 2010

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Foreclosure relief – great for banks; for consumers not so much

Mark Gimein of Daily Finance makes the following points about why HAMP actually hurts many borrowers while helping banks:

1. Foreclosure relief in many cases simply stretches out borrowers’ slow bleed of resources. By keeping borrowers in limbo while letting lenders delay repossessing houses they can’t sell, foreclosure aid is now benefiting borrowers less than the lenders who created the mortgage mess. For lenders, mortgage modification is the waiting room in the mortuary, a convenient place to hold borrowers while the banks deal with the overflow of houses already repossessed.

2. Most borrowers behind on their mortgages are already overburdened with other debts. After the mortgage reduction, the typical modification recipient, despite an average $513 drop in monthly payments, has to devote 63.5% of his or her income to mortgage payments, other debt, and taxes.

3. Banks don’t have to kick people out quickly. Banks have steadily slowed down the foreclosure process: The average homeowner in foreclosure now is an amazing 461 days behind in his payments. Barry Ritholtz of financial blog The Big Picture calls banks’ reluctance to take over houses “strategic non-foreclosure.” Taking a leisurely path to repossession lets lenders avoid the costs of maintaining properties they can’t sell in a market that remains in free fall in much of the country.

4. The last insult added to this mess comes from Fannie Mae, which has promulgated new rules that lock those who don’t make the effort to modify their mortgages out of the Fannie-backed mortgage market for seven years. So ultimately this comes full circle, and what started as an effort to help borrowers has become another cudgel in the hands of lenders.

Spending up more than income

Consumer spending is critical because it accounts for 70% of economic activity. The Commerce Department says spending fell 0.1% in April, rose a tiny 0.1% in May, was flat in June, but rose 0.4% in July. Personal incomes were up 0.2% in July, less than expected but at least an improvement over June when incomes had not risen at all. With spending rising, the personal savings rate slowed to 5.9% of after-tax income. That’s down from 6.2% in June, the highest in nearly a year. Even with the July decline, the savings rate is nearly three times higher than it was before the recession began in December 2007.

The July spending gain was the highest since a 0.5% rise in March. But the concern is that demand could taper off in the second half of this year if unemployment remains near double digits. If Americans don’t have jobs, they don’t have the income to support spending. the economy is growing too slowly to support sustained job growth and some fear it could fall back into a recession. Economic growth slowed to 1.6% in the April-to-June quarter, the government reported Friday. That was revised down from the initial estimate of 2.4%. A string of weak economic reports in recent weeks has prompted economists to trim their growth forecasts for the rest of the year and next.

Fannie Mae portfolio up 4.1%

Fannie Mae’s mortgage portfolio through July is up 4.1% from the year ago yet down somewhat from June, and the GSE issued nearly half the mortgage-backed securities during the month than in did last July. Fannie ended July with gross holdings of nearly $812 billion. That figure stood at $770.4 billion last year and $817.8 billion in June. The agency issued $42.7 billion of mortgage-backed securities during July, a nearly 48% decline from $79.7 billion a year earlier but up 6.4% from June. Fannie’s MBS issuances peaked in June 2009, when more than $130 billion was issued. The serious delinquency rate in Fannie Mae’s portfolio fell to 4.99% in June, which is the latest month data is available, from 5.15% in May. For the year-ago July, the agency’s delinquency rate was 4.17%. The rate peaked at 5.59% in February and was as low as 3.42% in April 2009. “Fannie Mae and FHLB are taking advantage of better funding from callables as bullet LOAS widens due to renewed corporate issuance and calmer short LIBOR levels,” said Jim Vogel of FTN Financial. “The gain can be as much as 10bp. The obvious result is that both need less funding from bullets and floaters. The superior funding stems primarily from the constant demand for new callables to replace those redeemed at close to a $100 billion monthly pace.”

NABE – economists mixed on what to do

The National Association of Business Economists (NABE) said Monday that three-quarters of its members believe that promoting economic growth should be a higher priority than reducing the national deficit, according to an August survey of the nation’s economic policy. However, nearly the same number of NABE economists said they do not think another stimulus package is necessary to halt the economic slowdown and get the economy back on track. At the same time, a majority believe that policymakers should do more to boost job growth. The survey, based on responses from 84 NABE economists who work for private-sector firms and industry trade associations, comes as economic growth in the United States has slowed significantly after rebounding from a deep recession.

The NABE survey showed that just under half of those polled see deflation as the main threat facing the economy in the short term, but respondents were less certain about whether inflation or deflation is the biggest threat over the next three years. In a sign of the challenges currently facing Fed policy makers, there was little consensus among the NABE economists on when the central bank will raise interest rates and begin selling off assets it bought during the financial crisis. After cutting rates to historic lows near 0% in December 2008, the Fed has been without its main tool for supporting economic activity for nearly two years. It has since bought billions worth of Treasury bonds in an effort to bring down rates for home and other consumer loans. But some central bankers are worried about adding to the $2 trillion worth of assets the Fed has acquired over the last few years. A clear majority of economists said that none of the existing tax cuts on individual income, dividends and capital gains should be allowed to expire.

DSNews.com – Homebuyer’s tax credit coming back?

After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface. The National Association of Realtors (NAR) reported last week that sales of previously owned homes plummeted 27 percent in July, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent from June to July. Both reports were clear indications of the frailty of the housing market post-stimulus. Although, the steep declines were actually considered a by-product of the tax credits themselves, which expired on April 30 – payback for the incentives that pulled sales forward into the spring months.

HUD Secretary Shaun Donovan said on CNN’s “State of the Union” program this weekend, “The July numbers were worse than we expected, worse than the general market expected, and we are concerned. That’s why we are taking additional steps to move forward. Donovan said it was too early to say for sure, after only one month’s numbers, whether the administration would revive its popular homebuyer tax credits to give the housing markets another much-needed boost, but he didn’t wholly rule it out as an option. “All I can tell you is that we are watching very carefully,” Donovan told CNN. “We’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.” Two U.S. Senate candidates from Florida, one of the hardest hit states by the housing downturn, spoke out in favor of bringing back the federal tax credits for homebuyers on the CNN program.

Now for our real estate education section…

Take the Mystery Out of Time Mastery

One of the most frequently cited reasons for not actively pursuing short sale investments is a lack of time; work schedules, family obligations and other day-to-day activities simply seem to take every available moment. So, where does everyone else find the time to invest? Surely they all can’t be retirees with nothing else to do all day. You are right – they aren’t. Research shows that busy people are more likely to remain busy and get even more done because they have mastered the mystery of time management.

For those of you who have read (and failed) at the 4-Hour Workweek or the 7 Habits of Highly Effective People and other popular time management books, the first step is to determine why you are out of control in the first place. Are you overwhelmed with work, home or other obligations? Chances are you may not even realize the extent of the problem but instead spend your days going from one urgent task to the next. Although urgency is a great motivator, it can go too far. When the daily “to-do” list tends to pile up into a never-ending series of activities without an end in sight, you can be sure it has gone too far.

Rather than trying to figure out how to schedule enough time to attend a time-management course or sit down and re-prioritize the entire week or work through the weekend in yet another vain attempt to “get organized” try this instead; get control. Sounds simple doesn’t it? Well in some respects it really is simple. Today is Monday…give this a try for five days and see how it works for the remainder of the week:

1. Begin by asking yourself what really constitutes the most important actions for the day…the ones you would stay late in order to finalize…then work on those first. Be careful not to confuse “important” items with “urgent” items.

2. Next on the list are those “opportunity” items. These are tasks which are either time sensitive or require some level of consistent work in order to bring about. If you find the opportunity list growing too large, it’s time to step back and get a reality check. Keep the list small and only add items once the original ones are accomplished. If an item is no longer a priority then delete it; don’t leave it on the list waiting for another day.

3. Delegate. Learning how and when to delegate takes a bit of patience and persistence. Contrary to popular belief, hiring someone else to handle the mundane tasks in life isn’t always as simple as it seems. Finding the right person can be time consuming and fraught with frustration especially for those that have a tendency to micro-manage. Let go and let others do their job so you can do yours!

4. Appointments versus Tasks. Understand the difference. Appointments are traditionally the last thing you can delegate but many of the tasks required in the process of an appointment can easily be delegated. Create a list of significant outcomes that can be tracked and put into effect immediately.

See you at the top!

Chris McLaughlin
**************

http://www.shortsalesriches.com
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http://www.smartrealestatenews.com (subscribe to this newsletter)

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About the author:

Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Short Sales Riches Blog » Investors

FBI looking at foreclosure mess

Smart Real Estate News & Commentary by Chris McLaughlin October 20, 2010

FBI looking at foreclosure mess

Mortgage apps down

Colvin – uncertainty is killing the recovery

Construction activity up

Olick – is the mess over?

Now for our real estate education section…

If you’re ready for the best bonus package of all for REO Riches Formula, then hold on tight…

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Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

Or if you are ready to invest in the system now… go to: http://www.GetReoX.com

CNBC’s Olick – foreclosure delay means big trouble

Smart Real Estate News & Commentary by Chris McLaughlin October 1, 2010

https://www2.gotomeeting.com/register/277256218 ********************************************************* CNBC’s Olick – foreclosure delay means big trouble

Dodd-Frank bill more trouble for business

Personal income up

New York prices stabilize

Stimulus gone, jobs gone

Now for our real estate education section…

Government giveth – and taketh away

Smart Real Estate News & Commentary by Chris McLaughlin September 10, 2010

How to wholesale and quickly flip commercial real estate properties without using a dime of your own money or credit:

Government giveth – and taketh away

Closing “tax loopholes” (read: more taxes coming)

FHA insurance increases – how long will they take to work?

US losing more competitiveness

DSNews.com – fewer cuts in asking price

Now for our real estate education section…

Friday File – 15 Minute Resolution: Cheap Mi-Fi Made Easy

Mi-Fi Defined

Where to Find

What’s the Cost?

The Need for Speed

Short refinancing program started yesterday

Smart Real Estate News & Commentary by Chris McLaughlin September 8, 2010

How to wholesale and quickly flip commercial real estate properties without using a dime of your own money or credit:

Short refinancing program started yesterday

MBA – mortgage applications up, refinance applications down

More spending by the administration

Prime mortgage delinquencies next?

Republican plan

Now for our real estate education section…

White Hat Replies to Black Hat Accusations

Let the housing market crash?

Smart Real Estate News & Commentary by Chris McLaughlin September 7, 2010

How to wholesale and quickly flip commercial real estate properties without using a dime of your own money or credit:

Let the housing market crash?

What about responsible homeowners?

What’s another $350 billion?

Economic pain stays

Now for our real estate education section…

5 Secrets of Successful Real Estate Investors

NAR – pending home sales rise

Smart Real Estate News & Commentary by Chris McLaughlin September 3, 2010

********************************************************** Bulk REO Training Program CLOSES TODAY! And the offer has gotten even better:

NAR – pending home sales rise

Government fires, business hires

Delaying foreclosures will cost lenders

Harrisburg going broke?

Title insurance premiums down

Now for our real estate education section…

Friday File – 15 Minute Resolution: Email Update

Home prices up – for now

Smart Real Estate News & Commentary by Chris McLaughlin September 1, 2010

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Home prices up – for now

Jobs mixed

Mortgage apps up

Consumer confidence up

Mortgage rates hit (another) record low

Now for our real estate education section…

CHAID & Other Marketing Know-How

CNBC’s Olick – homebuyer credit again?

https://www2.gotomeeting.com/register/277256218
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CNBC’s Olick – foreclosure delay means big trouble

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Bulk REO Training Program … Your Questions Answered Tomorrow!

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Bulk REO Training Program … Your Questions Answered Tomorrow!