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Short Sales Taking Up Too Much Time?

Join us tomorrow (Saturday) when we reveal technology that makes

your life simple and your business able to handle much, much more.

How much more?  Imagine a technology that has:

Completely paperless short sale submission

Easily Fax short sale packages right out of the system

A Complete remote document collection

Build the short sale packages inside the system

Email/Fax out the short sale package direct to lenders

Easy Web management from any computer

Create logins for Buyers/Sellers/Realtors and Negotiators

Lead generation tool that will blow you away

Loan Modification extra included module – powerful!

Pull comparables and build a package in 10 minutes!

Join us tomorrow at 3 PM ET, NOON PST:

https://www2.gotomeeting.com/register/794845090

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Foreclosure mediation programs are ineffective: report

The National Consumer Law Center (NCLC), a nonprofit, says there is no data to suggest that foreclosure mediation programs have facilitated any substantial number of affordable modifications. NCLC, after reviewing 25 foreclosure mediation programs in 14 states, said the programs fail to impose any obligations on mortgage servicers. “Without the imposition of these obligations, it is unlikely that mediations will lead to fewer foreclosures,” the report said. “The programs we considered often lack mandatory rules and fail to impose sanctions for non compliance with what minimal rules exist.” NCLC has also pointed out a number of procedural flaws – such as not mandating analyses of loan modification alternatives and setting unreasonable procedural barriers – in mediation programs. The report, “State and Local Foreclosure Media Programs: Can They Save Homes?” reviewed foreclosure mediation programs in states including California and Florida. The report’s author, NCLC staff attorney Geoffrey Walsh, warned that mediation programs may never be effective if corrective measures are not taken. “If the programs continue to demand little or no accountability from servicers, they will likely go the way of federal efforts to control foreclosures that have failed as a result of relying on voluntary compliance by the lending industry,” said Walsh.

Housing industry to work with Cuomo to amend HVCC

The Home Valuation Code of Conduct (HVCC), which was introduced in May with the idea of preventing inflated home valuations, requires lenders to hire appraisers only through an independent appraisal-management company. Industry participants have been saying that the HVCC has hurt the industry instead of helping it, so far. The National Association of Realtors recently reported that 20% of its members claimed to have lost at least one deal due to low valuations on account of following the HVCC. Representatives of the housing industry met with New York Attorney General (AG) Andrew Cuomo this week to discuss amending the rules. Cuomo was instrumental in formulating the HVCC. Housing industry wants greater clarity on rules. Real estate professionals are scared they may violate the HVCC on account of misinterpreting the rules.”The HVCC does not prohibit interaction between housing professionals and appraisers,” said Bill Garber, spokesman for the Appraisal Institute, a trade group. “But it could state more clearly what it’s legal to do.” The industry has expressed optimism on the outcome of the talks. “The good news is they were very concerned,” said Jerry Howard, the CEO of the National Association of Home Builders, “and they offered to be part of the solution.” Howard said the lead attorneys from the AG’s office agreed to join with a “summit” of industry representatives next month, in which the details of the HVCC will be refined.

Analysts say job growth is critical to housing recovery

The unexpected drop in existing home sale in August shows just how uncertain housing recovery is. “The market’s incredibly fragile,” says Mark Zandi, chief economist at Moody’s. “As long as job losses are rising, the housing market is at risk of continuing along a decline. Any recent stability would be in danger.” The Commerce Department reported yesterday that new jobless claims dropped in the week ended September 21. While that is a good sign, analysts say that jobless rate has to decline significantly for housing to recover in a sustained manner. “The market’s been somewhat stable here but job losses would put the breaks on a recovery very fast,” said Cindy McClellan, a real estate broker. Currently, interest rates are favorable to homeowners; but analysts say low interest rates alone are insufficient. “They’re not enough,” said McClellan. “If you don’t have a job, lower rates won’t help you get a home or sell yours.”  Foreclosures, because of job losses, will push prices down and hurt sales. “What are the drivers of housing? One is jobs and income,” said Frank Nitschke, director at CW Capital. “You need a rebound in jobs and income to have sustainable rebound in housing.”

Orders for durable goods unexpectedly drop in August

According to data from the Commerce Department, orders for durable goods excluding transportation equipment, dropped 2.4% in August, the second decline in 3 months, after increasing 4.8% in July. Economists expected a 0.5% increase, according to a survey by Thomson Reuters. Orders excluding transportation equipment were flat. Demand for aircraft, which is known to be volatile, dropped 42% in August after rising 98% the prior month. Automobile orders increased 0.4% after a 1.6% gain in July. Companies cut inventories of durable goods by 1.3% and total shipments dropped 1.4%, the most since May. Curbs in consumer spending and excess manufacturing capacity mean companies will probably not increase investment in new plants or equipment in coming months. “We expect capital spending during this economic recovery to underperform,” said Jan Hatzius, chief U.S. economist at Goldman Sachs. “Few businesses will step up capital spending sharply unless they see a meaningful improvement in end demand.”

Small businesses express optimism about the economy

A survey conducted by Chase Card Services, the credit card division of JPMorgan Chase, says small businesses are optimistic about economic growth over the next 3 to 6 months. About 80% of the survey participants said they are pursuing moderate or aggressive growth strategy. Only 5% said they are not looking to grow business aggressively. About 49% of the small businesses said they were adding job positions, and 29% said they were not adding jobs but were hiring to upgrade talent. Fifteen percent of the companies said they had a hiring freeze, and 5% said they were cutting staff. The survey included 168 chief and senior executives from the annual Inc. 500/5000 list of fastest-growing small companies. Companies participating in the survey must have had revenues of at least $200,000 in 2005 and at least $2 million in 2008. “There’s certainly a bit of light on the horizon,” said Richard Quigley, president of Ink from Chase, a new suite of cards designed for small businesses. “We’re not home yet but it’s certainly going in the right direction.”

Now on to our real estate educational section…

Gotta-Have Life Hacks & Cool Tools

Improve productivity and take your short sales to the next level with these gotta-have life hacks. They are cool, innovative time savers designed to grab attention and get results.

PrintYourLife.com – Send and receive real postcards via your iPhone for only $1.29 (including postage!). Take a photo, write a short message and select the recipient. Make first contact with potential sellers, send a courtesy reminder to your favorite appraiser or use in dozens of other unique ways.

Alice.com – Buy cleaning supplies and other households goods direct from the manufacturer. Free shipping direct to the door at the lowest price. Still in beta.

Runmyerrand.com – Tap into a personal concierge service by purchasing “credits” to pay selected “runners” to perform basic errands for you. Dropping off donations to charity, picking up paperwork across town or swinging by to take photos of your newest short sale property are mundane but necessary tasks better left to others. Most are tax deductible making it even more cost effective to remain focused and productive.

Legacy Locker – This is an idea whose time has come and one every short sale investor will appreciate; store details for each and every online account (secure and non-secure) in one central place. In the event of death or disability Legacy Locker acts like a virtual safety deposit box for virtual assets.

Spareground – List or search for extra space courtesy of several new sites designed to give a new lease on old space. Spareground.com, homestie.com and storeatmyhouse.com each provide slightly different slants on vacant space.

Mingle360.com – The Mingle Stick might sound like some type of dating device but in reality it is hard-core business technology; a single button device that is easy to use and small enough to take anywhere, the Mingle Stick serves as an electronic business card. Combined with “Digital lifestyle lubricants” its becoming easier than ever to stay connected and coordinated while on the go.

TechCrunch50.com and Yammer.com – Have a quick business question? Tap into serious solutions courtesy of the same executives that brought you Paypal, Ebay and other popular websites. Think of it like Twitter for entrepreneurs. A great way to keep in touch with your own small crowd or use the wisdom of the masses while on the go.

Insinger.com – Private banking by shoebox. This is not standard banking but rather upscale service for those short on time. Simply drop any financial related task into the secure box and it will be handled for you; from paying bills, filing tax returns or financial planning it is as hassle free as banking can possibly be.

Fongenie.com – Small business ventures of any size will sound like a million thanks to Fongenie.com; select an automated response, customize menus and even advanced data mining allows investors to tap into professional tools for a fraction of the cost.

Tenanttxt.com – A simple solution for keeping tenants, repairmen and others informed about maintenance and repair issues, community events or much more. Customize to fit your communication needs including auto-responders, email, text messaging or several other desired alert choices.

See you at the top!
Chris McLaughlin

http://www.shortsalesriches.com

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