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Smart Real Estate News & Commentary by Chris McLaughlin January 6, 2012

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NAR – short sales key to solving crisis

Stabilizing and restoring the health of the housing market is critical to a broader economic recovery, according to a white paper released yesterday by the Federal Reserve Board. Many of the issues and recommendations outlined in the paper support key principles established by the National Association of Realtors (NAR) to help revitalize the housing industry and economy.

The white paper, The US Housing Market: Current Conditions and Policy Considerations, calls for increased lending to creditworthy home buyers and more loan modifications, mortgage refinancings, and short sales to reduce the rising inventory of foreclosed homes and help stabilize and revitalize the housing industry; an approach long recommended by NAR to help spur the housing market recovery.  “As the nation’s leading advocate for homeownership and housing issues, NAR knows that a strong housing market recovery is key to the nation’s future economic strength,” said NAR President Moe Veissi. “Improving access to affordable mortgage financing for qualified home buyers and investors and aggressively pursuing more loan modifications and short sales is necessary to help reenergize the housing market and spur an economic recovery.”

For homeowners who are unable to meet their mortgage obligations, NAR has urged lenders and servicers to quickly approve reasonable short sale offers so these people can avoid foreclosure. The short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from the transaction.  “Loan modifications and short sales help stabilize home values and neighborhoods, and limit the losses incurred by lenders, the federal government and taxpayers, which is good for everyone,” said Veissi.

Jobs report strong

Non-farm payrolls jumped 200,000 in December, according to the Labor Department, pushing the jobless rate to a near three-year low of 8.5%. Economists polled by Reuters expected a gain of 150,000.  “Today’s figure should not come as a great surprise,” said Todd Schoenberger, managing director of LandColt Trading, adding that recent macro data had been pointing to good results. “The wildcard is January as retailers trim seasonal staff. An upside surprise for this month will validate the argument that an economic recovery is, indeed, talking place.”  The report comes after a handful of employment reports on Thursday that boosted sentiment as the number of planned layoffs at US firms fell to its lowest level since June last year, according to the report from consultants Challenger, Gray & Christmas. Private sector employment climbed 325,000 in December, much stronger than expected, according to payrolls processor ADP.

Bove – mortgage refinancing will hurt banks

Speculation that a new mortgage refinancing plan may be introduced drove bank stocks higher Thursday, but noted banking analyst Dick Bove believes investors actually got it wrong. He told Larry Kudlow that a program like that would actually “harm” banks.  “It’s bad for banks, it doesn’t help them in any way, shape or form,” Bove said.  The speculation was fueled by reports that suggested the White House may be preparing a new trillion-dollar plan to refinance home loans. However, administration officials told CNBC’s Dana Olick that they are not considering a $1 trillion refinancing program.  The fact that bank stocks went up on the possibility of such a program makes no sense whatsoever, Bove said. In fact, he thinks a mortgage refinancing plan would cause banks to lose money.  “If you add up all the sources of profit or loss,” he said, “they lose more than they gain.”  So why did the banks, like Bank of America, shoot up higher? Bove thinks it was a simple misreading of what a mortgage refinancing program would do for the banking industry.

He believes investors may have thought it might affect foreclosures, putbacks to the banking industry and the service income of the industry. However, Bove said it would do none of that.  “It harms the banking industry,” he said. “All it is, is taking a lot money from one class of people and giving it to another class of people under the theory that the second class of people would spend the money more than the first class.”  And banks aren’t the only ones which could be hurt, Bove said. Only 21% of the mortgages in the US are held by the banks. 55% held by Fannie Mae, Freddie Mac and mortgage pools, and the remainder is held by investors, he said.  “So the net affect is the people you are taking the money away from are the taxpayers and the investors.”

Unemployment down

The Labor Department said Friday that employers added a net 200,000 jobs last month and the unemployment rate fell to 8.5%, the lowest since February 2009. The rate has dropped for four straight months.  The hiring gains cap a six-month stretch in which the economy generated 100,000 jobs or more in each month. That hasn’t happened since April 2006.  For all of 2011, the economy added 1.6 million jobs, better than the 940,000 added in 2010. The unemployment rate averaged 8.9% last year, down from 9.6% the previous year.  Economists forecast that the job gains will top 2.1 million this year.

The December report painted a picture of a broadly improving job market. Average hourly pay rose, providing consumers with more income to spend. The average work week lengthened, a sign that business is picking up and companies may soon need more workers. And hiring was strong across almost all major industries.  Manufacturing added 23,000 jobs. Transportation and warehousing added 50,000 jobs. Retailers added 28,000 jobs. Even the beleaguered construction industry added 17,000 workers.  A more robust hiring market coincides with other positive data that show the economy ended the year with some momentum.  Weekly applications for unemployment benefits have fallen to levels last seen more than three years ago. Holiday sales were solid. And November and December were the strongest months of 2011 for US auto sales.  Many businesses say they are ready to step up hiring in early 2012 after seeing stronger consumer confidence and greater demand for their products.

Olick – renter nation

“Despite record low mortgage rates reported today and rising affordability in most US housing markets, rent is the new reality for former home owners and new households alike.  For some it is post-traumatic stress from the housing crash, for others it is the inability to get financing to buy a home. Either way, the rental market continues on its tear.  In the last quarter of 2011, the apartment sector saw its largest quarterly increase in occupied stock of the year, according to Reis, Inc.  The vacancy rate dropped to 5.2%, the lowest since 2001 and lower than the last cyclical drop in 2006.  This bucks the historical seasonal weakness typical of the colder months of the year. The fourth quarter also tends to be a weaker leasing period, according to Reis, given that most households make moving decisions in the second and third quarters.

This surge in occupancy pushed asking and effective rents up 0.4 and 0.5% respectively, which Reis calls the only disappointing figures for the sector, missing expectations. Reis blames that on slow economic growth and still high unemployment.  ‘Higher quality properties in the most desirable locations posted rent gains in excess of 5-10%, while class B/C properties, catering to lower income tenants, found it relatively more difficult to raise rents,’ notes Victor Calanog, head of research at Reis.  Nowhere is that more evident than in the Washington, DC metro area where rents are way up across the city, and developers are rushing to erect new multi-family buildings and rehab old ones.  ‘Everybody wants to be in DC,’ beams Richard Key, district manager for Camden Property Trust, one of the largest publicly traded multifamily REITs in the nation. ‘Whereas in other markets there are deals, when you get to DC area, all the REITs want to be here, and so we’re all competing for the same piece of land, and that’s driving the price up. That is really is a challenge for us.’  Key is convinced that there has been a fundamental shift in attitudes toward home ownership that will last for several more years. He is not concerned that the pendulum will swing back to buying, just as all that new rental stock hits the market around 2014. Camden has seen rents on its DC properties rise over 5% in just the past year.  ‘The nice part is we haven’t seen a drop in occupancies with that rent growth, and so the hope is that we’re able to maintain our historical occupancies and continue to see that 5, 6, gosh, 7% is not out of the question in the next couple of years,’ says Key.

Washington, DC will likely see those higher rents because home prices didn’t fall very high during the housing crash and are already rebounding. It and Detroit were the only major markets posting annual gains on the latest S&P/Case-Shiller Home Price Index.  Other markets, like Las Vegas, where home prices are rock-bottom thanks to a huge supply of foreclosures, the rental market is tougher for developers and landlords.  As for renter society, it is also being fueled by tight mortgage underwriting. Rates may be at record lows, but only if you can get them. In a paper released Wednesday, Federal Reserve Chairman Ben Bernanke noted, ‘Continued efforts are needed to find an appropriate balance between prudent lending and appropriate consumer protection, on the one hand, and not unduly restricting mortgage credit, on the other hand.’  Until that balance is found, potential home buyers will stay on the sidelines, those sidelines being rental apartments. A new twist to watch, however, may be that rental nation will go single family.  With so many bank owned homes left to clear, and so many in government and the private sector looking at bulk rental investments, apartments may have big competition in the same neighborhoods where they used to compete against single family buyers.”

IRS audits millionaires

The Internal Revenue Service (IRS) audited one in eight millionaires who filed taxes last year while only auditing 1 in 100 individuals earning less than $200,000 in an effort to “assure that there’s equity in the system.”  Just 1 in 100 individuals earning less than $200,000 had their income tax returns examined, the IRS said.  The 12% of millionaire earners audited in 2011 was appreciably higher than the 8% who were audited in 2010. IRS officials said the high ratio was part of an effort to demonstrate that tax laws are applied fairly.  “That has been something we’ve concentrated on to assure that there’s equity in the system, to assure that those at the lower end of the spectrum know that those at the higher end of the spectrum are subject to the same rules and enforcement as everyone else,” Steven Miller, deputy IRS commissioner for services and enforcement, said in an interview.  In recent weeks, President Barack Obama and congressional Democrats have sought to boost taxes on the wealthy as a way to pay for jobs programs, a theme they are expected to continue in this presidential and congressional election year. IRS spokeswoman Michelle Eldridge said the growing portion of millionaire earners’ returns audited is not related to politics.  Yeah right.  Message to Americans:  Achieve the American dream and we’ll audit you.

WSJ – business using more space

The US office market showed modest signs of improvement in the last three months of 2011, as employers slowly expanded in an uncertain economic climate.  The national office-vacancy rate stood at 17.3% in the fourth quarter, slightly down from 17.4% three months earlier, according to real-estate research firm Reis Inc. But the rate remains stubbornly high, down just slightly from the post-downturn peak of 17.6%, reached in mid-2010.  The office market generally reflects employment trends and companies’ views on growth over the next few years. With job growth slow, companies have been reluctant to add new space.

The sector is still struggling with high levels of vacancy not seen since the early 1990s, a hangover from the sharp pullback by businesses during the downturn. The amount of space occupied by businesses fell by 137 million square feet from 2008 to 2010, according to Reis, which tracks 79 metropolitan areas.  By contrast, employers occupied just an additional 20.7 million square feet in all of 2011. “We’re not seeing huge moves down in vacancy,” said Chris Connelly, who heads the Chicago office for CBRE Group, a commercial-real-estate brokerage. “We’re just niggling away at it.”  Overall rents have been creeping up, with landlords seeking an average rent of $27.97 per square foot per year in the fourth quarter, up 0.4% from the third quarter.

Still, markets vary widely, depending on whether they are home to growing industries. Cities hard-hit by the housing crisis, such as Las Vegas and Phoenix, have among the highest vacancy rates in the country, above 25%.  Meanwhile, growth in the technology and energy sectors has accelerated a recovery in areas such as Northern California and cities in Texas. Last month, landlord Brookfield Office Properties Inc. signed a 141,000-square-foot lease in Houston with Italian energy company Eni SpA, which is taking a space that is 42% larger than its current lease, according to Brookfield.  “If those drivers aren’t there, you’re probably pretty much seeing a very slow, gradual recovery,” said John Sikaitis, director of office research for brokerage Jones Lang LaSalle.

See you at the top!
Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2011.
All Rights Reserved.

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 150 high-value, high-profit
properties

* Owner of one of Florida’s largest Real Estate firms,
running 4 different offices, supporting over
420 agents, uniquely positioning him to help
thousands of investors make money in the
biggest market opportunity ever!

* In 2010, Chris’ 4 Central Florida real estate offices
closed 2,786 sides for a closed sales volume of
$392,912,927!

* 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

Smart Real Estate News & Commentary by Chris McLaughlin January 5, 2012

Forward this e-mail to your friends!

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California homeowners sue Capital One over short sales

Homeowners say in a class action that Capital One illegally made them pay thousands of dollars in deficiency contributions after short sales of their homes, though the state prohibited that in 2010.       Then-Gov. Arnold Schwarzenegger signed Senate Bill 931 into law in late 2010 to reduce foreclosures and boost short sales.  Before the law took effect in January 2011, homeowners had no incentive to short sell their homes because while lenders could not obtain a deficiency judgment on foreclosed properties, they could go after homeowners who sold short.

“However, it quickly became apparent that where there was a second mortgage, the junior lien holder often refused to release the lien and the short sale never went through,” according to the complaint.  “In February 2011, SB 458 was introduced, and on July 15, 2011, it was signed into law on an emergency basis. Section (a) of SB 458 expanded SB 931′s prohibition on obtaining a deficiency judgment to junior lien holders. Additionally, Section (b) of SB 458 further mandate that a ‘holder of a note shall not require the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.’…Capital One has refused to comply with SB 458. In clear violation of the statute’s unambiguous prohibition, Capital One has illegally required California borrowers to pay the deficiency on their mortgages, in addition to ‘the proceeds of the sale, in exchange for [Capital One's] written consent to the sale.’ As a result, Capital One has generated substantial revenues from the collection of deficiencies from California-based borrowers in connection with completing short sales”.

The plaintiffs are represented by Mary Blasy with Scott+Scott of San Diego.  They seek damages for violations of California’s Code of Civil Procedure, violations of California’s Business and Professional Code, conversion and unjust enrichment.  A Capital One spokeswoman would not comment on the lawsuit.

Job claims and layoffs down, hiring up

The news is all good for the jobs market so far in 2012: Separate reports Thursday showed a surge in private-sector job creation, a sharp drop in weekly unemployment claims and planned layoffs at their lowest level in six months.  Private-sector jobs surged by 325,000, according to ADP and Macroeconomic Advisors, while the government said weekly jobless claims fell 15,000 to 372,000 — still at an elevated level but consistent with recent data showing a consistent if grudging turnaround.  Goods-producing businesses created 176,000 positions in the month, according to ADP’s payrolls count, while the goods-producing sector rose 52,000 and manufacturing increased 22,000.  For the government’s weekly claims tabulation, it was the fourth drop in five weeks. The four-week average, which smooths fluctuations, declined to 373,250, the lowest level since June 2008.  Applications have declined steadily over the past three months.  The four-week average fell 11% in 2011, evidence that companies are laying off fewer workers. But many employers have been slow to add jobs.

The reports come a day ahead of the Labor Department’s monthly report expected to show 150,000 total jobs created in the public and private sectors.  In a related report, the number of planned layoffs at US firms declined to its lowest level since June, suggesting ongoing improvement in the labor market although unemployment remains historically high, a report on Thursday showed.  Employers announced 41,785 planned job cuts last month, down 1.6% from 42,474 in November, according to the report from consultants Challenger, Gray & Christmas.  But December’s job cuts were up from the same time a year ago, rising 31% from the 32,004 job cuts announced in December 2010. For all of 2011, employers announced 606,082 cuts, up 14% from the 529,973 layoffs in 2010.  The 183,064 government job cuts in 2011 represented a record high for that sector since Challenger began tracking it in 2002. And while the financial sector did not come close to its record high, annual cuts for the sector were 63,624, up 165% from 2010.  The report showing a further decline in job cuts comes one day ahead of the US Labor Department’s key US jobs report, which is forecast to show a 150,000 increase in non-farm payrolls.  Challenger said planned hirings in December totaled 14,074, down from 63,527 in November but up from 10,575 a year earlier. For all of 2011, announced new jobs totaled 537,572, up from 402,638 in 2010.

Fed – foreclosure is not the best solution

More than four years into the housing crisis, and after millions of Americans have lost their homes, Federal Reserve Chairman Ben Bernanke is finally taking a stand.  Bernanke sent a Federal Reserve paper to the leaders of the House of Representatives’ Committee on Financial Services arguing that relying heavily on foreclosures to deal with mortgage borrowers that can’t meet their obligations is “costly and inefficient” for the housing market because they can lead to deteriorating homes and weigh on the property values in the surrounding community.  Instead, the paper encourages lenders to “aggressively” pursue loan modifications and for servicers to be given more incentives to seek alternatives to foreclosure. Foreclosures “can result in ‘deadweight losses,’ or costs that do not benefit anyone, including the neglect and deterioration of properties that often sit vacant for months (or even years) and the associated negative effects on neighborhoods,” the paper said. “These deadweight losses compound the losses that households and creditors already bear and can result in further downward pressure on house prices.”

The paper mirrors findings from regional Fed banks indicating that foreclosures can be detrimental to more Americans than just those who are losing their homes. Properties that are occupied, but in foreclosure, drive down the surrounding property values twice as much as vacant properties, an October study from the Cleveland Federal Reserve found.  And with millions of foreclosed properties already in the pipeline, the foreclosure process is already taking longer than in recent memory — a situation that may only be exacerbated if lenders don’t take the Fed’s advice. The average foreclosure process now takes 674 days, almost triple the time necessary in 2007.

Sales mixed in December

Although analysts were expecting sales at stores open at least 12 months to rise an average of 3.3%, according to Thomson Reuters Same-Store Sales Index. There were plenty of headwinds including mild winter weather and high levels of unemployment that retailers grappled with during December.  The results were a mixed bag, with retailers such as Macy’s Limited and Zumiez, posting solid results and raising their earnings forecast. But the results were different for others such as discounter Target, which fell short of analysts’ expectations and cut its outlook for the fourth quarter.  Target said same-store sales rose 1.6%, far short of the 3.1% average analyst estimate from Thomson Reuters. As a result of its weak sales, Target cut its fourth-quarter earnings estimate to a range of $1.35 to $1.43 a share, from a prior estimate of $1.43 to $1.53 a share.  “December sales were below our expectations as growth in grocery and beauty offset softness in electronics and music, movies and books,” said Gregg Steinhafel, chairman, president and chief executive officer of Target, in a press release. “Sales and traffic were strongest in the week leading up to Christmas as guests waited to shop for last-minute gifts.”  Others who posted weak results blamed the mild winter temperatures, which hurt sales of winter apparel and other winter merchandise.

Olick – Richard Cordray appointment to have big impact

“Barely a few hours after the White House confirmed that President Obama would use a controversial recess appointment to install former Ohio Attorney General Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB), both Obama and Cordray were sitting at the dining room table of Endia and William Eason; the Easons, both in their 90s, nearly lost their home due to ‘trickery and abuse’ by a non-bank mortgage broker.  ‘The Easons need someone who will stand up for them,’ President Obama told a crowd later at a Cleveland high school. ‘Millions of Americans need someone who will look out for their interests. They need someone like Richard.’  Part of Richard Cordray’s job will be to increase oversight of mortgage brokers, which has already started with new underwriting standards mandated by the Dodd-Frank financial reform legislation. His appointment will finally allow the CFPB to start regulating non-depository firms (non-bank lenders), which up to now it could not.  ‘And that could have a big impact,’ says Guy Cecala, CEO and Publisher of Inside Mortgage Finance. ‘A lot of these firms – ranging from mortgage brokers to large lenders like PHH – have effectively escaped regulation in the past. Now they will not only have to submit to reporting but also lending regulations previously only extended to depository institutions.’

That will likely take a while, as Cordray settles in, but there are more near-term implications of the appointment, like that he could potentially help finalize a deal with the state attorneys general and the big banks over the so-called ‘robo-signing’ scandal.  ‘As a former AG, he could use that to his advantage in the ongoing negotiations with the AGs,’ notes Edward Mills, policy analyst at FBR. ‘Beyond a settlement, what we would be looking for are updated disclosure documents that are easier for consumers to understand and a definition of what is a ‘qualified mortgage’ – which sets in place new consumer protections on all mortgages.’  And even beyond the short and long term implications of Cordray’s new role at the CFPB is the significance of the recess appointment itself on something even more crucial to housing: The Federal Housing Finance Agency (FHFA), overseer of Fannie Mae and Freddie Mac. The FHFA has been run by an acting director, Edward DeMarco, for several years.  DeMarco has stood in the way of various government attempts to use Fannie Mae, Freddie Mac and the FHA to help troubled borrowers and resuscitate the overall housing market. He has consistently argued that his job is to protect the books of these mortgage giants, not to ameliorate the dyspeptic housing market.  If the President can use the recess appointment for Cordray, then he could potentially use it to replace the very controversial DeMarco.  ‘A different FHFA director might take a more expansive view of what is needed to help housing,’ notes Jaret Seiberg, financial services policy analyst at Guggenheim Securities. ‘That opens the door to much bigger refinancing programs than what have been adopted so far. For borrowers, that means lower rates which helps the economy, helps housing and helps the President’s re-election effort.’”

Regional banks to improve in 2012?

This year should be a better one for regional banks than 2011, Barclays Capital banking analyst Jason Goldberg said yesterday.  Goldberg, who predicted in October that the banks will improve as long as the US economy improves, said that last year was “clearly disappointing” since 2011 started with expectations of 3% gross domestic product growth and ended with only a 1.7% rise.  There was also uncertainty about how the international Basel 3 bank solvency requirements and the US Dodd-Frank financial services law would affect regionals, plus the concerns about Europe’s solvency. Goldberg expects those factors to have less of an impact on the banks in 2012.  He is “overweight” on regional banks that “used the economic downturn to improve their franchises,” including bigger Wells Fargo, US Bancorp and PNC Financial. These banks, he said, “made acquisitions to improve their franchise and took market share from their struggling peers.”  Goldberg also likes Capital One, which “clearly benefited in 2011 from a much improved environment, in terms of credit quality for credit cards.” He says it will see a “modest pickup in growth” this year, thanks to two pending acquisitions.

Housing starts to rise in 2012?

Housing starts have hit their low point and will gradually pick up this year, Goldman Sachs chief economist Jan Hatzius said yesterday.  “We’re pretty confident that housing starts have bottomed at this point,” he said. “It’s going to gradually pick up as the still large amount of vacancies and excess supply comes down.”  Housing prices, however, will continue to fall until hitting bottom in the second half of the year, according to Goldman’s forecast.  Hatzius said the price bubble of 2006 has finally disappeared, and housing is now “fairly valued,” but there will be “some small declines in house prices for most of this year basically because of the excess supply that’s still out there. But we’re pretty confident that we’re pretty close to the bottom here.”

Hatzius is also confident the Federal Reserve will have some form of quantitative easing later this year.  “We think they’re still missing their dual mandate significantly on the weak side, even with all the policy measures that they’ve already taken,” he said of the Fed.  There is still a “big gap” between the current unemployment rate of 8.6% and the Fed’s estimate of “sustainable unemployment” of 6%, Hatzius said.  ”We don’t think that gap is going to significantly diminish in the course of this year, so I think they’re going to target that.”  He also thinks inflation is going to go below the Fed’s target by the end of the year. The Fed said in November it was comfortable with the current inflation level of 3.9%, which includes food and energy prices, or 2% excluding them.  Hatzius also reiterated Goldman’s forecast for a still sluggish recovery of 2% or so in 2012. the year “won’t look that different from 2011,” he said, with the first half of this year slower than the second half of last year.

Factory orders up in November

Orders to US factories rose sharply November on a surge in demand for airplanes. But demand for goods that signal business investment plans fell for the second straight month.  The Commerce Department said orders to US factories rose 1.8% in November, following two months of declines. It was the best showing since a 2.1% gain in July.  But orders for so-called core capital goods, such as computers and electronic equipment, dropped 1.2% following a 0.9% decline in October. The category is closely watched because it is a good proxy for business investment.  Manufacturing has been one of the bright spots in this sub-par recovery but there is concern that US exports could falter if debt problems in Europe push that region into a severe recession.

HUD suspends affordable housing firm

The Department of Housing and Urban Development (HUD) suspended James Grier and Philadelphia-based Mantua Gardens East Inc., a Section 8 apartment complex, from doing business with the government, alleging the company improperly threatened tenants with eviction and withdrew thousands of dollars from reserves without permission.  HUD also proposed their debarments to prevent Grier and the company from participating in government-related business for five years. Grier could not be reached for comment. A phone number for Mantua Gardens East was disconnected and a management firm connected with the apartment complex was closed Wednesday evening when a reporter called.  HUD said Grier and MGE improperly withdrew $325,000 from reserves without HUD approval and submitted false and misleading financial reports to HUD. MGE also failed to provide sufficient notice to tenants of its intention to opt out of the Section 8 project-based program, denying them adequate time to make housing arrangements and threatening them with eviction. Section 8 is a HUD affordable housing program. It includes housing vouchers for low-income residents as well as project-based financing such as that provided to MGE.

MGE agreed to a $720,000 mortgage loan in 1970 insured by the Federal Housing Administration (FHA). As an FHA mortgagor, MGE is required to establish and maintain a reserve account to meet emergency needs at the apartment complex, which comprises 10 buildings in Philadelphia’s University City neighborhood.  In 2008, Grier and MGE improperly withdrew reserves without HUD approval and then refused to restore the funds, HUD said. Grier and MGE pledged the funds, along with one of the development’s buildings and future rent payments, as collateral for a separate loan from a lending institution, according to HUD.  MGE received project-based Section 8 subsidies for nearly 30 years. Under the terms of the contract, MGE was entitled to opt out of the contract, but was first required to provide one year’s notice to the tenants. In October 2011, MGE notified HUD that it was opting out of the program but failed to properly notify tenants, HUD said.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2011.

All Rights Reserved.

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 150 high-value, high-profit

properties

* Owner of one of Florida’s largest Real Estate firms,

running 4 different offices, supporting over

420 agents, uniquely positioning him to help

thousands of investors make money in the

biggest market opportunity ever!

* In 2010, Chris’ 4 Central Florida real estate offices

closed 2,786 sides for a closed sales volume of

$392,912,927!

* 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

Smart Real Estate News & Commentary by Chris McLaughlin January 2, 2012

Forward this e-mail to your friends!

Then they can subscribe directly at the following link:

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*** Join Chris’ Facebook Fan Page–>

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*** Follow Chris on Twitter–>

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

BOA short sale program to expand?

Bank of America’s (BOA) cash-back incentive, which tempted delinquent borrowers to do a short sale over a lengthy foreclosure, ended Dec. 12 with mixed reviews. The Florida-only program offered between $5,000 and $20,000 in relocation expenses to qualified homeowners who agreed to vacate their homes through a short sale in lieu of the average two-year foreclosure process.  But as of early December, only about 3,000 homeowners of 20,000 solicited by the bank had expressed interest in the plan, which one real estate consultant said was unthinkable before the robo-signing scandal heightened the foreclosure chaos.  “A year ago, banks weren’t making offers like this. Now, it’s a complete reversal in that they are proactively soliciting short sales,” said Jack McCabe, chief executive of McCabe Research & Consulting in Deerfield Beach. “They are offering unbelievable deals.”

Realtors say banks, including Wells Fargo and JPMorgan Chase, began offering cash incentives about six months ago to homeowners who agree to do short sales. With foreclosures taking an average of 749 days in Florida, according to a November RealtyTrac report, it’s cheaper to pay off an owner than take them to court, Realtors say.  BOA spokeswoman Jumana Bauwens said she couldn’t comment on concerns unless they dealt with a specific case, but that the company was “pleased” with the homeowner response.  Bauwens said Florida was chosen to test the program because of its high number of foreclosures. If it’s ultimately deemed successful, it could be expanded to other states.  To qualify, homeowners had to submit their short sales for approval by Dec. 12 – an extended deadline from an original Nov. 30 date. The homes could not have offers on them already, and the closing needed to occur before Aug. 31.

Ford hits 2 million mark in 2011

The Ford brand passed the 2-million mark, said Erich Merkle, Ford US sales analyst.  Ford’s small cars sales posted an increase of more than 20% this year, while its utility vehicles hit a 30-percent gain, the company said.  Overall, including its Lincoln luxury brand and now-defunct Mercury brand, Ford company sales were up about 11% through November, and the Ford brand’s sales were up about 18%.  As gasoline prices rose in 2011, customers continued to move toward smaller, more fuel-efficient vehicles. In recent years, Ford has emphasized fuel efficiency, including adding its “EcoBoost” engines that include turbocharging and fewer cylinders, particularly on utility vehicles and pickup trucks.  US auto sales in December are expected to top 13 million on an annual rate, J.D. Power and Associates and LMC Automotive said.  Once again, as it has each year for more than three decades, the Ford F-Series pickup trucks are the best-selling vehicle in the US market. Through November, Ford sold 516,639 F-Series pickup trucks, according to Autodata.

Olick – housing’s new hope

“I’m not sure if it’s that usual New Year’s Eve optimism evoked by the generic philosophy that the grass is always greener on the other side of the calendar year, or perhaps the emotional need to dig ourselves out of what has surely been one of the more lugubrious periods in the US economy, but there is some hope in housing.  A few positive readings in home sales and housing starts recently, topped off by today’s 7.4% monthly jump in contracts to buy existing homes, are fueling what I dare say is a spark, albeit not a fire. They are also managing to trump what was a particularly opposing reading in home prices from the number crunchers at S&P/Case-Shiller this week.  Don’t worry, I’m not going to dump a bunch of coal on the numbers and claim they’re all spurious in some way; I’m all prepared to be munificent, while chary (did I mention my new year’s resolution is to improve my family’s vocabulary, as well as banish ‘like’ from my kids’ lexicon.) I will note that even the Realtors, while touting affordability and pent-up demand, note that many of these new signed contracts are the result of delayed transactions.  ‘Contract failures have been running unusually high,’ notes National Association of Realtors chief economist Lawrence Yun. ‘Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,’ he said.

Then there is a big story in the Wall Street Journal [on Friday] of hedge funds putting their money back in housing, suggesting that while the numbers aren’t all there for a big win, these funds are usually ahead of big market shifts, so the housing surge must be on its way. I’ve spoken to some of these hedge fund types as well, and they seem to be playing on the surging rental market for now, getting the bargains but not expecting any big ‘flipping’ returns any time soon.  ‘Bottom line, whether due to even lower prices, historically low mortgage rates, falling inventory and a better tone to the labor market or a combination of all, the housing market is showing signs of stabilizing,’ says Peter Boockvar at Miller Tabak. ‘I say stabilize instead of bottom, as its too early to make that claim just yet with still a huge amount of foreclosures that hasn’t worked its way through the judicial system and prices that haven’t likely stopped going down as a result.’  Some are predicting that foreclosures will push home prices down another five to ten% before hitting a true bottom.

In addition, those rock-bottom mortgage rates that everyone is touting this week may be heading up, as the conservator of Fannie Mae and Freddie Mac today directed the two mortgage behemoths to inform servicers that guarantee fees would rise ten basis points next week. That, if you recall, is to pay for the temporary extension of the payroll tax cut. Yep, that money heads to the US Treasury, not to the troubled balance sheets of Fannie and Freddie. This accused nostrum will likely raise rates a tad, but rates are still close to historical lows. And we should remember that.  It’s all relative. Are things getting a bit better? Probably. I heard (or read…can’t remember) someone today say that housing has gone from a negative to a nothing for the US economy. So when we tout and rave about today’s pending home sales numbers, we mustn’t forget where we’ve been:  ‘It’s not going to keep 2011 from being the worst on record for new home sales, for single family permits and single family housing starts. Next year is going to be better, but that’s not saying much because this has been the worst year, probably since 1945,’ said IHS Global Insight’s Patrick Newport. In other words, housing ain’t exactly fecund, but it’s at least inching off life support.”

Employers offer weird benefits

Pet insurance, at-your-desk meditation services, jewelry discounts and funeral planning — from the quirky to the somber, workplaces are providing a range of unique benefits in 2012.  The options come as many firms try to placate employees frustrated by pay cuts, heavy workloads, high health insurance costs and reduced 401(k) matches.  “Companies are trying to have it feel like it’s not one big take-away,” said John Bremen, a managing director at employer consultancy Towers Watson. “They are trying to find ways to appeal to the workforce.”  Many voluntary benefits — such as reduced-price computers and pet insurance due to group-buying discounts — won’t gouge a corporate budget.  “On the employer side, there’s a recognition that they can’t always add to the benefits program in a way they have in the past,” said Ronald Leopold, national medical director at MetLife. “But they want to offer employees different things and a broader set of (choices).”

Among the many options offered: free tickets to theme parks, cellphone plan discounts and at-work massages.  Benefits at drug manufacturer Allergan include adoption assistance and auto insurance discounts. It also has a free concierge service for workers to acquire theater tickets, drop off laundry and get restaurant reservations.  Firms such as S.C. Johnson, TD Bank and Travelocity provide discounted health coverage for workers’ pets through Petplan Pet Insurance. Petplan “has seen tremendous growth in this area of voluntary benefits,” co-CEO Chris Ashton said. “In this struggling economy, employers are increasingly looking for low-cost options to keep their employees happy.”

WSJ – 2011 ends with near record mortgage rate lows

Average fixed mortgage rates in the US over the past week finished the year near all-time lows, with the 30-year home loan at 3.95%.  According Freddie Mac’s weekly survey of mortgage rates, the rate for a 30-year fixed-rate mortgage has been at or below 4% for the past nine consecutive weeks and only twice in 2011 did it average above 5%.  The 30-year fixed-rate mortgage averaged 3.95% for the week ended Thursday, up from 3.91% the previous week and below 4.86% a year ago. Rates on 15-year fixed-rate mortgages averaged 3.24%, up from 3.21% last week and below 4.20% a year earlier.  Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARM, averaged 2.88%, up from 2.85% yet below 3.77% of a year ago. One-year Treasury-indexed ARM rates averaged 2.78%, up from 2.77% in the prior week and below 3.26% last year.  To obtain the rates, 30-year and 15-year fixed-rate mortgages required payments of 0.7 percentage point and 0.8 percentage point, respectively. Five-year and one-year adjustable rate mortgages required an average payment of 0.6 percentage point. A point is 1% of the mortgage amount, charged as prepaid interest.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2011.

All Rights Reserved.

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 150 high-value, high-profit

properties

* Owner of one of Florida’s largest Real Estate firms,

running 4 different offices, supporting over

420 agents, uniquely positioning him to help

thousands of investors make money in the

biggest market opportunity ever!

* In 2010, Chris’ 4 Central Florida real estate offices

closed 2,786 sides for a closed sales volume of

$392,912,927!

* 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

Smart Real Estate News & Commentary by Chris McLaughlin December 28,2011

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Foreclosures down, short sales up in 2011

While data on the number of loans either seriously delinquent or in the foreclosure process suggested that an increase in the number of residential properties lost to foreclosure this year was a “slam dunk,” incoming data suggest that in fact the numbers will be down significantly from 2010, and will in fact probably come in at the lowest level since 2007!  Short sales and DILs, in contrast are likely to be up in 2011 compared to 2010, at least according to estimates derived from Hope Now data. Unfortunately, Hope Now data doesn’t allow for an estimate of SS/DILs by occupancy type, and HN didn’t start releasing data that allowed one to derive estimated short sales/DILs until early 2010. Given the number of loans either seriously delinquent or in the process of foreclosure at the beginning of the year, the number of completed foreclosure sales in 2011 is almost absurdly low, reflecting the complete screw-up of the mortgage servicing industry, and the resulting dramatic slowdown in foreclosure resolutions. As of the end of October, 2011 LPS estimated that there were 1.759 million seriously delinquent loans with the average number of days delinquent at 388 (compared to 192 days in January 2008), and there were 2.210 million loans in the foreclosure process that had been on average delinquent for 631 days.

Consumer confidence surges

The New York-based Conference Board says Tuesday that its Consumer Confidence Index rose almost 10 points to 64.5, up from a revised 55.2 in November. Analysts had expected 59.  The surge builds on another big increase in November, when the index rose almost 15 points from the month before.  Improving confidence is in line with retail reports of a decent holiday shopping season. Still, the December confidence reading is below the 90 level that indicates an economy on solid footing.  Economists watch the confidence numbers closely because consumer spending — including items like health care — accounts for about 70% of US

WSJ – 2011 in commercial real estate

For the commercial real-estate market, 2011 was a year that began with a boom and ended with a question mark.  After two years in the doldrums, commercial real estate came to life in the first half of 2011. Values rose in top markets, deal activity increased and financing became more plentiful. But the market hit the brakes in the summer when turmoil in Europe threatened to stall an already-shaky economic recovery. As the year comes to an end, the outlook continues to look uncertain.  But along the way in 2011, there were ups and downs, winners and losers and tears and high-fives. Here is a look at a few standouts:

Biggest Fight

Three years after taking apartment company Archstone private in a $22 billion leveraged buyout, the three owners—Bank of America Corp., Barclays PLC, and the estate of Lehman Brothers Holdings Inc.—spent much of 2011 fighting over how to unwind their soured investment. Now the two banks are trying to sell half their stake to Sam Zell’s Equity Residential, Archstone’s largest competitor, which wants to control all the property. This is unwelcome news to the Lehman estate, which is trying—in court and by raising funds—to block the purchase.

Worst Tenant-Landlord Relations

This fall, giant office landlord Brookfield Office Properties Inc. became the unexpected and extremely reluctant host of the Occupy Wall Street movement in Lower Manhattan. Thanks to its ownership of Zuccotti Park, the small plaza near Wall Street, the firm’s executives wished the movement had chosen to make a home base in a space they didn’t control. Still, they deferred to City Hall, waiting until the mayor gave his okay until they and the New York Police Department put an end to the occupation.

Most-Unexpected Comebacks

Two high-profile names associated with the boom-turned-bust of a few years prior reemerged earlier this year. New York developer Harry Macklowe, who lost his extensive office holdings in 2008 after a poorly timed $7 billion attempt to double down on his portfolio, led ventures to buy and convert two rental apartment buildings on Manhattan’s Upper East Side, totaling over $400 million in investment. Meanwhile Mark Walsh, Lehman Brothers’ head of real estate, whose insatiable appetite for commercial property during the boom helped sink the investment bank, reemerged. His Silverpeak Real Estate Partners won control of the $1.1 billion US real-estate portfolio of Dubai Investment Group.

Off the Beaten Path

While investors spent much of the year climbing over each other to buy apartments and top office towers in major cities, Blackstone Group LP waded deep in the muck of the commercial-property sector: strip malls and suburban office buildings. Put off by the unusually high price tags of the standard fare, the giant private-equity fund put its money into higher-yield major deals such as the $9.4 billion purchase of 588 US shopping centers from Centro Properties Group, a $1.1 billion suburban office portfolio from Duke Realty Corp., and a $473 million shopping-center portfolio concentrated in Florida and Georgia from Equity One Inc.

Best Sovereign Exit

Once big lenders during the real-estate boom, the three largest banks in Ireland all made a near-complete exit from the US market. Starting in the summer, Bank of Ireland, Allied Irish Banks PLC and Anglo Irish Bank Corp., each of which are mostly owned by the Irish government, nearly cleared their books of US loans, totaling sales of more than $12 billion, face value.

Change in Course

Donald Trump went from a public dalliance with a White House run to working on his golf handicap. In what would be its largest US property investment in years, Trump Organization agreed to pay $150 million to buy the Doral Golf Resort and Spa, a deluxe resort near Miami, often a stop on the PGA tour. While the deal isn’t done yet—other bidders could top Mr. Trump in a bankruptcy-court auction—it marks a shift from the years in which the high profile Trump buildings were licensing deals with other developers.

Worst Day in Court

In hindsight, bankruptcy might not have been the clean outcome it seemed for the Extended Stay hotel chain. David Lichstenstein, the New York investor who led the $8 billion purchase of the chain in 2007, put it into Chapter 11 when the investment soured. But this year, lenders went after a “bad-boy” provision, which can subject owners to large recourse penalties if they take certain actions, such as putting properties into bankruptcy. A New York state court ruled against him, exposing him to $100 million in personal liability, which he’s now appealing.

Biggest Optimist

At a time when few are building condominiums or office buildings, New York developer Gary Barnett, president of Extell Development Co., is betting big on a strong recovery in Manhattan. He has two giant Manhattan construction projects underway: the International Gem Tower, a mostly speculative tower aimed at both diamond dealers and traditional office tenants, as well as One57, a 1,004-foot condo tower aimed at a set of super-luxury foreign buyers. Neither started 2011 with a construction loan.

Biggest Ratings Snafu

Just as investors were about to buy bonds on a $1.5 billion batch of securities tied to commercial mortgages, Standard & Poor’s Ratings Services pulled its rating on the deal, being sold by Goldman Sachs Group Inc. and Citigroup Inc., citing potential problems with its ratings formula. The action was a shock to the commercial mortgage-backed securities world, shaking trust lenders and investors had put in the common financing tool.

Looking Ahead

With lenders wary of funding new construction, few major developments are expected to kick off in 2012, although a few developers are trying. Among those seeking to start building are Triple Five, which wants to re-start construction on a retail and entertainment mega-center in New Jersey previously named Xanadu, and Related Cos., which plans to start construction on its first tower in its $15 billion Hudson Yards project on Manhattan’s far West Side.

Iran threatens top block oil – prices rise

A senior Iranian official delivered a sharp threat in response to economic sanctions being readied by the United States, saying his country would retaliate against any crackdown by blocking all oil shipments through the Strait of Hormuz, a vital artery for transporting about one-fifth of the world’s oil supply.  The declaration by Iran’s first vice president, Mohammad-Reza Rahimi, came as President Obama prepares to sign legislation that, if fully implemented, could substantially reduce Iran’s oil revenue in a bid to deter it from pursuing a nuclear weapons program.  Apparently fearful of the expanded sanctions’ possible impact on the already-stressed economy of Iran, the world’s third-largest energy exporter, Rahimi said, “If they impose sanctions on Iran’s oil exports, then even one drop of oil cannot flow from the Strait of Hormuz,” according to Iran’s official news agency. Iran just began a 10-day naval exercise in the area.

In recent interviews, Obama administration officials have said that the United States has developed a plan to keep the strait open in the event of a crisis. In Hawaii, where President Obama is vacationing, a White House spokesman said there would be no comment on the Iranian threat to close the strait. That seemed in keeping with what administration officials say has been an effort to lower the level of angry exchanges, partly to avoid giving the Iranian government the satisfaction of a response and partly to avoid spooking financial markets.  But the energy sanctions carry the risk of confrontation, as well as economic disruption, given the unpredictability of the Iranian response.  Merely uttering the threat appeared to be part of an Iranian effort to demonstrate its ability to cause a spike in oil prices, thus slowing the United States economy, and to warn American trading partners that joining the new sanctions, which the Senate passed by a rare 100-0 vote, would come at a high cost.  Oil prices rose above $100 a barrel in trading after the threat was issued, though it was unclear how much that could be attributed to investors’ concern that confrontation in the Persian Gulf could disrupt oil flows.

Freddie delinquency rate up

The delinquency rate of single-family mortgages held by Freddie Mac edged up to 3.57% in November from 3.54% in October, the government-sponsored enterprise said.  The multifamily delinquency rate fell to 0.28% in November from 0.31% the prior month, and the GSE’s total mortgage portfolio decreased at an annualized rate of 6.9% in November. A year ago, the single-family delinquency rate was 3.85% and the multifamily rate was about 0.34%.  Freddie completed 6,886 loan modifications during November, up from 6,571 a month earlier and 6,465 in September.  The single-family guarantee volume hit $27 billion in November, making up 71% of the mortgage giant’s total portfolio. That compares to $24.1 billion in October.  In addition, the unpaid principal balance of Freddie’s mortgage-related investment portfolio decreased by $5.8 billion in November.

Hiring up in 2012?

Employers expect to add new jobs in the new year, but are still cautious about their businesses, according to CareerBuilder‘s annual job forecast. Nearly one of every four hiring managers plans to hire full-time, permanent employees in 2012, similar to 2011 and employers said they expect to raise salaries.  “Barring any major economic upsets, we expect 2012 to bring a better hiring picture than 2011, especially in the second half of the year,” said Matt Ferguson, CEO of CareerBuilder. ”Many companies have been operating lean and have already pushed productivity limits. We’re likely to see gradual improvements in hiring across categories as companies respond to increased market demands.”  Ferguson said companies typically are more conservative in their survey answers than in their actual hiring.  Overall, CareerBuilder said 23% of employers surveyed plan to hire full-time, permanent employees next year, relatively unchanged from 24% for 2011 and up from 20% in 2010.  About 7% of respondents expect to decrease headcount, the same as 2011 and an improvement from 9% for 2010. Another 59% anticipate no change in staffing and 11% are unsure.

Small businesses reported more confidence in both hiring and retaining staff in 2012 with plans to downsize dropping two percentage points across small business segments while plans to hire increased two percentage points among companies with 50 or fewer workers. In that segment, 16% of respondents plan to add full-time, permanent staff in 2012, up from 14% for 2011.  For companies with fewer than 250 employees, 20% plan to add full-time, permanent staff in 2012, up from 19% this year and those reducing headcount fell to 4% for next year from 6% for 2011.  Of companies with 500 or fewer employees, 21% plan to add full-time, permanent staff, on par with 2011; those reducing headcount fell to 4% from 6%.

CareerBuilder said more employers in the West plan to recruit new employees in 2012 than other regions. Twenty-four% of employers in the West reported they plan to add full-time, permanent headcount.  However, the West also reported the highest number of companies planning to downsize in 2012 at 9%, reflecting the uncertainty businesses still feel about the economy.  Employers expect compensation levels to increase for both current staff and prospective employees as recruiting for skilled talent becomes more competitive.  Sixty-two% of employers plan to increase compensation for their existing employee base while 32% will offer higher starting salaries for new employees.  The survey, conducted by Harris Interactive from Nov. 9 to Dec. 5, included more than 3,000 hiring managers and human resources professionals across industries and company sizes.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2011.

All Rights Reserved.

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 150 high-value, high-profit

properties

* Owner of one of Florida’s largest Real Estate firms,

running 4 different offices, supporting over

420 agents, uniquely positioning him to help

thousands of investors make money in the

biggest market opportunity ever!

* In 2010, Chris’ 4 Central Florida real estate offices

closed 2,786 sides for a closed sales volume of

$392,912,927!

* 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