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Smart Real Estate News & Commentary by Chris McLaughlin, March 2, 2010

by admin on March 2, 2010

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We’re not allowed to release her name. Because she used to

work for the enemy.  And she knows all their dirty little

tricks.  Just call her the Short Sale Sensei…

 

This gal used to be well respected by banks.  She processed

nearly 10,000 short sales for lenders too big to name here.

 

She was one of them.  She attended their office parties.

She’s sat down to dinner beside them.  Socialized and went

to sporting events with them.

 

If there’s a tactic or strategy the bank’s kept hidden from

investors, she knows it.

 

And she’s ready to spill the beans, TODAY at 3 PM ET, NOON

PST, on a fr-ee webinar, right here:

https://www1.gotomeeting.com/register/815788648

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Fannie Mae seeks $15.3 billion in bailout money

Fannie Mae, the country’s largest mortgage financier, says it needs another $15.3 billion to tide over the current housing crisis. The company posted a staggering loss of over $ 70 billion in 2009 compared to $ 58.8 billion losses in 2008. Fannie’s losses were mainly on account of $11.9 billion in credit expenses, which included bad loans and costs incurred in maintaining foreclosed properties. The company also took a $5 billion write-down on low-income tax-credit investments. About 5.38% of Fannie’s single-family loans were more than 90 days delinquent, up from 2.42% a year earlier. Total nonperforming loans of the company were $216.5 billion at year-end, compared with $119.2 billion in the prior year-end. Fannie has so far received over $ 60 billion in bailout money. While the company expects to see an improvement in its performance this year, losses are likely to continue through 2010. Fannie and Freddie Mac have played a key role in implementing the Obama administration’s initiatives to stem the rising tide of foreclosures. Michael Williams, Chief Executive of Fannie Mae, said foreclosure prevention was a top priority. “Our overriding objective is keeping people in their homes whenever possible.”

Orleans Homebuilders files for bankruptcy

Orleans Homebuilders, a Pennsylvania-based housing developer has filed for bankruptcy under Chapter 11. Orleans had $440 million of assets and $498.8 million of liabilities as of December 31. Jeffrey Orleans, Chief Executive, said the company is looking for a buyer through a negotiated sale or court-supervised auction. The company’s revenue dropped by about two-thirds over the last three years — from $1 billion in 2006 to $322 million in 2009. The company defaulted on a $350 million credit facility last month after failing to get an extension of maturity of its debt. Orleans said it had $311 million of cash borrowings outstanding, excluding letters of credit. Orleans joins a long list of real estate companies that have filed for bankruptcy so far. “There’s been an enormous bubble in commercial real estate, and it has to come down,” said Elizabeth Warren, chairman of the Congressional Oversight Panel, the watchdog that monitors financial bailout. “There will be significant bankruptcies among developers and significant failures among community banks.”

Mortgage insurance claim-denials on the rise

According to Moody’s Investors Service, claim denials by mortgage insurance companies have risen to 25% in the recent past from a historic average of about 7%. In the face of drop in new business, mortgage companies are increasingly getting finicky about honoring claims on defaulted loans, and this in turn is increasing transaction cost to servicers and investors. According to Moody’s, Bank of America (BoFA) recently filed a lawsuit against MGIC, a mortgage insurer, claiming the insurer improperly denied claims from BofA’s servicer unit. While the lawsuit is still on, mortgage insurers are becoming more confident in denying partial or whole claims from servicers and Moody’s says the industry can expect continued high rescission rates for the future. According to the Mortgage Insurance Companies of America, the 14,378 mortgage insurance policies issued in January 2010 had a total value of $4.16 billion, and this was lower in volume and dollar terms than any month in 2009. While the BofA-MGIC lawsuit continues, Moody’s believes servicers’ rebuttal efforts “will be less forceful and will have little impact on claim denials. RMBS transactions that carry pool policies (partial or full) are likely to receive little benefit from them.”

A $150 billion package to reinstate jobless benefits

According to the Department of Labor, about 400,000 people will lose unemployment benefits in the next few weeks on account of the Senate blocking the extension of jobless benefits. Sen. Jim Bunning (R., Ky.), blocked the extension, saying the cost of extension (around $10 billion) is not offset by cuts elsewhere to the federal budget. Senate Democrats are now seeking to get around Bunning’s objection by pushing a bill containing several measures aimed at stimulating job growth. The $150 billion measure includes $81 billion to extend unemployment benefits, such as Cobra subsidies to help the unemployed buy health insurance, for the rest of this year and $25 billion to help prevent layoffs. Senate Finance Chairman Max Baucus, a Democrat, said the bill would “put cash in the hands of Americans who could spend it quickly, boosting economic demand.” The other measures in the bill include provisions unrelated to job creation, such as a $7 billion plan to prevent, for seven months, a 21% scheduled cut in Medicare reimbursements to doctors, a $1-per-gallon tax credit for biodiesel fuel and a $6.6 billion credit promoting corporate research and development programs. The bill is likely to be sent to the House for approval this week or next.

Treasury says government finances deteriorated in 2009

The Treasury Department said in a report the government’s financial position, reported on an accrual basis, continued to deteriorate in fiscal 2009. On a net basis, the government had a shortfall of $11.46 trillion in the year ended September 30, 2009, compared with $10.2 trillion in 2008. The net operating cost rose to $1.3 trillion in 2009 from $1 trillion in 2008. Treasury Secretary Tim Geithner said: “The increase was largely due to increased costs for mandatory spending programs, such as unemployment insurance, Social Security, Medicaid and Medicare benefits, continued investment in the economic recovery effort, and more than a $400 billion decrease in tax revenue due to the economic downturn.” According to the report, “in the absence of policy changes, large and increasing primary deficits” will lead to an increase in the government’s debt burden. While there is a need to stimulate the economy, economists are concerned about the deteriorating fiscal situation. Federal Reserve Chairman Ben Bernanke has warned that if deficits are not brought under control, the confidence of investors who buy government debt will drop.

Now on to our real estate investing educational section…

“Must Know” Metrics for Real Estate Investors

The daily news is filled with economic indicators but which ones really matter  the most to the average real estate investor? Of course, they all contain valuable information but data doesn’t mean the same thing to every industry. Reduce the mental clutter and learn how to focus on the data that does matter with these “must know” metrics for real estate investors.

1. Housing Starts – Published by HUD and/or the Census Bureau, housing starts are one of the most important long term metrics every real estate agent, broker and investor should know and understand. The number of housing starts provides a very clear indication of future growth as well as supply and demand.

2. Inflation vs Interest Rates – It is essential to know the true inflation rate versus the current interest rate. Negative “real” interest rates (ie, when inflation is higher than short term market rates) is a red flag that a downturn in the economy is a likely.

3.  Vacancy/Rental Rates – Whether you buy and hold or simply flip every property, knowing the current supply/demand for units helps keep prices in order. New home buyers and investors alike often desire homes in specific area of a specific size so don’t just glance at the raw numbers; instead, obtain up to date data on specific zip codes or neighborhoods of interest.  Obtain this information from the Census Bureau and the Bureau of Labor Statistics.

4. Impact Fees & Other Taxes – Although local in nature, here is an often neglected area that can add thousands to the bottom line especially in areas that experienced rapid growth over the past several years. Impact fees in many areas now exceed the original purchase price of a vacant piece of property making even the most downtrodden homes profitable investments.  Likewise, regional growth (or lack thereof) as well as in-filling or expansionary trends remains an important indication for real estate trends in any given area.

5.  Consumer Sentiment – Every investor knows consumers are fickle; never underestimate the power of psychology and consumer sentiment to move a market. Nationwide and local data are equally important. People tend to feel less optimistic during winter months especially during the holiday season…more optimistic in summer months after those heavy credit card bills are paid off from the year before. Use it to your advantage when buying or selling.

6. Home Sales – New and existing home sales remain a fundamental measure both as a nationwide indicator and local indication of real estate “health”. Be sure to differentiate between site built homes, manufactured homes, condos and other forms of real property as well as various price levels.

7. Mortgage Applications – The Mortgage Bankers Association or MBA tracks this index in order to provide up-to-date information on the housing market. Four week moving averages provide a much more robust picture than weekly averages so it’s best to get a general update each month rather than focus too closely on any given week.

8. House Prices – The HPI or House Price Index is published by the Office of Federal Housing Oversight and is considered the gold standard for resale data.

See you at the top!

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

Copyright Loss Mitigation Institute LLC 2009.

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)

*************************************************
Finally, a blog for Real Estate professionals
that want up-to-the-minute news, & how it impacts
us and our market…
http://www.shortsalesriches.com/blog

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

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

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Real Estate News & Commentary by Chris McLaughlin, January 8, 2010

by admin on January 8, 2010

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

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

***********

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having about how to work less and make more money
in real estate using the Internet.

Click Here To Register this Saturday at 3 PM ET, NOON PST:

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Some investors think if they just put up more “We Buy

Houses” signs, or call more FSBO’s (for sale by owner

classified ads), they’ll make more money.  Problem is,

there are only so many hours in the day, right?

 

There’s a saying “The less I work, the more I make.” 

Well, if that sounds good to you, then you absolutely

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

Bailout for speculation

Thanks to a handout from this spend crazy congress, dozens of serial money-losers will stake claims in a cash scramble that could cost us more than $50 billion.  Thanks to months of lobbying by the homebuilders, the measure also gave companies the right to apply losses incurred in 2008 and 2009 to income earned in any five years through 2007. Previously, losses could be counted against profits over just two previous years.  The change was good news for companies like Lennar, a Miami-based homebuilder that has been gushing red ink since its misguided bets on house prices went bad three years ago. All told, Lennar has lost $3.4 billion over the past three years, wiping out profits running back to 2003.  But the company now is free to use $1.5 billion of losses over the past two years to offset previous income. It expects to get a $320 million tax refund check this year.  Those funds will allow Lennar “to continue to capitalize on distressed land-buying opportunities, which will improve our operating results in 2010 and beyond,” Miller said.  As CNN says, it is curious at a time of bulging national budget deficits that taxpayers should be funding Lennar’s land speculation efforts — particularly given the company’s poor record in that area. After gorging on land during the boom, the company lost $1.8 billion on land sales in 2007 and 2008.  Regardless of what purpose the refunds might serve, Lennar won’t be the last homebuilder to claim one. Toll Brothers (TOL) said last month it expects to get a $162 million income tax refund when it files its 2009 taxes, thanks to losses the past two years it can now offset against 2007 income. A Wall Street analyst last month upgraded KB Home (KBH) shares, citing a large expected refund there.  As has so often been the case during the last two bailout-soaked years, those funds will come out of taxpayers’ pockets.

So much for “job creation”

Labor Department data showed that US employers unexpectedly cut 85,000 jobs in December, even though analysts polled by Reuters had expected nonfarm payrolls to be unchanged last month and the unemployment rate to edge up to 10.1 percent.  For the whole of 2009, the economy shed 4.2 million jobs, the department said.  Still the job market continued to show broad improvements last month, with a number of sectors showing gains.  Professional and business services added 50,000 positions, while education and health services increased payrolls by 35,000. Temporary help employment rose by 47,000.  Manufacturing payrolls fell 27,000 after dropping 35,000 in November. The construction sector lost 53,000 jobs, while the service-providing sector shed only 4,000 workers.  The average workweek was unchanged at 33.2 hours, while average hourly earnings increased by $18.80 from $18.77 in November.  Unemployment remains the Achilles heel of the economic recovery that started in the third quarter of 2009 following the worst recession in 70 years. Creating jobs is critical to sustaining the economic recovery when government stimulus fades. It’s also critical to Democratic ambitions.  Obama’s popularity has steadily fallen, knocking his approval ratings down to around 50 percent, and this could dim the election prospects for his Democratic Party in the November congressional elections. Obama is scheduled to make a statement on the economy at 2:40 p.m. EST.

DSNews.com – Unemployment Plagues 25% of Distressed Homeowners

An analysis by MortgageKeeper Referral Services of 400,000 homeowners in 2009 shows that nearly one in four needed access to employment services to help them keep their homes.  The New York-based MortgageKeeper has found that of the 19 service categories its database offers, struggling homeowners most requested employment assistance. Based on this information, the company sees strong ties between job loss and foreclosure.  “The results are not surprising, but they point to foreclosure as a symptom of much larger problems in our economy,” said Rochelle Nawrocki Gorey, president of MortgageKeeper Referral Services. “In almost all cases, something is forcing a family to miss their mortgage payments. If these underlying issues go unaddressed, loan modifications and other aids are only temporary fixes.”  MortgageKeeper says its database is accessed more than 1,000 times every day, helping more than 30,000 families every month. Its resources include more than 4,000 nonprofit and government agencies in 75 metro areas in all 50 states-covering 90 percent of high foreclosure markets, the company said.  “Our web-based applications-including our newest, MKDirect-dive to the root cause of missed mortgage payments,” said Gorey. “Offering a struggling homeowner help to find a job, feed their family, and pay their utility bills-this helps them steady their financial ship. And with their finances in order, homeowners will be much more likely to stay current on their mortgage.”

Holiday sales up

Total holiday-season sales grew 1.8% with a late surge before Christmas, according to an index of 33 retailers by the International Council of Shopping Centers.  According to a Thomson Reuters index of 30 retailers, sales grew even more, with sales for the five weeks ended in early January rising 2.9% compared with the prior year, the best monthly showing since April 2008.  Retail economists now predict solid growth for 2010. The International Council of Shopping Centers projects annual sales will increase 3% to 3.5%, the biggest jump since 2006. “It’s a story of the turning of the corner for the retail industry,” said Michael Niemira, the group’s chief economist.  The improvement was seen broadly. From department stores to teen retailers to discount mass merchants, three-fourths of major store chains reporting December sales exceeded low analysts’ expectations.  The 2009 Christmas totals remained far below those of just two years ago and only presented a partial portrait because they didn’t include retail behemoth Wal-Mart Stores Inc., which stopped disclosing monthly figures last year.  The relatively strong performance signaled that most store chains protected profit margins by restricting inventories to match demand, avoiding the desperation clearance sales that ate into fourth-quarter earnings in 2008. Nordstrom Inc. posted a 7.4% rise in same-store sales and said annual earnings should exceed its prior estimate of $1.83 to $1.88 a share.  The less-is-more strategy is expected to continue well into this year as merchants cautiously move forward in light of continuing high unemployment and a recent spike in energy prices that is reducing consumers’ disposable income.

Recovery Worries over Fed Plan to Stop Buying Mortgages

The Federal Reserve’s pledge to stop buying mortgages by the end of March is sparking fears among home builders, mortgage investors and even some Fed officials that mortgage rates could rise and knock the fragile housing recovery off course. Rates on 30-year fixed-rate mortgage have risen by a quarter of a percentage point in the past month to around 5.2%, according to HSH Associates, near their highest levels since September as the bond market has pushed up long-term interest rates amid signs of an improving economy.  The recent rise in mortgage rates could be a prelude to even bigger increases in coming months as the Fed steps away from support for the market. That prospect has some in the markets counting on the Fed to change course and keep buying past March, which many officials are reluctant to do.  When such a big investor stops buying, “that could lead to material increases in [interest] rates across the board,” said Ronald Temple, portfolio manager at Lazard Asset Management. He sees mortgage rates rising by a percentage point when the Fed stops buying. A withdrawal of government support, combined with high unemployment and rising mortgage foreclosures, could push home prices down 20%, he said.  The Fed now holds $909 billion of mortgage-backed securities. In the past year it has purchased 73% of the mortgages that government-backed Fannie Mae, Freddie Mac and Ginnie Mae have turned into securities. Purchases by the Treasury pushed total government purchases above $1 trillion. The Fed says it plans to top off its purchases at $1.25 trillion by the end of March, but must decide in the months ahead whether the economy is strong enough to stick with that plan.

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Try to Top These Tax Benefits!

There are many reasons to invest in real estate but undoubtedly, one of the most important is the undeniable tax benefits. From depreciation to deductions, just try to find another source of income able to top these tax benefits!

1. Passive Loss Deductions. High income individuals will be delighted by the ability to offset gains in other areas by taking passive loss deductions from real estate. All expenses associated with real estate investments qualify including management fees, taxes, insurance, repairs, homeowner association dues, legal and accounting fees and even small office expenses. Just be sure to keep receipts and set up a tracking method.

2. Depreciation. Few things are more tax friendly than real estate; while the property appreciates in value due to inflation, improvements and/or market forces, it simultaneously depreciates in value according to Uncle Sam. The average depreciation schedule for most single family residential homes is 27.5 years which means you deduct a percentage of the price of the building (not land) in addition to expenses or other fees each and every year.

3. Interest Deduction. If you are using other people’s money – including banks, hard money lenders or even personal loans – the interest is typically deductible. Since interest payments tend to be highest in the early stages of ownership, interest deductions are especially useful when building a real estate portfolio.

5. Income Tax Treatment. When you work for a living personal income taxes and FICA represent a significant tax burden. FICA alone equal 15 percent of  wages for self employed individuals (employers match employee contributions for a total of 15% combined), however, rents collected from real estate are never subject to self employment taxes making them a favorable way to generate tax free profits for retirees and others.

6. 1031 Exchanges. There are very few investments that allow you to trade them in and purchase another without any tax consequences but real estate is one of the exceptions to the rule. Investors must follow specific criteria to qualify but it’s entirely possible to roll profits from one property into another without generating any tax bills whatsoever – be sure to understand the requirements well into advance in order to avoid unpleasant surprises later.

7. Totally Tax Free. Personal residential property can generate up to $250,000 of profit completely tax free! Many people have been able to fund a significant retirement benefit from buying their primary residence at the right price then downsizing later in life and pocketing the profits (tax free!). To qualify, you must live in the property for two out of five years immediately prior to selling. Imagine the additional income someone could generate simply by buying low and selling high every five years – with zero tax burden.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2009.

All Rights Reserved.

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

*************************************************
Finally, a blog for Real Estate professionals
that want up-to-the-minute news, & how it impacts
us and our market…
http://www.shortsalesriches.com/blog

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

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

{ 0 comments }

Real Estate News & Commentary by Chris McLaughlin, December 31, 2009

by admin on December 31, 2009

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

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

**********

Encore Saturday:

The Short Sales Riches program for 2010 … all new concepts that give you the ability to do more deals than ever before!

The encore begins this Saturday, January 2nd at 3:00 PM ET, NOON PST: 

https://www2.gotomeeting.com/register/310834706

***********

Home prices to fall in 2010 – foreclosures coming

Fiserv Lending Solutions, a financial analytics firm, forecasts that prices will fall in all but 39 of the 381 markets it covers, with an average drop of 11.3%.”We’ve seen recent price stabilization because of low mortgage interest rates and the impact of the first-time homebuyers tax credit,” said Pat Newport of IHS Global Research. “But there are really good reasons to think prices will now start going down.”  There are three main reasons for the reversal: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits.  According to Gus Faucher, the director of macroeconomics for Moody’s Economy.com, the huge number of foreclosures that remain in the pipeline is the big problem.  In fact, Moody’s upped its estimate of defaults recently because of shortcomings of the government-led mortgage modification programs. Trial workouts are not being made permanent and completed modifications are redefaulting at high rates.  “There are going to be fewer [successful] modifications than we thought.”  However, he says most of the price decline has already occurred and Moody’s forecast is for only another 8% drop. The worst-hit markets will be the ones suffering the most foreclosures, places like Arizona, California, Florida and Nevada.  Some analysts, according to Newport, also think rates for a 30-year mortgage will pass 6% next year as the government curtails housing market support.  Finally, many economists see the end of the tax credit in April as a significant brake on home prices.

NAR – the decade in real estate

The National Association of Realtors (NAR) has put together a retrospective of the real estate market for the last decade.  Notable developments:  In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search. Today, 90 percent of buyers are searching online.  Despite the current price declines, median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009.  Fewer people are buying detached, single family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people are buying homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today. 

Married couples comprised 68 percent of all home purchases at the beginning of this century but only represent 60 percent of all buyers today. Single men and women have made up the difference – single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent more than one-fifth of all home buyers – 21 percent, up from 15 percent in 1999.  Other things haven’t changed. The median age for home buyers last year was 39, just as it was in 1999. Neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for both past and present buyers. And eight out of 10 recently surveyed consumers believe that owning a home is an investment in their future.  “… one constant during [the last 100 years] has been the persistence of homeownership as the American Dream,” says NAR president Vicki Cox Golder.

Jobless claims down

There were 432,000 initial jobless claims filed in the week ended Dec. 26, down 22,000 from the previous week’s revised 454,000, the Labor Department said. The figure is the lowest since July 19, 2008, when there were 413,000 claims filed.  A consensus estimate of economists surveyed by Briefing.com expected claims to jump to 460,000.  The 4-week moving average of initial claims totaled 460,250, down 5,500 from the previous week’s revised average of 465,750.  Continuing claims: The government said 4,981,000 people filed continuing claims in the week ended Dec. 19, the most recent data available. That’s 57,000 down from the preceding week’s revised 5,038,000 claims. The 4-week moving average for ongoing claims fell by 122,250 to 5,101,250 from the previous week’s revised 5,223,250.  But, as always, the slide may signal that more filers are dropping off those rolls into extended benefits.  Jobless claims in ten states declined by more than 1,000 for the week ended Dec. 19, the most recent data available. Claims in Tennessee dropped the most, by 2,972.  A total of 12 states said the claims actually increased by more than 1,000. Claims in New York jumped the most by 1,155, which a state-supplied comment said was due to layoffs in the construction, service and real estate industries.

Loan Issuance falls more than a quarter 

According to data from Reuters Loan Pricing (RLPC), U.S. loan issuance in 2009 tumbled 28 percent to $547 billion, from $764 billion in 2008.  Investment-grade loans fell to $229 billion, down 28 percent from 2008’s $319 billion, while leveraged loan issuance slid to $239 billion, down 19 percent from $294 billion in 2008, RLPC reported on Wednesday.  Loan volumes fell as many distressed companies took advantage of improving borrowing costs in the high yield bond market to refinance bank loan debt and stave off potential liquidity crunches. “Refinancing of both leveraged loans with high yield bonds and straight bond-to-bond takeouts has provided many leveraged issuers with crucial debt extensions,” RLPC said in a release.  “The displacement of leveraged loans by high yield bonds is expected to continue into 2010 as most experts believe the rally in the high yield market will thrive so long as interest rates remain low,” it said.

New mortgage rules in effect tomorrow

Federal rules that take effect tomorrow will require mortgage lenders and brokers to give consumers better estimates of the costs they incur when taking out home loans, and mandate a standard three-page Good Faith Estimate that urges consumers to shop around for the best loan and helps them compare lenders’ offerings.  The rules, announced by the Department of Housing and Urban Development in November 2008, are an update of the Real Estate Settlement Procedures Act, a 1974 law known as Respa. One difficulty of shopping for mortgages is that the lender with the lowest rates sometimes isn’t offering the best deal. High fees can wipe out the benefits of low rates, and little-noticed features such as prepayment penalties can burn borrowers.

Even for savvy consumers, it is hard to compare different combinations of rates, “points” (paid in exchange for a lower rate), fees and other terms. Lenders often sprinkle in lots of confusing charges, such as processing and messenger fees. Dickering over the smaller fees could distract borrowers from the bigger picture of total costs.  The new estimate form requires lenders to wrap all the fees they control into one “origination charge.”  HUD has estimated that the revised requirements will save $700 for the typical consumer, partly because of the greater ability to shop intelligently. The Federal Reserve Board also is preparing new regulations designed to help people avoid mortgage land mines. The Fed in July announced proposed changes in regulations under the Truth in Lending Act. Among other things, the rules would bar mortgage brokers or loan officers from steering consumers to certain types of loans as a way of increasing a broker’s or loan officer’s compensation. The Fed is due to study public comments on those proposed changes in early 2010 before finalizing them.

Credit restrictions to ease in 2Q10?

According to analysts at Barclays Capital, credit availability for mortgage originations may increase in the next six to 12 months.  “In particular, in H210, there could be a meaningful extension of conventional credit to currently under-served segments,” write the analysts in their Agency MBS Outlook 2010, referring to segments like “the substantial population of borrowers with low LTV but only mid-range FICOs (700-740).”  Tougher underwriting standards at the GSEs over the past year have reduced credit availability. Traditionally, these loans would hold around a 30% market share, the analysts say, but tapered off from this level in 2009.  “They have to balance political pressure to make mortgage credit available, while at the same time reducing their credit risk on their ongoing book of business,” they write, adding that they are leaning more to the GSEs not loosening credit standards on their own device and instead needing a “clear mandate from the administration to do so.”  “However, with the utter failure of [the government refinance program] HARP  and the disappointing results thus far of [the government modification program] HAMP, we would not discount this outcome.”  They reason instead that repurchase risk, the speed at which issuers must buy back delinquent loans and also drives a level of credit tightening, will decrease due to the expectation that repurchase rates on originations will lessen due to a more robust economic environment on a macro level and dropping levels of delinquencies as worse-off borrowers are shaken out of the system.

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Taking Inventory -  Things Done Wrong in 2009

As a new year approaches it’s only natural for people to set aside a little time for reflection. Although the stock market is up by nearly 25% for the year, it’s small consolation to those trying to rebuild after a 35%-40% decline. Savings have been wiped out. Unemployment is nearing historic high’s and federal savings bonds are nearing negative territory. Meanwhile,  big banks and big business have been bailed-out at the expense of tax-payers who continue to wait patiently (and hopelessly) for real relief. So, is there a lesson to be learned from all this economic pain and suffering? Here at the shortsale blog we think so. Take inventory to see which of these things done wrong in 2009 held you back from blockbuster profits:

1. Fear -Fear is by far one of the biggest threats to entering the short sale arena but if it were easy, everyone would do it. Lessen your fear by becoming informed. Join one of our webinars to learn how average people just like you are using short sale real estate to reap dramatic profits.

2. Waiting for Government Help. Biggggg mistake! It’s also a lot more common than you might realize. From homeowners facing foreclosure to employees facing unemployment, millions of Americans are barely able to tread water while waiting for Uncle Sam to save them. Smart short sale investors take their future into their own hands – and profited handsomely for it during 2009. How about you?

3. Holding a Bad Hand. Like the old song says, you need to know when to hold em and know when to fold em. If you are holding a bad hand – whether it is an upside down mortgage or sinking stock investment, it is sometimes more advantageous to simply walk away and start fresh rather than continuing to hold a bad hand.

4. Lack of Interest. If ultra-low interest rates combined with incredible short sale bargains didn’t spark at least a bit of interest, someone needs to have their pulse checked. We are talking buying opportunities of a lifetime – the type that build lasting wealth for generations. Act now or forever hold your peace.

5. Failure to Plan. You know what they say – failure to plan is akin to planning to fail. Why reinvent the wheel or try to go it alone when tackling short sales? Get a plan of action then implement it.

6. Let x get away. Admit it-There is at least one property still tickling the back of your brain that you let get away. Maybe because of a lack of finance or know-how, maybe because you had to many other offers on the table. Whatever the reason, the end result was watching money fall through your hands. Put a partnership into place; whether you take a small cut or develop a full-fledged business it’s better to have some of the action rather than miss opportunities.

7. Playing with Fire. Sooner or later everyone allows emotion to over-ride common sense especially when real estate is involved. Whether it was a sad story that made you offer too much or an overactive ego that put you into a bidding war, playing with fire will only get you burned. It’s one reason having a team or mentor can make such a big difference; everyone needs someone with the sense to pull them away from the flames when emotions threaten to take over. Make it a priority to cultivate relationship with other investors to stay safe in 2010.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2009.

All Rights Reserved.

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

*************************************************
Finally, a blog for Real Estate professionals
that want up-to-the-minute news, & how it impacts
us and our market…
http://www.shortsalesriches.com/blog

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

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

{ 0 comments }

Real Estate News & Commentary by Chris McLaughlin, December 29, 2009

by admin on December 29, 2009

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

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

Home prices slow their decline…for now

According to the S&P Case-Shiller home-price indexes, U.S. home prices decreased at a slower annual rate in October, but prices were flat compared to September.  The indexes showed prices in 10 major metropolitan areas fell 6.4% in October from a year earlier, while in 20 major metropolitan areas, home prices dropped 7.3% on the year. However, both indexes were flat in October compared with the previous month.  All 20 major metropolitan areas again posted declines from a year earlier, the 19th time in a row. Las Vegas continued to be hit the hardest, remaining the one market that has not seen a glimmer of hope so far this year. Prices have declined there for 38 consecutive months. 

While the composite indexes were flat month-over-month, two areas — Phoenix and San Francisco — had greater than 1% growth.  As of October, the 10-city index is down 30% from its mid-2006 peak, and the 20-city is down 29%. Nationally, home prices are at levels similar to the autumn of 2003.  Month-to-month gainers were led by Phoenix which posted a 1.3% gain, and San Francisco, which rose 1.2%. Tampa fared worse, falling 1.6%.  Las Vegas again was the worst performer year-over-year, which posted a drop of 27%. Phoenix and Tampa followed with declines of 18% and 15%, respectively. The best year-on-year performer was Denver, which posted a 0.1% decline.  David M. Blitzer, chairman of S&P’s index committee, said the data, best described as flat overall, will likely “spark worries that home prices are about to take a second dip” as the come after a series of solid improvements.

Hiring up in 2010?

According to CareerBuilder’s 2010 Job Forecast, 20% of employers plan to increase the number of full-time, permanent employees in 2010, up from 14% in 2009.  Only 9% of the employers surveyed said they plan to decrease headcount in 2010, down from 16% last year, while 61% don’t plan to change staff levels and 10% are unsure.  11% of employers said they plan to add part-time employees in 2010, up from 9% in 2009, and only 8% said they plan to decrease their part-time help in the year ahead, down from 14%, while 69% plan no change in headcount and 13% are unsure.  Hiring is expected to increase in information technology, manufacturing, financial services, professional and business services and sales in the coming year, CareerBuilder said. 

When asked which areas employers plan to hire for in the year ahead, one-third said technology, followed by customer service. Slightly less than one-quarter said they plan to add sales people, while research/development, business development, accounting/finance and marketing positions were also well represented.  In keeping with 2009’s trend, many employers anticipate hiring freelancers or contractors to keep costs down in 2010.

Fannie and Freddie are headed for full government ownership?

Shares of Fannie Mae and Freddie Mac soared yesterday after the Treasury Department announced what essentially amounts to a blank check for their bailouts.  The shares of the two firms are still publicly traded even though the federal government placed the companies into conservatorship in September 2008 due to losses from rising home foreclosures and falling home values. The two firms own or insure about $5 trillion of mortgage-backed securities between them.  Both Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman were given $6 million annual pay rates for 2009, with all the compensation coming in cash. Other top executives received annual cash payments of $2 million or more each, according to the companies’ filings. 

The lack of stock and options for Fannie and Freddie executives suggests that when Congress and the Obama administration decide what to do with the mortgage firms, shareholders could be left with little or no equity.  Bose George, an analyst with investment bank Keefe, Bruyette & Woods, wrote in a note to clients that the lifting of the $200 billion limit is likely a sign that the Obama administration wants to use Fannie and Freddie to provide additional help to the housing market.  George said it’s clear that hundreds of billions of dollars in losses will have to be written off. He added that Fannie and Freddie will eventually need between $100 billion to $150 billion of assistance each from Treasury, making their bailouts by far the most expensive of the financial crisis. 

3% economic growth rate next year?

Peter Cardillo, chief market economist from Avalon Partners, says US gross domestic product could grow at an annual rate of as much as 3% next year as consumers and businesses start to regain confidence.  “We’re probably headed for growth somewhere between 2-3/4 and 3 percent here in the States and in terms of the global economy we’re probably looking at growth close to 4 percent,” he said.  The US housing market remains under pressure, however, because banks are being restrictive with lending, according to Cardillo.  He also said he thinks that the Treasury will begin to withdraw a lot of the excess stimulus liquidity currently in the system, but the risk of deflation has largely disappeared.   I don’t think we run the risk of deflation in 2010, if anything we might run the risk of a nasty dose of inflation in the later part of the year,” he said.  “There’s a good possibility that we could see jobs actually show an uptick for December by about 5,000-6,000 jobs, which is obviously very small but certainly a reversal,” he said.  Well, that’s what we heard last year about this time too, but here’s to hoping!

Treasury reviews HAMP trials

The US Treasury Department enacted a review period for all active Home Affordable Modification Program (HAMP) trials until Jan. 31, 2010.  The directive comes two weeks after the first HAMP report of 31,382 permanent modifications in nine months.  The Treasury will begin reviewing all trials set to expire on Jan. 31, 2010. Active HAMP trial modifications include those that have been submitted to the Treasury system of record and have not been canceled by the servicer.  During the review period, servicers will continue to convert eligible borrowers in active trials into permanent status “as quickly as possible,” according to the Treasury’s supplemental directive.  Servicers cannot cancel any active HAMP trial modification during this period with the exception of a property not meeting HAMP requirements.  Servicers must also determine if the borrowers in active HAMP trials set to expire on Jan. 31, 2010 are either current or behind on their payments. The Treasury also requires the servicers to send written notification of a borrower in danger of losing HAMP eligibility because of a failure to make all trial payments, missing documentation or both. The notice will provide the borrower 30 days to either catch up on payments or submit documents through Jan. 31, 2010, whichever is later.  If the borrower finds evidence of a servicer error within that timeframe, the servicer must consider the new information for HAMP eligibility.

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

Top Trends for 2010

Wondering what the new year has in store for short sales? While we don’t pretend to have a crystal ball capable of predicting the future, a brisk review of notable experts indicates a higher than average likelihood of the following trends for 2010:

1. Evaporating Home Equity Loans – Already on the endangered list, home equity loans are expected to become nearly extinct during 2010. Only those with the best credit, most favorable home locations and superior credit can expect to be approved for generous home equity loans in the new year.

2. Growing Interest in Personal, Peer2Peer and Other Alternative Lending – Look for creative financing techniques to continue to grow as traditional bankers continue to tighten lending standards. Owner financing, peer to peer loans, hard money lenders and other alternative options to generate cash are expected to grow in popularity during 2010 and beyond.

3. REIT Exodus – If the recently proposed REIT tax bill becomes law, experts expect a rapid exodus from REIT’s…a move with dramatic implications across the entire economy as some forms of REIT profits will be taxed as ordinary income rather than Capital Gains.

4. Favorable Interest Rates – Interest rates are expected to remain low for much of 2010 as the economy continues to suffer from  a jobless recovery and weak dollar however, perhaps not as low as during 2009. Experts expect interest rates to approach 6% for a 30 year fixed mortgage by the end of 2010.

5. Increased Incentives – From first time homebuyers to existing mortgage holders, keep an eye out for various state, federal and local programs and tax credits designed to encourage the purchase of property throughout 2010.

6. More Rules -  From new RESPA rules to continued clarifications on taxes related to real estate, new rules are expected everywhere. Short sale investors, bankers, brokers and real estate agents need to keep a close eye on ever changing documentation requirements to stay on the right side of rapid changes.

7.Steady Slowdown &  Continued Declines – Don’t expect a full recovery during 2010. In fact, even the ever optimistic federal government and central bank warn home prices are still declining and likely to continue their slide into the new year at least in some markets. Other areas are expected to remain steady. Of course, every cloud has a silver lining – for short sale investors it simply means more buying opportunities.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2009.

All Rights Reserved.

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

*************************************************
Finally, a blog for Real Estate professionals
that want up-to-the-minute news, & how it impacts
us and our market…
http://www.shortsalesriches.com/blog

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

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

{ 0 comments }

Real Estate News & Commentary by Chris McLaughlin, October 22, 2009

by admin on October 22, 2009

http://www.shortsalesriches.com

* Follow me on Twitter: http://www.twitter.com/mclaughlinchris

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

Fix A Flip … Replay Comes Down Soon!

We’ve been flooded with phone calls and e-mails begging
us to reopen Fix A Flip … so today you get another
chance!  If you’ve been frustrated by not being able to close
your flip transactions due to 30 to 90 day seasoning
requirements, this program is for you!

Watch the replay here:

http://www.shortsalesriches.com/fixaflipwebinar
(please allow a few minutes to upload)

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

House prices down 0.5%

According to the 10-City Composite Index of house prices released by real estate market data provider Altos Research, house prices declined 0.5% in September and 1.1% during the third quarter.  The index is a measure of home prices based on summaries of metrics associated with active residential property listings. After bottoming out at $470,017 in January, it gradually increased to $509,030 in July before again declining and was $503,401 in September.  Of the 26 markets Altos Research examines, asking prices increased in only five, including Los Angeles, which experienced a 1.5% increase, the largest of the 26 markets. Phoenix had the largest monthly decrease of 3.7%.  Inventory also declined in 23 of 26 markets. All of the 26 markets except San Francisco had a median days-on-market of 100 or more in September. Miami had the slowest inventory turnover rate at 251 days.  Altos said prices are likely to continue showing modest declines throughout the seasonally weak fall and winter months of 2009, and that this year’s downturn would likely have been worse were it not for historically low mortgage rates and the first-time home buyer tax credit.

Initial jobless claims up

A consensus estimate of economists surveyed by Briefing.com had expected 515,000 new jobless claims, but the Labor Department announced that there were 531,000 initial jobless claims filed in the week ended Oct. 17, up 11,000 from an upwardly revised 520,000 the previous week.  The 4-week moving average of initial claims was 532,250, down 750 from the previous week’s revised average of 533,000. The government said 5,923,000 people filed continuing claims in the week ended Oct. 10, the most recent data available. That was down 98,000 from the preceding week’s ongoing claims, and would — if they are not revised — mark the first time since late March that continuing claims were below 6 million.  The figures do not include those who have moved to state or federal extensions, nor people who have exhausted their benefits.  The 4-week moving average for ongoing claims fell by 59,250 to 6,030,750 from the prior week’s revised average of 6,090,000.  “Despite the relatively steady improvement in weekly claims since April, this also suggests that the employment market remains weak,” said Jim Baird, analyst at Plante Moran Financial Advisors.

Foreclosures to slow in 2010?

University Financial Associates (UFA), a risk management firm based in Ann Arbor, Michigan, says that after a 30% climb over the last four years, foreclosures will decline in 2010.  (In other news, the Titanic has stopped sinking…)  Dennis Capozza, a professor of finance with the Ross School of Business at the University of Michigan and founding principal of UFA, suggests that a combination of a slowing of house price depreciation, a reviving economy, tighter underwriting of recent loans and the “burnout” of poor-performing vintages from three to five years ago. Every quarter UFA analyzes representative mortgage loans in the serviced portfolio of all outstanding mortgages and estimates the probability of prepayment and default in every month of the loan’s future life, according to the report.  Analysts input loan-to-value ratios, credit scores and UFA’s own zip code level economic scores into the quarterly assessment. UFA collects zip code level analysis to extrapolate a national forecast. “Working against the welcome decline in foreclosures is the steep increase in unemployment, which will interact with the large numbers of homeowners who are underwater to prevent even greater declines in foreclosures that could have been expected without high unemployment,” Capozza said.

7,000 people run out of unemployment benefits every day

Democrats in the Senate introduced a bill two weeks ago to lengthen benefits in all states by 14 weeks, with those who live in states with unemployment greater than 8.5% receiving an additional six weeks.  Senate Republicans want to add several amendments, including paying for the increased benefits with stimulus funds rather than by extending a longstanding federal unemployment tax through June 2011. Senate Democrats took a step last night to limit the debate on the bill and steamroll it through as early as the end of next week. If it passes, the Senate legislation must then be reconciled with the House version, which extends benefits by 13 weeks for those living in high-unemployment states.  Ain’t it grand when lawmakers stop worrying about who is going to pay for things?

Commercial real estate still suffering

Residential real estate and manufacturing sectors of the economy are reporting positive improvements, but commercial real estate remains one of the weakest sectors. According to the Federal Reserve Beige Book, recovery in that sector is unlikely for at least nine more months.  The Beige Book is an economic indicator published eight times a year by the US central banking regulator. Commercial real estate conditions were described as either weak or deteriorating across all of the 12 districts measured in the report. The inability to obtain credit was cited as a problem for businesses wanting to purchase or build commercial space, leading to increasingly low demand and high vacancy rates.  Public, nonresidential construction activity funded by federal stimulus projects provided a bright spot in the Cleveland, Chicago, Minneapolis, and Dallas districts, but gains were often offset by state and local government cutbacks.

Now on to our real estate investing educational arena …

Cities of the Future: Trends to Cash-In

The area of future studies remain a perpetual favorite among visionaries and investors alike; some enjoy the prospect of living life as it “could be” while others take a more pragmatic approach in an attempt to understand what it “would be”. Whatever your personal outlook, take a glimpse at the cities of the future to map your destination into the opportunity of tomorrow:

Small Town Revival: What the industrial age did for major cities like New York and Los Angeles, the Internet or age of information is likely to do for small town America. Without the need to be limited by time and space, a growing number of people are seeking small town convenience combined with amenities like hospitals, parks and recreational pursuits. It’s a trend likely to continue far into the foreseeable future especially in those areas most likely to appeal to Baby Boomers with relatively affordable cost of living ratios.

Grass Roots Government: While nation states are going global an equally powerful force is shaping the face of the nation…a back to basics grassroots movement whereby those with similar taste and style, hobbies and even political outlook find it expeditious to live in close proximity. Look for neighborhoods that reflect a shared purpose, lifestyle or outlook to attract like-minded people.

Downsized Flexibility: Frugal living combined with empty nest’s is creating a revived demand for smaller homes that use less energy and cost less to insurance and maintain. However, small shouldn’t be confused with conservative; consumers expect greater function and flexibility than ever. Luxury bathrooms, ultra-modern conveniences and outdoor amenities are only a few of the mandated expectations required to attract the ultra-chic buyers.

Leisure Means More:  Whether it’s taking a walk in the park, going for a swim or simply the ability to take the dog out for a stroll, leisure is more meaningful than ever. People no longer want to settle for rest and relaxation two week out of the year while they spend hours every day sitting in traffic and fighting for parking. Look for areas that allow homeowners, renters or other buyers to integrate leisure opportunities into their daily life. Nearby parks, bike paths, museums, restaurants and other activities should be close and convenient.

Change of Shopping Habits: Amazon and eBay have changed the way America shops; what used to be considered a “risky” endeavor has become increasingly mainstream while strip plaza’s and malls continue to fight for their fair share of shoppers. Expect to see this trend continue far into the future with niche shopping becoming the rage of the future “in person” experience.

The Bottom Line: In much the same way that investors don’t want to buy properties near major manufacturing plants or industrial employers only to watch the company close and the town to slowly shrivel away; understand the long and short term potential for any property you purchase. In many instances you will want to sell quickly while occasionally it may make sense to hold a purchase over the long term. Learn to recognize the trends then use each to your advantage when working your short sales strategy.

See you at the top!

Chris McLaughlin

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

Copyright Loss Mitigation Institute LLC 2009.

All Rights Reserved.

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

*************************************************
Finally, a blog for Real Estate professionals
that want up-to-the-minute news, & how it impacts
us and our market…
http://www.shortsalesriches.com/blog

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

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
    * Add me on Facebook: http://www.facebook.com/mclaughlinchris
    * Join my Fan Page: http://www.mclaughlinchris.com

{ 0 comments }