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Cautiously Optimistic: Yep, That’s It!
People ask me all the time: Home owners, Realtors, Title professionals, etc…”so, are we thru the worst of it?” Of course, they are referring to the downturn in real estate values and low demand for existing home purchases…and the economic implications of our real estate recession on those areas. And as of late, I say “Yes”. I do think we are through the worst of it. Seems like almost everyone I talk to lately, is generally more optimistic regarding MI real estate.
Sure, we all are wondering how pent up buyer demand, foreclosure “shadow inventory”, new home pricing, baby-boomer housing demands and lending rules will impact our markets…but nevertheless, the tone and feel is certainly more positive than it was a few months ago; and even more positive than a few months before then too! So cautiously optimistic is how I feel. I’m looking forward to real estate in MI in 2012…how about you?
New Homes Sales Hit 7 month high, but…
It seems like much of the internet RE buzz lately contains a little good news, then something not so good. As if the one declaring the good news must then follow it up with some bad news in order to be taken more seriously OR is it just a CYA move on the part of the author – so as to save face later on, if things don’t quite go like they’ve said. My thought? Just say it…good or bad. Sometimes we’ll have good news to report and sometimes not. Give the reader the respect they deserve and let them sort out how the news impacts them.
The below article is one of those – good news but not entirely – kind of articles that seem to be everywhere. It’s worth reading as it reports that sales are up. But we know that RE is in a slump nationwide. We get it! So let’s enjoy for the moment that sales are up. Do we really need reminded that we don’t know what the future holds AND that compared to some other time in our past, the numbers we should be celebrating today are not as good???
Servant Leadership – From Dave Ramsey
- At October 19, 2011
- By david
- In Lender's Services, News, REALTOR© Services
0
I gotta say, the more of Dave Ramsey I hear/read, the more I like him…AND, the more I amazed how he has brilliantly crafted a multi-million dollar business telling us things that Grandma and the Bible have told us FOREVER. So, I’m giving Dave props that and for this latest news letter AND fwd’ing it onto my clients – many of whom are business leaders and/or managers. I hope you find it useful I do as you build your biz.
1. Follow the Golden Rule
2. Act with Grace
3. Give Praise
4.Treat them with Dignity
Initial Foreclosure Filings Down
An interesting article written with RealtryTrac information was published on MLIVE today. Initial foreclosure filings are down 17% year over year. However, the bottle-neck of foreclosures previously on hold appears to be opening as more foreclosures are now advancing in the process as that number grew by 33%.
Read the whole article – click here…
Baby Boomers, Your Market Niche?
- At September 9, 2011
- By david
- In Lender's Services, News, REALTOR© Services
- 0
So…I’m thinking the boomers are prepping to downsize their homes. It certainly seems like it from what I’ve read & heard lately. Do you know of any boomers that have mentioned words or phrases lately like; downsize, skinny-down, slim down, too much house, too much to clean or gotta’ simplify! I’ve heard it…and more than once.
AND…it’s the boomers that are in a position to slim down their McMansions too. That means the must sell and then likely buy. I think there could be an emerging niche here. I came across this article and thought I’d share it. It’s referencing IN – but IN shares several similarities with MI. According to the article…here’s what boomers are looking for.
• Open spaces to host friends and family, rather than separate dining rooms, living rooms and kitchens.
• Features such as vanities and electrical sockets that are a bit higher off the ground than normal.
• Storage, especially his and hers master closets, plus structurally reinforced attics.
• Backyard living spaces—not swimming pools or outdoor kitchens, but large decks with fireplaces, hot tubs and wet bars.
Foreclosure Pipline is Full & Getting More So…
Check out these impressively scary Foreclosure stats…This will certainly have an impact on markets…but when is is the question?
See full article RIS below
“The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.
New data from LPS shows that payments have not been made on the average loan in foreclosure in a record 599 days, or 20 months. Of the nearly 1.9 million loans that are 90 or more days delinquent but…” Read full article
Goldman Sach’s Withdrawing “Robo-signed” Mortgage Foreclosures
GS said it will withdraw those foreclosures where the Aff’s were signed by the now infamously coined phrase, “Robo-signer’s”. They have to return property back or pay damages. Basically, robo-signing is large banks outsourcing mortgage paperwork to processing companies who then hired unqualified people to sign thousands of mortgage Aff’s without reviewing loan documents. The practice is illegal.
This is another development in this goofy foreclosure debacle of late…now Title insurer’s will need to be looking not only for MERS (see my past blogs) problems but watching for foreclosures somehow being “withdrawn” too. We’ll be watching for this stuff – so you don’t have too!
Read the full MSNBC article below!
“NEW YORK — Goldman Sachs’ mortgage subsidiary agreed Thursday to stop many of its controversial mortgage-related practices in a settlement with a New York state banking regulator.
The New York’s Department of Financial Services and Banking Department said the settlement was a condition to Goldman Sachs Group Inc.’s sale of its Litton Loan Servicing subsidiary to a mortgage company Ocwen Financial Corp.
As part of the deal, the Goldman subsidiary said it will stop… see full article
MI Courts Find for Subcontractors, Again!
- At August 9, 2011
- By david
- In Lender's Services, News, REALTOR© Services
- 0
Wow…this will be interesting as this drama plays out. Take a look at this recent MI appeal decision. Lenders will begin asking how will they ever be insured first lien on a new construction deal when it considers the date construction began to be the date the “actual” development started, rather than the date the home construction began?
“…the court explained that a construction lien under the CLA relates back to the day of the first actual physical improvement to the property and has priority over all interests after that first improvement, regardless of when the work giving rise to the lien was performed.”
Remain connected to America’s One Title, a title agent that is up to speed on the latest changes!
See the whole article from Warner, Norcross & Judd here.
For Buyer’s Agents, Thanks Dave Ramsey
This Enews from Dave is from MAY, but still valuable information. Thanks to the Dave Ramsey organization. I couldn’t agree more…it’s likely that the downward pressure on home pricing is compelling buyers and sellers to attempt a real estate transaction without a Realtor, but the statistics reflect…we are always better off using a professional.
Dave Ramsey Article Link
