Foreclosures Help Information

Archive for April, 2007

Foreclosure Attorney Minneapolis

 

 Newsmax.com

Home Prices Fall by 19.1% to 2002 Levels

Tuesday, May 26, 2009 3:25 PM

 

NEW YORK -- National home prices are at levels not seen since the 2002 Winter Olympics, but a closer look at a housing index released Tuesday shows real estate is indeed local with some prices in certain cities falling to pre-2000 values.

The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.

But in cities across the country home prices varied dramatically, depending on affordability, foreclosure activity and the local economy. The bottom may be in sight in some markets, but nationally home values are expected to decline _ though at a slower pace _ for the rest of the year.

"By our estimation, the composite 20-city index is perhaps two-thirds of the way through its ultimate total decline in this cycle," according to Joshua Shapiro, chief U.S. economist for MFR Inc.

It's hard to believe it could get much worse for homeowners in Detroit. Homes there are worth what they sold for in 1995. And while that's good news for homebuyers, the implosion of the auto industry and economic fallout means fewer buyers have the money to qualify for a mortgage.

"I feel like houses here are free," said Detroit area real estate agent Rose Marie Jouan with Re/Max Showcase Homes. Her house that she sold in 2004 for $200,000 is on the sales block, bank-owned, for $86,000.

In Phoenix and Las Vegas, where prices have plunged by half since their peaks, home values have receded to levels not seen since the beginning of the real estate boom. Phoenix prices are at early 2001 levels and Las Vegas values hover at mid-2002 prices.

Home values in Charlotte, N.C., Portland, Ore., and Seattle are steady at 2005 prices, the best showing of all 20 cities in the Case-Shiller report. All three were some of the last to fall into the housing slump.

The Case-Shiller report offered other hopeful signs the worst may be over for some cities. Denver prices posted an increase over February, while Dallas prices were flat.

Also, the rates of annual decline for the 10- and 20-city indexes slowed in March, the second straight month they didn't set record price drops. The 20-city index fell by 18.7 percent from the year before and the 10-city index lost 18.6 percent.

Still, there are no signs home prices nationally have hit bottom.

"We see no evidence that a recovery in home prices has begun," said David M. Blitzer, chairman of the S&P index committee.

All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and Phoenix, Las Vegas and San Francisco recorded declines of more than 30 percent.

Minneapolis posted a 6.1 percent decline from February to March, the biggest monthly drop on record for any metros in the indexes. Ron Peltier, chairman and chief executive of HomeServices of America, attributed the drop to a jump in distressed sales in March.

Economists will get a look at April housing data Wednesday when the National Association of Realtors releases sales data for previously owned homes, and on Thursday when the Commerce Department puts out numbers for sales of newly built homes. Economists surveyed by Thomson Reuters expect existing home sales to rise 2 percent from March to April, while new home sales are forecast to rise by 1.1 percent.

© 2009 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

 

About the Author:

Peter is the nation's leading authority on foreclosure prevention, attorney performed loan modification and loss mitigation strategies. His firm The Loan Modification Network connects homeowners with a team of specialsts in all fifty states to assist homeowners in foreclosure prevention solutions and loan modifications. Call1-877-840-MODS (6637) or go to http://www.us-loan-modification.com to learn more.

Source - What Goes Up, Must Come Down

Protesters Fear Arrest Today In WIlliams Foreclosure

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Foreclosures Help

Question: Was it GOP policy or the foreclosures that caused the economic mess?

I see several people on here blaming GOP policy for the past couple of years for the mess we are in. Hate to say this, but the foreclosures were the driving force behind this problem.

Banks, thanks to the CRA, were forced to loan money to people who could not afford a house and they got into bad loans. Fannie and Freddie sold Govt Secured Mortgages that were worthless. So this all comes back to the problems of the mortgage loans.

Love how you guys still want to blame Bush for everything.

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Answer: It was the foreclosures that put us in this economic mess. Of course it was liberals policies that made the foreclosures happen in the first place, but liberals have very short memories and it's easier for them to blame Bush and republicans rather than accept responsibility for their own shortcomings.

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." Home ownership is not an unalienable right.

"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America." It is not the Federal Government's job to provide everyone with a house.

Foreclosure Help Tip: 9 Reasons To Save Your Documents

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Buy Foreclosure At Auction

Question: what's the best way to buy a house? foreclosure/auction or through a real estate agent?

my mom wants to buy a house, i've found some that were in foreclosure, but they said she would have to bid on the house and the highest bidder wins, we can't afford that we have a limit,so would dealing with a real estate agent be better? need some advice.

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Answer: There are many great ways to buy a home. Buying at auction could work for you, regardless of how much money you have. But you need to be prepared. You'll either need cash, or a line of credit to buy at an auction.

You absolutely do not need a Realtor to purchase a home, but it can save you a lot of time, money, and trouble. Judging form your question, I'll assume you don't have much experience in real estate or home buying. This means a real estate agent would probably do you a lot of good.

Foreclosure properties can have many problems and may not be a great choice for your mom, unless she is prepared to do some work on the home. Realtors see 100's of homes each month and are much better at spotting a good/bad deal than the average consumer. Their experience and knowledge could make the difference between a good or bad buying experience.

On the other hand, you could get lucky and find the perfect house, with no problems, on your own. This could save thousands of dollars in commissions.

Here are a few things you'll need know when buying a home, with or without a Realtor:

1. Always get a thorough home inspection
2. Always get title insurance
3. Don't buy a "fixer upper" (in todays market) unless you can do the work yourself.
4. Don't let yourself get pressured into buying something you're not happy with.
5. Always plan on spending more for improvements and repairs.
6. Always plan on finding hidden/unknown problems.
7. Never spend the maximum amount you can get approved for.
8. Don't be afraid to walk away. There is always another home you will like better.
9. Do everything possible to improve your credit while looking for a home. Never do anything to let your score drop, as it may effect your ability to purchase the home.
10. Do not expect your purchase to automatically increase in value.
11. When calculating your payment, don't forget taxes, insurance, PMI, and HOA (when applicable).
12. Your home will always need upkeep and repairs. Account for this in your monthly budget.

Good luck finding a new home for your mom and if you do decide to go with a Realtor, find a trustworthy Realtor with many years of experience. She'll be spending a lot of time with them and entrusting them with the biggest purchase of her life. Meet with several people, so she can feel comfortable with her decision when moving forward.

How to buy a Salt Lake Foreclosure at Auction

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