Saturday

 

Mobile CRM Solution for Realtors

CellStory(TM), a leading provider of mobile marketing and sales applications for dynamic markets, today announced the beta release of CellStory for Realty(TM), a mobile CRM solution that transforms a camera phone into a real-time sales and marketing tool for real estate professionals. The solution enables Realtors® to build professionally designed web pages on-the-fly from any property location and deliver them via their mobile phone directly to buyers and online property listings.

CellStory for Realty makes it easy to capture digital pictures, video and audio and combine this multimedia content with custom marketing language. Within minutes, Realtors® can build a professional listing while still on- property and then immediately send the listing in a convenient and standard web-based format to potential buyers and partners. Realtors® also can simultaneously send the property listing to multiple listing sites, including their own, helping real estate professionals reach more buyers in less time.

Ultimately, CellStory for Realty was designed to improve productivity and free Realtors® from the complexities of technology and time-consuming task of web development. CellStory's Beta Partner Program has been established to ensure CellStory for Realty meets the requirements of agents in the field. CellStory is dedicated to providing real estate professionals with products and services uniquely tailored to their needs. We will work with our beta partners to ensure that CellStory for Realty has the features and benefits that brokers demand, according to CellStory President and CEO.

CellStory gives Realtors® an advantage over other agents by delivering a fast, convenient and direct connection to property buyers and sellers. CellStory lets you focus on building relationships, not HTML pages. If you can use your phone, you can build a cellstory. Realtors® that adopt the CellStory solution can get their listings to market faster. And in high- growth markets where property can list and sell within just a few days -- or even hours -- speed matters.

The complete solution includes the following applications and services:
-CellStory Mobile application
-Unlimited usage of pre-defined CellStory templates for real estate professionals
-Unlimited access to the CellStory design tools for the development of custom listing templates

To build a property web listing, or cellstory, the real estate agent relies on a series of prompts delivered over his or her cell phone. These prompts, or script, are customized by the user using a web-based, point-and- click interface. Once at the property, the agent launches CellStory Mobile from their mobile phone and is prompted to input prescribed data and images in plain English. When satisfied with the information gathered, the agent selects a template to display the information from a library of pre-existing or user-defined templates. Attributes like color, image positioning, contact information and others can be modified on-demand.

CellStory is actively seeking qualified real estate agencies and independent Realtors® for membership in its Beta Partner Program. Charter members receive the full CellStory for Realty beta application, service and support for one year at $29.99 per month. CellStory for Realty(TM) will be released to the general market later this year for $49.99 per month. A 30-day free trial is also available at http://www.cellstory.com . The beta version is compatible with all Series 60 Nokia camera phones. Announcements for support for PalmOS, Java, BREW and Windows Mobile phones will be made in Q3 2005.

Friday

 

Illinois real estate - Condominiums glitter

Illinois Real Estate: Sales of single-family homes in Illinois held steady in June, posting the second-highest month on record, the Illinois Association of Realtors reported. Total home sales, which include single-family homes and condominiums, were just shy from last year's record with 20,373 sales in June 2005, down 1.1 percent from 20,595 sales in June 2004.

Year-to-date, total home sales are up 2.3 percent, from 85,421 homes sold in the first six months of 2004 to 87,371 sales for the same period in 2005.

Although Illinois June home sales eased slightly this year, they are still up on a year-to-date basis and with interest rates still low we anticipate another record year for 2005, according to the president of the Illinois Association of Realtors. Single-family home sales eased 3.2 percent in June 2005 to 14,253 homes sold from 14,721 in June 2004. The median single-family home price in June was $215,405, up 10.5 percent from $195,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Statewide, a total of 6,120 condominium sales were reported in June 2005, up 4.2 percent from 5,874 sales in the same month last year. The condominium median price for June was $206,000, up 6.7 percent from $193,000 one year ago. In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 9,087, down 4.6 percent from 9,526 home sales in June 2004. The median single-family home price for the Chicagoland PMSA was $279,000, up 9.4 percent from $255,000 in June 2004.

Condominium sales in the Chicagoland PMSA rose 3.4 percent in June 2005 to 5,876 units sold, while the condominium median sales price increased 7.7 percent to $211,000. In June 2004 condo sales for the Chicagoland PMSA totaled 5,684; the median price was $196,000.


Thursday

 

Mortgage rates - ARMs to decline.

Mortgage rates : The latest updates revealed mortgage rates rose slightly this past week, but the adjustable-rate home loans may soon fall out of favor, according to the government-chartered mortgage company Freddie Mac. FM's economist predicts popularity of ARM, adjustable-rate mortgages to decline..

The average rate on 30-year fixed-rate mortgages climbed to 5.77 percent for the week ending Thursday, with an average 0.5 point payable up front, up from 5.73 percent the previous week, according to the mortgage finance firm's survey. When compared to this time last year, the rate on the 30-year fixed-rate loan stood at 6.08 percent.

Although mortgage rates inched upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than the annual averages since the survey began in 1971 according to the vice president and chief economist at Freddie Mac. He anticipated that the popularity of adjustable rate mortgages will decline due to the uncertainty of future monthly payments. Currently, what was being experienced is a rather flat yield curve. As a result, ARM, adjustable rate mortgages will probably become less popular because the uncertainty of future monthly payments which may outweigh the savings realized in the initial rate period.

Wednesday

 

Mortgage foreclosure scams

Mortgage foreclosures

Minnesota officials are watching to see if a state law is helping protect people from mortgage foreclosure scams. They're optimistic the one year old statute is discouraging unscrupulous real estate agents and lenders from preying on people about to lose their homes. Nationally, consumer advocates say Minnesota's law is a model. They've lobbied Congress unsuccessfully for more than a decade for similar protections.

The number of people falling victim to mortgage scams specifically, and predatory lending generally, is exploding. The reason? A growing number of Americans are pinched financially. Their search for ways to refinance their house, or in some other way borrow money, creates a vast and fertile market for predatory lenders.

There's little in the way of federal law to stop the abuses. Several states -- North Carolina, New Jersey, New Mexico -- have passed pretty good predatory lending laws that had a real impact on their communities. Lack of success in Congress has not deterred consumer activists from putting pressure on more states and even cities to enact anti-predatory lending laws. And they are encouraging states to sue lenders over practices which are causing a growing number of Americans to sink into financial distress.

 

New house sales up

New Houses

Sales of new single family houses rose in June to a seasonally adjusted annual rate of 1.37 million, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is approximately 4 percent above the revised May rate of 1.32 million and is roughly 14 percent above the June 2004 estimate of 1.21 million.

All four regions across the country posted a higher home sales pace in June from the month before. The Northeast posted a 7.2 percent increase; sales in the Midwest were up 2.1 percent; sales in the South increased 5.1 percent; and sales in the West nudged up 2.8 percent.

The median sales price of new houses sold in June 2005 was $214,800, down 0.4 percent from $215,700 reported a year ago. The average sales price for a new home in June was $267,400, up 1.6 percent from June 2004 when the average price was $263,200. The seasonally adjusted estimate of new houses for sale at the end of June was 454,000, which represents a supply of four months at the current sales rate.

Monday

 

Houston real estate breaks records

Houston Real Estate

Overall home sales and median prices in the Houston metropolitan area climbed to new highs in June, according to the Houston Association of Realtors.

Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,880 for the month of June, which was a 5 percent increase over June 2004.

Additionally, year-to-date total property sales reached 37,629, which is an increase of 7.2 percent over the first half of 2004.

The Houston real estate market is luckily bucking the trend being experienced in most other major cities across the U.S., according division vice president for Coldwell Banker United, Realtors. With the summer sales season officially beginning last month, the MLS figures show that Houstonians are receiving a great return on their investment in real estate, while prices still remain affordable for first-time home buyers, current homeowners looking for something new or those seeking a second home.

The overall median price of all single-family homes reached $145,670 in June, which was an increase of 2.4 percent compared to a year ago and a monthly record. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. For the month of June, existing single-family home sales totaled 5,868, which was an 8.2 percent increase from June 2004. The median sales price for existing homes in the Houston area was $139,950, an increase of 3.7 percent compared to the same period last year. The number of available homes (active listings) at the end of June was 45,386 properties, which was an increase of 7 percent versus last June and an all-time record.

Sunday

 

Should you use "And or Assigns" on the purchase agreement

"And or Assigns"
By Mike Jacka

Recently I have had a lot of new investors ask me about using "And or Assigns" after their name on the purchase agreement. While that does give you the ability to Assign a contract, I don't recommend using it. In fact, what I have been telling them is:

"Get that term out of your vocabulary!"

All contracts by their nature are assignable, unless they state otherwise. If you are making an offer to a bank on a foreclosure property, the banks contracts are NOT ASSIGNABLE. And if you put in "And or Assigns" after your name, it would supersede the written version of the non-assignment of contract. However, the banks will more than likely reject your offer simply because you included "And or Assigns" after your name on the Purchase Agreement.

You see, the banks and financial institutions have been run through the ringer by new investors who have no intentions of closing on the deal. They know the investor is planning on selling the contract. And if the investor can not find a buyer, they will simple walk away from the deal and lose their Earnest Deposit.

That causes the banks a lot of problems. First, they lose the time that the property was in escrow. What's even worse is how the other investors or prospective purchasers view the property.

Let's say that you put the property under contract and the MLS shows the property as "Pending", meaning it is under contract and waiting to close. Then you try and find a wholesale buyer with cash, but are unsuccessful. At the last minute, you back out. The bank has lost time and incurred additional holding costs and liability. They then put the property back on the market.

What do you usually think when you see someone was going to buy the property and then the house is back on the market about a month later? Most peoples reaction is usually: I wonder what is wrong with that property? Did the other person have an inspection and found something wrong with it? I wonder how the foundation is?

Do you see how this can devalue the property in your mind, as well as in other peoples minds? When in reality, the whole problem was the person that put the property under contract was an unseasoned investor and did not have the means to come up with the cash because his/her attempts to find a wholesale buyer "in time" failed.

Most peoples reaction to this situation, if they are even interested in the property after it is back on the market is to make an even lower offer than they might have if the first investor had not even been involved with the property in the first place.

This has happened all to often to the banks and they have stated in the Purchase Agreements that the contract is not assignable. And if you submit a contract with "And or Assigns" after your name on the purchase agreement, the banks will probably reject your offer, even if it is full price, and you provide them with proof of funds.

Realtors hate "And or Assigns" as well. They know what that means, as well as the banks do. And if they are representing an individual seller, they might have a tendency to suggest to their seller to reject the offer for the same reasons as the banks would.

And what about FSBO's (For Sale Buy Owners)... How do you explain to the sellers that the name of the purchaser is (John Doe, and or assigns)? How does a confused mind naturally react? If you can not give the seller a convincible answer, they will probably back away from the deal.

Ok Mike, you have convinced me not to use "And or Assigns" in my contract, but what if my intentions are to wholesale the property? Then what do I do?

I am glad you asked me:

First of all, if you are working with realtors and banks, there is not much you can do about that. However, if you are working with FSBO's, you can have this statement printed or written somewhere in your Purchase Agreement:

ASSIGNMENT: This Purchase Agreement is assignable.

When I wholesale a property, whether it is bank owned or individually owned, I use a simultaneous closing. I am not going to get into the details of a simultaneous closing right now, but I will give you a quick overview.

A simultaneous closing is when you have a property under contract and you find a wholesale buyer to quick-turn it and you close both transactions at the same time. The buyer brings the cash to closing. You close in one room with the seller and 5 minutes later you close in another room with your buyer. The seller walks out of there with a check, the buyer with the deed, and you with the difference between what you bought it for and what you sold it for.

There are many courses out there that teach you how to wholesale properties using a simultaneous closing. Ron LeGrand has a great book and workshop about that subject. You can get the Book (How To Be A Quick Turn Real Estate Millionaire) and a recording of his all day workshop in his Fast Cash Generator course for only $69.95 - Click Here for more information:

The best thing about a simultaneous closing is that no one but you and the closing agent needs to know how much you made on the deal. Where as, if you assigned the contract, the buyer would know how much you made because they would be paying you your profit to buy the contract.

After your first deal, you should start building a list of wholesale CASH buyers. That way, when you have your next wholesale deal available, you will already have the buyers lined up with cash to close.

Happy Investing,
Mike Jacka
www.realestatepromo.com/fcg

Friday

 

North Carolina real estate still hot

North Carolina Real Estate

For the sixth straight month, June existing real estate home sales in North Carolina posted double-digit growth, marking record activity for the first half of the year, according to statistics compiled by the North Carolina Association of Realtors.

Realtors reported 13,298 home sales in June, up 10 percent from the 12,095 sales recorded in June 2004.

The average price for an existing home in June was $215,499, a gain of 7 percent from $200,922 reported a year ago. On a year-to-date basis, sales were 15 percent higher than those recorded during the same time period a year ago. Statewide, 60,958 residential units were sold during the first half of 2005, easily surpassing the previous year's record of 52,849, the association reported.

Resort communities led the strong sales growth; with Brunswick County posting the largest percentage increase in total sales dollars (59 percent), followed by Haywood County (51 percent), Goldsboro (48 percent) and Wilmington (42 percent). The strongest price appreciation on a year-to-date basis was in Wilmington, where the average sales price increased 20 percent.

 

Georgia & Florida Real Estate Housing ranks high

Georgia & Florida Real Estate Housing : Georgia, which is home to four of the 10 counties with the highest rate of growth in the number of housing units, according to U.S. Census Bureau estimates released Thursday. Next, with three counties among the group, is neighboring Florida.

The estimates cover the July 1, 2003 to July 1, 2004 period and show the four Georgia counties to be Henry (ranking fourth), Newton (fifth), Paulding (ninth) and Fannin (10th). Henry, Newton and Paulding counties are located in the Atlanta-Sandy Springs-Marietta metropolitan area. Fannin is situated along the border with Tennessee and North Carolina.

The county that ranked first on this list was Flagler, Florida where the number of housing units increased 13.9 percent. The two other counties in Florida that made the top 10 were St. Lucie, ranked seventh, and Sumter, eighth. Rounding out the top 10 were Madison, Idaho (second); Loudoun, Va. (third); and Pinal, Ariz. (sixth).

The United States had an estimated 122.7 million housing units as of July 1, 2004. That represented an increase of 1.7 million, or 1.4 percent, since July 1, 2003. The increase since Census Day (April 1, 2000) was 6.8 million, or 5.8 percent. Maricopa (Phoenix), Ariz., was the biggest numerical gainer among counties, adding 45,000 homes over the period. It was followed by Harris (Houston), Texas, and Clark (Las Vegas), Nev., which gained 38,000 and 35,000 units, respectively.

At the state level, four of the five states that had the most rapid rela estate housing growth are located in the West: Nevada (first with a growth rate of 4.5 percent); Arizona (second at 3 percent); Utah (third at 2.6 percent); and Idaho (fifth at 2.5 percent). Florida, with a 2.5 percent increase, ranked fourth.

Florida topped the list of the states adding the highest number of housing units, gaining nearly 200,000 homes over the period. Following Florida were Texas (173,000), California (169,000), Georgia (89,000) and Arizona (70,000).

Thursday

 

Orlando Florida leads, second house shopping

Real Estate Property - Second house shopping

Orlando, Florida topped the list of destinations searched by second house shoppers, according to internet statistics tracked by EscapeHomes.com, an online real estate site for second homes. The company reported that Orlando was the most popular second home destination searched by its web site users in June 2005.

Destin, Florida was second on the list, followed by Naples, Fla; Myrtle Beach, S.C.; Ocean City, Md.; Phoenix, Ariz.; Venice, Fla.; Galveston, Texas; Bend, Ore.; and Las Vegas, Nev. The results are based on more than 200,000 property searches in June. Naples was the top destination by searches in March and April.

Phoenix moved up four spots, to number six, since the May index. New cities on the list include Ocean City, Bend and Galveston. Retiring Babyboomers and International real estate buyers have been major forces in the Florida real estate market.

The EscapeHomes site includes featured communities, featured real estate properties, online forums, and listings for new houses. Forum topics include geographic areas, real estate investment, vacation, retirement and general information on second homes.

 

Real estate mortgage rates rise

Mortgage rates rose for the third consecutive week as positive economic news continued, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.73 percent for the week ended today, up from last week when it averaged 5.66 percent. The average for the 15-year fixed-rate mortgage this week is 5.32 percent, up from last week when it averaged 5.25 percent. Points on both the 30- and 15-year averaged 0.4.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.26 percent this week, with an average 0.5 point, up from last week when it averaged 5.15 percent. The one-year Treasury-indexed ARM averaged 4.42 percent this week, with an average 0.6 point, up from last week when it averaged 4.39 percent. The last time the one-year ARM was higher was the week ended Aug. 2, 2002, when it averaged 4.45 percent.

As the one-year ARM reaches its highest interest-rate level in almost three years, it comes as no surprise that the ARM share, based on number of applications for a mortgage, has fallen noticeably since the beginning of June, according to vice president and chief economist at Freddie Mac. And even though long-term rates rose for the third consecutive week, they still remain below 6 percent – still relatively close to the phenomenally low rates we experienced in June of 2003.

It is believed that the housing industry, although poised to ease a bit, will still continue to bustle as the economy continues to expand steadily and long-term rates remain affordable.

In Bankrate.com's survey, mortgage rates increased slightly, rising for the third consecutive week and now sitting at a two-month high. The average 30-year fixed-rate mortgage inched higher from 5.76 percent to 5.78 percent, according to Bankrate.com. The 30-year fixed-rate mortgages in this week's survey had an average of 0.38 discount and origination points. The 15-year fixed-rate mortgage, popular for refinancing, increased from 5.36 percent to 5.39 percent. The average rate for the jumbo 30-year fixed-rate mortgage nudged higher from 6 percent to 6.01 percent. Adjustable-rate mortgages increased at a faster pace, with the average 5/1 adjustable-rate mortgage jumping from 5.35 percent to 5.4 percent, and the one-year ARM rebounding from 4.71 percent to 4.78 percent.

The past week has produced reports on three consecutive days indicating lower-than-expected inflation, as well as Greenspan's twice-annual Congressional testimony about the economy and monetary policy. Even though inflation readings came in lower than originally projected, and Alan Greenspan indicated more interest-rate hikes are in the offing, both had little effect on mortgage rates. Mortgage rates are closely related to yields on long-term government bonds. Yields on 10-year Treasury notes are the highest in more than two months, with the same being true for fixed mortgage rates, but only modest increases were seen in the past week.

Tuesday

 

The 40 year Mortgage - Q & A

by Alex Giassa
Personal Mortgage Consultant


It may not be obvious, but there are thousands of mortgage programs for borrowers to choose from. The most popular and common program since the advent of mortgages has been the 30-year fixed rate mortgage. The latest addition to the mortgage portfolio is the 40-year loan. Similar in almost every way to the 3-year term, except that it spreads payments out for another 10 years.


1. What are the advantages and disadvantages of 40-year home loans?

People are living longer so some might be able to rationalize an additional 10-years of mortgage payments. The benefit is simply a lower monthly payment which might enable borrowers to qualify and get the home they want and unlike interest-only loans, they are building equity with principal payments. For example, let’s use a $ 500,000 loan amount. The monthly payment for a 40-year term is $2707 vs. $2878 for a 30-year term. As you can see the difference is approximately $180/month lower for the 40-year fixed, BUT what you don’t know is that the principal is also reduced by more than $250/month. So, while the borrowers are paying less monthly, they are contributing significantly less in principal. Essentially, they are paying more interest, saving less money and building less equity.

The likelihood that somebody will live in the same house for 30 years, let-alone 40 years, are very, very slim. Borrowers have to find a program that fits their needs today and in the immediate future, not 30 or 40 years from now. The average life of a loan is 5 to 7 years because today’s borrowers are not like those of the pre-disco era. Today’s homeowners either move, upgrade, downsize, refinance, etc., to suit their needs as often as they like.


2. Why are 40-year loans becoming more popular?

The 40-year loans provide lower payments but still enable borrowers to gain equity. For others, it may be the ability to qualify.


3. Who are these types of loans ideal for (what kind of buyer—demographic/situation)?

These loans may be good for first-time homebuyers who plan to live in the home for more than 10 years or those who intend to use the home as a future investment property.


4. Who should avoid these types of loans?

People who are diligent savers, and especially those whose game plan is to live in the house short-term – 5 to 7 years.


5. How do 40-year loans work?

40-year mortgages are no different than 30-year terms, the rate is usually an 1/8 to ½ higher than a 30-year loan. The borrower will obviously pay more interest than a 30-year loan and will take longer to build equity.


6. What tips can you give for those shopping for a 40-year loan?

40-year term loans are relatively new. The best place to find such loans is through a mortgage broker, like myself. Unlike local and national banks, brokers have more access to these new and other versatile programs.


For those borrowers who are diligent savers, you might want to consider a 30-year Interest-Only mortgage where you can invest your principal into an interest-bearing account such as a CD, to diversify. While your home builds in equity, you are generating interest from the money that would otherwise go to the lender. If you have an emergency, you don’t have to borrow against your home with a second mortgage, you use the saved funds.


Alex Giassa
www.NJmortgages4u.com


About the author : Alex Giassa is a highly experienced Personal Mortgage Consultant, licensed in CA, CO, CT, DE, FL, GA, IL, MA, MI, MO, MT, NJ, NY, PA, VA, WI.

If you would like more information and help about 40-year mortgages (amortization schedule comparisons) or other programs, please drop him an email at alex@NJmortgages4u.com or you can reach him directly at his office - 201/291.8700 x302 or mobile - 201/665.8296

First Interstate Financial
"Because every mortgage matters"

Monday

 

Free Real Estate Information

Real Estate Information A data services company is offering free real estate information about home values and neighborhood statistics. Melissa Data's Online Lookups can provide statistics based on ZIP codes, including school demographics, crime statistics, traffic safety, street names, climate averages and population, among other features.

This free resource will allow the savvy home buyer or real estate agent to search across dozens of unique databases to make informed purchase decisions, the company announced, and more than 200,000 subscribers have used the Lookups tool since its launch.

"Our 20 years of experience in the data quality industry have made us experts in sorting and parsing data and presenting it to the consumer in a manner that breathes life into what would otherwise be mundane numbers and figures," according to the president of Melissa Data.

Online Lookups are free up to 10 lookups per day. Registered users will get 50 free per day, and a subscription is available for higher-volume users that allows up to 500 lookups per day for $10 per month or $50 per year. To try these new search tools, consumers can
visit: http://www.melissadata.com/lookups/house

Melissa Data specializes in ZIP code-related data. The company's Real Estate Online Lookup site features 32 specialized databases to search. Visitors can also use this site to verify mailing addresses, check phone numbers and access the latest demographics on states, cities and counties. Melissa Data provides solutions for address and phone number validation, postal coding, data enhancements and sales leads. Every day, more than 70,000 people visit the company's Web site, the company announced.


Sunday

 

Florida Real Estate homes attractive to foreign buyers

Florida Real Estate

The Florida real estate market has an international following, according to the Florida Association of Realtors trade group. International buyers account for 15 percent of total home sales in the Florida residential real estate market, according to a study conducted for the trade group by the National Association of Realtors. This study marks the first attempt to quantify the trend in international buyers.

Of the 986 Realtors who participated in the 2005 Profile of International Home Buyers in Florida survey, 87 percent reported that they did at least one home sale transaction with international buyers in the previous 12 months (from May 2004 and May 2005). About 66 percent – of those Realtors who brokered foreign-buyer purchases noted that one to four of all their transactions were with international clients. Altogether, the Realtors surveyed closed 1,844 home sale transactions to non-U.S. buyers.

Highlights of the survey findings include:

- Most buyers chose South Florida, Central Florida or the Gulf Coast. Almost one-third (30.4 percent) bought a home in Miami-Fort Lauderdale, followed by Orlando (22.7 percent), Naples-Fort Myers (13.7 percent), Tampa-St. Petersburg (9.9 percent), Sarasota (9.9 percent) and West Palm Beach (5.8 percent). Only 7.6 percent of foreign buyers bought homes elsewhere in the state.

- Florida's international home buyers came from more than 100 countries in all areas of the world, but Europeans bought the majority of Florida homes – 58 percent – with more than half those European buyers from a single country, the United Kingdom.

- The United Kingdom alone accounted for one-third of all international home purchases.

- One-third of international buyers were from South America, Central America and the Caribbean.

- Over one-third – 36 percent – of international buyers paid cash for their home compared to only 10 percent of all Florida home buyers.

- For foreign buyers, an almost equal share purchased their Florida homes to use as a vacation home (38 percent) or as an investment (37 percent). Only 17 percent purchased a home to live in while traveling to the U.S. on business.

Non-U.S. residents purchased homes for many different reasons, according to the study: U.S. mortgage interest rates are low, many can get "more house for the money" here, the U.S. is seen as politically stable, airfares are generally affordable, and the "rise" of the Euro has spurred travel to the U.S. In addition, foreign babyboomers – like their American counterparts – are looking for ways to maximize their return on real estate investments.

Friday

 

$ 670 Million in real estate sales

Real estate sales record $ 670 Million

Real estate sales in Mesa County during the first half of 2005 totaled a record $ 670 million, a Grand Junction real estate expert said Thursday. The dollar amount of total real estate sales from January through June was a 22.8 percent increase from the same time last year.

3,348 real estate transactions occurred during the first half of the year, an 8.4 percent increase over the same time in 2004. The numbers show continued strength in the local real estate market.

The thriving real estate market benefited not only from strong home sales, but from several large-dollar sales of land and commercial property. A 154-acre property between 26 Road and 26Â Road, just south of HA road, was sold to an Alan Parkerson development company for $8 million, and two development parcels totaling about 73 acres in the 25 Road corridor near F Road sold to Sonshine II Construction and Development for slightly more than $4 million. In addition, the Eastgate Shopping Center sold for $7.3 million to a Tarzana, Calif.-based company, and the Mesa Point Shopping Center near 32 Road and Interstate 70 Business Loop sold to a Florida-based company for $5.5 million.

The strong real estate market reflects the Grand Valley’s steady population growth. Such growth is the result of a variety of factors, but one of those factors most likely is the thriving natural gas industry. A lot of people are continously known to move here due to work potential. Oil and gas seems to pay pretty well, and a lot of these families have been buying homes.

 

Real estate mortgage rates rise

Real estate mortgage rates inched higher for the second consecutive week, as last week's employment report calmed fears of an economic downturn, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.66 percent for the week ended today, up slightly from last week when it averaged 5.62 percent. The average for the 15-year fixed-rate mortgage this week is 5.25 percent, up from last week when it averaged 5.2 percent. Points on both the 30- and 15-year averaged 0.6.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.15 percent this week, with an average 0.7 point, down from last week when they averaged 5.19 percent. One-year Treasury-indexed ARMs averaged 4.39 percent this week, with an average 0.7 point, up from last week when they averaged 4.33 percent. Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates. As a result, mortgage rates increased for the second straight week. Interest rates for 30-year fixed-rate mortgages now match those set in mid-May, but are still below January's monthly average, according to Freddie Mac Vice President and Chief Economist. As a matter of fact, since Freddie Mac began tracking the 30-year mortgage rate in 1971, it has averaged 9.4 percent, and since 2000 it's averaged 6.6 percent. Given that, today's rates appear to be quite attractive and should continue to support a vibrant housing market.

In Bankrate.com's survey, mortgage rates climbed for the second week in a row as a lukewarm employment report dispelled fears of both an economic slowdown and higher inflation. The average 30-year fixed-rate mortgage climbed from 5.7 percent to 5.76 percent, according to Bankrate.com. The 30-year fixed-rate mortgages in this week's survey had an average of 0.39 discount and origination points. The 15-year fixed-rate mortgage popular for refinancing ascended to 5.36 percent from 5.29 percent, Bankrate.com reported. The average rate for the jumbo 30-year fixed-rate mortgage hit the 6 percent mark, rising from 5.95 percent. Adjustable-rate mortgages were mixed, with the average 5/1 adjustable-rate mortgage jumping from 5.27 percent to 5.35 percent, while the one-year ARM dipped to 4.71 percent from 4.76 percent one week ago.

The monthly employment report issued July 8 showed moderate job growth in the month of June. While this type of report would not normally cause interest rates to rise, it did reinforce the notion of the "Goldilocks economy," one that is not too hot, but not too cold either. With things not as bad as the pessimists thought but not as strong as the optimists predicted, there were fewer fears about an economic downturn or potentially higher labor costs that would induce inflation. In response to both, bond investors sold long-term Treasury securities. Mortgage rates are closely related to yields on long-term government bonds. Yields on 10-year Treasury notes have climbed from 3.94 percent to 4.16 percent since the Fed raised rates for the ninth time on June 30, pushing mortgage rates up in each of the past two weeks.

The following is a sampling of Bankrate's average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York - 5.76 percent with 0.18 point

Los Angeles - 5.82 percent with 0.59 point

Chicago - 5.91 percent with 0.02 point

San Francisco - 5.82 percent with 0.33 point

Philadelphia - 5.59 percent with 0.61 point

Detroit - 5.79 percent with 0.25 point

Boston - 5.83 percent with 0.1 point

Houston - 5.7 percent with 0.75 point

Dallas - 5.77 percent with 0.57 point

Washington, D.C. - 5.65 percent with 0.51 point

Thursday

 

Beware of phony Housing Agents

Your House for sale could be at risk

Real estate agencies face people posing as Realtors. Thieves posing as licensed real estate agents might be gaining easy access to area homes, prompting real estate companies to double-check that people calling are indeed agents. Agent fraud has already hit Fort Wayne last month.

The scam

1. Phony agents call the real estate company and identify themselves as licensed agents interested in arranging a showing.

2. Phony agents choose a date and time, and the actual real estate company arranges the showing with the homeowner.

3. Phony agents ask the real estate company to call them on a cell phone, rather than at their published office number.

4. The real estate company agrees, and calls to provide a showing time and the combination to a lockbox at the property containing the key.

5. With homeowners gone, the phony agent has the key to the house and free rein on possessions inside.

Wednesday

 

Real Estate - High risk locations

Boston, Los Angeles and San Francisco are the riskiest real estate housing locations in the country, with high probabilities of declines in housing prices over the next two years, according to a list based on the PMI Risk Index.

The list considered job growth, population, median income and affordability in identifying the 13 riskiest real estate markets. It was published in the August Kiplinger's Personal Finance Magazine and was based on the PMI Risk Index.

Soaring prices and a new generation of inexperienced real estate investors were cited by Kiplinger's as reasons for concerns about a possible bursting of the real estate bubble. The growing number of houses bought as investments, nearly one-fourth of purchases over the past year, was also cited.

Boston was deemed the riskiest housing market in the country. It is at risk because the area has lost 200,000 jobs since 2000 and housing prices remain high, according to the Risk Index. PMI assigned a 53 percent probability that Boston housing prices will decline over the next two years.

Speculation and explosive price increases, plus the possibility of loosened restrictions leading to a substantial amount of new supply, netted Los Angeles an estimated 40 percent risk of a property slump.

The median real estate home price in San Francisco is the highest in the nation, beating even New York, and PMI predicted a 40 percent chance of falling property values there over the next two years.

Sacramento, California was pegged with a 40 percent possibility of a price decline, with Providence, R.I., netting an estimated a 39 percent possibility. Detroit, with flat job growth, had an estimated 38 percent possible price downturn.

New York, Miami, Minneapolis-St. Paul, Ft. Lauderdale, Fla., Denver, Washington, D.C. and Tampa-St. Petersburg, Fla., were also named as among the 13 cities most at risk for price downturns.

Tuesday

 

Put Thousands of Dollars of Profit in Your Pocket

Put Thousands of Dollars of Profit in Your Pocket Without Doing the Work Yourself!

by Pete Youngs

Regardless of which real estate investment strategy you use to create your wealth, you have to control whose pocket the money is flowing into. So you ask.” How can I put thousands of dollars MORE in my pocket WITHOUT doing the work myself? Well, I am a successful contractor and investor who can show you how to create HUGE PROFITS in properties you thought had no profit, and create MASSIVE EQUITY in all your properties.

Part of my expertise is teaching people how to rehabilitate properties for 50 to 75% off of the normal estimated cost. My knowledge and ability to get the highest quality results for the absolute lowest possible price has earned my company many prestigious renovation contracts such as Courtyard By Marriott hotels, The 1996 Atlanta Summer Games, Two contracts with communications giant MCI, Publix Distribution Center, Fidelity National Banks, Blimpie Restaurants and hundreds of single and multi-family homes nationwide.

I know that buying any type of discount property insures a lower purchase price and I can teach you valuable contractor tips and techniques to LOWER your FIX UP and MAINTENANCE costs by 50 or even 75%! You will literally add THOUSANDS to your net worth and your equity position whether you own one home or one hundred homes.

I teach 101 valuable techniques, which range from minor cosmetics for the new investor, to MAJOR REHABS for the seasoned investor. My REHAB 101 system is designed to save both time and money on all types of rehab and maintenance projects. So whether you like DO IT YOURSELF techniques, or want to HIRE THE WORK OUT for a fraction of the going rate, Rehab 101 is a must for your investment career arsenal.

Specializing in teaching others how to ACT AS THEIR OWN GENERAL CONTRACTOR, I stress that getting contractor discounts, hiring out what you can’t do and using do it yourself tips can dramatically increase the profit to be made on distressed properties nationwide.

Did you know that a general contractor makes his profit by sub-contracting the repair work to be done, he oversee’s the job. Handles the material buying and pockets up to 50% or more of the jobs estimated cost. Most general contractors do none of the work themselves. Learn how to put those profits in YOUR POCKET without having to do the work yourself!

MORE PROFIT IS LOST IN THE FIX UP OF PROPERTIES THAN ANY OTHER AREA! I TAKE GREAT PRIDE IN HELPING OTHERS BECOME MORE SUCCESSFUL IN THEIR INVESTMENT CAREERS BY TEACHING HOW TO SAVE TIME, MONEY & INCREASE THE VALUE AND EQUITY OF PROPERTY.

About the author
Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony had designed and together have taught thousands from all over the U.S. and abroad. Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs seminars and conventions. His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections.
More information on courses by Pete Youngs can be found here.

Saturday

 

First-Time Home Buying

Consumers who decide that it's time to buy or sell a home often find themselves on an emotional roller- coaster of wonderful highs and frustrating lows. From dreaming of the perfect home to negotiating the best deal to packing the boxes and moving, buying or selling a home can be one of the most significant financial -- and emotional -- decisions people will ever make.

A recent survey commissioned by RealEstate.com asked over 2,000 first-time homebuyers to shed some personal insight on the many emotions, experiences and expectations they had during their first-time home buying experience.

For most consumers, the journey begins with dreaming of homeownership. That initial step brings with it the task of setting a budget and scaling expectations, and according to survey results 41 percent of first-time homebuyers are first turning to the Internet to research home listings.

Other key findings:

- Even after planning and setting expectations, homebuyers still find themselves feeling unsettled during the process. Thirty percent were ill at ease with the time and effort they spent obtaining a mortgage, followed closely by those who found themselves very anxious during the time spent 'in limbo' between making the offer and closing on the house (29 percent).

- Sixty-two percent of homeowners cited "being patient with the home buying process" as paramount to staying sane throughout the process, an accomplishment that's easier said than done.

- Thirty-nine percent of new homeowners said spending the first night in their new home was the emotional high point of the experience, while 28 percent cited finally closing on the house as the best part.

"Owning a home is big part of the American dream," acccording to GM of RealEstate.com. "The Internet provides consumers, especially first-time home buyers, with a wealth of information that can help set their expectations and prepare for the ups and downs of the entire process. Whether they're looking at listings, finding a realtor or searching for the best mortgage, it's all at their fingertips."

Additional "after the purchase" survey findings:
- Forty percent of new homeowners said window coverings were the priority for their first night in a new home.
- Eight percent said celebratory champagne on the first night is a must.
- Repainting walls is the first home improvement 38 percent of new
homeowners make. - Although 15 percent say they're too broke after buying to make any
changes, 14 percent start with renovating the bathroom or kitchen.
- Most homeowners say they moved across town (44 percent), while 9 percent relocated to another state.

Friday

 

Now Lake Tahoe home prices closing in on $1 Million

Real estate home prices at Lake Tahoe have continued to surge.

An annual mid-year survey by real estate agency Chase International says there was a 49 percent increase in homes that sold for one million dollars or more this year compared with last year.

The average price of a home around Lake Tahoe is $980,000. This is a good 15 percent increase compared to last year.

Wednesday

 

California homes top $1 million

California Real Estate Right now the California mobile home real estate market is turning out to be a hot million-dollar roller coaster.

Believe it or not, a two-bedroom, two-bathroom mobile home perched on a lot in Malibu is selling for an incredible $1.4 million. This isn't a greedy seller asking a ridiculous amount no one will pay. Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. Nearby, another lists for a breathtaking $2.7 million.

These are the hottest prices I've ever heard, commented a spokesman for the Manufactured Housing Institute. He says prices in another hot spot, Key West, Fla., top $500,000. As if the price isn't tough enough to swallow.

Fasinating facts about trailer buyers:

* Don't own the land. As with most mobile homes sold in Malibu, the land is owned by the proprietor of the trailer park, in this case, Point Dume Club.
* Still pay rent. Not owning the land means paying what's called "space rent" that is as high or higher than many mortgages in other parts of the USA. On the $1.4 million trailer, space rent is $2,700 a month.
* Can't get mortgages. Since the buyers don't own the land, most of the mobile homes are paid for in cash or with a personal property loan that usually amounts to $100,000 or less, says Clay Dickens, mortgage loan agent at Community West Bank.

Now why in the world would anyone pay seven figures for a trailer?
It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual "triple-wide" lot. Buyers are willing to pay these huge amounts just to get into Malibu, where the average list price is $4.4 million, according to a broker at Coldwell Banker.

But, it's still a trailer with a modest kitchen and faux wood floors. Many still have trailer hitches attached. Sellers couldn't be happier. A 29-year-old Coldwell Banker realtor, is selling the $1.4 million trailer after living there about three years. He won't say how much he paid, but neighbors say prices have climbed about threefold in that time.

Developers are partially driving the rise. J. Levine at Maliblue Holdings has bought several old homes and is installing high-end "mobile villas" to put up for sale. Levine and others bristle at the term "trailer." But to be permitted in the park, the home must be perched on piers (a high-end version of up on blocks). Some neighbors, though, can only marvel at the prices. A longtime resident informed he got an $800,000 offer for his trailer home, which is not for sale. He declined. But, "You come to me with $1 million, and we'll talk about it," he says.

Monday

 

Land Trusts - Important information

by Mike Jacka

Do you use Land Trusts, or do you put your investment properties in your own name for all the predators and creditors to find? I hope not!

In the early 90's we had a rental property in Minneapolis, MN. It was the middle of January, and we had an ice/rain storm. Someone that was just visiting one of our tenants walked out into the rain, and there was about 1/2 - 1 inch of ice on the sidewalk, and they fell backwards. That person cracked their head open and had to be rushed to the hospital.

We thought we had our assets covered. We had a landlords insurance policy on the house. Even if that didn't cover it, we were protected because the rental property was actually owned by the corporation, not us personally. Boy, were we in for a surprise when we found out we were being sued because the insurance only covered so much, they were coming after us for the rest.

To make a long story short, they settled with the insurance company after all. But their attorney told us, if we had more rental properties, they would have come after us for everything, because we were negligent. Negligent??? It was still raining when this happened, were we supposed to be at the rental property chopping ice, while it was still raining? I guess so...

That was back in our beginning days, and we only had two rentals at the time. I was renting myself, and my partners house was mortgaged to the hilt, so the plaintiffs attorney found very little to go after. I guess that was a good thing at the time. But what about later down the road, when we had a bunch of properties, what was going to stop something like this from happening again???

It was shortly after that, that we heard about Land Trusts. We went to Atlanta to see Louis Brown do a Seminar about Land Trusts and Asset Protection. That was back in 1994, ever sinse then, everything I own is titled to a Land Trust.

Now a Land Trust does not give you complete Liability Protection, you still need corporations, LLC's, LP's or any other form of liability protection. But a Land Trust is the first step of protection. I am not going to get into asset protection and liability protection through corporations, LLC's or LP's at this time.

A Land Trust keeps your name or your corporations name off public records. It gives you a certain level of privacy. If a sharp attorney finds out that you are the beneficiary of the land trust, they can still come after you or your corporation. But first the attorney would have to find that out and that is not easy to do. Most importantly though, most attorneys will not even bother to look far enough to even figure out that your property is in a Land Trust, and even if they did, they would not do anything about it, unless their client gave them a big fat retainer before they did more research into the ownership of the property.

Let me give you an example of what I am talking about:

Let's say someone wants to sue you. They contact an attorney. The attorney does a name and asset search on you, but they don't find anything in your name. But they do discover that the property that their client told them that you own is titled to a Land Trust. The attorney will then go to their client and tell them that they think they have a case, but it is going to be a little more difficult to get to you because of the land trusts. If they will give them a (let's Say) $5,000 retainer, they will get started on it right away, but there is no guaranty they will win or ever collect any moneys from you.

You see, once the attorney sees that this is going to be a little more difficult of a case, they usually will not work on a contingent fee bases any more, they want cash, upfront. This usually deters most potential law suits before they ever happen.

I am now a Trustee for several clients. I could tell you many stories of how some tenant, or any other person thought they hit the lottery with one of my clients, only to end up walking away with a frown on their faces once they found out how expensive it was going to be just to find out what you really own.

And lets say that you came across a sharp attorney that knew how to get through the Land trust and get to you. And let's say they were successful and won a judgment. That judgment would not go on you personally, it would go against the Land Trust The only thing the Land Trust owns is the one property. It will not affect all your other properties, because they are all owned in their own Land Trusts.

And let's say you got into trouble with another business, a car accident or anything else that has nothing to do with your investment business, and you did get a judgment against you personally. If you owned all your rental property in your own name, you would have to pay off that judgment the next time you sold a house. But if you bought and sold all your investment properties through Land Trusts, then you would be able to conduct normal real estate business and never have to pay off that judgment until you felt like dealing with it.

There are so many benefits to using Land Trusts, and I don't know of any negatives related to using them. There is very minimal paper work involved; that takes maybe 5 extra minutes to prepare. There are no separate tax reporting issues to deal with because the IRS considers a Land Trust to be a Flow-Through-Entity, which means that you report the property on your own (or your corporations) tax report.

Mike Jacka
www.realestatepromo.com

Sunday

 

Odessa, Texas real estate market hot right now ..

Odessa, Texas Real Estate : The Odessa real estate market has been hot in recent years, and real estate agents say home prices should continue to rise in the months ahead. Real estate professionals describe the current market as the hottest they have seen in years, with the demand for homes far outstripping the supply.

If you are a seller, it’s a very good market, according to Oliver Realtors. Real Estate Homes are selling for the highest prices seen in 20 years. The summer months are the busiest time of year for the real estate industry. With home prices at their current level it looks to be a lucrative summer for area agents. It is given to understand that the high house prices are driven, in part, by the high price of oil. Houses are selling well, and interest rates are low. If oil prices stay high, home prices will continue to rise for the foreseeable future.

The rising number of home sales has come not from more homes being on the market, but more being sold out of the existing inventory. This has led to declining inventories, and many people struggling to find the right home. A declining inventory and constant, even increasing demand, portends further rises in house prices this summer.

 

Investing in Orange County Real Estate - Think again!

Orange County Real Estate In a recent disclosure researchers at Chapman University warn that Orange County is in the midst of a "housing-price bubble" that is rapidly nearing its end. They expect local home prices to rise this year at their slowest pace in nine years and then to begin slowly dropping in 2006 as mortgage rates rise.

Meanwhile, top officials at the Federal Deposit Insurance Corp., which regulates national banks, dismissed fears that rising real estate home prices nationwide reflect a speculative bubble ready to burst. FDIC officials rejected the notion that the recent rise in housing prices is a speculative fluke, concluding that most booming U.S. housing markets are sustained by strong growth in jobs.

Friday

 

Virginia real estate sales looking good

Virginia real estate home sales continued strong in May, climbing approximately 10.3 percent over the year-ago level, the Virginia Association of Realtors reported.

In May, 13,145 sales were reported, up from 11,923 in May 2004. Year-to-date, closed transactions were at 51,363 compared to last year's 47,567, an increase of nearly 8 percent.

Virginia's median existing-home price for May was $174,625, up 17.9 percent from $148,125 reported in May 2004. The median is a typical market price where half of the homes sold for more and half sold for less.

"We continue to see pressure on home prices, due to lack of inventory," according to VAR President. "Our concern is that we need a much larger supply of properties that are in an affordable range for first-time and low-income home buyers."

In May, the average real estate market time for home sales was 89 days, down from 107 days in May 2004.


Submit My Article Add to Favorites


Past Smart Articles & News Archives

Top How To Invest In Real Estate And Make Money Resources

How To Make Money This Month In Real Estate No Money Down Real Estate Investing Make Money with Fixer Upper Homes Making Money Help With Real Estate Foreclosures Preforeclosures - How Fortunes Are Made How To Payoff Home Mortgage Quickly Credit Repair Fix Bad Credit Report Services

Top Home Search Resources

Search for Homes in your Local MLS Buy Homes For Half Price - Preforeclosure NOD NTS Auction HUD VA Government and Bank Homes ZipRealty - Where Buyers and Sellers Make Money


Best Real Estate Investment Help Resources For All Locations

Anywhere in USA - Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho State Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Real Estate Investing Help applicable for most of the major countries - USA UK Canada Australia New Zealand and all countries with an open-economy.



Million Dollar Real Estate Home Submit Article Feedback/Contact WebMasters Links Google