Foreclosures Drop to 5-Year Lows

Foreclosures Drop to 5-Year Lows

Foreclosures continue to do the opposite of what most analysts had predicted: They keep falling rather than rising. 

Foreclosure filings in September fell 7 percent from August and are down 16 percent from last September, RealtyTrac reported Thursday. Foreclosure filings include default notices, scheduled auctions, and bank repossessions. 

The number of foreclosure filings in September reached their lowest level since July 2007. What’s more, foreclosure filings have decreased 13 percent in the third quarter compared to the third quarter of 2011, marking the ninth consecutive quarter with an annual decrease in foreclosure activity, RealtyTrac reports. 

“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” says Daren Blomquist, vice president at RealtyTrac. “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.”

A backlog of delayed foreclosures in certain states may be problematic in some areas soon, Blomquist says, particularly in judicial states, where foreclosures must be approved by a court. Florida, Illinois, Ohio, New Jersey, and New York have posted the largest year-over-year increases in foreclosure activity.  

Meanwhile, other states are seeing large drops in foreclosure activity, mostly centered in “non-judicial” states, where foreclosures do not have to be court-approved. For example, states like California, Georgia, Texas, Arizona, and Michigan have posted large drops in foreclosure activity. 

Source: RealtyTrac

Gov't Trims Half of Its Foreclosure Inventory

Gov't Trims Half of Its Foreclosure Inventory


The government was able to chip away at its foreclosure inventory in 2011, reducing it by nearly half, HousingWire reports in analyzing financial statements from three government enterprises.

From the end of 2010 to 2011, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development saw a 49 percent reduction in the number of REO properties it owns. The three government enterprises held about 150,700 properties as of Dec. 31, 2011, compared to 296,000 at the end of 2010.

“The GSEs sold REOs at a record pace in 2011,” HousingWire reports. “Combined, both sold more than 353,000 previously foreclosed property for the year.”

Here’s a closer look by how much the government enterprises trimmed their foreclosure inventories:

HUD: Reduced its foreclosure inventory to about 32,000, a 47 percent drop from more than 62,000 it held at the end of 2010. 
Fannie: Reduced its foreclosure inventory to more than 118,000, which is down 27 percent from about 162,000 at the end of 2010.
Freddie: Reduced its REO inventory to 60,500, down 16 percent from more than 72,000 in 2010.
Source: “Government-held REO Halved During Robo-Signing Freeze,” HousingWire (March 9, 2012)

Emily Hickman Lee

call or text: 865-278-0361

e-mail: Emily@BarefootRealtyTeam.com

website: www.BarefootrealtyTeam.com

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REALTOR® Magazine-Daily News-Tax Time Less Taxing for Home Owners

REALTOR® Magazine-Daily News-Tax Time Less Taxing for Home Owners


Tax Time Less Taxing for Home Owners


With a little more than one month before income taxes are due, many of the nation’s 75 million home owners may be appreciating the value of home ownership just a bit more as they take advantage of the tax benefits of owning a home.



“Owning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”



A number of tax deductions and credits are still available for home owners; these include deductions – with specific limits – for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, home owners pay 80-90 percent of all U.S. federal income taxes.



“It’s been suggested that many of today’s tax incentives for home ownership primarily benefit wealthy individuals, but that’s simply not true,” said Phipps. “As today’s public debate continues about what home ownership means for families, communities, and the nation’s economy, there’s no question that for many, owning a home is still the best way to begin building wealth.”



Ninety-one percent of home owners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.



“REALTORS® see the very real positive impact of home ownership every day with our clients,” said Phipps. “Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in home ownership, for the future of our families and our nation.”



For home owner tax season tips, visit www.HouseLogic.com. HouseLogic is a free source of information from NAR that helps home owners maintain and enhance the value of their homes and engage in issues that affect their local communities.



Source: NAR

USDA Grants Aim to Improve Rural Living

The U.S. Department of Agriculture is taking steps to improve the quality of life in rural areas, which often lack access to modern amenities such as high-speed Internet, affordable electricity, and clean water supplies.



The USDA is extending funding to help reduce energy costs for residents who live in remote rural areas.



"These grants will help home and business owners offset rising energy costs by financing energy efficiency and power generation improvements to deliver energy in a more cost-effective and environmentally appropriate way," says Agriculture Secretary Tom Vilsack.



Many of the communities that will be using the grants to improve energy efficiency are in Alaska.



Source: “Rural Initiatives,” Realty Times
 
 
 

Emily Lee

call/text 606-499-7836

www.HarrogateTnHomes.com

w/The Realty Group II

broker:423-869-5111



Federal Tax Report

Law Extends Tax Rates, Some Credits

President Obama has signed a massive tax bill that includes numerous provisions of interest to REALTORS® or other people in real estate. Check out the clink below to review the bill.



TAX Summary


EMILY LEE
606-499-7836 or 423-869-2442
REALTY GROUP II
423-869-5111

White Can Be the Key to a Dramatic Room

White Can Be the Key to a Dramatic Room

Interior designer Vicente Wolf’s new book, Lifting the Curtain on Design, says simply, "White can do everything. Painting a room white simplifies the environment. It brings it to its essence."


Wolf, who has spent most of his career trying to expand small places in New York City, relies on white strategically throughout an apartment. His approach could work in properties elsewhere.


"I almost always use different shades, different finishes. That's what gives it depth. Even if you were to use the same color, it would read differently in different light," Wolf says.


The color white emphasizes the furniture and the art in a room. "Let's say you have 81/2-foot ceilings, flat walls and no detail at all," Wolf says. "You put an 18th century chest in the room, and suddenly you have a different sense of architecture."


Source: Orlando Sentinel, Shaila Wunderlich (09/18/2010)



Emily Lee
The Realty Group II
Cell Phone: (606)499-7836
Home Office Phone: (423)869-2442
Main Office Phone: (423)869-5111 (Ask for Emily)
Email: Emily@harrogatetnhomes.com
Email: EmilyLeeRealty@yahoo.com
Website: http://www.HarrogateTnHomes.com
Website: http://www.EmilyLeeRealty.com

Extention

Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President


Washington, July 01, 2010



The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.



The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.



“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.



“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.



The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.



For more information on the extension, visit www.realtor.org/government_affairs.



Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.



“We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both houses of Congress to end the lapse in flood insurance,” Golder said. She singled out Senate Majority Leader Reid, Senate Minority Leader McConnell, Senate Banking Committee Chairman Dodd, Senator David Vitter (R-La.), House Financial Services Committee Chairman Barney Frank (D-Mass.) and Congresswoman Maxine Waters (D-Calif.) for their efforts on NFIP reauthorization.

Published by:

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Emily Lee

606-499-7836

Realty Group II

423-869-5111

Signs a Home Has Potential

Signs a Home Has Potential

The best deals on homes these days are often on properties that aren’t perfect.



Home shoppers looking for a great deal should keep these factors in mind when they are looking for a place with potential:



· Location, location, location. It’s still true that you get a better deal when you buy the worst house in a great neighborhood than you do when you buy a fancy house in a not-so terrific neighborhood.



· Less than 50 years old. Properties older than a half decade are likely to have more fundamental problems — like aging wiring, inadequate plumbing and sagging foundations.



· Livable floor plan. Buyers should select a home with a basic design they can live with. Once they start moving walls, they’re into big money.



· Light. Houses with the most potential have plenty of natural light.



· Good storage. Adding storage isn’t cheap, so it’s smart to choose a property that already has it.



Source: MSN.com, Marilyn Lewis (04/12/2010)

Emily Lee

606-499-7836

with

The Realty Group II

423-869-5111

 

 

Pending Home Sales Show Healthy Gain

Pending Home Sales Show Healthy Gain


Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®.



The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.



Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”



Pending home sales by region:



Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.

Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.

South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.

West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.



Source: NAR

 
 

CHECK OUT MY LISTINGS!!!!

 

 

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EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

TAX CREDIT!!!!!!

Just a reminder to anyone interested in the first-time homebuyers tax credit or the current homeowners tax credit you must have a contract by April 30!!!!!

call me with any of your real estate needs!

EMILY LEE
606-499-7836

http://www.harrogatetnhomes.com/
http://www.emilyleerealty.com/

REALTY GROUP II
423-869-5111

MLS Group Seeks Top-Level .MLS Domain

MLS Group Seeks Top-Level .MLS Domain

A group of 15 multiple-listing services has formed a nonprofit company to build and manage a top-level Internet domain, .MLS, which will be available to MLSs.

The group hopes that at least 175 of the country’s 900 MLSs will join by the fourth quarter of this year. At that point, it plans to apply to the Internet Corp. for Assigned Names and Numbers (ICANN) for the right to obtain and manage the .MLS top-level domain.

Applying for and developing a .MLS domain is expected to cost about $185,000. One challenge will be persuading ICANN that this group speaks for the industry. "If the industry doesn't support it, it won't happen," says Brian Larson, an attorney and consultant advising the company.

Source: Inman News, Matt Carter (03/29/2010)

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

A Good Time to Buy a High-End Home

A Good Time to Buy a High-End Home

Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient.



Buyers with cash have the best opportunities. Buyers who need a mortgage should move especially quickly. With the Federal Reserve ending its purchases of mortgage securities this month, the mortgage market is likely to rise from its current low level. Even if prices fall further, the rising cost of borrowing could eliminate any savings.



As Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, says, this is a "very good time to be a buyer at the high end."



Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/27/2010)

EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

Transportation Costs Hurt Housing Affordability

Transportation Costs Hurt Housing Affordability


A new study contends that only 39 percent of U.S. communities are affordable for typical households when the cost of transportation is included in the calculation of housing costs.



The Center for Neighborhood Technology analyzed the Housing + Transportation Affordability Index, which examined 161,000 neighborhoods housing 80 percent of the U.S. population, and concluded that for most families, transportation is the second-largest household expense.



It is also a fairly unmanageable one, the study concluded, because it is difficult for families to estimate the full cost of a location before they move there. Gas prices and employment demands aren’t very predictable for many.



Factors that can help people control transportation costs include walkable neighborhood streets, access to public transit, and nearby retail.



Source: Center for Neighborhood Technology (03/23/2010)

Emily Lee

606-499-7836

Realty Group II

423-869-5111

NEW LISTING

MLS#699930 141 Park Lane Harrogate, TN 

Sitting on 1.5 acres this 4 bedroom, 2 bath traditional style home with over 2,000 sq. ft. features a brick fireplace, beautiful crown molding, wood floors, laundry room with built-in storage, patio and a covered carport for 2!

VERY PRIVATE!!!

Call Emily Lee for your private showing 606-499-7836
 
 
 
 

Emily Lee, REALTOR®

606-499-7836

http://www.emilyleerealty.com/

http://www.harrogatetnhomes.com/

Realty Group II

423-869-5111

 

CLICK HERE for OPEN HOUSE details!!!

 

 

 

 

 

 

 

 

 

 

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Current Home Owners: Check Out HouseLogic

HouseLogic Offers Smart Advice to Owners

The NATIONAL ASSOCIATION of REALTORS® this week launched HouseLogic, a new, comprehensive consumer Web site designed to help home owners make smart decisions to maintain, protect, and increase the value of their homes. HouseLogic will help consumers take responsible actions pertaining to what is likely the largest investment of their lives.



“Backed by the resources and industry insights of NAR and its REALTOR® members, HouseLogic will engage and involve consumers throughout the lifecycle of homeownership,” said NAR President Vicki Cox Golder. “It makes sense that, as the first, best source for real estate information, NAR should collaborate with today’s consumers to help them make the most out of owning a home. HouseLogic will help us do that.”



The free Web site helps home owners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.



“Unlike other homeownership Web sites, HouseLogic helps consumers view their home through a financial lens and make smart, informed home improvement investment decisions,” said Golder. “Families can set goals for saving money on their home or increasing its value, and easily track the progress they are making on those goals.”



Registered users can save relevant information, create to-do lists, and set project reminders. The Web site can also be customized for individual owners depending on how handy or ambitious they are regarding home projects; how much money they want to spend or save; where they live; and their priorities, such as increasing the value of their home or improving their neighborhood.



HouseLogic also empowers home owners who want to get more actively engaged in shaping community life, advocating on neighborhood and homeownership issues that matter most to them. The site provides users with the tools and know-how to effect change, such as establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.



“For more than 100 years REALTORS® have been bringing America home,” said Golder. “HouseLogic takes owning a home to the next level, partnering with consumers to truly help people build their futures through homeownership.”



Visit HouseLogic at www.houselogic.com


— NAR

Emily Lee, REALTOR®

606-499-7836

http://www.emilyleerealty.com/

5 Feng Shui Concepts to Help a Home Sell

~*~

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.



2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.



3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.



4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.



5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.



Source: Sell Your Home Faster With Feng Shuiby Holly Ziegler (Dragon Chi Publications, 2001)

Emily Lee, REALTOR®

606-499-7836

EmilyLeeRealty.com

HarrogateTnHomes.com

Realty Group II

423-869-5111

~*~

4 Reasons to Sell Now

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

Sell low and buy low.
Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.


Down-payment help is widely available.
While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.


Your uncle has money to share.
Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.



Good help is available.
Really talented real estate practitioners, contractors, and designers are available and eager for business.


Source: McClatchy Tribune, Kate Forgach (02/07/2010)

Ready to Sell???

Click Here For More Information

 

 

 

 

Emily Lee, Realtor®

606-499-7836

Realty Group II

423-869-5111

Current Home Owners! Info on Tax Credit

Who Qualifies for the Extended Credit?



•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.


To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.


Which Properties Are Eligible?


The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.






How Much Is Available?


The maximum allowable credit for first-time home buyers is $8,000.






The maximum allowable credit for current homeowners is $6,500.






How is a Buyer's Credit Amount Determined?


Each home buyer’s tax credit is determined by two additional factors:






1.The price of the home.


2.The buyer's income.


Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.






Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.






These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.






If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?


Yes, some buyers may still be eligible for the credit.






The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.






Can a Buyer Still Qualify If He/She Closes After April 30, 2010?


Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.






Will the Tax Credit Need to Be Repaid?


No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


to read full article please click HERE.
Source Realtor.com

EmilyLeeRealty.com

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Cost vs. Value Report

Thinking about doing a remodel???? Check out this article to see if you will be getting your money back!

Cost vs. Value Report

www.EmilyLeeRealty.com