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

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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



States with the highest foreclosure rates

Lenders Repossess 1 Million Homes in 2010


Banks repossessed more than 1 million homes in 2010 and this year is expected to get even worse, according to RealtyTrac, a foreclosure tracking resource. About 5 million borrowers are at least two months behind on their mortgage payments, which industry analysts say will likely lead to lenders taking back even more homes this year as borrowers continue to struggle with job losses and dropping home values.



"2011 is going to be the peak," says Rick Sharga, a senior vice president at RealtyTrac Inc.

One in 45 U.S. households received a foreclosure filing last year, a record high and a 1.67 percent increase from 2009.



Some states are harder hit than others. In Nevada alone, one in every 11 households received a foreclosure filing last year. The state had a 71 percent spike in bank repossessions in December.



Banks in recent months have mostly slowed their pace in evictions, following allegations that they were handled improperly. But Sharga says banks will resume repossessions and the first quarter will likely show a rebound in foreclosure activity.



The states with the highest foreclosure rates:



• Nevada



• Arizona



• Florida



• California



• Utah



• Georgia



• Michigan



• Idaho



• Illinois



• Colorado



Source: “Lenders Take Back 1 Million Homes Last Year Despite Slowdown in Foreclosures in December,” Associated Press (Jan. 13, 2011)

Emily Lee

call/text 606-499-7836

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

MARKET TRENDS

Today's Market Trends for single-family homes 


Average Listing Price: $169,107

-0.03%

Average Listing Price/Sq Ft: $91.14

-0.02%

 

Emily Lee

Realtor

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

 
 

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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/

15 Top Retirement Cities

Boomers are willing to move farther than previous generations when they retire, and they are choosing places unlike stereotypical retirement hotspots, says Tom Brokaw in his report on Boomer retirement, airing on CNBC, Thursday, March 4 at 9 p.m. ET.

The top places listed by AARP and explored on the show are:



1. Loveland/Fort Collins, Colo.

2. Las Cruces, N.M

3. Rehoboth Beach, Del.

4. Portland, Ore.

5. Greenville, S.C.

6. Sarasota, Fla.

7. Ann Arbor, Mich.

8. Tucson, Ariz.

9. Montpelier, Vt.

10. Honolulu

11. Santa Fe, N.M

12. Atlanta

13. Charleston, S.C

14. Northampton, Mass.

15. San Diego, Calif.



Source: CNBC, Paul Toscano (02/05/2010)

Emily Lee, REALTOR®

606-499-7836

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

.

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

Ten Inexpensive Ways to Wow Buyers

Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he jokes.Here are 10 cheap ways to make a property more attractive to shoppers.

1.Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.

2.Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.

3.Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.

4.Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.

5.Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.

6.Buy warranties. Putting appliances under warranty gives home buyers a secure feeling.

7.Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.

8.Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.

9.Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.

10.Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.

Source: U.S. News & World Report, Luke Mullins (01/21/2010)

5 Things to do Before Putting Your Home on the Market

1.Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?


Provided by Realtor.com

7 Tips for First Time Home Buyers

1. Look up local listings to see what price range houses are going for. Follow this link to Realtor.com.



2. Check to see if you can afford a monthly payment by using a mortgage calculator. Follow this link to a mortgage calculator.



3. To see if you can afford this mortgage payment use an affordability calculator. Follow this link to an affordability calculator.



4. Find a buyers agent to represent you. You will need help you through your home search, the ins and outs of finding something in your budget that suits your needs, going through the offer, inspection and closing steps that are involved. If you don't get a buyers agent to represent you the agent is automatically working for the seller.



5. Get pre-approved!!! Never start out your search not knowing if you can even get a loan or not, this will also make your offer to a seller more appealing.



6. Start saving!!! The more earnest money you can put down on a contract the more serious your offer will seem to a seller.



7. Ask about title insurance fees, survey charges, escrow fees, and loan origination fees, all of this may be due at closing so it’s good to know ahead of time what you’ll be paying for.