Archive for the ‘Mortgage Articles’ Category
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Vertical Holdings Sells Shops at Chauncey Ranch for $66.24M
Scottsdale, AZ-based Vertical Holdings Company closed on the sale of The Shops at Chauncey Ranch, a 169,000-square-foot center anchored by Whole Foods Market, PetSmart, The Container Store and Road Runner Sports, located at the southwest corner of Scottsdale…
Originally from National Commercial Real Estate News From CoStar Group on October 5, 2008, 8:17pm
Property Finance (Sept. 28-Oct. 4): Bank Consortium Backs Forest City DC Project
In this week’s issue:
Forest City lines up construction financing for DC project.
Plus we give you new property finance deals and a valuable leads list of lenders funding office acquisitions and loans maturing in the next 12 months in: Los Angeles,…
Originally from National Commercial Real Estate News From CoStar Group on October 2, 2008, 3:03am
Your stock market can go to zero
"You tell me your precious markets will melt down without this? Why do I care? Your stock market can go to goddamn zero on Monday, and then you can come down here with me to find out how it feels not to be able pay the bills. More than half of Americans have no stake in these markets, no savings at all; and there is a political price to be paid for extreme inequality of income."
–Mortgage broker and syndicated columnist Lou Barnes on Friday, discussing the attitude many working class Americans have about the Bush administration’s proposal to borrow $700 billion to buy troubled assets from banks and financial institutions.
The Dow fell nearly 800 points today after the House rejected legislation that would have implemented the plan (see Inman News story).
It was the biggest one day point drop in Dow history — the index fell 685 points on the first trading day after the 9-11 attacks — but the 7 percent decline didn’t equal the 20 percent plus drops seen on "Black Monday" in October 1987 or the 1929 crash.
Originally by Matt_Carter from Inman Blog on September 29, 2008, 1:48pm
Getting a Mortgage After Foreclosure - Here is How
Getting a mortgage after foreclosure is easier than most people think. There are a number of relatively simple actions you can take in order to massively increase the likelihood of you obtaining another loan on your home. This article will describe exactly what you need to be doing now in order to get set on the path to refinance.
Originally from Real Estate: Mortgage Refinance Articles from EzineArticles.com on October 3, 2008, 12:11pm
Reverse Mortgage - What You Need to Know
The U.S. Department of Housing and Urban Development (HUD) has created a type of home loan that is becoming one of the most sought after around the U.S. The Reverse Mortgage is a private loan which is federally insured and a kind of home loan that keeps a part of the homeowner’s equity converted into cash.
Originally from Real Estate: Mortgage Refinance Articles from EzineArticles.com on October 3, 2008, 11:37am
The Very Few Positive Signs in the Economy
Amidst all of the talk of economic Armageddon, falling home prices, a declining stock market, rising foreclosures, a weak dollar, and food and energy inflation, it is difficult to find many bits of good news for the average homeowner. Since the subprime crash and credit crunch, seriously negative conditions have been prevailing in the market for over a year now. But it is also important for all people to look forward to something potentially positive in the days ahead.
Originally from Finance: Home Equity Loans Articles from EzineArticles.com on October 3, 2008, 12:51pm
Sellers - Sticking to Your Price Keeps You Stuck
Commentary by Curtis Seltzer
RISMEDIA, Oct. 6, 2008-I’m trying to figure something out: With rural property showing for-sale signs rusting in place, why haven’t sellers lowered asking prices and offered financing?
I spent several hours this weekend looking at rural listings around the country. Thousands are advertised, with many of each type in the same place at about the same price.
Few sellers appear to have come off their original asking prices during the last six months. In most areas, sales seem slow. Suburban sellers have cut their prices by 25 percent or more. So why aren’t rural land sellers doing the same?
First, rural sellers may not have as urgent a need to sell. Turnover in rural property is lower than in suburbs where homeowners are subject to job transfers and financial volatility. Rural sellers are often able to wait longer.
Second, sellers in a weakening market are inclined to imprison their asking prices with backward-looking expectations. Since prices and sales were strong a year or two ago, therefore, seller reasoning goes, they should be strong now (even if they’re not).
I’ve never had much luck in hoping better times into existence. My experience is that markets produce prices, not wish-fulfillment.
Third, sellers cling to forward-looking inflation dreams. Prices, they hope, will go higher. Hold tight, they tell themselves, prices go up…eventually. Which is generally true…eventually.
Fourth, sellers hold to high asking prices in a falling market to avert loss. MIT economist David Genesove and Columbia University economist Christopher Mayer found that Boston condo owners faced with a real loss (not just less profit) stuck with higher asking prices. This produced a little more in sales price, but involved the costs of holding the property longer.
Dan Ariely, author of “Predictably Irrational” and James B. Duke Professor of Behavioral Economics at Duke University, explains sellers pricing above market in two other ways. Once we own something, he told me, we “endow” it with more value than it’s worth. And when we “customize” real estate we think it’s better than similar properties, and should, therefore, be priced higher. These behaviors are understandable, but not rational, he said.
All of these factors encourage sellers to stick on unrealistic asking prices that won’t move their properties. And once anchored into that price, sellers feel they’re losing money with each reduction. In truth, they’re not losing anything. It isn’t there to be lost.
A seller usually sets an asking price by pegging it to recent sale prices of comparable properties. But a comp analysis can cement a seller’s asking price into an outdated, overpriced market. It will estimate past worth, not present value. It’s a rationale for not selling.
When a seller prices his property at $250,000 based on comps in a weakening market, a buyer won’t look at it because it’s anchored above the $150,000 he perceives to be its current worth. The buyer reasons that it’s not even worth making an offer. The buyer is wrong. Low offers educate sellers. Three no-budge offers at $150,000 are a shriek of reality, not a subtle signal.
This buyer also sees properties listed at $150,000 as overpriced. So nothing happens.
Buyers in a buyer’s market buy the properties re-priced at the new wholesale, not the old retail. When a dozen identical lots are each priced at $50,000, the first seller to drop to $40,000 will be the first to sell.
In today’s market, a must-sell-soon seller should use a comp-based appraisal value as a top line from which he drops to a get-it-sold asking price. If you need to sell today, you need to price below your comps-based “market” value.
Buyer expectations-not appraisal values-determine sale price in an overvalued market.
Prices are too high in many rural markets-especially for timberland, farmland and money-gobbling hobby farms.
Over the long term, all have appreciated steadily. That will continue because of population growth if nothing else. But this genuine, long-term rise in values was shot up with growth hormone for the last four or five years. Today’s asking prices are inflated beyond what many of these properties are worth today.
Much of this has to do with sellers pricing timberland and cropland at second-home value. Many rural sellers also seem to assume that hunters are rich idiots.
Many rural prices today are about what they were a year or two ago. They should be lower by 20 to 30 percent if a seller wants to sell. If a seller doesn’t need to sell, I’d advise pulling the property off the market for a while.
A seller has to set an asking price in a buyer’s market based, first, on what he needs to net from a sale.
Figure the amount you need to pay off your loan, closing costs and taxes (transaction taxes and income tax, both state and federal). Then figure the cash you have in the property-down payment and repaid principal, plus capital improvements. Then determine a reasonable profit on your cash. Price it there if you need to sell.
Or price it a little higher if you can seller-finance, which is a big help to a buyer and a cheaper alternative than institutional lenders.
If your calculations show that you’re going to lose money on a price-discounted sale, you have to guess whether you’re better off losing a known amount soon or holding in hope of a higher price at some unknown future point. It’s often true in down markets that the costs of holding outweigh the net gain from the hoped-for, higher future selling price.
To hold for a higher price, or to sell now at a lower price-that’s the seller’s question. Try this exercise. Assume a cut in asking price produces a sale that’s 30 percent less. Then project your costs of holding for 18 months at the current asking price and a sale for only five percent less. Which nets you the most dollars? Which produces the least amount of heartache?
Bad news rarely gets better by not reading the paper.
If it doesn’t pay to hold, then don’t. Cut the price. Get it over with. And move along.
Curtis Seltzer is a land consultant who works with buyers and investors. He is author of How To Be a DIRT-SMART Buyer of Country Property available at www.curtis-seltzer.com where his columns are posted.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
To read more articles by Curtis Seltzer on RISMedia.com, see:
- Your Rights - Appraising Real Estate Appraisers and Appraisals
Real Estate Is All about Negotiation - Help for Homeowners
How to Succeed at Being Honest
Originally by Paige from RISMedia » Real Estate on October 4, 2008, 10:04pm
HUD to Host National Housing Summit in Washington
RISMEDIA, Oct. 6, 2008-Federal, state, and community leaders from around the nation will be gathering in Washington this week for a two-day national Summit on Housing sponsored by the U.S. Department of Housing and Urban Development. HUD Secretary Steve Preston invited key housing and finance staffs from state, city and county government, as well as representatives from the banking and housing industries, non-profit organizations, and foundations to address the country’s urgent and long-term housing issues.
“It is imperative that we take a coordinated approach to meeting our nation’s critical housing issues since any solution will require active partnerships at every level,” said Preston. “The purpose of this summit is to bring together leaders from government, industry and the nonprofit sectors to strengthen existing partnerships that will be critical to stabilizing our communities and mitigating the effects of foreclosure in the months ahead.”
HUD’s National Housing Summit has several goals:
- To present details of HUD’s current and developing policies and programs, including HUD’s new Neighborhood Stabilization Program;
- To share successful Federal, State and local policies and programs that are preventing foreclosures and reducing the effects of property abandonment and declining home values;
- To cultivate public-private partnerships; and
- To offer an open forum for discussion of best practices.
The two-day summit will feature briefings by HUD officials and panel discussions on the Neighborhood Stabilization Program, the Housing and Economic Recovery Act of 2008, the HOPE for Homeowners program, and other foreclosure prevention and loss mitigation programs.
For more information, visit: www.hcdi.com/housing_summit.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Related Topics:
- Bush Admin Launches ‘Hope for Homeowners’ Program to Help Struggling Families
13 Groups Say Senate Bailout Leaves Troubled Homeowners Out of the Plan
Originally by Paige from RISMedia » Real Estate on October 4, 2008, 10:03pm
Mortgages: Deciding Which Payment to Skip
Research shows that people who find themselves in a financial bind will often let mortgage payments slide in favor of payments on credit cards and car loans.
Originally by By BOB TEDESCHI from NYT > Real Estate on October 4, 2008, 12:56pm