Archive for August, 2009
4 Signs Your Home Is About to Lose Value
Friday, August 28th, 2009 | Uncategorized | No Comments
Whether you’re at risk for falling behind may have more to do with the economy and your neighborhood than your job, your credit or your income. Here are four warning signs that you’re heading underwater.
Loans That Looked Easy Pose Threats to Recovery
Friday, August 28th, 2009 | Uncategorized | No Comments
Don’t be concerned that short sale opportunities are going away any time soon. This article takes a look at the Alt-a, pay option ARM tsunami that is now rising on the horizon.
http://www.nytimes.com/2009/08/27/us/27arms.html?
“This was a loan meant for sophisticated investors, or people who expected their cash flow to increase over time,” said Elena Warshawsky, a residential credit analyst with Barclays Capital, which expects 81 percent of the option ARMs originated in 2007 to default, with many ending in foreclosure.
Housing Market Ready to Rebound?
Wednesday, August 26th, 2009 | Uncategorized | No Comments
“I saw this video the other day and it just proves to me that politicians are not the answer to finding a solution to the housing market troubles.”
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| Home Crisis Investigation | ||||
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“Here are some recent stats that prove the housing market will continue to drop in prices:”
“#1 Increase in home sales of 7.6% – this stat just tracks number of units selling NOT home prices. The number of units selling is good but this stat is reflective of the Large Number of REO’s being unloaded by banks
#2 There were almost 360,000 new home foreclosure notices in July 2009. More than any month since January 2005.
#3 – Nationally 1 in 7 homeowners with a mortgage are currently in some state of default (that’s 13%)
#4 – All that really matters is your commitment to change, improvement, overcoming your fears, and anxieties and you can change your life today thru real estate. “
Without Prospects, They’re Prospectors
Tuesday, August 25th, 2009 | Uncategorized | No Comments
Without Prospects, They’re Prospectors
By far one of the most interesting stories I’ve read concerning what some people are doing after losing their homes.
http://www.msnbc.msn.com/id/32536094/ns/us_news-washington_post/?ref=patrick.net
“But as the economy soured, their ranks were swelled by adults of working age, pulled by gold prices flirting with $1,000 a troy ounce — the highest in more than two decades — and pushed by unfortunate circumstance. While there is no way to quantify the trend, anecdotally it is clear that the jobless are showing up not only in California but also elsewhere around the country where gold has been found in the past.”
Roubini Warns of Double-Dip Recession
Tuesday, August 25th, 2009 | Uncategorized | No Comments
Nouriel Roubini, aka Dr. Doom, was one of the few to get it right while everyone else waited for the Bush bonanza. Seriously, this guy was mocked for repeatedly suggesting that at a certain point in time there would be a comeuppance for the excesses of the previous 25 years. No one’s laughing now . . .
http://www.reuters.com/article/newsOne/idUSTRE57M29R20090823?ref=patrick.net
“Yet he warned that policymakers face a “damned if they do and damned if they don’t” conundrum in trying to unwind their massive fiscal and monetary stimuli to keep the global economy from toppling into a depression.”
Existing House Sales Far Worse Than Advertised
Tuesday, August 25th, 2009 | Uncategorized | No Comments
Did anyone else react to the good news regarding the housing market with the same sense of disbelief I did? Take a look at this article by Barry Ritholz and see what’s really going on with the numbers.
http://www.ritholtz.com/blog/2009/08/existing-home-sales-not-as-advertised/?ref=patrick.net
“Think about it…prices are down sharply y-o-y; rates are at historic lows; moratoriums and modification initiatives have kept hundreds of thousands of foreclosures off the market; housing sentiment is worlds better; a tax credit is available; and still, y-o-y sales are flat for all intents and purposes and down 6.5% from weak 2007 levels when pricing was near the peak. Conditions won’t get much better than this in the future — what is it going to take to sell houses?”
Using Testimonials the Right Way: Real Estate
Monday, August 24th, 2009 | Uncategorized | No Comments
You should collect hundreds of testimonials, all to be categorized and shown for a range of reasons. There are four kinds of testimonials you want to keep in mind when you’re gathering them from your clients.
The first types of testimonials you want to have grouped are the ones you will use to prove a sales point. Like, if you tell them you can complete the whole ordeal in two days, you should have quotes from customers testifying how quickly you finished and how professional the entire process was.
If a seller is worried about you taking over payments or has some other objection, you should have testimonials to overcome those objections. Show your prospect letters from your previous clients adorning what a great decision it was to let you handle the payments, how well you performed, and how letting you take over their payments essentially raised their credit score.
Then when you want a customer to pre-sell to you, you should have testimonials from various pleased clients stating what a dependable, sincere, helpful person you are. Make sure these testimonials contain detailed examples of how you showed concern and how you went about helping a client during a troubling time in their life. This will establish a great first impression.
Also, have testimonials that support all your market statements to show the homeowner. For example: give them letters of previous prospects saying how much they regret not having listened to you. Or show them testimonies claiming how you saved from making a huge marketing mistake.
Testimonies can be used in virtually any part of the entire process. You can use them in your presentation, have some on your website, carry some in your briefcase, etcetera. Have the real names and cities associated with each testimony. Adding a picture of the testifying client, when possible, is a great way to increase credibility. Leaving behind a packet of testimonials for them to keep is a smart way to get business, as well. It helps you stand out from any competition when they are comparing you to other investors and Realtors with their family and friends.
The Greenback Effect, by Warren Buffet
Thursday, August 20th, 2009 | Uncategorized | No Comments
John Maynard Keynes long ago laid out a road map for political survival amid an economic disaster of just this sort: “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens…. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
http://www.nytimes.com/2009/08/19/opinion/19buffett.html?pagewanted=1&ref=patrick.net
In Appraisal Shift, Lenders Gain Power and Critics
Thursday, August 20th, 2009 | Uncategorized | No Comments
Many of you have mention your concern about HVCC. This NYTimes articles does a great job explaining the work that needs to be done before the troubles with appraisals will be resolved.
“The code is a formula for continued problems with fraud,” said David Callahan, a senior fellow with the public policy group Demos who has studied appraisals. “Appraisers have been asking for a long time for a reliable firewall between themselves and lenders, and are further from it than ever.”
http://www.nytimes.com/2009/08/19/business/19appraise.html?pagewanted=3&ref=patrick.net
My Bad! Woman’s House Mistakenly Auctioned by Bank
Thursday, August 20th, 2009 | Uncategorized | No Comments
I thought I had seen everything since I live in California . . . that is until I came across this article from MiamiNBC.com!
“You know times are tough when people are getting kicked out of their house when it’s not even for sale.”
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