Home Sales Weakest in 13 Years
Wednesday, August 3rd, 2011 | Real Estate Investing | No Comments
Existing home sales are on pace to hit the weakest level in 13 years, if the first half of this year is any indication. Sales numbers fell again in June by .8%, following a weak Spring, according to the National Association of Realtors. The news has been the same for four out of the past five years. The most recent decline represents the lowest number since November, and is the result in an upswing in cancellations of pending contracts. Last year only 4.91 million homes were sold and we’re behind that pace already. We’re not out of the woods yet.
Right now, the percentage of Americans who own their home is at 65.9%; the lowest rate on record is 62.9% in 1965. In 2004, the high was 69.2%. Families are losing their homes to foreclosure, unemployment and strict mortgage requirements. Home equity values continue to fall.
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BOA Shelling Out $8.5B From Housing Crash
Wednesday, July 13th, 2011 | Uncategorized | No Comments
Last week, Bank of America announced that it will shell out $8.5 billion in the bank’s largest single settlement in the current financial crisis. The money will go to 22 institutional investors that lost money on mortgage-backed securities. Many of the mortgage issues stem from BOA’s purchase of Countrywide in 2008. BOA says the settlement will lead to a 2Q loss for them of roughly $8.6B – $9.1B, and is subject to court approval.
BOA CEO Brian Moynihan is looking at the settlement as a chance to minimize the impact of economic uncertainty and put the whole issue behind them. In his mind, it made more sense to settle than to continue the fight.
This settlement could spur other banks such as JP Morgan Chase and Wells Fargo to settle mortgage claims in the near future.
To find out how you can put money in your pocket in today’s real estate market, click here.
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Help 26 million sellers who can’t sell by connecting them with “mortgage disapproved” buyers
Monday, July 11th, 2011 | Real Estate Investing | No Comments
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The THIRD Instant Cash Infusion video has just been released You can watch it here:
In the video Jeff Watson (the co-creator of the infamous option contact and America’s Top Short Sale Lawyer) and I give you TWO “forgotten” strategies for making real money in the next 16 – 60 days using an option contract. The best part is you’ll be helping the 26 million homeowners who want to sell and have little or no equity. In some cases even overleveraged. Plus you’ll have 80 – 100 MILLION potential buyers looking for your deals wanting to buy from you. (At the end of the video you’ll see how in just 1 day you can create a feeding frenzy of hungry buyers! It’s crazy smart!) *I used this strategy last week, placed one ad on Craigslist, received 53 phone calls, secured one buyer and made $7,000 in less than 10 days from start to finish* Watch the video and learn a 100% legal strategy to make a large infusion of money in a short period of time by connecting sellers (who otherwise couldn’t sell) and buyers (who otherwise couldn’t buy). In the next 16 – 60 days you can make anywhere from $500 – $20K following the steps in the video. These two strategies are work especially well in this market and you can do this everywhere – except in 4 states. (And it won’t be long before you can do it there too – in the video they’ll tell you where and why.) You can watch it here. I also show you another amazingly simple strategy to get paid now, get paid again and again, and cash out big long term! Best, P.S. Be sure to watch the previous training videos if you haven’t yet, and leave a comment with your feedback. You can watch the video here. |
Be The Bank
Wednesday, June 22nd, 2011 | Real Estate Investing | 1 Comment
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It’s no secret that the banks are in trouble. They’ve got too many bad loans on their books, but they’re not going to ask you or me for help. I’ve been investing in short sales for 7 years and I’ve been teaching you to do the same since 2007. When you buy a short sale you are buying the “real estate” as you know. Recently I have also been expanding into “note buying” and a lot of my highest level Platinum, Maverick and Master’s Elite students are doing the same. When a short sale doesn’t work out or doesn’t make sense we pursue buying the “underlying paper” instead of the actual property. A lot of smaller and medium sized banks actually prefer selling their notes instead of doing short sales and we’ve found it faster, easier and simpler than short sales in a lot of cases. So I’ve set up a web class with my friend CHRIS – one of the most successful SREC Master’s Elite students I have ever had – to teach you how to do both BOTH – note buying and short sales – at the same time. Chris is a super successful short sale investor and has successfully transitioned into being a super successful note investor over the past 2 years. Chris and I have watched each other’s success over the past 7 years and we’ve paralleled each other in a lot of ways. So this class I am doing with CHRIS will show you how to “BE THE BANK” instead of how to negotiate with the bank. Register for the class here : https://www2.gotomeeting.com/register/325849275 On Tomorrow’s Web Class, Chris and I won’t hold back. We’ll show you :
This is a perfect business model for new or experienced investors to get into residential or commercial property investing and is something that can easily be duplicated. Jump on the web class and you’ll see what I mean. https://www2.gotomeeting.com/register/325849275 Here are just a few more of the amazing things you’ll hear about tomorrow… - How to get step-by-step NOTE BUYING MASTERY training from these experts - The powerful software application they use that will AUTOMATE a lot of the process - A partnership opportunity that you DO NOT want to miss out on. Talk Soon, Josh P.S. If you are sick and tired of Bank of America, Wells Fargo and waiting 8 months to get paid on a short sale then this is perfect for you. Register for this one time online web class now |
Housing Crisis Continues to Batter Nation’s Homeownership Rate
Thursday, April 28th, 2011 | Real Estate Investing | No Comments
With the housing crisis still taking its toll, the nation’s homeownership rate slipped further during the first three months of this year.
The U.S. Census Bureau reported Wednesday that the homeownership rate dropped to 66.4 percent at the end of the first quarter. It’s fallen back to a level not seen since 1998. Analysis of the numbers shows that the housing bust has more than reversed the increase in homeownership gained during the boom.
Economists at the research firm Capital Economics say the further decline in the homeownership rate in the first quarter “provides yet more evidence that Americans are now less able and less willing to buy a home.”
Paul Dales, the firm’s senior U.S. economist, said, “Part of this fall is due to foreclosures and the combination of high unemployment and tighter credit conditions preventing households from getting on the property ladder.”
But, Dales added, “[I]t also seems likely that there has been a reduction in the desire to own a home now it’s clear that housing is not a one way bet.”
At the same time, the homeowner vacancy rate fell to 2.6 percent from 2.7 percent, but Dales says this figures till remains above the long-run trend, suggesting that there is still too much supply.
Two million of the homes up for sale were sitting empty during the first quarter and another 4 million empty properties were not even listed, he explained.
“The inevitable consequence of low demand and high supply is lower prices,” Dales said.
a home.”
Technology Enhancements Drive Changes to the BOA Short Sale Process
Wednesday, April 13th, 2011 | Uncategorized | No Comments
I received this email yesterday and wanted you all to be aware of some changes that Bank of America has made to their short sale process:
“In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve the short sale process:
› Continue reading
The worst housing collapse in U.S. history….
Thursday, February 10th, 2011 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | No Comments
Hi Gang,
This is for all your real estate buddies that think the housing market is coming back soon.
- Approximately 11 percent of all homes in the United States are currently standing empty.
- The rate of home ownership in the United States has dropped like a rock. At this point it has fallen all the way back to 1998 levels.
- According to the S&P/Case-Shiller index, U.S. home prices fell 1.3 percent in October and another 1 percent in November. In fact, November represented the fourth monthly decline in a row for U.S. housing prices. Many economists are now openly using the term “double-dip” to describe what is happening to the housing market.
- The number of homes that were repossessed reached the 1 million mark for the first time ever during 2010.
- According to RealtyTrac, a total of 3 million homes were repossessed by mortgage lenders between January 2007 and August 2010. This represents a huge amount of additional inventory that somehow must be sold.
- 72 percent of the major metropolitan areas in the United States had more foreclosures in 2010 than they did in 2009.
- According to the Mortgage Bankers Association, at least 8 million Americans are at least one month behind on their mortgage payments.
- Deutsche Bank is projecting that 48 percent of all U.S. mortgages could have negative equity by the end of 2011.
- Some formerly great industrial cities are rapidly turning into ghost towns. For example, in Dayton, Ohio today 18.9 percent of all houses are now standing empty. 21.5 percent of all houses in New Orleans, Louisiana are standing vacant.
- According to Zillow, U.S. home prices have already fallen further during this economic downturn (26 percent) than they did during the Great Depression (25.9 percent).
- There are few signs that the employment situation in the United States is going to improve any time soon. 4.2 million Americans have been unemployed for one year or longer at this point. While there has been some nominal improvement in the government unemployment numbers recently, other organizations are reporting that things are getting even worse. According to Gallup, the unemployment rate rose to 9.6% at the end of December. This was a significant increase from 9.3% in mid-December and 8.8% at the end of November.
Is it better to borrow a house or to borrow the money to buy a house?
Wednesday, February 9th, 2011 | Real Estate Investing | No Comments
Hi Everyone,
I’m down here in Florida for the big event, and my head is swimming with excitement. I’m stoked to be here.
But I wanted to take a brief minute out to share some deep thoughts. Yes… the question in the headline relates to whether it’s better to buy or rent.
You all know by now that the percentage of home ownership has fallen. But you might be surprised at the reason.
Simply put… Americans are questioning if real estate really is a good investment.
We know that it is, but this is why what we do is so important. In buying properties well below market value, and selling below market value, we’re making sure that those individuals who buy our houses won’t get stuck if prices drop further (and in many parts of the U.S. they will).
There’s no one out there doing this. Not the government, and certainly not Realtors. It’s just us… and it’s a big reason as to why I am so passionate about the work with do.
So back to the question above. Who has an answer?
Check out this article on MarketWatch.com for a quick snapshot on what’s going on in the rental market.
~josh
Will the Fat Lady Sing?
Monday, February 7th, 2011 | Real Estate Investing, Wholesale properties | No Comments
Hi Gang,
I’m stoked for this week, and me and my crew are working overtime to make this week’s event the best yet. That being said, before I hit the sack tonight I wanted to get this out…it makes for some pretty interesting reading.
We all know that America’s mortgage market almost sank the world economy. We also know that nothing has been done about it… Well, that could end. Within the week, the U.S. Treasury will put forth its recommendations, and many in the industry are holding their breath.
What’s particularly satisfying is seeing the NAR line up AGAINST their Republican brethren because they want the current flow of money (government subsidies) to keep on flowing, and many Republicans are tired of the game. There’s a new gang in town, and they want government out of the housing business.
There are some valid points to either side, but I tend to side against anything the NRA, whoops… I mean the NAR supports.
Here’s the first of many articles to come. It’s short, but raises some good questions to ponder!
Check out Reuters.com
~josh
Foreclosure Porn
Friday, January 28th, 2011 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales | No Comments
Hey Gang,
So lately I’ve seen the word ‘porn’ attached to all sorts of things. Off the top of my head, those individuals that enjoy writing and reading about the fall of the U.S. economy and the new world order (Doomers) enjoy what they call “Doom Porn.”
So yes…I suppose anything that seems a bit gratuitous can have this label attached.
That being said, for those of you who enjoy reading about real estate and the foreclosure mess (and I’m one), the following link fits right in.
Click the link and take a visual odyssey through “a satellite tour of America’s foreclosure wastelands”!
I know, nothing to celebrate. But for those who know how, you have a tremendous opportunity to make a positive impact in the housing market on the local level.
~josh
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