Here's a funny one for everyone!
Walt Disney was scared of mice, how ironic.
Friday, September 21, 2012
Positive Week For Housing Market
Hey everyone,
Here is a housing market update. Some new stats came in this week which supports the idea that the housing market is in the recovery process. Home sales and prices are on the upswing compared to the same time last year which is good for a few reasons. First of all home buyers and sellers are becoming more confident with their decisions. Since actual facts are showing us that there is improvement, people can get more comfortable. For buyers, new home ownership is looking more and more like a solid investment; for sellers, the realization that buyers are more confident and home prices are on the upswing means there will be more of a demand, which means all the sellers that have been holding off until the market "bottomed out" have now realized that the market has already "bottomed out." Also, home builders are coming to the same realization that sellers have come to in the sense of the market "bottoming out", which builds confidence with home builders. More confidence means more homes on the market and an increase of inventory would satisfy the large amount of buyers out there. although nothing is set in stone, this is definitely a good sign and a step in the right direction for the housing market. Here are the facts:
Here is a housing market update. Some new stats came in this week which supports the idea that the housing market is in the recovery process. Home sales and prices are on the upswing compared to the same time last year which is good for a few reasons. First of all home buyers and sellers are becoming more confident with their decisions. Since actual facts are showing us that there is improvement, people can get more comfortable. For buyers, new home ownership is looking more and more like a solid investment; for sellers, the realization that buyers are more confident and home prices are on the upswing means there will be more of a demand, which means all the sellers that have been holding off until the market "bottomed out" have now realized that the market has already "bottomed out." Also, home builders are coming to the same realization that sellers have come to in the sense of the market "bottoming out", which builds confidence with home builders. More confidence means more homes on the market and an increase of inventory would satisfy the large amount of buyers out there. although nothing is set in stone, this is definitely a good sign and a step in the right direction for the housing market. Here are the facts:
- existing home sales have sky-rocketed nearly 8% from last year
- median home price is 187,400 (9.5% increase from levels a year ago)
- 6 consecutive months of home price increases
- new home market is showing signs of recovery with starts rising approximately 29% from a year ago
Stay Real ~ Local
I live in somerset county so I thought I would begin a local segment for all of my local followers. I am going to keep you up-to-date on current news and events occurring here in Somerset County, NJ. So here we go with the first post in my new segment. I hope you find it useful!
some info from: nj.com
- Sheriff's Office in Somerset County Will be holding its bi-annual prescription drug take back day on Saturday September 29 from 10am - 2pm. Medications can be dropped off at the Somerset County Sheriff’s Office Headquarters at the Somerset County Administration Building which is located at 20 Grove Street in Somerville. There will be a sheriff’s officer stationed at the entrance to collect any medications being brought in.
- Somerset County is holding a free flu clinic for seniors ages 65+ in Franklin Township. This will be held October 25 from 9:30 - 11am in the Community Senior Center (505 DeMott Lane, Somerset). Any residents planning to attend need to bring proof of age and address, along with their medicare cards and are asked to wear short sleeve shirts for convenience. Any questions call 908-231-7155.
- Lord Stirling Park Stables: Saturday Dog Walks Guided one hour walks along the stable's unpaved equestrian trails for you and your dog(s) to enjoy. Get some exercise for you and your dog, see the fall leaves begin to transform, let your dog has some fun time with some canine companions. Registration is $3 per dog, check in is at 10:15am with the actual walk beginning at 10:30. For more information call 973-635-8672.
- Six Somerset County towns will be receiving over $2.2 million to share for Green Acres funding. Somerville will be getting approximately $306,000 for acquiring property in the borough's green seam project area. The goal is to create about 40 acres of open space for recreation. Franklin and Hillsborough are receiving $487,500 each for open space land acquisition, while Peapack-Gladstone and Montgomery will get $325,000 each for similar reasons. Also, Bedminster will get $325,000 for park expansions.
some info from: nj.com
Thursday, September 20, 2012
Information Overload
Hey everyone!
Ive been noticing that many people are simply being inundated with information on the housing market from numerous sources on a daily basis. Some people come to me and say, "hey rob, all im seeing is bad news for real estate, things must be tough." Then I get almost the same amount of people saying, hey rob, I see the market is on the way up, is business going crazy right now?"
There is such indecisiveness out there to confuse you which probably is what's making so many potential new home owners hold off for now. They do not know what to think, which is completely understandable; and if you are seeing only good news or vice versa, keep doing research cause the positive and negative is out there. The best advice I can give you on the matter is to reach out to a Local Real Estate Agent and ask the questions that are keeping you from moving forward. Us Real Estate Agents are not only money hungry deceiving gremlins, which seems to be the common perception. Our main goal is to HELP everyone and anyone in any real estate matter that we are able to. Now in every bunch, there is a rotten apple and if you had a bad experience please do not be completely discouraged. Obviously agents are trying to make money, it is a job, isn't your goal in your job to make money? However, as a Real Estate Agent we have the pertinent information to HELP you with anything you need, and if we do not know the answers, which will happen, we will do everything we can to find them. I personally promise you the service that I have explained so anyone with any questions please reach out to me in any way you would like. But most importantly, MAKE SURE YOU TALK TO A REAL AGENT AND ASK YOUR QUESTIONS. Dont rely on the media to give you the right answer!
Ive been noticing that many people are simply being inundated with information on the housing market from numerous sources on a daily basis. Some people come to me and say, "hey rob, all im seeing is bad news for real estate, things must be tough." Then I get almost the same amount of people saying, hey rob, I see the market is on the way up, is business going crazy right now?"
There is such indecisiveness out there to confuse you which probably is what's making so many potential new home owners hold off for now. They do not know what to think, which is completely understandable; and if you are seeing only good news or vice versa, keep doing research cause the positive and negative is out there. The best advice I can give you on the matter is to reach out to a Local Real Estate Agent and ask the questions that are keeping you from moving forward. Us Real Estate Agents are not only money hungry deceiving gremlins, which seems to be the common perception. Our main goal is to HELP everyone and anyone in any real estate matter that we are able to. Now in every bunch, there is a rotten apple and if you had a bad experience please do not be completely discouraged. Obviously agents are trying to make money, it is a job, isn't your goal in your job to make money? However, as a Real Estate Agent we have the pertinent information to HELP you with anything you need, and if we do not know the answers, which will happen, we will do everything we can to find them. I personally promise you the service that I have explained so anyone with any questions please reach out to me in any way you would like. But most importantly, MAKE SURE YOU TALK TO A REAL AGENT AND ASK YOUR QUESTIONS. Dont rely on the media to give you the right answer!
Stay Real ~ Inspired
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.
- Dale Carnegie
- Dale Carnegie
Stay Real ~ Fact Time
Did you know that your brain has no pain receptors or pain fibers and the brain it’s self cannot feel? Your brain cannot even feel pain. Although headaches are still not all the way understood, one reason it’s believed you feel headaches is because the skull is surrounded by what’s called meninges or blood vessels which do have pain receptors
UH8TJB379GJ5
UH8TJB379GJ5
Decrease in Mortgage Loan Defaults
Good Afternoon,
This piece goes along with the post I did yesterday on how home lending is becoming more difficult to acquire. According to the S&P and the Experian credit data, more of the home owners out there are seeing their mortgages to be more manageable; in turn, lowering the amount of mortgage defaults for the 8th straight month. I mentioned in my post yesterday that lenders are more strict and more careful with the approval process when giving out a loan. This is because of all the defaults they have seen over the past couple years. They want to make sure they will not be losing money which is usually everyone's concern in any matter. However, because of the stricter policies, people are acquiring more suitable loans that fit their requirements as opposed to their desires. Now we are starting to see the reality of the situation which is that if the right loans are being given out to the right people they will be paid and maintained instead of defaulting. The default rates are now even seeing post recession lows according to S&P and Experian. In August, first mortgage rates dropped .52% from the same time last year and the second mortgage rates have seen a drop of .72% compared to the previous month.
"For the housing market, there are still a substantial number of loans outstanding that defaulted in the past and that segment of the market is still of concern," says David Blitzer, managing director and chairman of the index committee at Standard & Poor’s. "But for 2012, the drop in mortgage default rates is a good sign for the housing market and the consumer."
Some information acquired from: Housingwire
Wednesday, September 19, 2012
Stay Real ~ Motivated
We are all inventors, each sailing out on a voyage of discovery, guided each by a private chart, of which there is no duplicate. The world is all gates, all opportunities.
--Ralph Waldo Emerson
--Ralph Waldo Emerson
Stay Real ~ Fact Time!
Here is an interesting fact for today...hopefully you enjoy it!
Dogs can have a fatal reaction to eating chocolate. Chocolate contains a bitter alkaloid called Theobromine also known as Xantheose and that’s the active ingredient that’s bad for the dog.
Stay Real ~ Home Lending
Hey everyone,
Home lending is a big concern for most buyers out there because it is a very important piece in the puzzle of gaining home ownership. Therefore, it is good to know where the lenders are at with the leniency regarding giving out home loans. As most of us know, a big contributor of the housing market collapse was the fact that banks and other mortgage lenders were issuing loans to people who really did not qualify for the issued loan amounts. It got to a point where, if you had a pulse, you got a mortgage loan. But as we all saw, once the people responsible for the mortgages realized they could not afford the payments, they began to default. It was a dominos effect throughout the country, loans defaulting left and right. As you could expect, lenders are more serious about the qualification process because they want to make sure that they will get there money back. In 2011, home lending reached its lowest point since 1995 (a little before the lending went crazy). This low number of newly issued loans supports the reports of many people having a more difficult time qualifying for mortgages. There was a 10% drop in home loans last year coming out to 7.1 million issued loans. That number is .8 million lower than the number of loans issued in 2010. Although we have the extremely low mortgage rates, the drop is home loans issued is credited to the fact that lenders are being more strict and requiring higher credit scores to acquire a loan.
This is just some information to keep in mind when you start your research on mortgages and begin the process of applying.
Home lending is a big concern for most buyers out there because it is a very important piece in the puzzle of gaining home ownership. Therefore, it is good to know where the lenders are at with the leniency regarding giving out home loans. As most of us know, a big contributor of the housing market collapse was the fact that banks and other mortgage lenders were issuing loans to people who really did not qualify for the issued loan amounts. It got to a point where, if you had a pulse, you got a mortgage loan. But as we all saw, once the people responsible for the mortgages realized they could not afford the payments, they began to default. It was a dominos effect throughout the country, loans defaulting left and right. As you could expect, lenders are more serious about the qualification process because they want to make sure that they will get there money back. In 2011, home lending reached its lowest point since 1995 (a little before the lending went crazy). This low number of newly issued loans supports the reports of many people having a more difficult time qualifying for mortgages. There was a 10% drop in home loans last year coming out to 7.1 million issued loans. That number is .8 million lower than the number of loans issued in 2010. Although we have the extremely low mortgage rates, the drop is home loans issued is credited to the fact that lenders are being more strict and requiring higher credit scores to acquire a loan.
This is just some information to keep in mind when you start your research on mortgages and begin the process of applying.
Monday, September 17, 2012
Strategic Defaulters: WATCH OUT
First let me explain what a strategic defaulter is. A strategic defaulter is typically an "underwater" home owner who has walked away from a mortgage commitment while still having the ability to pay. The housing market has been inundated with foreclosures over the last few years, but credit repository Experian has estimated that 20% of those foreclosures were the result of walk-aways (or Strategic Defaulters). Well now it is payback time! The Office of the Inspector General at the Federal Finance Housing agency is cracking down and taking action against these so called "strategic defaulters" by seeking them out and collecting on what they still owe. The Office of the Inspector General assumes that there is nearly $1 Billion owed to Fannie Mae and Freddie Mac and it needs to be collected.
If that is not bad enough news for any strategic defaulter, there is more! Not only are they being sought out for the money that they owe, but anyone who is a strategic defaulter and did not mention that fact on any mortgages applications after they walked away will be considered to have made MORTGAGE FRAUD. The Office of the Inspector General intends on referring these individuals for criminal prosecution. "We are working with Fannie and Freddie to build a mechanism" to identify strategic defaulters, Wolfe said at a recent mortgage industry conference. So if you walked away from one property and bought another, chances are fairly good that the OIG is going to find you.
"We're not just going to demanf repayment," says Heather Wolfe, OIG assistant inspector general for audits. "We're going to lock [people] up."
*source: Chicago Tribune
If that is not bad enough news for any strategic defaulter, there is more! Not only are they being sought out for the money that they owe, but anyone who is a strategic defaulter and did not mention that fact on any mortgages applications after they walked away will be considered to have made MORTGAGE FRAUD. The Office of the Inspector General intends on referring these individuals for criminal prosecution. "We are working with Fannie and Freddie to build a mechanism" to identify strategic defaulters, Wolfe said at a recent mortgage industry conference. So if you walked away from one property and bought another, chances are fairly good that the OIG is going to find you.
"We're not just going to demanf repayment," says Heather Wolfe, OIG assistant inspector general for audits. "We're going to lock [people] up."
*source: Chicago Tribune
Back in Action!
I apologize for the lack of postings lately but I have been going through a lot of training and last week was a tremendous learning experience for me. I am back now and ready to get the information flowing again! Ill be posting soon!
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