By Dennis Norman, on June 10th, 2010
Dennis Norman
The good news is, foreclosure activity for the U.S. in May decreased by 3 percent according to a report released by RealtyTrac. The bad news is, May marked the 15 th consecutive month where the overall foreclosure activity has surpassed 300,000 actions; that’s about 4 million foreclosures in the past 15 months.
For May there were foreclosure filings reported on 322,920 properties in the U.S., a 3 percent decrease from April but a 1 percent increase from May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month of Continue Reading →
By Dennis Norman, on June 4th, 2010 Dennis Norman
A report released by CoreLogic showed the St. Louis metro area to have a foreclosure rate in April of 1.49 percent up slightly from March’s revised rate of 1.45 percent and an increase of 34.2 percent from the year prior when the rate was 1.11 percent.
The national foreclosure rate for April remains over twice the rate of St. Louis at 3.20 percent and was an increase of 30.1 percent from a year ago when the national foreclosure rate was 2.46 percent. For the State of Missouri the April foreclosure rate was 1.33 percent, a 30.4 Continue Reading →
By Dennis Norman, on June 3rd, 2010 Dennis Norman
Last month I did an article, “Should You Rent Or Buy A Home?“, in which I discussed a survey that was done by the National Apartment Association which indicated 76 percent of consumers surveyed believed renting to be a better option than home ownership. Well, today Trulia released it’s new “Rent vs. Buy Index” which established a price-to-rent ratio for the 50 largest cities in America (by population), then, based upon that ratio, determined which cities it makes more sense (financially) to rent versus buy.
The index looks at the total cost of home ownership on Continue Reading →
By Dennis Norman, on June 1st, 2010 UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA:
agents are not permitted to rebate a portion of their commission to the buyer, sellers who are real estate agents must list their home for sale with another broker, not their own broker, and the incentive allowed for subordinate lien holders (6% of any one subordinate lien, up to a total of $6,000 for all subordinate liens) is a hard cap and may not be supplemented from any source.
Dennis Norman
In March I did an update on Continue Reading →
By Dennis Norman, on May 24th, 2010 New Survey Finds 76 Percent of Consumers now Believe Renting to Be a Better Option Over Homeownership
Advantages Cited Include Flexibility to Move to a Different Location with New Job Opportunities
Dennis Norman
Last month I did a post addressing housing affordability, the cost of renting versus owning a home, and whether the real estate market over the past couple of years was causing the idea of home ownership as the “Great American Dream to “lose some of it’s sizzle?
For this reason I found a survey, conducted by Harris Interactive and commissioned by the National Apartment Association, Continue Reading →
By Dennis Norman, on May 17th, 2010 Dennis Norman
As the real estate market and industry continues to struggle to try to pull out of the dumps, another blow could come soon from Congress in the form of new tax burdens on real estate.
Congress is proposing that all owners of rental properties be required to complete and file 1099 forms for all service providers that have performed work on their properties, such as electricians, handymen, landscapers, etc. If passed, this would require all landlords, even the smallest of which, to go through additional expense and burden (or face penalties themselves from the IRS) to Continue Reading →
By Dennis Norman, on May 13th, 2010 Dennis Norman
In an effort to “support overall market stability and reinforce the importance of borrowers working with their lenders when they have difficulty paying their mortgages”, Fannie Mae has eased their policies with regard to the eligibility of borrowers to obtain a new mortgage loan after having a short-sale or deed-in-lieu of foreclosure. The “waiting period” that someone must wait before getting a new mortgage after a short-sale or deed-in-lieu has been shortened in certain situations.
Changes to the Waiting Period After a Short-Sale or Deed-in-Lieu of Foreclosure:
Deed-In-Lieu of Foreclosure Current waiting period – 4 years Continue Reading →
By Dennis Norman, on May 6th, 2010 Dennis Norman
A report released by CoreLogic showed the St. Louis metro area to have a foreclosure rate in March of 1.49 percent up slightly from February’s rate of 1.44 percent and an increase of 39.3 percent from the year prior when the rate was 1.07 percent.
The national foreclosure rate for March remains over twice the rate of St. Louis at 3.23 percent and was an increase of 73.9 percent from a year ago when the national foreclosure rate was 2.32 percent.
No End In Site
Unfortunately, I don’t think we are going to see much, if Continue Reading →
By Dennis Norman, on April 29th, 2010 RealtyTrac® released its U.S. Foreclosure Market Report™ for the first quarter of 2010, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 U.S. properties during the first quarter of 2010, an increase of 16 percent from the first quarter of 2009 (which, I should remind you, was up 24 percent from the first quarter of 2008).
According to the report, the 20 metro areas with the highest rates of foreclosures were still contained to four states:
California – 10 of the top 20 metro foreclosure rates Florida – 7 of the top Continue Reading →
By Dennis Norman, on April 26th, 2010 Dennis Norman
In a report just issued by Radarlogic there is some good news for the housing industry as in the report Michael Feder, President and CEO of Radar Logic, states “the evidence continues to support the view that housing has stabilized and is in the early stages of recovery.” However, the report also reminds us that RealtyTrac reported that foreclosure filings set a record in March, with filings reported on 367,056 properties, the “highest monthly total since RealtyTrac began issuing its report in January 2005. The report indicates an increasing concern about the threat that foreclosures pose Continue Reading →
By Dennis Norman, on April 6th, 2010 Dennis Norman
At the Federal Open Market Committee meeting on March 16th it was suggested that “economic activity expanded at a moderate pace in early 2010″. Unfortunately, when it came to the housing market, the news was not as good and it was noted that “housing activity remained flat and the nonresidential construction section weakened further.” The staff went on to say that activity in the housing sector appears to “have flattened out in recent months” and that “sales of both new and existing homes have turned down, while starts of single-family homes were about unchanged despite the substantial Continue Reading →
By Dennis Norman, on March 26th, 2010 Dennis Norman
Back in early December I did a post about a new program that was announced in November, the Home Affordable Foreclosures Alternative (HAFA) Program which is scheduled to go into effect April 5, 2010. There was recently supplemental documentation published as well as FAQ’s about the program and I have to admit, it seems to me the government is getting it right with this program.
THE HAFA PROGRAM:
The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers who do a short-sale or a deed-in-lieu to avoid foreclosure on Continue Reading →
By Dennis Norman, on March 24th, 2010 Dennis Norman
According to the latest report from the National Association of REALTORS(R), existing home sales in the US in February decreased 0.6 percent to a seasonally adjusted-annual rate of 5.02 million units in February from a revised level of 5.50 million units in January, however this does represent an increase of 7.0 percent from a year ago when the rate was 4.69 million units (seasonally adjusted).
February’s Numbers Show Real Estate is “Local”
Reinforcing the fact that “all real estate is local” the February Existing Home Sales report paints quite a different picture of the housing market depending Continue Reading →
By Dennis Norman, on March 16th, 2010
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for February 2010 showing a decrease in new home construction activity from February, but siginificant increases from a year ago..
The report shows the following:
Building permits issued for single-family residences in February were at an annual rate of 503,000 which is 0.2 percent below the revised January rate of 504,000 and an increase of 32.0 percent from a year ago when the rate was 381,000. Dragging down the overall permit numbers for housing are multi-family dwellings with Continue Reading →
By Dennis Norman, on March 15th, 2010 The Internet Crime Complaint Center (IC3) and the Federal Bureau of Investigation have published a report about common real estate scams and rental scams they are finding and how to avoid them. Like most scams there are warning signs and red flags that can help you avoid falling victim; knowing what to look for is key.
The IC3 reminds people to be cautious when using the internet to either advertise real estate for sale or rent or to find a property to rent or buy.
For Landlords and Sellers of Property:
Look out for: Rental scams occur when the victim Continue Reading →
By Dennis Norman, on March 13th, 2010 Missouri’s foreclosure rate increased in February by 2.34 percent from January but is down 3.68 percent from February 2009.
RealtyTrac® released its February 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 308,524 U.S. properties during the month of February, a decrease of 2 percent from the previous month but still 6 percent above the level reported in February 2009. This translates into one in every 418 U.S. housing units receiving a foreclosure filing in February.
Missouri ranked 30th in the U.S. in terms of foreclosure rate in Continue Reading →
By Dennis Norman, on March 9th, 2010 Dennis Norman
The Mortgage Bankers Association (MBA) released its report on the performance of commercial and multifamily mortgages in the fourth quarter of 2009. Their last report from a year ago showed that commercial and multifamily mortgages were among the best performing loans held by banks and thrifts. Now, a year later, the data still looks good and shows that commercial and multifamily mortgages continue to have the lowest charge off rate of all loan types at banks and thrifts and also perform better than their overall portfolios as well.
This is good news for an already-struggling Continue Reading →
By Dennis Norman, on March 9th, 2010
Dennis Norman
This story is part of my ongoing series on how local laws negatively impact the property rights of property owners in the St. Louis area
Unfortunately I don’t have to try too hard to find examples of local laws that seriously impact the rights of property owners in the St. Louis area, particularly those property owners that are landlords or other investors.
My story today comes from a friend of mine, a St. Louis REALTOR(R) that buys homes for his rental portfolio. For the sake of the article, and to help him avoid Continue Reading →
By Dennis Norman, on March 5th, 2010
Dennis Norman
St. Louis Mortgage Delinquencies and St. Louis Foreclosure Rate hit Record Highs
A report released by First American CoreLogic showed the St. Louis metro area to have a foreclosure rate in January of 1.42 percent up slightly from December’s rate of 1.36 percent and an increase of 46.39 percent from the year prior when the rate was 0.97 percent.
The national foreclosure rate for January remains over twice the rate of St. Louis at 3.19 percent and was an increase of 60.3 percent from a year ago when the national Continue Reading →
By Dennis Norman, on March 3rd, 2010 Dennis Norman
You may want to consider possible legal issues before deciding to “walk away”
Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.
In addition, homeowners who sell their home for less than the amount they owe – a process called a “short sale” — may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also Continue Reading →
By Dennis Norman, on February 16th, 2010 Dennis Norman
Deceleration in Rise of Mortgage Delinquencies Short Lived
Back in July, 2009 when speaking in North Carolina President Barack Obama announced “we may be seeing the beginning of the end of the recession“. My thoughts then were that was very optimistic and I didn’t agree (for whatever that is worth). Since then some economists have announced the recession is officially over. Technically based upon a few bits of data the recession may be over, but for us real people that are actually living and functioning in this economy I don’t think it is over; at least not Continue Reading →
By Dennis Norman, on February 15th, 2010 Dennis Norman
Last week a friend emailed me a link to a video titled “The Indymac Slap in Our Face” that was created by Think Big Work Small. I watched the video which gave a recap of the failure of Indymac bank back resulting in it’s seizure by the FDIC in July, 2008, and the ultimate sale by the FDIC of Indymac Bank to One West Bank in March, 2009.
According to the video, One West Bank received a cushy, “sweetheart deal” and implied it was related to the fact that the owners of One West Bank include Continue Reading →
By Dennis Norman, on February 12th, 2010 Dennis Norman
St. Louis ended 2009 With The Highest Foreclosure Rate and Mortgage Delinquency Rates On Record For the St. Louis Area
According to date from First American CoreLogic, St Louis finished 2009 with 1.43 percent of the homes in St. Louis with a mortgage in some stage of the foreclosure process and 5.73 percent of the mortgages in St. Louis seriously delinquent (90+ days past due).
The St. Louis area has seen increases in the foreclosure rate every month since August, 2008 and the the December 2009 rate is the highest rate recorded since First American Continue Reading →
By Dennis Norman, on February 11th, 2010 Dennis Norman
Big Losses Are Forecast For Commercial Real Estate and Expected to Crush Some Community Banks-Can the Housing Market Avoid the Fallout?
This morning the Congressional Oversight Panel issued a report, “Commercial Real Estate Losses and the Risk to Financial Stability” which expressed concerns about coming losses in Commercial Real Estate and also described how these losses could affect nearly everyone.
The report states the panel “is deeply concerned that a wave of commercial real estate loan losses over the next four years could jeopardize the stability of many banks, particularly community banks, and prolong an already Continue Reading →
By Dennis Norman, on February 9th, 2010 Dennis Norman
Appeals Court Strikes Down Bellefontaine’s Ordinance Affecting Real Estate For Sale Signs
At the end of January the Missouri Court of Appeals-Eastern District handed down a decision on a case that I think is a significant victory for St. Louis property owners and strikes down part of an ordinance that violates our property rights as well as our First Amendment Rights to free speech.
The case involves Mark Scatizzi, a local REALTOR® who, after listing a home for sale at 1027 Addision, in the City of Bellefontaine Neighbors, advertised the property for sale and posted a Continue Reading →
By Dennis Norman, on February 5th, 2010 Dennis Norman
In spite of what is being said in the press about the real estate market improving and the effectiveness of the government’s programs to help keep people in their homes, the rate of foreclosure just keeps increasing.
A report released today by First American CoreLogic showed the St. Louis metro area to have a foreclosure rate of 1.43 percent up slightly from November’s rate of 1.35 percent and an increase of 66.67 percent from the year prior when the rate was 0.87 percent.
The national foreclosure rate for December was again over double the rate Continue Reading →
By Dennis Norman, on January 14th, 2010 Dennis Norman
I would say it’s say to say that the Obama administrations efforts to curtail the foreclosure rate is not working as the foreclosure rate in St. Louis increased again in November according to a report released today by First American CoreLogic.The report showed the St. Louis metro area to have a foreclosure rate of 1.35 percent in November, up just slightly from October’s rate of 1.31 percent and increase of 68.75 percent from a year ago when the rate was 0.80percent.
The national foreclosure rate for November was again over double the rate of St. Continue Reading →
By Dennis Norman, on January 11th, 2010 Dennis Norman
Depending on which estimate you believe, somewhere between one-third and one-half of the homeowners with a mortgage in the U.S. owe more on their homes than their homes are currently worth. This has lead to an unprecedented amount of short-sales and in many cases, a lender “forgiving” you of the short-fall (the amount of your loan your sale proceeds were not adequate to pay) which, in the past could have left you owing taxes on the “forgiven debt”.
For some of those underwater homeowners that are not fortunate enough to do a short sale they may Continue Reading →
By Dennis Norman, on January 6th, 2010 Dennis Norman
Or should I say “It’s all in the headline”?
So what am I talking about? The pending home sales data that was released by the National Association of REALTORS today, of course. Actually I could be referring to any data on the housing market whether new home sales, foreclosure rates, interest rates, existing home sales or inventories of homes for sale.
There only major housing report that was released today was the Pending Home Sales Index for November by NAR. Being a report based upon data you would think the numbers speak for Continue Reading →
By Dennis Norman, on December 23rd, 2009
Dennis Norman
New homes were started in November at an annual rate of 482,000 homes and I asked why in my post last week since new home construction was already outpacing sales….well, today the gap got worse..
This morning the U.S. Department of Commerce released a report showing the sale of New Homes in November were at a seasonally adjusted annual rate of 355,000, an 11.3 percent decrease from the revised October rate of 400,000 and is 9.0 percent below a year ago.
My Mantra
As has been my long-running mantra, I don’t like “seasonally Continue Reading →
|
Recent Articles
Helpful Real Estate Resources
|
