By Dennis Norman, on September 1st, 2009 Lawrence Yun, Chief Economist, NAR
By: Dennis Norman
Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for July showing pending sales in the U.S. were up for the sixth consecutive month, the best streak since NAR began the pending home sale index in 2001.
Here in the Midwest pending home sales for July were not as strong showing a 2.0 percent drop from June, however still 8.1% above a year ago. The only other region that saw a decline in month to month pending home sales in July was the Northeast with a Continue Reading →
By Dennis Norman, on August 31st, 2009 Dennis Norman
A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the second quarter Mortgage Litigation Report from MortgageDaily.com.
During the second quarter, 125 cases were tracked, jumping from an already active 81 first quarter cases. The second quarter of 2008 had just 42 cases.
Continue Reading →
By Dennis Norman, on August 28th, 2009
Charles Hugh Smith, Of Two Minds
By: Charles Hugh Smith:
In February 2007 I suggested a 4% mortgage delinquency rate could trigger a decline in the entire housing market. Since that proved prescient, we should revisit the analytic tool behind that call: the Pareto Principle.
There is a whiff of euphoria in the housing market, a heavily touted confidence that “the bottom is in.” It’s all roaring back–rising sales, multiple bids by anxious buyers, 3.5% down payments, low mortgage rates and the bonus of an $8,000 first-time home buyer credit (a gift from U.S. taxpayers). Continue Reading →
By Dennis Norman, on August 25th, 2009 Dennis Norman
By: Dennis Norman
The Missouri Legislature passed several bills this past session affecting real estate or property in Missouri, most of which were signed into law by Governor Nixon and go into effect August 28, 2009. Below is a brief synopsis of the new laws and their purpose based upon the bill summary. (Unless noted different the new law goes into effect August 28, 2009- For the complete bill click on the bill number): Continue Reading →
By Dennis Norman, on August 22nd, 2009 Dennis Norman
By: Dennis Norman
All the news lately about the housing market, home sales in particular, has been encouraging and showing signs of stabilization in the real estate market and demonstrating that the real estate market may have seen the worst. Just when you think you may be through the storm though you see another dark cloud lurking in the distance. For the real estate market this dark cloud could very well be mortgage delinquencies and foreclosures.
At the end of this week the Mortgage Bankers Association reported that serious mortgage delinquencies (homeowners that are 90 or Continue Reading →
By Dennis Norman, on August 19th, 2009 Dennis Norman
By: Dennis Norman
I came across something today that, while it is very sad there is such a demand for, it is heartwarming to see this need being addressed; helping families that have lost their homes in foreclosure move and store their belongings.
There is a new non-profit organization, FreeMooves, that is offering free moving and storage services to families affected by foreclosure throughout the U.S.
Continue Reading →
By Dennis Norman, on August 18th, 2009
This morning the US Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for July 2009 showing a slight increase in new home construction activity from June in the U.S.
For the Midwest region of the U.S. the report showed the following:
Building permits issued for single-family residences in July were at an annual rate of 77,000 which is a 5.5% increase over June, but still 18.9% below July 2008. Continue Reading →
By Dennis Norman, on August 14th, 2009 Dennis Norman
According to a report issued by First American CoreLogicmore than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, are in a negative equity position. In addition, according to the CoreLogic report, there are an additional 2.5 million mortgaged properties that are approaching negative equity. Negative equity and near negative equity mortgages combined account for nearly 38 percent of all residential properties with a mortgage. The numbers for St. Louis are a little better than the U.S. numbers. In St. Louis, 170,871, or 29.50 percent of all properties with a mortgage, are in negative equity. Continue Reading →
By Dennis Norman, on August 9th, 2009 Dennis Norman
By: Dennis Norman
Relocation.Comconducted a survey in June which shows that 50 percent of people who recently moved did so to improve their living situation, whether to move into a bigger home or move to a better neighborhood. The results of Relocation.Com’s most recent survey is a dramatic reversal from a similar Relocation.Com survey in March 2009 that found the recession played a much larger role in the decision to move.
As the primary reason for moving, No. 1 on the list was to live in a bigger/better home (26 percent), followed by living in a Continue Reading →
By Dennis Norman, on August 8th, 2009 Dennis Norman
By: Dennis Norman
Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.
This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness of scams such as this and hopefully help prevent more victims of such scams. The press release describes in detail how they allege this scam was carried out. To read the FBI press release click here, or just read below as I have published it Continue Reading →
By Dennis Norman, on August 6th, 2009 Dennis Norman
By: Dennis Norman
Yesterday I did part one of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.
Today I’ll pick up where I left off and complete my E-View with Carole:
Carole Baras, 2009 President, St. Louis Association of REALTORS(R)
Dennis – Carole, obviously many things are affecting the real estate market at this time, many in a negative way unfortunately. What negative forces do you see working against the St. Louis real Continue Reading →
By Dennis Norman, on July 28th, 2009 Dennis Norman
By: Dennis Norman
It seems home mortgages are in the news daily lately: record-low interest rates, record-high foreclosure rates, the sub-prime mortgage mess, lack of jumbo loans and so on. It’s confusing at best and causing much concern for many people wishing to buy a home or refinance their existing home mortgage.
H. John Frank, Jr., President Paramount Mortgage Co.
To find out just what is going on in the home mortgage world today I turned to someone I have known for over 20 years that is a highly respected St. Louis mortgage banker, Continue Reading →
By Dennis Norman, on July 23rd, 2009 Dennis Norman
By: Dennis Norman
For the past two days I have written about my E-View with Karen Vennard, the 2009 President of the St. Charles County Association of REALTORS(R) to get her take on the real estate market in St. Charles County.
Today will be the final post in this series in which Karen has been shared her insights with us on the real estate market in St. Charles County. Now we’ll pick up where we left off yesterday:
Karen Vennard, 2009 President, St. Charles County Association of REALTORS
Dennis – We hear a Continue Reading →
By Dennis Norman, on July 22nd, 2009 Dennis Norman
By: Dennis Norman
Yesterday I began my E-View with Karen Vennard, the 2009 President of the St. Charles County Association of REALTORS(R) to get her take on the real estate market in St. Charles County.
Karen’s extensive knowledge of the market was apparent in her informative answers in yesterdays E-View. Now we’ll pick up where we left off yesterday:
Karen Vennard, 2009 President, St. Charles County Association of REALTORS
Dennis – Where do you see the real estate market in St. Charles County at now?
Karen – I see the market recovering; there has Continue Reading →
By Dennis Norman, on July 16th, 2009 By: Dennis Norman
Recently the The Office of the Comptroller of the Currency issued a Consumer Advisory. The Advisory contains consumer tips for avoiding mortgage modification scams and foreclosure rescue scams.
The advisory states; “Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home. If you’re falling behind on your mortgage, others may know it too – including con artists and scam artists. They know that people in this situations are vulnerable and often desperate.”
The OCC suggests that before you do business with someone Continue Reading →
|
Recent Articles
Helpful Real Estate Resources
|
