Unemployment Batters Housing Market
Foreclosure activity continued to hit Florida, California, Nevada, and other parts of the Sun Belt region in the first six months of this year. However, RealtyTrac noted in its latest report that rising unemployment is escalating the trend elsewhere in the nation as well. RealtyTrac CEO James J. Saccacio confirmed that "some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, while new markets like Provo, Utah, and Boise, Idaho, have seen large increases."
Established foreclosure hubs, including Las Vegas and Orlando, may actually be experiencing some improvement as deep price discounts and first-time home buyer tax credits draw more people into the market. The shift from a foreclosure crisis driven by risky loan underwriting to one based on job losses and salary cuts, meanwhile, has increased activity in states like Oregon, Arkansas, Illinois, and South Carolina that previously were relatively insulated.
"As unemployment rates increase in different parts of the country, it's very likely that we'll see similar patterns develop elsewhere," says Saccacio.
Friday, July 31, 2009
Wednesday, July 29, 2009
Foreclosure / Short Sales / REO's Teton Valley Idaho - Jackson Hole Wyoming
Don't Abandon Underwater Mortgages
David Bach, author of The Automatic Millionaire Homeowner: A Lifetime Plan to Finish Rich in Real Estate, pooh-poohs the notion that it makes any sense at all to walk away from a property that is underwater.In an interview with the AOL.com personal finance Web site, Walletpop.com,
Bach said about 50 percent of homes in foreclosure are there because their owners walked away from underwater real estate. He calls that “stupid, short-term thinking” and recalls a condo he bought in New York City in 2003. He put down $600,000, then property values dropped and he lost all his equity. “I was bummed,” he said.
But the loss wasn’t permanent. Four years later he sold the condo for $3.65 million – and made a $1.5 million profit, after commissions and taxes.Some people might have thought it was “logical” to walk away, he said. “But it would have cost me $1.5 million.”
David Bach, author of The Automatic Millionaire Homeowner: A Lifetime Plan to Finish Rich in Real Estate, pooh-poohs the notion that it makes any sense at all to walk away from a property that is underwater.In an interview with the AOL.com personal finance Web site, Walletpop.com,
Bach said about 50 percent of homes in foreclosure are there because their owners walked away from underwater real estate. He calls that “stupid, short-term thinking” and recalls a condo he bought in New York City in 2003. He put down $600,000, then property values dropped and he lost all his equity. “I was bummed,” he said.
But the loss wasn’t permanent. Four years later he sold the condo for $3.65 million – and made a $1.5 million profit, after commissions and taxes.Some people might have thought it was “logical” to walk away, he said. “But it would have cost me $1.5 million.”
Tuesday, July 28, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
New Home Sales Rise
Sales of newly built single-family homes rose 11 percent in June to an annualized rate of 384,000, according to a report released Monday by the U.S. Department of Housing and Urban Development.Analysts called the report a good sign.
"That is really good news,” said Peter Morici, an economics professor at the University of Maryland. “With all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."Pat Newport, a housing industry analyst for IHS Global Insight, also applauded the report.
"The tax credit is boosting demand, but what will happen when it goes away in December?" he asked.
Excess inventory still exists in some key markets:
California
Florida
Las Vegas
Arizona
But overall, business is better. "The time for getting deals is going away." Markstein said.
Sales of newly built single-family homes rose 11 percent in June to an annualized rate of 384,000, according to a report released Monday by the U.S. Department of Housing and Urban Development.Analysts called the report a good sign.
"That is really good news,” said Peter Morici, an economics professor at the University of Maryland. “With all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."Pat Newport, a housing industry analyst for IHS Global Insight, also applauded the report.
"The tax credit is boosting demand, but what will happen when it goes away in December?" he asked.
Excess inventory still exists in some key markets:
California
Florida
Las Vegas
Arizona
But overall, business is better. "The time for getting deals is going away." Markstein said.
Monday, July 27, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Positive Signs in West Point to U.S. Recovery
If you were drawing a real estate market trend line, you’d start in the west and go east, according to real estate commentator Marc Roth of Business Week.Roth says the decline in the real estate market began in the West in 2007 with a 20 percent drop in transactions. The South, Midwest, and Northeast had milder declines of 13 percent, 11 percent, and 7 percent respectively that year.
In 2008, the South, Midwest, and Northeast were dropping 15 percent to 16 percent, with the West down only 1 percent, he pointed out.Today, in mid-2009, the number of properties sold in the West is up 7 percent, while declines in the other regions have shrunk to between 3.5 percent and 7 percent.Roth argues that since industry trends have historically moved from the west to the northeast, these numbers are evidence that the housing decline is about to be history in nearly every part of the country.
Roth, who is president of Home Warranty of America, says, “I am putting my money where my opinions rest. … I believe these trends send a strong enough signal that I am adding staff to both my sales force and call center.”
If you were drawing a real estate market trend line, you’d start in the west and go east, according to real estate commentator Marc Roth of Business Week.Roth says the decline in the real estate market began in the West in 2007 with a 20 percent drop in transactions. The South, Midwest, and Northeast had milder declines of 13 percent, 11 percent, and 7 percent respectively that year.
In 2008, the South, Midwest, and Northeast were dropping 15 percent to 16 percent, with the West down only 1 percent, he pointed out.Today, in mid-2009, the number of properties sold in the West is up 7 percent, while declines in the other regions have shrunk to between 3.5 percent and 7 percent.Roth argues that since industry trends have historically moved from the west to the northeast, these numbers are evidence that the housing decline is about to be history in nearly every part of the country.
Roth, who is president of Home Warranty of America, says, “I am putting my money where my opinions rest. … I believe these trends send a strong enough signal that I am adding staff to both my sales force and call center.”
Friday, July 24, 2009
Foreclosures / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
When Will the Housing Market Rebound?
When will the housing slump finally end? Even the experts' crystal balls are hazy.The Wall Street Journal, which Thursday reported its latest quarterly survey of housing data, says it depends on which city or part of the country you’re talking about.
Home sales were up compared to last year in Washington, D.C., and Northern Virginia, Orlando, Minneapolis, Southern California, and the San Francisco Bay area, according to findings from research firm MDA DataQuick as well as reports from local real estate practitioner organizations. Sales declined in New York City and nearby Long Island, Chicago, and Charlotte, N.C., and the outlook was particularly bleak in Miami-Fort Lauderdale and much of Florida, Detroit, and Las Vegas.
But Jody Kahn, an analyst at John Burns Real Estate Consulting, a research organization, points out that there are variations even in the hardest-hit metro areas with the most attractive neighborhoods continuing to thrive.Employment is the most telling factor, says Mark Zandi, chief economist at Moody's Economy.com. "If people don't have jobs or fear losing their jobs, then buying homes is out of the question," he says.
When will the housing slump finally end? Even the experts' crystal balls are hazy.The Wall Street Journal, which Thursday reported its latest quarterly survey of housing data, says it depends on which city or part of the country you’re talking about.
Home sales were up compared to last year in Washington, D.C., and Northern Virginia, Orlando, Minneapolis, Southern California, and the San Francisco Bay area, according to findings from research firm MDA DataQuick as well as reports from local real estate practitioner organizations. Sales declined in New York City and nearby Long Island, Chicago, and Charlotte, N.C., and the outlook was particularly bleak in Miami-Fort Lauderdale and much of Florida, Detroit, and Las Vegas.
But Jody Kahn, an analyst at John Burns Real Estate Consulting, a research organization, points out that there are variations even in the hardest-hit metro areas with the most attractive neighborhoods continuing to thrive.Employment is the most telling factor, says Mark Zandi, chief economist at Moody's Economy.com. "If people don't have jobs or fear losing their jobs, then buying homes is out of the question," he says.
Thursday, July 23, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Economist Sees Signs of Housing Stabilization
Independent housing economist Tom Lawler, who has pointed out frequently that his dog Kita could have qualified for a mortgage at the height of the boom — despite having a low “Fido Score” — is arguing now that prices for low- and mid-range homes are stabilizing.
He says they will continue to do so as the foreclosure rate declines for middle-income home owners. Lawler attributes that to the “stickiness” of home prices, which he defines as slow to adjust downward because stable home owners don’t need or want to sell immediately.
In previous downturns, driven by regional unemployment, home prices fell slowly, Lawler says. This time he argues that things happened a lot faster because banks that owned foreclosed properties sold them aggressively. That forced prices down much faster than they fell in previous downturns.
Independent housing economist Tom Lawler, who has pointed out frequently that his dog Kita could have qualified for a mortgage at the height of the boom — despite having a low “Fido Score” — is arguing now that prices for low- and mid-range homes are stabilizing.
He says they will continue to do so as the foreclosure rate declines for middle-income home owners. Lawler attributes that to the “stickiness” of home prices, which he defines as slow to adjust downward because stable home owners don’t need or want to sell immediately.
In previous downturns, driven by regional unemployment, home prices fell slowly, Lawler says. This time he argues that things happened a lot faster because banks that owned foreclosed properties sold them aggressively. That forced prices down much faster than they fell in previous downturns.
Wednesday, July 22, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Fed Chair Says Foreclosures Could Still Rise
Fed Chair Ben Bernanke testified before the House Financial Services Committee on Tuesday, saying that inflation is likely to decline — not rise, as many have feared. Therefore, the Fed intends to keep lending rates near zero.Bernanke said inflation should be “lower in 2009 than during 2008 as a whole,” in part "because of the sizable amount of slack in resource utilization.”
Bernanke also discussed foreclosures, which he said probably haven’t peaked because of the rising unemployment rate. He downplayed the unwinding of the commercial real estate market.“It is a sector we are paying a lot of attention to,” Bernanke said, noting that commercial mortgages are a small segment of the market.
“I don’t think we need to have an enormous program to stimulate improvement.”
Fed Chair Ben Bernanke testified before the House Financial Services Committee on Tuesday, saying that inflation is likely to decline — not rise, as many have feared. Therefore, the Fed intends to keep lending rates near zero.Bernanke said inflation should be “lower in 2009 than during 2008 as a whole,” in part "because of the sizable amount of slack in resource utilization.”
Bernanke also discussed foreclosures, which he said probably haven’t peaked because of the rising unemployment rate. He downplayed the unwinding of the commercial real estate market.“It is a sector we are paying a lot of attention to,” Bernanke said, noting that commercial mortgages are a small segment of the market.
“I don’t think we need to have an enormous program to stimulate improvement.”
Tuesday, July 21, 2009
Teton Valley Idaho - Jackson Hole Wyoming Real Estate
Lease-Purchases on the Rise
One way that buyers without enough money to get a mortgage can purchase a home is with a lease-purchase agreement. Usually, the terms of the deal include a lease and an option to buy with part of the rent going toward the downpayment.
The forced savings helps buyers amass enough to buy the house in the specified time frame, usually three to five years.Cindy Walker, an associate with South Island Real Estate in Melbourne Beach, Fla., recently helped a young couple negotiate such a deal. She received a rental commission for the lease arrangement, and she will get a sales commission if the purchase option is executed.
Some real estate professionals find this arrangement unacceptable, but Walker says, “I look at it as money in the bank." She offers these tips for anyone contemplating using a lease-purchase option:
Don’t be afraid to ask the seller if the owner would accept a lease-purchase agreement. Sellers might find it attractive once they understand it will generate regular rental income.
Negotiate how much money will go toward the downpayment and whether the buyer or the seller or both will handle maintenance and repairs.
Avoid prepayment penalties. No prepayment penalty increases the incentive to do the deal quickly. In most cases, that’s a good thing from both the buyer’s and the seller’s points of view.
One way that buyers without enough money to get a mortgage can purchase a home is with a lease-purchase agreement. Usually, the terms of the deal include a lease and an option to buy with part of the rent going toward the downpayment.
The forced savings helps buyers amass enough to buy the house in the specified time frame, usually three to five years.Cindy Walker, an associate with South Island Real Estate in Melbourne Beach, Fla., recently helped a young couple negotiate such a deal. She received a rental commission for the lease arrangement, and she will get a sales commission if the purchase option is executed.
Some real estate professionals find this arrangement unacceptable, but Walker says, “I look at it as money in the bank." She offers these tips for anyone contemplating using a lease-purchase option:
Don’t be afraid to ask the seller if the owner would accept a lease-purchase agreement. Sellers might find it attractive once they understand it will generate regular rental income.
Negotiate how much money will go toward the downpayment and whether the buyer or the seller or both will handle maintenance and repairs.
Avoid prepayment penalties. No prepayment penalty increases the incentive to do the deal quickly. In most cases, that’s a good thing from both the buyer’s and the seller’s points of view.
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Investors Drive Foreclose Prices Up
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market.
For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers.
They can bid up a property without concern whether the appraisal will prevent them from getting a loan.Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market.
For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers.
They can bid up a property without concern whether the appraisal will prevent them from getting a loan.Experts say the problem is not unlike the situation at the height of the housing bubble. "This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.
Monday, July 20, 2009
Foreclosure / Short Sales / Bank Owned REO's - Teton Valley Idaho - Jackson Hole Wyoming
Housing Experts: Now Is a Perfect Time to Buy
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek.
He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.He also adds that the inventory of homes to buy is still large, but it is shrinking.
According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away. For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek.
He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.He also adds that the inventory of homes to buy is still large, but it is shrinking.
According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Hello !
There are the six Teton Springs Mountain Meadows homes that are left and available from the 27 foreclosure release one week ago.
There has been an incredible investor run on these homes.
There is still a little time left to secure a unit - call me today if interested.
Some people may fall out of contract during there 10 day contingency period and a small mix of units I have not listed here may become available.
----------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Friday, July 17, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Home Lending Rates Falling Again
Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.
Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.
Here’s a look at how other mortgage rates performed this week:
15-year fixed loans fell to 4.63 percent from 4.69 percent.
One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.
Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.
Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.
Here’s a look at how other mortgage rates performed this week:
15-year fixed loans fell to 4.63 percent from 4.69 percent.
One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.
Thursday, July 16, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Foreclosures Increase Despite Intervention
The foreclosure crisis continued to grow in the first half of 2009, affecting more than 1.5 million homes, according to a mid-year report from foreclosure listing service RealtyTrac Inc.
The report cites a 9 percent increase in total properties in foreclosure compared to the previous six months, and a nearly 15 percent increase in total properties facing foreclosure compared to the first six months of 2008.
The report also says that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.
"In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels," said James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.
States with the highest foreclosure rates are:
Nevada
Arizona
Florida
California
Utah
Georgia
Michigan
Illinois
Idaho
Colorado
States with the highest number of actual foreclosures are:
California
Florida
Arizona
Illinois
Nevada
Michigan
Ohio
Georgia
Texas
Virginia
The foreclosure crisis continued to grow in the first half of 2009, affecting more than 1.5 million homes, according to a mid-year report from foreclosure listing service RealtyTrac Inc.
The report cites a 9 percent increase in total properties in foreclosure compared to the previous six months, and a nearly 15 percent increase in total properties facing foreclosure compared to the first six months of 2008.
The report also says that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.
"In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels," said James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.
States with the highest foreclosure rates are:
Nevada
Arizona
Florida
California
Utah
Georgia
Michigan
Illinois
Idaho
Colorado
States with the highest number of actual foreclosures are:
California
Florida
Arizona
Illinois
Nevada
Michigan
Ohio
Georgia
Texas
Virginia
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - JAckson Hole Wyoming
CALL NOW :
- HIGH END SUBDIVISION
- 6600 SQ FT
- 5 AC
- CUSTOM HOME
CAN BE BOUGHT FOR $ 499k
- HIGH END SUBDIVISION
- 6600 SQ FT
- 5 AC
- CUSTOM HOME
CAN BE BOUGHT FOR $ 499k
Wednesday, July 15, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
First-Time Buyers: Hurry for $8,000 Tax Credit
It’s time to remind first-time home buyers that in order to qualify for the government’s $8,000 gift in the form of a tax credit, the deal must close by Dec. 1.
Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal."There's not as much sand in the hourglass as we may think," said Jim Merrion, regional director at RE/MAX Northern Illinois.
It’s time to remind first-time home buyers that in order to qualify for the government’s $8,000 gift in the form of a tax credit, the deal must close by Dec. 1.
Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal."There's not as much sand in the hourglass as we may think," said Jim Merrion, regional director at RE/MAX Northern Illinois.
Tuesday, July 14, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
TETON SPRINGS VICTOR IDAHO
BANK OWNED REO'S RELEASE OF 27 HOMES
PRICED $265K - $335K
ONCE MILLION DOLLAR HOMES
INVESTOR RUN ON THESE HOMES - 14 OFFERS IN ON 27 HOMES !!!!!
call now pH 208 390 0737
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Unemployed Might Get Anti-Foreclosure Help
The Obama administration is reportedly considering a program that would give loan forbearance to the unemployed. The aim of the program is to provide help without distorting the housing market.The program would augment the federal loan modification program, giving unemployed workers more time and financial leeway to qualify for a new loan.
So far the loan modification program hasn’t been very successful for a variety of reasons, including the declining equity many troubled borrowers have in their homes and rising unemployment figures that make lenders unwilling to participate.
Last week, the U.S. Treasury Department asked the 25 largest mortgage service companies to appoint a liaison officer to work with the government to slow defaults. On July 28, Treasury will host a meeting with these servicers to examine whether qualified applicants are being ignored.
The Obama administration is reportedly considering a program that would give loan forbearance to the unemployed. The aim of the program is to provide help without distorting the housing market.The program would augment the federal loan modification program, giving unemployed workers more time and financial leeway to qualify for a new loan.
So far the loan modification program hasn’t been very successful for a variety of reasons, including the declining equity many troubled borrowers have in their homes and rising unemployment figures that make lenders unwilling to participate.
Last week, the U.S. Treasury Department asked the 25 largest mortgage service companies to appoint a liaison officer to work with the government to slow defaults. On July 28, Treasury will host a meeting with these servicers to examine whether qualified applicants are being ignored.
Monday, July 13, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson HOle Wyoming
Hello !
27 bank owned foreclosure homes have been released on the market in Teton Springs Four Seasons Resort Community this weekend.
These are luxury homes in the Mountain Meadows section :
2092 sq. ft thru 3308 sq ft
prices ranging from $ 265K thru $335K
Great dea for high end custom homes.
----------
Also :
32 ac lot in nice subdivision in Tetonia for $ 150K
--------------
Sincerely - your friend and well wisher,
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Saturday, July 11, 2009
Teton Valley Idaho - Jackson Hole Wyoming Real Estate
Hello !This 70 ac ranch in Alta Wyoming has been price reduced nearly $ 1 000 000 TO $40 000
per acre :
$ 2 800 000
- water rights
- sculpture stream into water features
- develop
- borders Grand Targhee National Forest
- borders BLM
- next to Targhee Village Golf Course
- big game hunting
- snow mobile access
EVERYTHING A WYOMING ACREAGE BUYER WANTS
--------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
Friday, July 10, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Study: Consumers Were Too Optimistic
Lax lending standards can’t be blamed for the housing bubble, according to a study by the New York Federal Reserve.The study released Thursday contends that it was consumer confidence that persuaded people that they could afford to pay higher prices for housing, not easy money.The study argues that consumers, who thought they had been working harder since the 1990s, believed that their paychecks would increase. Their optimism continued until 2007, when it was clear that there was no reason for such a rosy view.
“What appears in retrospect to be relatively lax credit conditions in the early part of this decade may have emerged in part because of then-justifiable, although ultimately misplaced, optimism about income growth," says James Kahn, author of the study and a professor of economics at Yeshiva University.Kahn says that if productivity growth returns, housing prices could bottom out and begin growing again.
But if productivity continues to slow or grow only very modestly, prices could continue to stay low or even decline further.
Lax lending standards can’t be blamed for the housing bubble, according to a study by the New York Federal Reserve.The study released Thursday contends that it was consumer confidence that persuaded people that they could afford to pay higher prices for housing, not easy money.The study argues that consumers, who thought they had been working harder since the 1990s, believed that their paychecks would increase. Their optimism continued until 2007, when it was clear that there was no reason for such a rosy view.
“What appears in retrospect to be relatively lax credit conditions in the early part of this decade may have emerged in part because of then-justifiable, although ultimately misplaced, optimism about income growth," says James Kahn, author of the study and a professor of economics at Yeshiva University.Kahn says that if productivity growth returns, housing prices could bottom out and begin growing again.
But if productivity continues to slow or grow only very modestly, prices could continue to stay low or even decline further.
Teton Valley Idaho - Jackson Hole Wyoming Real Estate
Downpayment, Closing Costs Biggest Obstacles
Most Americans still consider having enough money for downpayment and closing costs to be the biggest obstacles to buying a home, according to the 2009 National Housing Pulse Survey, an annual survey released Thursday by the NATIONAL ASSOCIATION OF REALTORS®.The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in seven years of sampling.
Two-thirds of Americans think job layoffs and unemployment are a big problem; eight in 10 cite these issues as a barrier to homeownership. “Homeownership is an investment in your future; however, saving for a downpayment and closing costs is still too great of an obstacle for 82 percent of house hunters looking to take advantage of the current market,” says NAR President Charles McMillan.
“Monetizing the $8,000 first-time buyer tax credit for downpayment or closing costs on FHA-insured mortgages is a positive first step. Our hope is that the tax credit will be extended and expanded to all home buyers and will help bring stability to the housing market and enable more Americans to achieve the dream of homeownership."
Most Americans still consider having enough money for downpayment and closing costs to be the biggest obstacles to buying a home, according to the 2009 National Housing Pulse Survey, an annual survey released Thursday by the NATIONAL ASSOCIATION OF REALTORS®.The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in seven years of sampling.
Two-thirds of Americans think job layoffs and unemployment are a big problem; eight in 10 cite these issues as a barrier to homeownership. “Homeownership is an investment in your future; however, saving for a downpayment and closing costs is still too great of an obstacle for 82 percent of house hunters looking to take advantage of the current market,” says NAR President Charles McMillan.
“Monetizing the $8,000 first-time buyer tax credit for downpayment or closing costs on FHA-insured mortgages is a positive first step. Our hope is that the tax credit will be extended and expanded to all home buyers and will help bring stability to the housing market and enable more Americans to achieve the dream of homeownership."
Thursday, July 9, 2009
Foreclosure / Short Sales / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Foreclosures Continue to Flood Market
The U.S. housing market is being flooded with foreclosed homes held by trusts managing pools of securitized mortgages. The trusts sold six times as many properties as banks during the six months ending March 31.
The average property sold for 69 percent of the original loan amount, according to data compiled primarily in the Atlanta area by Data Intelligence Corp., a real-estate analytics firm.The dump isn’t over yet with thousands of properties still awaiting sale.
"While the banks are trying frantically to get loans off their books, they face the problem of large shadow inventories of housing being dumped on the market, which would depress prices further," says Anthony Sanders, real-estate finance professor at George Mason University in Fairfax, Va.Karen Weaver, global head of securitization research at Deutsche Bank AG, says the steepest losses involve subprime mortgages in which lenders generally are recovering just 26 percent of the original loan amount.
From a home shopper’s standpoint, there are bargains galore in many areas. Tim Hamill, an associate with RE/MAX Greater Atlanta, who is handling sales for an asset-management firm on behalf of a trust, says his mandate is to do what it takes to sell in 30 days.
The U.S. housing market is being flooded with foreclosed homes held by trusts managing pools of securitized mortgages. The trusts sold six times as many properties as banks during the six months ending March 31.
The average property sold for 69 percent of the original loan amount, according to data compiled primarily in the Atlanta area by Data Intelligence Corp., a real-estate analytics firm.The dump isn’t over yet with thousands of properties still awaiting sale.
"While the banks are trying frantically to get loans off their books, they face the problem of large shadow inventories of housing being dumped on the market, which would depress prices further," says Anthony Sanders, real-estate finance professor at George Mason University in Fairfax, Va.Karen Weaver, global head of securitization research at Deutsche Bank AG, says the steepest losses involve subprime mortgages in which lenders generally are recovering just 26 percent of the original loan amount.
From a home shopper’s standpoint, there are bargains galore in many areas. Tim Hamill, an associate with RE/MAX Greater Atlanta, who is handling sales for an asset-management firm on behalf of a trust, says his mandate is to do what it takes to sell in 30 days.
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Congressman Proposes Home Plan to Save Jobless
Refinancing a home when the borrower is unemployed is practically impossible, but U.S. Rep Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee, is proposing to spend $2 billion to help.
The proposal would revive a 1975 program that lends money to the unemployed so they don’t lose their homes. “There has to be a reasonable likelihood that the home owner will be able to resume making the mortgage payment without state help,’’ said Brian A. Hudson Sr., the chief executive of the Pennsylvania Housing Finance Agency, in a prepared statement, noting that the assistance is temporary.
Frank’s proposal would also earmark $1 billion to build and preserve affordable housing, $1.5 billion to redevelop foreclosed and abandoned homes, and $2 billion to protect tenants in apartment buildings when the owner is facing foreclosure.Source: The Boston Globe, Jenifer B. McKim (07/09/2010)
Refinancing a home when the borrower is unemployed is practically impossible, but U.S. Rep Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee, is proposing to spend $2 billion to help.
The proposal would revive a 1975 program that lends money to the unemployed so they don’t lose their homes. “There has to be a reasonable likelihood that the home owner will be able to resume making the mortgage payment without state help,’’ said Brian A. Hudson Sr., the chief executive of the Pennsylvania Housing Finance Agency, in a prepared statement, noting that the assistance is temporary.
Frank’s proposal would also earmark $1 billion to build and preserve affordable housing, $1.5 billion to redevelop foreclosed and abandoned homes, and $2 billion to protect tenants in apartment buildings when the owner is facing foreclosure.Source: The Boston Globe, Jenifer B. McKim (07/09/2010)
Wednesday, July 8, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Shift in Global Investors in Florida
The Florida market, one of the hardest hit by the recession, is reporting an increase in sales for existing properties for the 8th consecutive month. The Florida Association of REALTORS® (FAR) reported that existing home sales increased by 18% compared to a year ago, and existing condo sales rose by 21%.
While promising, the value of new properties has fallen as much as two-thirds from the 2007 price peak, making a quick recovery of the previously hot development market unlikely. Low prices and the large number of bank-owned distressed properties are attracting investors, including overseas buyers.
While Florida has long attracted international buyers, FAR reports a shift of the source of those buyers with Canadians overtaking the British as the largest source of buyers. REALTORS® working with foreign buyers seeking retirement properties in Florida will be interested in an April '09 report from Florida Tax Watch.
The report advocates for the introduction of a national retirement visa, but also outlines current visa options. Read a two-part article (Part I / Part II) article in FAR's magazine on increasing exposure to global buyers.
The Florida market, one of the hardest hit by the recession, is reporting an increase in sales for existing properties for the 8th consecutive month. The Florida Association of REALTORS® (FAR) reported that existing home sales increased by 18% compared to a year ago, and existing condo sales rose by 21%.
While promising, the value of new properties has fallen as much as two-thirds from the 2007 price peak, making a quick recovery of the previously hot development market unlikely. Low prices and the large number of bank-owned distressed properties are attracting investors, including overseas buyers.
While Florida has long attracted international buyers, FAR reports a shift of the source of those buyers with Canadians overtaking the British as the largest source of buyers. REALTORS® working with foreign buyers seeking retirement properties in Florida will be interested in an April '09 report from Florida Tax Watch.
The report advocates for the introduction of a national retirement visa, but also outlines current visa options. Read a two-part article (Part I / Part II) article in FAR's magazine on increasing exposure to global buyers.
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Apartment Vacancies Highest Since 1987
The vacancy rate for U.S. apartments rose to 7.5 percent in the second quarter, the highest rate since 1987, according to a report from researcher Reis Inc.Second-quarter asking rent fell 0.7 percent compared to the same quarter a year ago to $1,040 a month.
Including incentives, effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.In some areas, including Las Vegas, San Francisco and San Jose, Calif., effective rents were down 2 percent from the first quarter.
"With general expectations of an economic recovery pushed back to early 2010 at the earliest, it seems likely that apartments will have to endure a few more quarters of distress, lower rents and higher vacancies," said Victor Calanog, Reis director of research.
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CALL FOR COMPLETE FORECLOSURE LIST - UNBELIEVABLE DEALS
Timothy Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
The vacancy rate for U.S. apartments rose to 7.5 percent in the second quarter, the highest rate since 1987, according to a report from researcher Reis Inc.Second-quarter asking rent fell 0.7 percent compared to the same quarter a year ago to $1,040 a month.
Including incentives, effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.In some areas, including Las Vegas, San Francisco and San Jose, Calif., effective rents were down 2 percent from the first quarter.
"With general expectations of an economic recovery pushed back to early 2010 at the earliest, it seems likely that apartments will have to endure a few more quarters of distress, lower rents and higher vacancies," said Victor Calanog, Reis director of research.
-----------------------------------------
CALL FOR COMPLETE FORECLOSURE LIST - UNBELIEVABLE DEALS
Timothy Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Tuesday, July 7, 2009
Foreclosure / Short Sale / Bank Owned REO's - Teton Valley Idaho / Jackson Hole Wyoming
PMI Predicts Where Prices Are Likely to Fall
Mortgage insurer PMI Group predicts that home prices will fall through the first quarter of 2011 in about 30 of the country’s 50 largest metropolitan areas.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI.
The areas PMI says have the highest probability of lower prices in 2011 are:
Miami
Fort Lauderdale
West Palm Beach, Fla.
Orlando
Tampa, Fla.
Jacksonville, Fla.
Riverside, Calif.
Los Angeles
Santa Ana, Calif.
Sacramento
San Diego
Las Vegas
Phoenix
Providence, R.I.
DetroitCities with the lowest probability of falling prices are:
Cleveland
Pittsburgh
Columbus, Ohio
San Antonio
Houston
Dallas
Fort Worth
Mortgage insurer PMI Group predicts that home prices will fall through the first quarter of 2011 in about 30 of the country’s 50 largest metropolitan areas.
“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI.
The areas PMI says have the highest probability of lower prices in 2011 are:
Miami
Fort Lauderdale
West Palm Beach, Fla.
Orlando
Tampa, Fla.
Jacksonville, Fla.
Riverside, Calif.
Los Angeles
Santa Ana, Calif.
Sacramento
San Diego
Las Vegas
Phoenix
Providence, R.I.
DetroitCities with the lowest probability of falling prices are:
Cleveland
Pittsburgh
Columbus, Ohio
San Antonio
Houston
Dallas
Fort Worth
Foreclosure / Short Sale / Bank Owned REO's Teton Valley Idaho - Jackson Hole Wyoming
Prices Slide in Wealthiest Towns
America’s high-end neighborhoods could feel the pain as homes linger on the market and prices slide.There are more than 60,000 homes priced above $1 million listed on Realtor.com with the inventory at levels far above the national average of 10 months.
Some observers predict that big inventories in formerly protected enclaves will drive down prices as much as average prices fell in less-pricey metros a year ago. "Any [inventory] over seven months generally means falling prices," says David Stiff, chief economist at Fiserv in Brookfield, Wis.
America’s high-end neighborhoods could feel the pain as homes linger on the market and prices slide.There are more than 60,000 homes priced above $1 million listed on Realtor.com with the inventory at levels far above the national average of 10 months.
Some observers predict that big inventories in formerly protected enclaves will drive down prices as much as average prices fell in less-pricey metros a year ago. "Any [inventory] over seven months generally means falling prices," says David Stiff, chief economist at Fiserv in Brookfield, Wis.
Monday, July 6, 2009
Teton Valley Idaho - Jackson Hole Wyoming Real Estate
Congress Unlikely to Consider Tax Measures, Including Tax Credit, Until October
The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July.
Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October.
NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.
Time is running out for first time home buyers tax credit.
---------------------
The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July.
Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October.
NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.
Time is running out for first time home buyers tax credit.
---------------------
Commercial Foreclosure / Short Sale / REO's Teton Valley Idaho - Jackson Hole Wyoming
Distressed Commercial Real Estate Tops $97B
The total value of distressed commercial real estate reached $97.8 billion in June, doubling every three months since December 2008, according to a new report from Delta Associates.
Foreclosures of commercial mortgages reached a 3.2 percent delinquency rate in the first quarter of 2009, up from 1.8 percent in the first quarter of 2008.Retail properties represented the largest segment of distressed mortgages at $29.7 million.
----------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
The total value of distressed commercial real estate reached $97.8 billion in June, doubling every three months since December 2008, according to a new report from Delta Associates.
Foreclosures of commercial mortgages reached a 3.2 percent delinquency rate in the first quarter of 2009, up from 1.8 percent in the first quarter of 2008.Retail properties represented the largest segment of distressed mortgages at $29.7 million.
----------------------
Sincerely - your friend and well wisher.
Timothy S Anderson
Silver Peaks Realty
Anderson Residential and Commercial Construction Services
pH 208 390 0737
www.buytetonland.com
Foreclosures / Short Sales / Bank Owned REO'S Teton Valley Idaho - Jackson Hole Wyoming
Another Rash of Foreclosures Coming Soon
Some economic observers are predicting another wave of foreclosures later this summer or in
the fall. That’s because lenders that have held off on foreclosures as part of President Obama’s plan will now move forward aggressively to clear the backlog of troubled mortgages.
Rising foreclosures will further depress home values, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners—one in five of those with first mortgages—will be underwater.
Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, says the government is “unlikely to implement another moratorium.”But Wheeler said the government plans to put in place some programs that encourage lenders to try some alternatives to foreclosure.
Some economic observers are predicting another wave of foreclosures later this summer or in
the fall. That’s because lenders that have held off on foreclosures as part of President Obama’s plan will now move forward aggressively to clear the backlog of troubled mortgages.
Rising foreclosures will further depress home values, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners—one in five of those with first mortgages—will be underwater.
Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, says the government is “unlikely to implement another moratorium.”But Wheeler said the government plans to put in place some programs that encourage lenders to try some alternatives to foreclosure.
Thursday, July 2, 2009
Foreclosure / Short Sales / REO's Teton Valley Idaho - Jackson Hole Wyoming
Renters Rights - Foreclosure
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:*
The new owner wants to occupy the property as a personal residence, and* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”.
In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law. A number of states have existing laws protecting tenants.
This law will preempt existing state law, except where the state law offers greater protection.The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property.
Under any conditions, tenants may still be evicted if they violate the lease terms.These provisions expire on December 31, 2012.
Under the new law, which went into effect on May 20th, tenants will have to receive 90-days notice prior to being evicted, when their rental home is foreclosed upon. In addition, tenants must be allowed to stay in the property through the end of their lease, with two exceptions:*
The new owner wants to occupy the property as a personal residence, and* There is no lease (month to month), or there is a lease but state law allows the lease to be terminated at any time upon notice.Even under these exceptions, the tenants must be given 90-days before they can be evicted. Notification must be provided by the “immediate successor in interest”.
In some cases, this notification will come from the bank (when they assume the home), and in other cases it may be the new owner. Much will depend upon state law. A number of states have existing laws protecting tenants.
This law will preempt existing state law, except where the state law offers greater protection.The protections of this law apply only to “bona fide” tenants – who have a written contract, the lease was the result of an arms-length transaction, and the rent is not substantially less than the fair market rent for the property.
Under any conditions, tenants may still be evicted if they violate the lease terms.These provisions expire on December 31, 2012.
Wednesday, July 1, 2009
Foreclosure / Short Sale / Bank Owned REO's Teton Valey Idaho - Jackson Hole Wyoming
Is Mortgage Forgiveness the Answer?
Some housing experts say the next logical step for helping home owners with negative equity is loan forgiveness.Home owners with no equity stake and no likelihood of having one anytime soon are increasingly likely to walk away.
Some theorize that curbing that trend is the only thing that will stabilize the market.The nonprofit Milken Institute has devised a plan that would use Fannie Mae to refinance underwater loans with government money.
Under the plan, a private lender would provide the money for the value of the home and the U.S. Treasury would issue a second, interest-only loan for the portion of the current mortgage that is underwater. Every year the home owner keeps current with payments, the Treasury would forgive a portion of the loan.
The institute estimates that this would save 1.5 million homes from foreclosure or abandonment and cost taxpayers between $75 billion and $100 billion.Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, approves that plan, but urges returning some of the appreciation to the original lender as a reward for patience.
"The idea that these loans are worth face value is a fiction," says Richard Green, director of the USC Lusk Center for Real Estate. "If we don't deal with [reducing] the balances, we're not really dealing with the problem."
Some housing experts say the next logical step for helping home owners with negative equity is loan forgiveness.Home owners with no equity stake and no likelihood of having one anytime soon are increasingly likely to walk away.
Some theorize that curbing that trend is the only thing that will stabilize the market.The nonprofit Milken Institute has devised a plan that would use Fannie Mae to refinance underwater loans with government money.
Under the plan, a private lender would provide the money for the value of the home and the U.S. Treasury would issue a second, interest-only loan for the portion of the current mortgage that is underwater. Every year the home owner keeps current with payments, the Treasury would forgive a portion of the loan.
The institute estimates that this would save 1.5 million homes from foreclosure or abandonment and cost taxpayers between $75 billion and $100 billion.Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, approves that plan, but urges returning some of the appreciation to the original lender as a reward for patience.
"The idea that these loans are worth face value is a fiction," says Richard Green, director of the USC Lusk Center for Real Estate. "If we don't deal with [reducing] the balances, we're not really dealing with the problem."
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