Foreclosures & Short Sales
What Lenders are in Trouble with Mortgages in Greater Cincinnati?
February 10th, 2012 categories: Foreclosures & Short Sales, Informational
You can find out at HUD”s Neighborhood Watch.
This is the website for Housing and Urban Development’s (HUD) Neighborhood Watch. Neighborhood Watch is where lender’s loan performance on FHA loans and how it compares to the national and local averages. The site is a good place to check out potential lenders- the riskier ones have a “compare ratio” between 150%-199%.
Click on the “Early Warnings” tab to review lenders performance on FHA loans only. Don’t forget that some lenders are national and others use different names in each state. If you need help deciphering the information or the names of mortgage lenders in greater Cincinnati- call or email me.
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Less Distressing News for Ohio Homeowners
February 4th, 2012 categories: For Sellers, Foreclosures & Short Sales
It’s Super Bowl weekend and we’re all busy preparing some unhealthy food types to enjoy while watching the game. So let’s keep the news short and sweet.
CoreLogic recently published real estate numbers for December and the real estate market in Ohio is beginning to look a little healthier. They toss around some numbers which help both Realtors and consumers get a better understanding about the impact distressed properties on today’s local Cincinnati real estate market as well as the entire state of Ohio.
CoreLogic’s 12 month Home Price Index for Ohio reflects some improvement-but look at how much distressed properties are impacting us:
Sales of all single family homes -7.7%
Sales of SFH minus Distressed Properties -0.2%
The distressed properties not only affect the neighborhoods- the glut has impacted appraisals too. The sooner lenders feel some pressure to institute a viable market responsive way to sell distressed properties Ohio and other states will keep suffering the effects of the glut on prices. It’s not about leveling the playing field- it’s about cleaning up the mess so everybody can begin to enjoy some stability in the housing market.
So whether you’re rooting for the Patriots, the Giants or are just looking forward to watching the commercials and eating junk food….it’s good to know the local real estate market is chugging along too.
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HAMP-Here We Go Again with Mortgage Modification Programs
February 1st, 2012 categories: Foreclosures & Short Sales, Informational
Are you having trouble refinancing your mortgage?
Well according to an article in Real Trends:
“White House Announces New Terms to Mortgage Modification Efforts
The Federal government announced this past week that they had issued Executive Orders providing for an extension of the Home Affordable Mortgage Program (HAMP) and a broadening of the terms of the offer to distressed American homeowners. In essence the White House issued orders that extend the program through the end of 2012 from the year just passed, broadened the eligibility requirements so more homeowners could see their mortgages modified, broadened the eligibility to investors in some cases and also requested that Fannie Mae and Freddie Mac offer similar principal reductions.
This is the latest in a series of moves in Washington to provide more assistance to the housing market and distressed homeowners. The HAMP program provides subsidies for mortgage investors to reduce the principal balances owed on mortgages as a means of lifting more homeowners from the negative consequences of heavy mortgage debt and payments. While there was general support for the program, there was little encouraging word from Edward DeMarco, head of FHFA, which governs Fannie Mae and Freddie Mac. Whether FHFA will end up supporting this effort remains to be seen.
While this kind of assistance could provide a positive effect to hundreds of thousands of homeowners, it would not likely have a major impact by itself on the housing market in 2012.”
While I applaud the efforts to help underwater homeowners, it would be helpful if the government reviewed the success rate and accessibility of all of the current programs and work on simplifying the process so consumers, in need, could actually believe the hype about the different programs.
Only yesterday the big news was about Freddie Mac betting against homeowners needing to refinance their underwater mortgages. It makes you wonder why government funded programs are working against troubled homeowners?
Are you having trouble securing a lower rate on your current mortgage?
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And the Real Estate Survey Says…
January 28th, 2012 categories: Foreclosures & Short Sales, Sales
The Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey is a unique look at the national real estate market based on a monthly survey of more than 2,500 real estate agents. The questions are based on what’s really happening in real estate markets across the United States and provide a “gut” view of the day-to-day activity.
And the Housing Trends Survey says…
No surprise- cash buyers (mostly investors) are putting downward pressure on home prices. In December 74% of investors used all cash to purchase homes. Cash and FHA backed mortgages comprise the bulk of the buying market throughout the country (sort of like the good old days when most mortgages were FHA). The chart below shows the trend through the end of 2011.
Source: Campbell Inside Mortgage Finance HousingPulse Tracking Survey
And as we all expected the sale of distressed properties rose steeply as the year ended. Many lenders are sitting on tons of inventory (shadow inventory) and after waiting for the robo-signing problem to end, lenders began again the foreclosure process.
Source: Campbell/InsideMortgage Finance HousingPulse Tracking Survey
The federal government is currently hatching more programs to help the real estate market. Maybe, before the mess housing even more, they should test market the new programs is just a few areas and work out the bugs. I don’t know what you think-but the thought of folks in Washington managing a foreclosure rental program is scary to me.
Need more details about the local Cincinnati real estate market- call or email today.
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What’s Happening with 17% of the Greater Cincinnati Housing Market?
January 6th, 2012 categories: For Buyers, Foreclosures & Short Sales
10880–the current number of active listing of single family homes and condos in the Cincy MLS.
17% (1881) of the the listings are categorized as having somebody other than the consumer as the owner- our way of adapting to the changing real estate landscape. The 17% include:
And like all designations- sometimes agents make a mistake and mark the wrong category- for example several of the “corporate owned” are actually owned by lenders.
So depending on what part of town you’re looking at properties, buyers have a fairly good chance of viewing a home or condo that either is owned by the lender or requires lender approval of the contract. The ownership is not a deal breaker- but may require patience to wait for counter offers and/or contract approvals. Hopefully your agent has discussed the ins and outs of today’s real estate market before you started the home search process. Unfortunately, even though the property was listed as consumer owned you discover, after you make a purchase offer, that lender approval of the contract is required. As agents we rely on the listing details in the multiple listing service to be accurate and up-to-date- but sometimes information is not updated in a timely manner. If you find that a lot of the properties do not have correct ownership displayed, your agent can make a quick phone call to the listing agent prior to writing a purchase contract.
These properties are often “unloved” and shunned because of lender involvement…but if real estate buyers really want a “deal”-how can you ignore 17% of the inventory?
Related Article: Before You Buy a Short Sale
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