Wednesday, August 24, 2016

Real Estate Agent says don't buy a home! Team Thayer #Real #Estate #SUCC...

Politics of Real Estate! Team Thayer #REALESTATE #SUCCESS TIP OF THE DAY...

Selling Homes Zillow & Trulia! Team Thayer #REALESTATE #SUCCESS TIP OF T...

Than Merrill Wealth Builders Seminar Total Scam! Team Thayer Real Estate

Friday, August 12, 2016

TEAM THAYER TRICKS TO CUT FLIPPING HOME EXPENSES! #realestate #housing #housingtips #flippinghomes #flippinghouses #realestateinvestor #oregon

fix and flip home expenses

Fix and flip home expenses don’t need to be as big of a burden on your next rehab as you may think, at least if you try these tricks on your next deal:
1. Find The Right Property
While far from ground breaking, I would be remiss if I didn’t at least mention that the right property could go a long way in cutting fix and flip home expenses. If for nothing else, your intentions will dictate the appropriate exit strategy; if a lot of work needs to be done on a respective property, your expenses will essentially increase exponentially. On the other hand, finding and acquiring the right property that aligns with your specific exit strategy will prevent you from paying an exorbitant amount in fix and flip home expenses.
Consider this; a turnkey property will require little to no expenses to turn over. The alternative, however, is a home that needs extensive work, otherwise known as a “gut.” Homes that you know will require a lot of work will inevitably come with more costs. That said, it is entirely possible to keep those fix and flip home expenses down by finding a property that is more in line with what you intend to do.
It is also worth noting the fix and flip home expenses that may accompany the property once the rehab is complete. Selling a home may take longer than expected, and you could face additional holding costs. It is in your best interest to understand what those costs may be, and that you can take care of them as they arise. It will also help you avoid any costs you don’t want to encounter in the future.
Knowing is half the battle; carefully consider each and every cost that may come with the property; only then can you truly cut fix and flip home expenses.
2. Provide An Accurate Cost
I can’t say it enough; the easiest way to cut fix and flip home expenses is to come up with an accurate initial estimate. Nothing, for that matter, will add more to the cost of a rehab than an inaccurate repair estimate. It is absolutely imperative that you mind due diligence and understand the commitment — both financial and time – it will take to complete a project.
3. Work In Tandem With Another Investor
I am convinced that the easiest way to save money on fix and flip home expenses is to partner up with another investor. In doing so, it is entirely possible to cut your costs in half, provided your arrangement with your partner acknowledges as much. It is important to note, however, that while costs are cut, profits will also receive a hit.
This is a strategy I recommend for new investors without access to a lot of capital, as it is a great way to get your feet wet in the investing industry. However, don’t let the lower profit margin scare you; with two people working on the job, not only will you see fix and flip expenses reduced, but you will also be able to complete a deal in much less time. That means you will be able to turn around and fund another project much faster than if you were working by yourself. The amount of money you lost splitting profits with your partner can easily be recouped on your next deal.
4. Cash Is King
One of the first things you learn as a real estate investor is that cash is king; nothing else has the power to help you close deals faster, in a more timely fashion, and for less. If for nothing else, cash is the ultimate bargaining chip, and it alone can cut the fix and flip home expenses on your next project.
For starters, paying in cash will allow savvy investors to navigate the purchase process without having to acquire a mortgage. It should go without saying, but without a mortgage looming over your purchase, you aren’t expected to pay interest. Zero financing means you won’t be confronted with additional costs just to purchase a subject property. Sometimes people will even knock a percentage off the asking price if you offer to pay in cash; the benefits of cold hard cash are as clear as day.
I haven’t even mentioned the speed of implementation it awards real estate investors. If time isn’t everything to an investor, speed certainly is. Using cash to purchase a home will get investors into a property much faster than a traditional mortgage will allow. Instead of waiting for a loan to get approved, you can start knocking down walls and rehabbing the kitchen as soon as you get in the property. That means it takes less time to complete a deal and, therefore, reduces holding costs.
Reducing the fix and flip home expenses that have become synonymous with real estate investing is an essential component to any successful entrepreneur. If for nothing else, fewer costs on a project can increase your bottom line, which I am sure everyone is on board with. If you are looking for a way to take your business to the next level, try these tips out; your bank account will thank you.
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Team Thayer Real Estate House Flipping Traps! #flippinghouses #eugeneoregon #oregon #housing #market #realestate


real estate rehab mistake
If you’ve got several leads waiting to turn into potential deals, you can’t wait for one to suddenly come knocking at your door. Successful real estate house flippers have one trait in common: they place an emphasis on proper planning.
Once you’ve secured a deal, you must decide what kind of rehab you will perform. Will you conduct a few simple cosmetic upgrades (like these 10 rehab projects you finish in one weekend)? Or, is the home nice enough to sell after an easy prehab? Are there structural damages that will require you to carry out more major renovations? Will you focus on implementingenvironmentally friendly renovations – also known as “greenhabbing” – so that you qualify for certain tax benefits? Once you’ve determined your strategy, it is important to ask yourself these specific questions before diving into the construction action:
  • What are the current market conditions in my area?
  • What does my ideal buyer look like?
  • Does my marketing campaign target my ideal buyer?
Understanding the real estate market where you are carrying out a fix and flip deal is essential to your success. One way to gain a more well-rounded grasp on market conditions is by analyzing comps in the area. It does not matter what a home was listed for, it matters what it sold for. Only once you’ve researched your specific market, can you move forward to thinking about your marketing strategy and ideal buyer candidate. If you’re ultimate contender is a first-time home buyer millennial, you should consider launching a social media marketing campaign. If you are targeting older homeowners who are looking to downsize, a direct mail marketing campaign might be more effective.
It is one thing to know the correct real estate flipping strategy, it is another to implement it. Even the most seasoned investors make these simple mistakes, so try to avoid falling into these sneaky traps with your rehab properties this summer:
Improper Estimates. The best real estate rehabbers are not the best marketers, they are not the best contractors, they are not the best negotiators, they are the best estimators. A real estate rehabber must not only calculate an accurate ARV (after repair value), he or she must also use that ARV to determine an estimate cost of repairs. While online sites like Zillow and Trulia are great places for investors to begin their research, they are not the only places to go to come up with an accurate ARV. Consider working with a local professional real estate agent who can work to pull reasonable comparable sales. Your realtor should try and get more specific than simply looking at recent sale prices of homes in the area. They should look at homes that are the same style, were built in the same year, have similar features, and are comparable in size.
Calculating an accurate ARV will in turn help you figure out your cost of repairs. Beginner real estate rehabbers must keep in mind the time and money it takes to successfully fix and flip a property. It is advised to determine a budget and then increase that budget by 10 to 20 percent in order to give yourself some wiggle room. Remember, the best investors allow room for the unexpected. Once you’ve completed several rehabs, you will have a better understanding of your system; however, until then, it is essential to take note of every move you make. If you keep a physical record of the mistakes you make, problems you run into, people you work with, and materials you utilize, you are sure to improve with every future rehab deal.
Lack Of Due Diligence. Performing proper due diligence goes back to understanding the market conditions of where you are carrying out your rehab before making an offer. There are obvious procedures every real estate rehabber must keep in mind before starting renovations, like hiring an inspector and analyzing comps; however, there are other important questions that must be posed (that are often forgotten). Smart investors will dig deeper and inquire about the neighborhood where the home resides. Is it nearby restaurants, nightlife, entertainment venues, shopping malls, or public transportation? Are there foundation, permitting, or zoning issues that will arise down the line? Is there any construction occurring close to the home? Why is the homeowner selling? Is the home situated in a flood zone or other problematic area? Has there been any mold damage, rot, or pest problems in the past? All of these questions will play a factor in your property’s final sale price, and a lack of due diligence could easily result in you generating an inappropriate asking price
Lazy Marketing Efforts. The last thing any investor wants is to carry out a beautiful rehab only to conclude and have no buyers. The best way to prevent this from happening is by placing a large value on your marketing efforts. Even seasoned investors forget to focus on their marketing strategy, but this can be a tragic mistake, especially when not properly rectified. A good marketing campaign can be the difference between a home that sells in 3 days and one that sits on the MLS for two months. Keep in mind however that you should not choose a marketing strategy at random. Determine your target audience and then tailor your strategy to suit that specific audience. Whether you select a direct mail marketing campaign, an email marketing campaign, or a bandit sign campaign depends on your ideal buyer profile, but there are three basics strategies every real estate rehabber should be apart of:
    • Social Media Marketing: It is essential to create social accounts on the primary social media platforms if you want to be a successful investor. Facebook, Instagram, Twitter, and LinkedIn are all great sites for professional investors who want to get the word out about their businesses. Active social media accounts will attract millennial first-time home buyers and give prospective buyers an inside look into your properties. Staying up to date with social media is something you won’t regret.
    • Content Marketing: If you want to stand out as a thought leader in your industry, content marketing is a must. Content marketing involves creating unique content to share with the world that shows off your knowledge and expertise. Share your blog content across your social media sites and you will be networking with like-minded professionals in no time.
    • Direct Mail Marketing: Direct mail marketing is one of the most effective marketing strategies because it allows you to easily target a specific group of people. Whether you target homeowners who are behind on their tax payments, individuals who inherited a home following a loss, or foreclosures in the area, is up to you.
Don’t fall into the category of real estate rehabbers who do not succeed. As long as you make a special effort to avoid these simple mistakes, you will be on your way to closing your first rehab deal in no time.
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Are Foreclosure Levels Reaching a New Normal? Team Thayer #realesate #reasltor #foreclosures #marketnews #housing #oregon

Tuesday’s CoreLogic May 2016 National Foreclosure Report provides further evidence that the housing market may be reaching a “new normal.”
The report showed that foreclosure inventory as well as completed foreclosures continued to declined in May 2016 from where it stood the prior year in May 2015. Despite the decline, the foreclosure rate (1 percent) remains twice that of the national long-term average (0.5 percent). This is due to the individual rates on a state level and is not, in fact, conducive to the progress already made nationally.
The foreclosure inventory declined by 24.5 percent and completed foreclosures declined by 6.9 percent compared with May 2015. Additionally, the number of completed foreclosures nationwide decreased to 38,000 in May 2016 from 41,000 in May 2015. These results also represent a decrease of 67.9 percent from the peak of 117,813 completed foreclosures in September 2010.
The national foreclosure inventory held approximately 390,000, or 1.0 percent, of all homes with a mortgage in May 2016 compared with the May of 2015 foreclosure inventory of 517,000 homes, or 1.3 percent. It was also determined that the May 2016 foreclosure inventory rate is the lowest it has been for any month since October 2007.
“The foreclosure rate fell to 1 percent in May, which is twice the long-term average of 0.5 percent. However, this masks the underlying progress at the state level,” stated Dr. Frank Nothaft, chief economist for CoreLogic. “Twenty-nine states had foreclosure rates below the national average, and all but North Dakota experienced declines in their foreclosure rate compared to the prior year.”
Because of the progress CoreLogic felt was derived from the state level, the report felt it was important to note that the five states with the highest number of completed foreclosures consisted of Florida with 63,000, Michigan with 45,000, Texas with 27,000, Ohio with 23,000, and California with 23,000. These five states account for almost half of all completed foreclosures nationally. This is compared to the four states and the District of Columbia with the lowest number of completed foreclosures. They are the District of Columbia with 139, North Dakota with 323, West Virginia with 494, Alaska with 648, and Montana with 690.
Additionally, the report also included the four states and the District of Columbia that had the highest foreclosure inventory rate. They were New Jersey holding 3.6 percent, New York holding 3.2 percent, Hawaii holding 2.1 percent, the District of Columbia holding 2.0 percent, and finally Maine holding 1.9 percent. The report compared these results with those for the five states with the lowest foreclosure inventory rate. Alaska held 0.3 percent, Arizona held 0.3 percent, Colorado held 0.3 percent, Minnesota held 0.3 percent, and Utah held 0.3 percent.
CoreLogic found the number of mortgages in serious delinquency decreased by 21.6 percent in May 2016 from the previous year to 1.1 million mortgages, or 2.8 percent of total mortgages. The serious delinquency rate for May 2016 is the lowest it has been in more than eight years, according to the report.
On a month-over-month basis, CoreLogic reported that the foreclosure inventory fell 3.0 percent in comparison to April 2016. It was also reported that completed foreclosures rose 5.5 percent from the 36,000 reported for April 2016 to 38,000 in May 2016. CoreLogic compares these particular results to data in 2007 taken before the decline in the housing market. During that time, completed foreclosures between 2000 and 2006 averaged 21,000 per month nationwide.
7-12 CoreLogic Graph

“Delinquency and foreclosure rates continue to drop as we experience the benefits of a combination of tight underwriting, job and income growth and a steady rise in home prices. We expect these factors to remain in place for the remainder of this year and for delinquency and foreclosure rates to decline even further,” said Anand Nallathambi, president and CEO of CoreLogic. “As we finally move past the housing crisis, we need to increase our focus on expanding the supply of affordable housing and access to credit for first-time homebuyers in in sustainable ways to ensure the long-term health of the U.S. housing market.”
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7 Ways To Compete With Cash Buyers In A Seller's Market! Team Thayer #realestate #market #advice #news #oregon

If you really, really want the house, here’s how to play ball.

The old adage “money talks” rings true in real estate. After the stock market crash in 2008, homebuyers with all-cash offers quickly became sellers’ most sought-after suitors. All-cash, after all, means no mortgage, and no loan means no need to rely on lenders. So now that the market has heated up again, bidding wars are the new normal, from Eugene, Or, real estate to homes for sale in Portland, Or. Unfortunately, it’s common for a seller to favor an all-cash offer over an offer from a buyer whose deal hinges on a mortgage approval.
“If you’re shopping for a home, there’s a good chance you’ll be competing with all-cash offers,” says Justin Thayer, president of the Orlando Regional Realtor Association. “As of February 2014, 43% of all offers were all-cash! Couple that with the fact that it’s a seller’s market out there, and it can be very difficult — and competitive — to get the house you want.” So what’s a homebuyer to do? Here are seven ways to compete with all-cash buyers in a seller’s market.

1. Put your best foot forward

Don’t wait to submit your best offer. If you want a specific house and it’s a competitive market, you need to put in your very best offer first. “Assume that you will not have the opportunity to negotiate on price, so make your best offer upfront,” advises Lazenby. Adds Ross Anthony, a real estate agent with Willis Allen Real Estate in San Diego, CA: “If you are afraid of overpaying for the home, make sure you look at the current appreciation rate for the market. You may pay a little extra today, but if prices keep increasing and you keep getting outbid, you may find yourself priced out by the end of the year or paying significantly more for the same property anyway.”

2. Go a little higher

The highest offer doesn’t automatically mean a sale — but in many cases, it can’t hurt to inch your price up a bit, says Anthony. “It sounds obvious because it is, but this is often the most important thing to consider when offering on a home in a competitive seller’s market. More often than not, cash buyers are investors and investors want to increase their margins as much as possible by getting the property for as little as they can,” he explains, and that gives you a little negotiation power. “You must understand that in order to make your offer more attractive, you will most likely have to beat out the competition on price. Make sure your agent takes a close look at the comparable sales and can justify the purchase price, but also adjust your expectations of getting a home for less than it’s worth. Sometimes as little as an extra $1,000 on top of the list price can be the determining factor in the seller’s eyes.”

3. Find out the seller’s terms

“When telling agents that I might be coming forward with an offer, I first ask them what terms the seller is looking for,” explains Heather Witt, a real estate agent with Partners Trust in Los Angeles, CA. “Does the seller need extra time in the property to find a new home to live in? Are they looking for a quick close? Do they want to control who processes escrow and title? Do they already have those services picked out so that I might write an offer that won’t need to be countered?” Having a real estate agent who can handle this early negotiating on your behalf can mean the difference between landing a home and losing it.

4. Be flexible

“In any market, the buyer who is financing must be creative when up against all-cash buyers,” says David Dubin, a real estate broker with Douglas Elliman in New York, NY. One key to creating a winning offer? Emphasize your flexibility. If your agent can find out the sellers’ desired terms, you can sweeten the deal by letting the sellers drive the timeline and some of the specifics. “The more flexible and accommodating the buyer is, the more a buyer’s bid will pique the interest of the seller,” says Dubin. Simple things such as being accommodating with the closing date, offering to rent the house back to the sellers while they continue to hunt for their new home, or requesting minimal repairs can go a long way when competing with an all-cash offer.

5. Be thorough

“If you have already done your homework and know the seller’s specific needs, make sure every ‘i’ is dotted and every ‘t’ is crossed in your offer,” says Ross Anthony. “The fewer items that the seller will have to include in a counteroffer will make them more likely to sign and accept your offer.” Don’t forget to include things such as an updated pre-approval letter. You could even offer “to put them in touch with your lender if they would like added assurances of your ability to follow through with the purchase,” adds Anthony. “If the lender is confident and can convey this to the seller, it will help put their mind at ease.”

6. Show some personality

“I always recommend my buyers write a sincere letter to the seller to include with their offer that shows a genuine love and interest in the home,” says Anthony. “If you are just starting your family and let them know you can already imagine your future children playing in their beautifully manicured yard, then the seller is likely to imagine this too. Tug at their emotional heartstrings! Some sellers may not take this into consideration at all, but it certainly can’t hurt your chances and it takes very little effort.” Whatever you do, make sure your offer letter is memorable so that it will stand out from the crowd.

7. Throw in the “as is” offer

What could be more attractive to a seller than an offer that states the buyer will take the home “as is”? “Putting in an offer that says you’ll buy the home without asking for any repairs or any extra money to fix something that pops up in inspections can make a noncash offer way more alluring,” explains Anna Marie Simpliciano, a real estate agent with Hilton & Hyland in Beverly Hills, CA.
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Foreclosures Drop Sharply from Last Year! Team Thayer #realestate #market #housing #news #oregon #foreclosures

National foreclosure completions in June were up 5 percent from May, but compared to a year ago, the number of foreclosures is definitively down, according to the  June 2016 National Foreclosure Report  from CoreLogic.

June’s 38,000 foreclosures is a bump from May’s 36,000, but is 26 percent down from a year ago, and still 67.5 percent down from the foreclosure peak of 117,835 in September 2010. As of June, CoreLogic reported, the national foreclosure inventory included approximately 375,000, or 1 percent, of all homes with a mortgage, compared with 507,000 homes (1.3 percent) last year. Overall, June’s foreclosure inventory was down 3.6 percent compared with May and is the lowest for any month since August 2007.
CoreLogic also reported that the number of mortgages in serious delinquency (90 days or more past due, including loans in foreclosure or REO) declined by 21.3 percent from June 2015 to June 2016, with 1.1 million mortgages, or 2.8 percent, in this category. The June 2016 serious delinquency rate is the lowest since September 2007.
Five states accounted for almost 40 percent of all completed foreclosures nationally over the past year. Florida led with 60,000 foreclosures, followed by Michigan, with 47,000. Texas (27,000), Ohio (23,000) and California (22,000) completed the big five foreclosure states, though according to  Frank Nothaft, chief economist for CoreLogic, the serious delinquency rate in the Dallas area has fallen by 0.5 percent from a year earlier, as home prices and employment have continued to rise.
However, the rate in the Midland area, jumped 0.5 percent, “reflecting the weakness in oil production and job loss over the past year," Nothaft said.
New Jersey had the highest foreclosure inventory rate, at 3.4 percent, followed by New York (3.1 percent), the District of Columbia (2 percent), Hawaii (2 percent), and Maine (1.9 percent). Interestingly, D.C. had the lowest number of completed foreclosures (179) over the Last year. North Dakota (321), West Virginia (487), Alaska (639), and Montana (675) rounded out the five states with the lowest completions.
The five states with the lowest foreclosure inventory rate were Colorado (0.3 percent), Michigan (0.3 percent), Minnesota (0.3 percent), Nebraska (0.3 percent), and Utah (0.3 percent).
"The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market," said Anand Nallathambi, president and CEO of CoreLogic. "We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them."
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Ask the Economist: Housing Industry Post Election! Team Thayer #realestate #housing #market #economic #news #oregon #foreclosures


Amy Crews Cutts, Chief Economist for Equifax Inc., is a recognized industry expert with over 17 years of economic analysis and policy development experience. Cutts recently spoke with DS News about what she foresees for the future of the housing market post the 2016 presidential election.
When asked how will the upcoming 2016 presidential election will affect the housing market as well as what the housing market and mortgage industry will look like post Obama administration, Cutts says that she can speak only looking at past presidential elections but on that basis thinking about what happened in the past.
“One thing that characterizes the United States and obviously many of our friends in the western, industrialized world is an easy transfer of power,” says Cutts. “One president goes on and the next president goes in and the democratic process works. The lights from one account goes off and then they pull a switch and all the accounts are active under the new regime.”
Cutts shares that from the perspective of the American consumer nothing happens at the point of the new administration taking office; business is as usually from one day to the next. Cutts notes that very little should happen in terms of funding and the financial market.
“Where potential issues arise and where we might argue that there will be fundamental differences is when administration moves in tries to change policy,” says Cutts.
She says the first thing the new administration must do upon taking office is put a new cabinet together. Once that is complete, then the next thing that must be done is the cabinet must start to think about what rules they want to write and then start creating them.
“Now we are a year in to a new presidential administration before any of those changes really take place,” says Cutts.
It's easier when the same party stays in place, according to Cutts, because in many causes the same deputies will stay on until they are replaced and the process as a whole is a little more orderly. The issue comes when their is a change in party. Cutts says this is when a lot of house cleaning happens because those on the previous cabinet don't want to work for the new party.
“An orderly transformation of power means that the FHA rules will stay the same, the Fannie Mae and Freddie Mac rules will stay the same, the Wall Street Rules will stay the same up until the time that the new administration, whoever that may be, comes in and starts to make their mark on policy,” says Cutts. “But that is a year or two in.”
Cutts remarks that outside of those issues, the only response you are going to see is whether the market is happy with the choice or unhappy with the choice. She says in the case that the market is unhappy, that is where volatility in the registry may be seen.
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Thursday, August 4, 2016

Housing Bubbles In the Past? Team Thayer Real Estate #realestate #realtor #housing #market #oregon

Despite recent chatter about whether certain markets are entering housing bubble territory again,Realtor.com reports that though price appreciation is a concern, in regards to other contributing factors to housing bubbles, these potentially risky cities are far from facing a housing bubble.
In a research report conducted by Realtor.com, the answer to this chatter was sought in order to analyze the record-high median prices in high-profile growth markets like San Francisco; San Jose, California; and Austin, Texas.
According to the report, the U.S housing market has improved dramatically since the depths of the recession with home prices in particular growing significantly in recent years, nearing a full nominal recovery nationwide.
In the analysis, it was evaluated that a housing market’s bubble potential was based on six factors quintessential to the housing bubble and subsequent housing crisis in the 2000’s. These factors include real price appreciation, house flipping share of overall sales, mortgage transaction share of overall sales, price to homeowner income, price to rent, and new households per new construction starts.
Realtor.com research index measured each factor by market and compared it to its respective 2001 levels. This was a year they determined was when housing was considered to be in a healthy growth mode as well as justly valued.
The research determined that the cause for housing prices increasing is due to economic growth and household formation, paired with limited inventory, relative to rents and incomes. Despite this fact, Realtor.com has determined that there is no evidence of real risk to repeat the mid-2000s housing bubble. It actually was determined that what is occurring now is the opposite of what occurred during the housing boom of 2004-2006. They came to this conclusion do to credit remaining tight, flipping being not as rampant as it was in the time of the housing bubble, and new construction being shown to be severely constrained.
This doesn’t mean that certain cities are off the hook though. The rapidly rising prices taking place right now in cities such as San Jose, San Francisco, and Austin has been determined by the report to be unsustainable in the long term. This, though, is expected to naturally taper off be it from people choosing to rent over buy, move in with family or roommates, or relocate to a housing market that is more affordable.
The report notes that nationally, the housing market has 3 percent less risk than it did in 2001 as well as 25 percent less risk than it did during the peak in 2005. Despite the elevated real price growth at an estimated 7 percent in 2015, the other fundamentals such as flipping, new construction and mortgage share are well below the levels shown during the housing boom.
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A Global Perspective Foreclosures! Team Thayer Real Estate #realestate #realtor #housing #market #oregon


For those in the mortgage and servicing industry, the foreclosure process, though different in every state can be simplified into a process that is familiar to all. But when discussing foreclosures in other countries, how are those processes similar to that of the U.S.?

The United States of America:
As it has been noted by The U.S. Department for Housing and Urban Development, foreclosure processes are different from state to state, but differences among states range from the notices that must be posted or mailed, redemption periods, and the scheduling and notices issued regarding the auctioning of the property. In general, it’s stated that mortgage companies start foreclosure processes about 3-6 months after the first missed mortgage payment. Late fees are charged after 10-15 days, however, most mortgage companies recognize that homeowners may be facing short-term financial hardships. After 30 days, the borrower is in default, and the foreclosure processes begin to accelerate. Three types of foreclosures may be initiated at this time: judicial, power of sale and strict foreclosure. All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings. Once properties are sold through an auction, families have a small amount of time to find a new place to live and move out before the sheriff issues an eviction.
United Kingdom:
In the UK, foreclosure is a rarely used due to the fact that the mortgagor has no right to any surplus from the sale. Because of this, courts almost never allow foreclosures to take place but instead, usually grant an order for possession and an order for sale, which mitigates some of the harshness of the repossession by allowing the sale.
France:
Foreclosure in France is similar to that in the United States, but is a process that takes 3 years to complete, but this three-year estimate does not include the time taken during tactical delays that can be used to lengthen the foreclosure process.
Australia:
For Australia, since the Torrens title system of land registration is used for this country, being registered as proprietor or as a mortgagee creates an indefeasible interest, unless the acquisition of the registration was by land transfer fraud. The mortgagee therefore never holds the fee simple, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults.
China:
Chinese law and mortgage practices have progressed with safeguards to prevent foreclosures as much as possible. These include mandatory secondary security, rescission otherwise known as Chinese Contract Law, and maintaining accounts at the lending bank to cover any defaults without prior notice to the borrower. It is possible for a mortgagee to sue on a note without foreclosing by obtaining a general judgment and collecting that judgment against other property of the mortgagor.
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Tuesday, August 2, 2016

The total distressed sales, including short sales and real estate-owned (REO), for April 2016, fell again this month putting these sales 3 percentage points below April of 2015 and 1.7 percentage points from the previous month, March 2016, according to recent data released by CoreLogic. If the current year-over-year decrease in the distressed sales share continues, it will reach that "normal" 2-percent mark in mid-2017.
"CoreLogic has reported that the foreclosure rate nationwide fell by 25% in the year ending May 2016. As foreclosures decline further and the economy improves, the distressed sales share will likely decline further in the coming year," said CoreLogic's Chief Economist, Frank Nothaft.
Data showed that REO sales accounted for 5.7 percent of total home sales in April 2016 and short sales accounted for 3 percent. The REO sales share was 22.2 percentage points below its peak of 27.9 percent in January 2009. The REO sales share was 2.4 percentage points below the April 2015 share and is the lowest for the month of April since 2007. The short sales share fell below 4 percent in mid-2014 and has remained in the 3-4 percent range since then.
Distressed sale shares for this reported month fell in most states, including the oil markets. At its peak in January 2009, distressed sales totaled 32.4 percent of all sales, with REO sales representing 27.9 percent of that share. While distressed sales play a larger role in emptying the housing market of foreclosed properties, according to CoreLogic they sell at a discount to non-distressed sales, and by doing so can pull down the prices of non-distressed sales. CoreLogic states that there will always be some level of distress in the housing market.
"Home-price appreciation has lifted many homeowners back into positive home-equity, and job and income growth has given more households the financial resources to remain current on their home loans," stated Nothaft. "As lenders have worked through troubled loans, either through foreclosure proceedings or through loan modifications, the foreclosure inventory has continued to fall."
For April 2016, all but seven states recorded lower distressed sales shares compared with a year earlier. Maryland had the largest share of distressed sales of any state with 19.5 percent in April 2016 and North Dakota had the smallest distressed sales share with 2.4 percent. Oil states continued to see year-over-year declines in their distressed sales shares in April 2016 including Texas with a 1.3 percentage point decrease, and Oklahoma and North Dakota with both a 0.2 percentage point decrease.
Florida had a 5.3 percentage point drop in its distressed sales share from the previous year making it the largest decline of any state, and California had the largest improvement of any state with its peak distressed sales share falling 60.1 percentage points from its January 2009 peak of 67.5 percent. Additionally, only North Dakota and the District of Columbia are close to their pre-crisis levels, each sitting within one percentage point of that level.
"CoreLogic has reported that the foreclosure rate nationwide fell by 25% in the year ending May 2016. As foreclosures decline further and the economy improves, the distressed sales share will likely decline further in the coming year," says Nothaft.

Distressed Sales May Reach “Normal” By 2017!

Distressed Sales May Reach “Normal” By 2017

The total distressed sales, including short sales and real estate-owned (REO), for April 2016, fell again this month putting these sales 3 percentage points below April of 2015 and 1.7 percentage points from the previous month, March 2016, according to recent data released by CoreLogic. If the current year-over-year decrease in the distressed sales share continues, it will reach that "normal" 2-percent mark in mid-2017.
"CoreLogic has reported that the foreclosure rate nationwide fell by 25% in the year ending May 2016. As foreclosures decline further and the economy improves, the distressed sales share will likely decline further in the coming year," said CoreLogic's Chief Economist, Frank Nothaft.
Data showed that REO sales accounted for 5.7 percent of total home sales in April 2016 and short sales accounted for 3 percent. The REO sales share was 22.2 percentage points below its peak of 27.9 percent in January 2009. The REO sales share was 2.4 percentage points below the April 2015 share and is the lowest for the month of April since 2007. The short sales share fell below 4 percent in mid-2014 and has remained in the 3-4 percent range since then.
Distressed sale shares for this reported month fell in most states, including the oil markets. At its peak in January 2009, distressed sales totaled 32.4 percent of all sales, with REO sales representing 27.9 percent of that share. While distressed sales play a larger role in emptying the housing market of foreclosed properties, according to CoreLogic they sell at a discount to non-distressed sales, and by doing so can pull down the prices of non-distressed sales. CoreLogic states that there will always be some level of distress in the housing market.
"Home-price appreciation has lifted many homeowners back into positive home-equity, and job and income growth has given more households the financial resources to remain current on their home loans," stated Nothaft. "As lenders have worked through troubled loans, either through foreclosure proceedings or through loan modifications, the foreclosure inventory has continued to fall."
For April 2016, all but seven states recorded lower distressed sales shares compared with a year earlier. Maryland had the largest share of distressed sales of any state with 19.5 percent in April 2016 and North Dakota had the smallest distressed sales share with 2.4 percent. Oil states continued to see year-over-year declines in their distressed sales shares in April 2016 including Texas with a 1.3 percentage point decrease, and Oklahoma and North Dakota with both a 0.2 percentage point decrease.
Florida had a 5.3 percentage point drop in its distressed sales share from the previous year making it the largest decline of any state, and California had the largest improvement of any state with its peak distressed sales share falling 60.1 percentage points from its January 2009 peak of 67.5 percent. Additionally, only North Dakota and the District of Columbia are close to their pre-crisis levels, each sitting within one percentage point of that level.
"CoreLogic has reported that the foreclosure rate nationwide fell by 25% in the year ending May 2016. As foreclosures decline further and the economy improves, the distressed sales share will likely decline further in the coming year," says Nothaft.

Real Estate is the Prefered Long-Term Investment! Team Thayer #realestate #realtor #market #housing #oregon


Americans with money to set aside that they do not plan on using for the next 10 years would rather invest in real estate than any other type of investment, according to a recent national survey from Bankrate.
According to Bankrate’s latest Financial Security Index poll, exactly one-quarter of Americans surveyed said they would rather invest in real estate with money they would not need for the next 10 years, beating out cash investments such as CDs and savings (23 percent) and the stock market and gold or precious metals (16 percent each). Bonds were the least popular investment option for money not needed over the next decade, with 5 percent of respondents preferring that choice.
Real estate investments were king in the survey, with 25 percent of survey respondents saying they would choose real estate as a long-term investment. Those with higher incomes (an annual salary of $75K or more) were more inclined to choose real estate as their favored long-term investment (33 percent) compared to those with annual salaries of between $50K and $74K (23 percent), according to Bankrate. Older millennials (age 26 to 35) showed had the same tendency as the older age groups to want to invest in real estate long-term (28 percent).
“Real estate has some notable advantages over other popular investments,” Roofstock CEO Gary Beasley said. “Yields are much higher than the anemic rates paid by certificates of deposit and investment grade bonds, gold has no current yield and is entirely an appreciation or store of value play, and stocks are increasingly volatile. Investment in rental housing is particularly interesting today given discounts to peak housing values and being able to capitalize on the macro trend of ‘rentership’ vs. home ownership.”
7-20 Bankrate graphNoel Christopher, Renters Warehouse's National Business Development Lead, added: “A big deterrent for investors in the past was that they were unable to invest in multiple markets and have the peace of mind that their investment was protected. With the rise of professional landlords, small investors can now take advantage of economies of scale and institutional-level best practices to manage single family homes. This wasn’t possible until now, and it's changing the way investors look at the market.”
According to Bankrate, many favor real estate investments over the other ways to invest because of the volatility and uncertainty of the stock market—and it is a tangible investment, as opposed to stocks. Real estate investments do have their downside, however; there is the cost of maintaining the house, plus the homeowner cannot put the asset in an account and forget about it the way they can with stocks or bonds, according to Bankrate.
The poll showed that many Americans are not willing to invest in the bullish stock market. A survey from Bankrate conducted in 2013, relatively early in the bull market started in 2009 found that 14 percent of Americans prefer to invest in the stock market, and that share has increased by just 2 percentage points in the last three years.
Americans are increasingly upbeat about their prospects for financial security, however. The poll found that for the 26th consecutive month, Americans’ sense of financial well-being improved when taking into account debt, savings, net worth, job security, and overall financial situation. Bankrate’s Chief Financial Analyst, Greg McBride, pointed out that Americans’ overall perceptions of their financial prospects improved even though their feelings of job security dropped off slightly—despite a strong jobs report for June from the Bureau of Labor Statistics (287,000 jobs added during the month).
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