4,000,000 Foreclosures in 2010?
Trulia founder Pete Flint and Realty Trac Senior Vice President
Rick Sharga estimated that we my see 4,000,000 foreclosures in 2010.
This would be the highest rate of foreclosures since the real estate crash.
“When the tax credit runs out, inventory will go up and interest rates will
go up. Prices will go down again. We have a long way to go until we have
a healthy real estate market.”
In their forecast, they cited several reasons why things will remain challenging in 2010:
* Mortgage interest rates will move into the 6 percent range.
* The record high unemployment rate will continue forward
* Negative equity will drive many home owners from their homes
* Expiration of the tax credits
* Difficulty buyers and investors have finding new financing for their
home purchases
* Large number of Alt-A and negative amortization loans that will
begin resetting starting July 2010.
We all should take note of this number, because we will all be impacted. If you are selling, now is the time. Do not wait until homes on your street go into foreclosure. Your values will be affected. Buyers, note that the interest rates will most likely go up in the summer as well as the buyers $8,000 tax credit will be going away. For traditional sales the process will be tough due to these foreclosures and declining values. On the bright side, there will be some great values for investors or buyers looking to purchase one of these foreclosures. I have a list and information for buyers looking to purchase foreclosures. Visit my site, http://www.Gainesville-Foreclosures.com for lots of information relating to Foreclosures.
4,000,000 Foreclosures in 2010?
Now is the Time to Buy!
Here is a short video that helps explain why now is the absolute best time to buy real estate, your home or your investment. Now is the time and do not wait too long and miss out on some tremendous values and tax credits.
Visit msnbc.com for breaking news, world news, and news about the economy
By watching this video, you probably heard Ron Insana say now is the absolute best time to buy a home. His comments were for both buyers looking to buy their primary residences and investors looking to buy foreclosures. Use my website to search for your next home or investment. If you are thinking foreclosures be sure to get my free reports on foreclosures & how to find them.
Now is the Time to Buy!
MakingHomeAffordable.gov – Obama’s Stimulus Plan For Your Mortgage
Recently President Obama announce his administration’s latest offering for struggling homeowners, and I like it. It’s a site: www.makinghomeaffordable.gov. As the government stuff always does, it urges folks to call 888.995.HOPE which, yes, is free, but has also been virtually useless to the homeowners I know who have called it. However, what I like about the site is that it starts to actually help people take advantage of the stimulus plan modification and refi provisions. As quiet as it’s been kept, those provisions technically only apply to Fannie and Freddie insured loans. Most folks have no clue whether their loan even qualifies because many loans are beyond the government insurance limits. However, if you visit this site www.makinghomeaffordable.gov, there are:
- self-assessment tools to help you actually figure out if your mortgage might qualify for a stimulus plan refi or modification,
- a list of numbers of mortgage servicers, so you can call your lender up to get the process started, and
- a payment reduction estimator to help you see what your modified payment would be under these programs.
So if you are having mortgage woes, visit the site, kick the tires, and consider all your options. I am a Certified Distress Property Expert, and if you visit my site: http://www.GainesvilleHomesForSale.com and click on Stop Foreclosure in the menu link, a number of your options will be discussed. This may be of help when you are considering what to do with your Gainesville, Florida home and mortgage.
MakingHomeAffordable.gov – Obama’s Stimulus Plan For Your Mortgage
If You Don’t Buy a House Now, You’re Stupid or Broke!
Just read this really neat article that really explains and tells it like it is relating to purchasing a home in todays market. It was featured in Business Week. My first thought, wow! what a blunt and harsh statement! But the writer, Mark Roth, uses this headturning title to get your attention to make excellent points for those who are on the fence. Namely that interest rates are at an all time low, in fact, the lowest in 40 years. He noted that in the late 70s, rates hit a high of 18%! Can you even imagine buying a house at 18%? I personally can’t fathom it as I bought one of my homes in the 80’s with an VA loan when I was transferred to Tampa, Fl. The rates at that time were 13-15 % range and life was brutal. Later, when rates dropped significantly we practically danced our way to the 1st refinance of their home. Generation X’ers probably would never dream of purchasing a home above 7% given all we have ever known are super low rates hovering between 5-6%. Mr. Roth points out the history of previous interest rates as well as the impact of rates on one’s purchasing power. I happen to agree with his prediction that as the economy becomes more stable, interest rates WILL rise to hedge inflation. My prediction has been that by this time next year, rates will have risen 1-2% at a minimum. Take a momement to read this article. If you are a first time homebuyer or a move up buyer, now is the time….Not To Be Stupid. Visit my wesite at http://www.GainesvilleHomesForSale.com for the latest homes and info.
If You Don’t Buy a House Now, You’re Stupid or Broke!
More Foreclosure Bad News for Gainesville Fl. Sellers.
Seems like almost every day we see a new program designed to assist folks facing foreclosure. So many foreclosures are about to roll through the system that the Obama administration plans to expand a program aimed at helping people remain in their homes. The goal of the announcement, expected today, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said over the weekend. That could include new resources for borrowers, Reilly said, without offering details. Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area. The Treasury is also expected to announce that it will wait until the loan modifications are permanent before paying cash incentives to mortgage companies that lower loan payments.
Under a $75 billion Treasury program, companies that agree to lower payments for troubled borrowers collect $1,000 initially from the government for each loan, followed by $1,000 annually for up to three years. Michael Barr, the Treasury Department’s assistant secretary for financial institutions, says that the Obama administration will try to shame lenders by publicly naming institutions that fail to move quickly enough to lower mortgage payments permanently. “They’re not getting a penny from the federal government until they move forward,” Barr told the Times. It’s not clear how the government is going to solve anything at all by trying to drive lenders into the ground, or how expanding a failing program is going to produce anything more than more failure. Why not stick to programs that work?
If we had faced the facts upfront three years ago, dealt with the foreclosure issues we would not be on the backside of this housing mess. Visit my website, http://www.GainesvilleHomesForSale.com for help and assistance with the sale of your home.
More Foreclosure Bad News for Gainesville Fl. Sellers.
Winterizing Your Gainesville Florida Home?
As the weather cools here in Gainesville, homeowners see fall as the year’s last chance to do home maintenance to lower heating bills. Of course, you will not save money if you spend more on home improvement than you will save in reduced energy costs.
Always do the math to make sure you will recapture money quickly. For example, buying tools for a specific home improvement job may mean that job is not cost-effective. For many homeowners with realistic home improvement budgets, renting is the answer. You can find the tools and equipment needed for any home improvement project at your local American Rental Association (ARA) member store.
“You can rent the right professional-quality tools for virtually any home improvement task,” says Christine Wehrman, executive vice president and CEO of the American Rental Association. Cheaper than buying, renting tools allows homeowners to put their home improvement dollars toward materials, rather than equipment or storing tools that are not used on a regular basis. Rental stores are also a great place for free expert advice about tools, how to use them correctly and how to best complete your project.
Here are some cost-effective winterizing tasks for the interior of your home:
Insulate your home and wallet. Too little insulation is the most significant cause of heat loss. Most homes, even newer ones, can use another layer. In the attic, experts recommend at least 12 inches of insulation. Pink layers of fiberglass, purchased in rolls, can easily be layered over existing insulation.
For exterior walls, a special pneumatic pump blows insulation into the space between the exterior and interior walls. The insulation can be purchased at a lumberyard. To rent a pneumatic pump, visit RentalHQ.com to find a local ARA rental store. The rental store employees are trained on the proper use of equipment. They can demonstrate how to safely and correctly use the equipment and give advice on how to avoid hazards associated with fiberglass insulation.
Block leaks. On a windy day, search for drafts around doors and windows. Use a standard caulking gun to apply caulk to areas where there is a gap or draft. Apply it in dry weather warmer than 45 degrees Fahrenheit to prevent the caulk from swelling with moisture and ensure that it adheres and sets properly. For some areas, such as under doors, weather stripping or putty may be easier to apply.
Maximize your heating system. Furnaces need to be serviced annually by a professional to be sure they are working at maximum efficiency. But there are also a few tasks you can do yourself.
Install a programmable thermostat. It takes less energy to warm a cool home than to maintain a warm temperature all day. Set it so the temperature is lower when you are away. Also clean air filters, heating ducts, baseboard heaters and vents regularly. Dirt blocks airflow and causes the furnace to work harder. To clean your ductwork without hiring an expensive company, rent a powerful, commercial-grade vacuum cleaner and special attachments to dislodge the dust and debris that gets released into the home from your supply registers.
Blanket the water heater. For a small investment, you can significantly reduce the amount of heat lost by the unit with an insulation blanket or cover, particularly if your water heater is located in an unheated area or if it is an older model. Insulating blanket kits for water heaters are inexpensive and easy to install.
Check chimneys. Cleaning your home chimney may seem like a daunting task, but it does not have to be if you have the right tools for the job. Chimneys should be cleaned before the soot build-up reaches 1/4 inch thickness inside the chimney flue. You will need a chimney brush or blower. Consider renting the equipment you will need – including drop cloths to protect the inside of your house from soot and dust. Once the chimney is clean, you can safely augment your heating system with inexpensive wood cut from overgrown trees in your own yard. If you do not need a chain saw on a regular basis, renting a chain saw instead of buying one can help keep expenses down.
Energy-saving do-it-yourself projects can be easy and inexpensive with the right equipment and know-how. Discover both at your local ARA member rental store. Visit RentalHQ.com to find an American Rental Association member rental store near you. I would be happy to send you my items of value , Tips for your Home, on a monthly basis by email. Click here to start receiving your emails today.
Winterizing Your Gainesville Florida Home?
