Interesting Real Estate News This Week

It’s the Economy Stupid!

At least that’s the gist of an article this week at MSNBC.com. The article is titled “Economy, not market turmoil, hurts housing.”

The article correctly points out that as long as the economy is limping along, it’s likely that interest rates will remain very low. These low rates and the high inventory of bargain-priced homes should be lifting demand…but it’s not happening.

Deangraziosi.com/why

So I am just starting to read Dean's 30 Days to Real Estate Cash book and it struck me that I truly needed to just follow each step and not think or analyze everything!

One of the first activities that Dean asks you to do is to truly define your "why" as to why you want to be a real estate investor. My first reaction was "Well I want to be a millionaire and quit my job". But after going through the different layers, I discovered my true motivations. I don't want my daughter to grow up thinking that a job is the only way to be stable. Also, that I don't ever want to have to file for bankruptcy again and to go through that feeling of shame and failure.

ANOTHER DEAL !!!!

Just SOLIDIFIED another deal.!!!!!! Just SOLD. ANOTHER single family home and made a family AN OWNER FOR THE FIRT TIME and.......put $5000 in my pocket TODAY...$500 in the mailbox EVERY MNTH........AND 8% INTEREST ON A sale price of $38,000.....with a balloon payment in 5 yrs............
and to top it off ...I added to my buyers list by leaving my FOR SALE.....RENT TO OWN SIGN ....on the property...even after it is sold for a few days to collect buyers!!!!!!!. I have 4 properties yet to close on in the coming weeks hat I already have potential buyers on just from this strategy! !!!!!
wow I LUV THIS REI GAME ........ESP WHEN I KEEP STUDYING HOW TO PLAY IT BETTER! !!
JAY

Foreclosures Fall for 10th Straight Month – Home Prices Mixed

With foreclosure filings down again in July for the 10th straight month, it’s the lowest level since November of 2007. It’s a combination of processing delays and foreclosure prevention measures, with filings down 4% compared to June and 35% lower than July of 2010, according to RealtyTrac.

During July, RealtyTrac reports that 212,764 U.S. homes received some kind of foreclosure filing, notice of default, or notice of auction. Bank repossessions totaled 87,829, down 33.6% from the peak month of September, 2010, when banks took back 102,134 homes.

10 Worst Housing Markets

Let’s do a “top ten countdown” of the sickest housing markets in the country. While the entire country has had a housing meltdown in the last four years, some areas have suffered more than others. 24/7 Wall St. pulled Census data on the 75 largest U.S. metropolitan areas and ranked the cities with the highest overall vacancy rates for both homeowner vacancy and rental vacancy for the second quarter of 2011. There were some other more complicated methodology items involved, and they brought them together to come up with a top ten list of the sickest markets. Here’s what they came up with:

10. Oklahoma City, OK
Homeowner vacancy rates: 5.2%
Rental vacancy rates: 9.6%
Total housing units: 539,077
Unemployment: 4.9%

Take Care With Short Sales

The National Association of Realtors® recently published a survey of their members related to short sale disputes and legal action. 55% of survey respondents indicated that short sale transactions were the basis for a significant number of current disputes. The survey is updated every two years, and 2011 is just out.

Respondents were asked about transactions in which they were involved or of which they had knowledge that resulted in disputes and/or legal action. Responses included:

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