Service Center For Denver Short Sales

EDITOR’S NOTE: Take a moment to see some of the unique styles for your pet.

Looking to maintain a fashionable home only to be stymied by shaggy dog beds and cutout cat perches?

Think the byproducts of your lolling-tongued, heavy-breathing loved one aren’t chic? Think your inordinate purring and scratching fluff ball’s accoutrements are a bane to your urbane existence? Think again. Think Wassily chairs, ocean wave-inspired coffee tables, and a wine barrel-turned-pug lair. Look at the Styles

EDITOR’S NOTE: Call be an old grump. but I just don’t trust BoA. The one thing in this package that scares me the most is a three month trial period. That was a nightmare with loan modifications. If the owner elects to try this program will that stop the foreclosure process and will the left hand know what the right hand is doing or will BoA continue to process the foreclosure and if the sale date is within the three months trial are the owners sunk?

To be eligible, a homeowner must owe more on the mortgage than the property is worth today and must have been at least 60 days behind on payments on January 31, 2012.

In addition, the homeowner’s monthly housing costs must be more than 25 percent of gross household income, and the loan must be owned and serviced by Bank of America or serviced for another investor that has authorized the bank to grant principal writedowns. Read More

Code: VAB2J4X7DP8K

EDITOR’S NOTE: This may sound strange but, it is a great time to sell, especially if you owe more on your house than it is worth. Not only are many loan deficiencies being forgiven but because of the Mortgage Debt Relief Act owners get a break on the forgiven debt. Between the two it’s like starting over without a bankruptcy. This is not true on every short sale so you do need professional help when involved in short sale or foreclosure. The short sale is much less damaging to your credit and you can be up and buying again in no time.And as you can see in the following article the number of houses underwater is over 11 million.

According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater. Read More

EDITOR’S NOTE: For now maybe, but not forever. This is a very large problem, but it is very easy to see how to overcome for the average person. 95% of the problem as I see it lies with Washington, both Democrats, Republicans and bureaucrats. The housing industry will come back in no time when there are plenty of jobs available and not held hostage by the bureaucrats.

The housing market is bumping along the bottom and due to improve but the American Dream of home ownership as most know it is “just gone” and becoming a thing of the past, says Karl Case, co-founder of the S&P/Case-Shiller Home Price Index.

Read more: Karl Case: American Dream of Home Ownership ‘is Just Gone’

EDITOR’S NOTE: There is no reason to celebrate yet. All this says is more properties have gone under contract. We will have to wait to see how many will actually close. Yes it is nice to see more activity in the market place. However, from my point of view there are a number of reasons that keep properties from closing , especially Short Sales. The banks keep a lot of short sales from closing. The better the team you hire the better chance you have to get your short sale closed.

Contracts to purchase previously owned U.S. homes increased solidly to a near two-year high in March, suggesting the spring selling season got off to a firmer start and offering hopes of a pickup in housing.

Read more: Pending Homes Sales Near Two-Year High in March

EDITOR’S NOTE: Good News however, the operative word here is bottoming with an ing. That tells me the market is still on a downward slide but close to the bottom. It needs to hit bottom before it can start it’s long laborious climb up. Until the time properties are back to where they began in 2006 – 2008 there will be many more short sales and foreclosures.

The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.

“The crash is over,” Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview yesterday. “Home sales — both new and existing — and housing starts are now off the bottom.”

Read more: Housing Declared Bottoming in U.S. After Six-Year Price Decline

EDITOR’S NOTE: Not to worry. The housing market is in a cycle. If Washington would quit trying to prop up the market it would bottom out quicker and head back up. Real Estate has been and will always be a great long term investment. There is demand for housing currently and not a lot of inventory. That means people are looking for a place to buy and they do not have a lot to chose from. As long as the Government keeps meddling the longer for the market to head upward.

Home prices hit new post-bubble lows in February, according to a report out Tuesday.

The S&P/Case-Shiller home price index of 20 cities recorded a decline of 3.5% from 12 months earlier. Home prices have not been this low since November 2002. Read More

EDITOR’S NOTE: Over the last 40 years I have said it time and time again. The housing market is tied directly to the job market. Only people with jobs can buy homes. With unemployment over 8% and the recovery just inching along at 2.5% growth, it will take some time for housing to be great again. So, the author of this article may be right, it might take a generation or two to recover. If you need or want to sell give us a call, we’ll provide the information, you decide. 303-659-6386

The U.S. housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday.

Read more: Yale’s Shiller: US Housing May Not Rebound ‘in Our Lifetimes’

EDITOR’S NOTE:

Do distressed properties really keep prices down? Yes and No. There are two types of distressed properties, foreclosures and short sales. Foreclosures are usually slightly to severely damaged properties. Whereas, short sales suffer from deferred maintenance due to a lack of funds. Foreclosures usually stay vacant for extended periods of time inviting vandalism and weather damage. Short sales for the most part stay occupied and are in much better condition. Foreclosures push prices down because of the above and because financing is limited on damaged properties causing most buyers to pay cash which pushes the price down further. Either way the market has to shake out the horrific appreciation real estate sustained for many years. Short Sales are closer to the real market in Real Estate. They are marketed on the open fee market where the market sets the prices. Yes, short sales do put some pressure on prices but usually sell for more than their exact foreclosed counterparts. As far as prices being pushed down, in the end the market is free to find it’s true level, all homes were caught in the wake of the market adjustment.

Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March. One reason for this, according to the survey, which includes about 2,500 real estate agents, is the high number of distressed properties – short sale properties in particular – on the market. Prices for damaged REO properties saw a 5.7 percent decline in prices between March 2010 and March 2011, according to the survey, while move-in ready REO prices fell 2.5 percent during the same period. Prices on short sales, however, dropped 14.3 percent during the one-year period. Read More

EDITOR’S NOTE: Tell me something I don’t know. Short Sales are up due to banks getting a bit wiser and brokers getting the word out and working very hard to help those who owe more on their houses than they are worth. So it stands to reason that as the short sale number increase the foreclosure numbers decrease.

With the number of short sales increasing and even outnumbering REO sales in certain states, experts are speculating short sales might become key to preventing an even greater swelling of foreclosed properties on the market. Compared to a year ago in January 2012, pre-foreclosure sales, which are typically short sales, increased 33 percent, according to a RealtyTrac report released Thursday. Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey. Read More