Service Center For Denver Short Sales

EDITOR’S NOTE: The entire article can be reduced to the last sentence below, …foreclosure rates continue to rise… Here is one perspective on the overall foreclosure market. The continuing down market has eaten away at peoples assets. First it was jobs and then people living on their savings and then on retirements and finally there wasn’t enough assets to support mortgage payments. So as time went along there have been groups that went under. Some groups held on longer than others but ended up in the same place. Not until the market clears the underwater homes from the market and the employment situation is corrected will we have a stable to increasing market.

According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011. Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 largest metropolitan areas. While the 90-plus delinquencies component of the percentage was flat at 3.8 percent and has remained largely unchanged for the past four quarters, foreclosure rates continue to rise, and now stand at 5.9 percent. In June 2011, the foreclosure rate was 5.5 percent. Read More

EDITOR’S NOTE: Banks, if they only had a brain. Some banks are seeing the benefit behind the Short Sale. However, the banks are again shooting themselves in the “foot” by taking so long to process the Short Sale. A Short Sale is the way to go in this market provided you have expert help through the process and keep all sharp objects out of your hands. Read The Article

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

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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’