15 Reasons to Bailout Homeowners Over Banks
September 28, 2008
America, like congress, is split on how or if we should spend a trillion dollars to save our economy. ROOPA presents these 15 reasons to see if we can find a greater degree of common ground between both Republicans and Democrats as well as Wall Street and America’s Home Streets. Whether this is taken up as a final proposal is secondary to presenting important considerations overlooked so far in the discussion such as the $500 billion in Wall St. write-offs that will be reactivated by simply refinancing the homeowner.
(PRWEB) September 27, 2008 — America, like congress, is split on how or if we should spend a trillion dollars to save our economy. ROOPA presents these 15 reasons to see if we can find a greater degree of common ground between both Republicans and Democrats as well as Wall Street and America’s Home Streets. Whether this is taken up as a final proposal is secondary to presenting important considerations overlooked so far in the discussion such as the $500 billion in Wall St. write-offs that will be reactivated by simply refinancing the homeowner.
This is sponsored by ROOPA under its Save Our Homes March effort that has been activated specifically for this occasion and headed and footed by Mr. Raghu Giuffre. This will culminate with ROOPA’s Sept. 28th Day of Prayer for fellow homeowners with a 12 noon rally at Thompson Square Park in NY City. This occasion will be observed with a fast from food, water and man-made shelter by Mr. Raghu Giuffre in solidarity for America’s homeowners.
This will be preceded with a trip this Fri. and Sat. (Sept. 26 and 27) to Washington DC, wherein Mr. Raghu will present this proposal to congress and assembled media. This will be followed by an internet march wherein ROOPA requests that readers ‘march’ (email) this presentation to 10 of their friends, who in turn also share it with just 10 of their friends along with their local and national media and political leaders. ROOPA’s hope is to have a assembled a million notices (sent) to congress and the national media within the next couple/few days.
1) Bailing out homeowners will immediately reinstate up to 80% of the $500 billion already ‘written off’ by Wall St. as ‘toxic loans.’
(Recoup lost value by refinancing homeowners rather than bailing out banks. Gov’t puts in $500 billion and instantly gets back $500 billion in new market value. Better return than bank bailout)
2) Double or triple value bailing out homeowners then banks.
(Bailing out homeowners refinances 100% of loan thereby giving banks 100% value on corresponding securities holdings. If securities sold to gov’t, only get 30% to 50% of value.)
3) Refinance 5 Loans for same price as one ‘toxic loan.’
(Get 5 times greater market reach for the same money)
4) $700 Billion (bailout) can instead be used to refinance $3.5 Trillion in real estate loans. Transform all ‘toxic loans’ into income producing assets for banks.
($1 trillion bailout will equal $5.5 trillion in refinancing. Gov’t recoups up to $200 billion in taxes from sale of properties and their corresponding securities. Fredie, Fanie Mae & AIG and all mortgage holding institutions fully refinanced returning $300 billion in loans made to them by fed. The $500 billion will be fully recouped by gov’t. within months over today’s bailout proposal which is likely to lose $.)
5) Refinancing owners will stabilize entire real estate market
(Market settled in 60 to 90 days. Bank bailout only makes problem worse by foreclosing on owner)
6) Two market prices: Homeowner (for 80%) vs. Investor (just 20%)
(Sell foreclosure to investor for 80% less or refinance homeowner for just 20% less. Get 60% more $ by refinancing to homeowners over foreclosure.)
7) Higher price (refinancing home owner) keeps lower priced owners in home
(A Higher Price Tier creates equity for Lower Price Tier homes. However, a lower market price creates next wave of foreclosures because no equity left for lower priced homes either. Real estate’s Tier Down or Tier Up Pricing Principle discussed in next article)
Higher price sets ‘Market Bottom’ at a higher Pricing Tier
(The ‘market bottom’ can only be set at the neighborhood level, not Wall St.)
9) 30% to 70% greater monetary return
(taxpayers now own these mortgages so get better returns helping homeowners vs. banks)
10) Properties paid off months or years sooner than foreclosure process
(Many foreclosed properties never resold, so often lose 100% value therefore banks only get 20 cents on the dollar. Refinance homeowner at 20% discount, only lose 20%. We finally know market bottom and find it months or years sooner)
11) Lower monthly mortgage leaves homeowner more likely to pay on other debts & taxes providing equivalent of stimulus package too.
(Refi homeowners with lower mortgages will help other distressed industries like credit cards, student & auto loans, local & state taxes, etc. Great stimulus package, but will lower inflation for it reduces owners debt by 30% while giving them 30% more spending power. Dollar rises, gas & food prices fall.)
12) Foreclosure leaves owner defaulting on all other debts
(Helping homeowner helps all other industries, while losing home owner hurts all other industries. Bailing out auto industry, banks or student loans will not save industries, only buy them time.)
13) Entire family also defaults on all other personal debts
(One foreclosure = 4 People defaulting - wife, kids, grandma - on all other debt obligations)
14) Greater public support for homeowner then banks
(Finally a program that can win both public & bi-partisan support quickly)
15) ‘Two for one’ deal: stabilize banks & real estate market for same $
(vs. only buying banks a few months of time as Pres. Bush’s plan would do.)
ROOPA ends its list with these thoughts: “Secretary Paulson referred to homeowners as the ‘root cause’ of this economic crisis. Simply water the root and the rest blossoms naturally. We will have stabilized both markets (financial & real estate) for the same price as stowing away this first wave of foreclosures. The moral: Wall Street’s value is but a reflection of ‘Home Street’s’ value. Banks therefore get more by helping the home owner then by us helping banks. Today, that truth is revealed in unmistakable clarity. Continue to ignore our American family and our problems will only multiply,” Raghu says.
10 West ST. Apt. 21E, NY NY 10004, ssriraghu@yahoo.com (roopa.org) 808 277-1120
http://roopa.org
# # #
Las Vegas Home Prices Slide as Sales Activity Stays Steady!
September 10, 2008
(Las Vegas, NV) The Greater Las Vegas Association of Realtors released a report indicating that 2,545 single-family homes were sold in August 2008, which is up 93.4 percent compared to a year ago. The number of sales was down slightly from July, less than 2 percent, ending a seven month streak of increasing home sales in the Las Vegas area.
At the same time Las Vegas Home Sales are holding steady, Las Vegas Home Prices are still declining. The Greater Las Vegas Association of Realtors advised the median price of single family homes sold by a Realtor last month was $210,000. That’s down from $220,000 in July and down 30 percent from August 2007. They also reported that 385 condos and townhouses were sold last month, which is up 7.5 percent from July and 35.1 percent compared to last year. The median price of those condos was $123,000 last month, which is down from $135,000 in July and down more than 35 percent compared to a year ago.
Patty Kelley, president of the Greater Las Vegas Association of Realtors, said the number of homes on the market is declining, although bank-owned properties which account for nearly two thirds of sales are dragging down prices. “What we do know is that, once we sell off this inventory of homes in or nearing foreclosure, home prices will begin to increase,” Kelley said in a statement.
At last month’s sales pace, the Las Vegas area has a nine month supply of single family homes and a 14 month supply of condos and townhouses on the market. This is great news as we haven’t been at a nine month supply of singe family in a few years
NYC Renters Find New Hope and Affordable Housing with the Affordable Equity Project
September 10, 2008
A rapidly failing economy, increasing foreclosures and a huge volume of citizens looking for rental properties has made finding affordable housing more difficult than ever for many New York families. The Affordable Equity Project is bringing these families hope; connecting responsible renters with low rent residential and commercial properties all across New York.
New York, NY (PRWEB) September 10, 2008 — A rapidly failing economy, increasing foreclosures and a huge volume of citizens looking for rental properties has made finding affordable housing more difficult than ever for many New York families. The Affordable Equity Project is bringing these families hope; connecting responsible renters with low rent residential and commercial properties all across New York.
“The Affordable Equity Project…was founded with one goal in mind, to connect affordable housing with the responsible people who need it most,” says the team at The Affordable Equity Project. “We believe every person on earth who needs and wants housing should be able to get it at an affordable rental price.”
With the assistance of The Affordable Equity Project hundreds of New York families have been able to find affordable housing in prime areas of New York City. The company works with New York landlords and property owners to lower their overhead costs, allowing them to offer their tenants high quality rental properties at drastically reduced prices.
In return, the company pairs each of these commercial and residential properties with responsible tenants who might otherwise have difficulty finding affordable housing or office space on their own.
The Affordable Equity Project is dedicated to equal opportunity housing, pairing renters with affordable rentals regardless of their income or credit history. The company works with Section 8, Working Section 8 and Worker’s Advantage to ensure that no one is ever left without safe housing simply because they cannot afford it, and with The Affordable Equity Project there are no broker’s fees, just a low cost application processing fee and an open door to an unparalleled opportunity.
“Our goal is to get every single man, woman and child in New York State the Affordable Housing they need and deserve,” states the team at The Affordable Equity Project.
As the need for affordable rentals continues to grow, so does The Affordable Equity Project’s selection of affordable NYC housing. Renters can browse their index of available listings in the boroughs of Manhattan, Staten Island, Brooklyn and Queens and contact a member of their friendly and knowledgeable customer care team through their website, www.equityproject.net.
The site offers detailed information on the company, its mission and the process of finding great affordable housing in the heart of New York City.
The Affordable Equity Project affirms, “Affordable housing should not be a privilege, it should be a right.”
For more information, please go to www.equityproject.net.
###
Report: Real Estate Prices Down by 1.5% in August
September 6, 2008
Real-time real estate statistics by Altos Research show the Las Vegas real estate market continues to be the hardest hit in the country. Real estate data measuring demand levels, Days on Market data continue to climb across the country as inventory levels begin to plateau at the end of summer.
Mountain View, CA (PRWEB) September 5, 2008 — The Altos 10-City Composite Price Index showed a decline in asking prices of 1.5% in August and 2.3% for the past three months. Prices of properties listed for-sale fell in 20 of 25 major markets according to the Real-Time Real Estate Report, published by Altos Research, the premier source for real-time real estate research, and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate in Las Vegas — down 4.8% during August — and 8.6% over the most recent three-month period for an annualized rate of nearly 35%. Listing prices rose at the fastest rate in Denver — up 1.9% in August — followed by San Diego where prices were up 1.4%.
This could portend a general resumption of the downward trend in prices as most markets typically experience seasonal weakness in the Fall and Winter months.
“Many markets that had posted multi-month sequential price increases during the Summer months displayed fresh weakness in August,” said Stephen Bedikian, partner and research director for Real IQ. “This could portend a general resumption of the downward trend in prices as most markets typically experience seasonal weakness in the Fall and Winter months.”
Inventory levels declined in 21 of 25 markets. Inventory fell by the largest amounts in Seattle and Dallas with inventory contracting 6.0% and 4.8% respectively. Many markets showed inventory declines of more than two percent for the past month including: San Francisco, San Jose, Washington, D.C., San Diego, Phoenix, Charlotte and Houston.
“While seasonal weakness is typical in the Fall and Winter months, continued widespread inventory reductions like we saw in August could temper near-term price declines,” said Michael Simonsen, CEO and co-founder of Altos Research.
Sixteen of 26 markets had an average days-on-market of 100 or more. Days-on-market declined in just three of 26 markets. By far, the market with the slowest rate of inventory turnover was again Miami at an average of 160 days-on-market. Both San Diego and San Francisco experienced the fastest rate of inventory turnover at an average of 84 days-on-market, followed closely by Austin at 86 days.
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 26 metropolitan markets across the country. The report is the most timely source of housing market data on current market activity.
The report examines housing pricing, inventory levels and market conditions in 31 major U.S. metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, DC. The Real-Time Real Estate Report is released every month.
About Altos Research
Altos Research LLC pioneered real-time real estate research. Founded in 2005, the company’s information products serve investors, traders, and thousands of real estate professionals. Because real estate data is traditionally obscure and highly latent, Altos built the Real-Time Market Intelligence(TM) platform to monitor dozens of housing market metrics as they are right now in local markets across the country. The company publishes real estate reports and real estate data each week for thousands of zip codes around the country.
About Real IQ
Real IQ provides housing market analysis and consulting services to leading mortgage and real estate companies. More information about Real IQ is located at www.realiq.com.
# # #
Fed Loan Officer Survey Shows Widespread Tightening
August 16, 2008
Mike Larson takes a closer look at the latest survey figures released by the Federal Reserve. In this issue of Money and Markets, Mr. Larson discusses how the Fed has been driving the cost of money down to increase lending.
Jupiter, Fla. (PRWEB) August 16, 2008 — The Fed has been driving the cost of money down in an effort to spur more lending. But many banks have instead reduced their exposure to various business lines and eliminated some loan products altogether.
Every quarter, the Fed releases a report called the “Senior Loan Officer Opinion Survey on Bank Lending Practices.” It quantifies how many banks are tightening standards, and on which types of loans. The third-quarter survey was conducted in July; 52 domestic banks and 21 foreign banks with operations here in the U.S. responded.
The figures are reported in terms of net tightening/loosening. The Fed adds up the percentage of banks that say they either tightened considerably or tightened somewhat in a given loan category and nets that out against the percentage of banks that eased somewhat or eased considerably. A positive percentage figure means more banks tightened than loosened; a negative percentage figure means more banks loosened than tightened.
The latest survey showed that:
- Residential mortgage credit was tougher to get all around. The Fed began breaking out separate figures for three sub-categories of home mortgages in the second quarter of 2007. And more recently banks are tightening standards across the board.
- The trend is spilling over into commercial real estate. This is no longer just a subprime mortgage crunch.
- Consumer credit is tougher to come by. The story is the same for credit cards, auto loans, boat loans, and other forms of consumer credit. Some 66.6% of lenders said they were tightening standards on credit card borrowers. That was up from 32.4% a quarter earlier and the highest since the Fed began collecting data in 1996. 67.4% are making it tougher to get other consumer loans, up from 44.4% and another record.
- Lastly, banks are tightening standards and raising the cost of the loans they do make for commercial and industrial customers. A net 57.6% of banks are tightening standards for large and medium sized borrowers, up from 55.4% a quarter earlier and the highest since the first quarter of 2001. More than 80% said they were raising the spread over their cost of funds that they charge large and medium sized borrowers for access to money. That was up from 71% a quarter earlier and the most ever.
We have record-high percentages of lenders tightening standards on residential mortgages, commercial mortgages, credit cards, and consumer loans. Businesses are also finding it tougher and costlier to borrow.
Corporate America will get hit particularly hard with sales and earnings slumping. That’s bearish for the stock market.
“As for the financial industry, it’s yet another sign that the worst is not over.
Banks are the stingiest ever because they went overboard during the housing bubble, leaving them vulnerable to large losses on previously issued home mortgages. Unfolding downturns in other sectors, like autos and commercial real estate, are starting to drive up delinquencies in other parts of their loan portfolios, too,” Larson states.
To read this issue online, please visit:
http://www.moneyandmarkets.com/Issues.aspx?NewsletterEntryId=2090
About Mike Larson and Money and Markets:
Mike Larson joined the company in 2001, and has more than 10 years of experience researching and writing about personal finance, investing, and the housing and mortgage industry. In 2003, Mr. Larson was named associate editor of the company’s monthly Safe Money Report. In this role, he is responsible for writing and editing as well as analyzing trading opportunities for clients. Mr. Larson is also a regular contributor to the company’s daily e-letter, Money and Markets.
Before joining Weiss Research, Mr. Larson was a personal finance reporter for Bankrate.com, where he wrote extensively on mortgage lending, banking, residential real estate, and Federal Reserve Board policy. His responsibilities included analyzing economic data and interest rate trends for a weekly column and developing rate forecasts for a regular index feature. Previously, Mr. Larson held positions at Bloomberg News and the Boston Herald.
Recognized as an interest rate and mortgage market expert, Mr. Larson’s views have been quoted in the Washington Post, Chicago Tribune, Dow Jones Newswires, Reuters, Sun-Sentinel and the Palm Beach Post. He has also appeared as an investment expert to discuss the housing market on CNBC, CNN, and Bloomberg Television. His writing has been acknowledged by both the National Association of Real Estate Editors and the Massachusetts Press Association.
Among the first analysts to call the housing slide, Mr. Larson’s new policy paper, “How Federal Regulators, Lenders and Wall Street Created America’s Housing Crisis: Nine Proposals for a Long-Term Recovery” has received broad media coverage following its July 2007 submission to the Federal Reserve and FDIC. Mr. Larson holds B.A. and B.S. degrees from Boston University.
Money and Markets (www.moneyandmarkets.com) is a free daily investment newsletter from Dr. Martin Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Weiss Research, Inc. is located in Jupiter, Florida. For more information about our editors, or to set up an interview, please contact Jennifer Moran at 561-627-3300 or visit www.moneyandmarkets.com.
###
Phoenix Expert Sees Real Estate Boom Ahead
August 10, 2008
Author H. L. Quist is on record in calling all the past five boom and bust cycles in the US since 1990.
Phoenix, AZ (PRWEB) August 10, 2008 — H L Quist, a Valley resident for thirty-six years, believes that the local real estate market will bottom this year and forecasts another boom starting in 2009. In April, 2005, H. L. Quist forecasted that the “Greenspan Plan” to promote all forms of consumer borrowing and spending would implode causing the real estate and credit meltdown aftermath experienced in 2007 and 2008.
Quist, who has taught “Cycles & Trends in Real Estate at the Southwestern School of Real Estate for the past fifteen years, says that, “All markets move on fundamentals and emotion. The new ‘Housing & Economic Recovery Act of 2008′ just passed by Congress and signed into law by President Bush, changes the fundamentals. The bill greatly expands the Federal Housing Administration (FHA) which will insure up to $300 billion in new loans for desparate homeowners who cannot qualify for FHA loans under the existing rules and law. The new FHA along with the Hope Now Alliance will slow the surge in foreclosures permitting the market psychology to also change.”
“Based upon information available as of this date, here’s an example of how the new FHA program might work,” explains Quist.
“A homeowner (who has spent at least 31% of their income on a mortgage)has an existing high interest sub-prime loan with (let’s say)Countrywide Financial. The loan may already be in default as is 48% of Countrywide’s $30 billion sub-prime portfolio. The borrower can refinance with the new FHA on a 30-year fixed rate loan at an interest rate significantly lower than any prime borrower on a conventional basis. Countrywide agrees to write down their mortgage to 90% of the current appraised value in exchange for a new loan guaranteed by FHA.The borrower presumably now has a loan that is affordable, Countrywide owns a loan that is fully valued on its balance sheet and the risk of default is assumed by taxpayers.”
Quist, now retired, worked thirty-five years in financial services and ten as a real estate developer and is the author of “The Aftermath of Greed: Get Ready for the Coming Inflationary Boom.” He is also the author of 3 other non-fiction and fiction books.
Contact:
H L Quist
602-840-4117
http://theaftermathofgreed-updates.blogspot.com/
####
United Country Real Estate Responds to Florida Market with Multi-Property Auction
August 6, 2008
More Than $30 Million in Property to be Sold on August 16 in Lakeland. Scott Oglesby, owner/auctioneer of United Country - Oglesby & Company of Bartow, Fla., will conduct a public auction on August 16. The auction will feature more than 70 properties worth an estimated $30 million, including recreational land, large acreages, residential homes, building sites, condos, upscale homes and commercial parcels located throughout Florida.
Kansas City, Mo (PRWEB) August 6, 2008 — Scott Oglesby, owner/auctioneer of United Country - Oglesby & Company of Bartow, Fla., will conduct a public auction on August 16. The auction will feature more than 70 properties worth an estimated $30 million, including recreational land, large acreages, residential homes, building sites, condos, upscale homes and commercial parcels located throughout Florida.
“This is not a junk sale,” explained Oglesby. “We are auctioning quality properties for highly motivated sellers, including everything from waterfront homes on Charlotte Harbor to homes located on golf course or featuring lake access. The surplus of property already for sale in Florida prompted our sellers to liquidate their real estate holdings through auction, a method of real estate marketing that provides an efficient means to turn non-producing assets back into cash flow.”
For the August 16 event, Oglesby has partnered with Bill Roye, owner/broker/auctioneer of United Country - Bill Roye Realty & Auction.
“The trend to move multiple properties through auction marketing is growing,” said Roye. “Selling real estate in today’s market can be challenging, and the auction method is a viable alternative to just sticking a sign on your property. It provides immediate results, maintains control of the sale process, and establishes a competitive selling price.”
This auction is open to the public, including both customers who have been involved with auctions before and those new to the auction method of marketing real estate.
“The current buyer’s market combined with the accelerated buying process offered by auctions makes these events ideal for consumers. However, many potential buyers feel intimidated by multi-property auctions,” said Oglesby. “Some people feel that these events only benefit real estate investors who have the ability to pay cash, but United Country’s multi-property auctions make it possible for average buyers to identify and purchase their dream properties with confidence. Today’s real estate market also creates the perfect opportunity for first time buyers to find affordable options.
“What makes our auction process different is our goal of finding the right buyer for each property at the accurate market price. Our mission is to unite these buyers and sellers to initiate transactions with mutual rewards. Financing options and home warranties also provide services to support our goal.”
The auction will begin at 11 a.m. on Aug. 16 at Fantasy of Flight in Lakeland, Fla. The homes will be available for preview on August 9 from 11 a.m. to 1 p.m. More information also can be found online at www.UCFloridaAuction.com or by calling 877-361-7770.
About United Country:
United Country Real Estate is the only national real estate franchise system specializing in properties in and around the small cities and towns of America. Based in Kansas City, Mo., the company has been an innovator in rural real estate marketing since 1925. United Country supports more than 700 offices nationwide with a unique, comprehensive marketing program that includes the leading web site in the rural real estate market (www.unitedcountry.com), proprietary real estate catalogs, an extensive buyer database and national advertising of properties to over 90 million homes a week. United Country has been named as a Top 25 Franchise by the Wall Street Journal and among Entrepreneur Magazine’s Franchise 500®. In January 2007, the company introduced United Country Auction Services, becoming the nation’s largest integrated network of traditional real estate agents and real estate auctioneers.
Distributed by www.asmarketingcenter.com, a division of AuctionServices.com, Inc.
###
Real Time Real Estate Report: National Housing Prices Down by 0.8% in July
August 5, 2008
Report measures current real estate data in major markets around the country. Data shows Las Vegas continuing to lead as the weakest U.S. housing market with real estate prices down another 4% in July. Current real estate data shows some summertime price stability in Midwestern markets Detroit, Cleveland, Indianapolis, and Minneapolis
Mountain View, CA (PRWEB) August 5, 2008 — The Altos 10-City Composite Price Index showed a decline in asking prices of 0.8% in July and 1.3% for the past three months. Prices of properties listed for-sale fell in 13 of 26 major markets according to the Real-Time Real Estate Report, published by Altos Research, the premier source for real-time real estate data, and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate in Las Vegas - down 4.0% during July - and 7.5% over the most recent three-month period for an annualized rate of 30%. Listing prices rose at the fastest rate in Detroit - up 4.8% in July - followed by Cleveland where prices were up 2.7%. Prices were also up slightly in the Midwestern markets of Indianapolis and Minneapolis.
“While prices continue to fall in coastal and Western markets, prices appear to have stabilized in Midwestern markets that were previously declining,” said Michael Simonsen, CEO and co-founder of Altos Research. “The real test will come in the fall when markets typically experience a seasonal slowdown which will be exacerbated by high job losses and foreclosures.”
Listed property inventories declined with the 10-City Composite markets showing a decrease of 2.0% in July. Inventory rose in just 6 of 26 markets with the biggest decreases occurring in Detroit and Cleveland.
“Broadly declining inventory is a positive sign in the near-term, particularly for the Midwestern markets which all showed inventory declines,” said Stephen Bedikian, partner and research director for Real IQ.
For the Altos 10-City Composite, the average days-on-market was 111 - a slight increase from 109 in June. Thirteen of 26 markets had an average days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was Miami at an average of 156 days-on-market, nearly a full month more than the next slowest market - Tampa. Austin led all markets with the fastest rate of inventory turnover at an average of 78 days-on-market.
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 26 metropolitan markets across the country. The report is the most timely source of housing market data on current market activity.
The report examines housing pricing, inventory levels and market conditions in 31 major U.S. metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, DC. The Real-Time Real Estate Report is released every month.
About Altos Research:
Altos Research LLC pioneered real-time real estate research. Founded in 2005, the company’s information products serve investors, traders, and thousands of real estate professionals. Because real estate data is traditionally obscure and highly latent, Altos built the Real-Time Market Intelligence(TM) platform to monitor dozens of housing market metrics as they are right now in local markets across the country. The company publishes real estate reports and real estate data each week for thousands of zip codes around the country.
###
Newport Coast Home to Hit the Auction Block
August 3, 2008
A home located in the prestigious Pelican Ridge community of Newport Coast, California, will hit the auction block on August 16, 2008. This is the first home in the Pelican Ridge community to be offered at auction. While most people associate auctions with distressed or foreclosed properties, many homeowners throughout the country are making the choice to offer their property via the auction method for its expedited results for both buyer and seller, according to Robert Storment, Vice President and COO of Real Estate Auction Associates. Later this month, Real Estate Auction Associates, a firm offering both traditional real estate services and auction services, will auction off the home in Pelican Ridge. The 3,200 square foot house has three bedrooms, three and one half baths, a gourmet kitchen, family room, custom parquet floor, custom indoor sauna, and a master bedroom with a jacuzzi-style tub.
Newport Coast, California (PRWEB) August 3, 2008 - A home located in the prestigious Pelican Ridge community of Newport Coast, California, will hit the auction block on August 16, 2008. This is the first home in the Pelican Ridge community to be offered at auction. While most people associate auctions with distressed or foreclosed properties, many homeowners throughout the country are making the choice to offer their property via the auction method for its expedited results for both buyer and seller, according to Robert Storment, Vice President and COO of Real Estate Auction Associates. Later this month, Real Estate Auction Associates, a firm offering both traditional real estate services and auction services, will auction off the home in Pelican Ridge. The 3,200 square foot house has three bedrooms, three and one half baths, a gourmet kitchen, family room, custom parquet floor, custom indoor sauna, and a master bedroom with a jacuzzi-style tub.
“The home has stunning views of the Pacific Ocean. It really doesn’t meet the stereotype of a property going to auction. It isn’t in foreclosure and it is not, as anyone can see upon first looking at it, a distressed property,” said Storment. “The layout of the home adds to its uniqueness,” said Storment, “Nearly every room offers a view of the sunset and the ocean.” The property will be available for preview from 9:00 to 11:00 a.m. prior to the auction on Saturday, August 16, 2008, at 11:00 a.m.
Well known for its celebrity inhabitants, golf courses, parks, and resorts, Newport Coast is a 7,700 acre planned development expected to have a population near 10,000 in 2008. Pelican Ridge is a guard-gated community that is convenient to miles of adjoining beaches, as well as the Irvine Ranch Wildlands and Parks, numerous local and regional shopping facilities, freeways, and John Wayne Airport.
Real Estate Auction Associates (REAA) is a member of the National Auctioneers Association (NAA), and offers both brokerage services in real estate and real estate auction services. REAA has been active in the auction industry for over 20 years and has auctioned properties in over 24 states. The CEO and COO are both Accredited Auctioneers of Real Estate, which is a designation held by only 5% of auctioneers worldwide. Melissa Storment, CEO, has consulted with top auction firms in the world on innovative ways to sell and market real estate via auction. Robert Storment, COO, is also a designate and graduate of the coveted Certified Auction Institute, which is a designation held by only 3% of auctioneers worldwide. For more information on Real Estate Auction Associates, visit http://reaa.us
For more information on the property, go to http://reaa.us/auctions.htm
For more information on Newport Coast, visit http://www.orangecounty.net/cities/NewportCoast.html
###
Lucky 7: ForeclosedHomes.com Offers Timely Tips on Home Buying
August 1, 2008
ForeclosedHomes.com offers advice on the home-buying process.
Goleta, CA (PRWEB) August 1, 2008 — ForeclosedHomes.com, a consumer-friendly online resource for finding foreclosed homes and foreclosure information on the web, is familiar with the difficulties of buying a home. But now that the real estate bubble has burst, there’s no better time to make this important investment: A home isn’t just a place to live, it’s a financial asset and a plan for the future.
To help potential homeowners get the most out of the investment, ForeclosedHomes.com has put together a set of home-buying guidelines.
The first step is to determine whether or not now is the right time to buy. A few general rules to consider:
– Steady employment. It’s essential to have a reliable source of income.
– A solid credit score. A bad credit score will increase mortgage interest rates. Potential homeowners should clean up their credit report and ensure that long-term debts are paid before considering homeownership. And when selecting a house, a potential buyer should determine the qualities that best suit his or her situation.
– An affordable price. The total cost of a home should generally be less than 2.5 years’ pay. Ensure that the down payment and monthly mortgage payments are manageable.
– Location, location, location. Where a home is located can change its value dramatically. Being in a district with good schools, for example, is important — both for raising the family and for resale value. Also consider what’s going on in the community. Are peace and quiet high priorities, for example? Then perhaps a rural or suburban environment would work best. By contrast, if a desire for high culture and a fast lifestyle is a factor, then an urban setting might be preferred.
– Size matters. Is the home big enough, and will it allow for future growth?
Finally, when buying the house …
– Get some help from the pros. Using a real estate agent and a home inspector is important in selecting a good home and making an appropriate bid.
– Make the right mortgage move. When selecting a mortgage, determine whether it’s better to pay additional points: One portion of the interest paid at closing may lead to greater savings down the road. If the plan is to stay around for a while (i.e., more than five years), experts say it’s usually better to take the points.
Follow these tips and make your home-owning dream a reality. Buying a home is truly a life milestone, and it can be a big step towards financial security. Finding a good house in a nice neighborhood could be the key to making a home investment pay off, reminds ForeclosedHomes.com.
About ForeclosedHomes.com
ForeclosedHomes.com is a consumer-friendly online resource for finding foreclosed homes and foreclosure information on the web. ForeclosedHomes.com provides consumers over 1,000,000 foreclosure and pre-foreclosure property listings updated daily, making it easier for consumers to get accurate information on pricing, quality and availability of hard-to-find real estate. Plus ForeclosedHomes.com has valuable tools, information and resources so that consumers can make the best, most informed decision on their home purchase - at a price that makes sense for them. A trusted resource for foreclosure information, ForeclosedHomes.com uses leading-edge, proprietary search technology with top quality customer service practices to enable home buyers and sellers to find, evaluate and purchase properties at below market costs. For more information, please visit us at http://www.foreclosedhomes.com
