TEXAS REO BANK FORECLOSURES: A "Real Estate Owned" Home (REO Home) is a Bank Foreclosure. REO homes are homes that have gone through foreclosure and are now owned by the bank. Due to the recent housing bubble, Bank Owned REOs are more prevelant than ever. The time to get a good deal on foreclosure real estate is now.
REO Homes
Tuesday, October 28, 2008
Investing in Foreclosures
If I sell, how can I add value? One of the best ways to realize a profit is to add value to the existing property. There are a myriad of ways to add value to a property, with the most important being improvements to the bathroom(s) and kitchen. It's also a good idea to stage a home for selling, and to pay special attention to the curb appeal of the home since it is the first impression a home buyer will have of the property.
Denton Foreclosed Homes
Denton Foreclosed Homes
Woman buys foreclosed home for a stranger
DALLAS — Two strangers were brought together by a leap of faith and one piece of property that was among 200 North Texas homes up for auction at the Dallas Convention Center this weekend.
While the misfortune of others lured hundreds of bargain hunters to the foreclosure auction, "Tracy" said she came to find closure. The woman took her seat among a sea of investors and strangers to say goodbye to her Pottsboro home, which is located just west of Denison.
"It means so much to all of us," she said of the rural residence that she lost to foreclosure. "It's not just a house."
At the fast-paced and energetic event, Tracy's tears did not go unnoticed.
"She was crying and I asked her what she was upset about," said Marilyn Mock, of Rockwall.
When Tracy's home, listed as "No. 73," came up for auction, Mock raised her hand and bid. With no picture of the property in the auction book, Mock had only Tracy's word on the home's value.
"I just kept asking her, 'Is it worth it?' She said, 'Yes,' and then it went again," Mock said.
Bid after bid, Mock kept raising her hand.
"The next thing you know, she tells me she is doing this for me — and then she had it," Tracy said.
Full Story News 8
While the misfortune of others lured hundreds of bargain hunters to the foreclosure auction, "Tracy" said she came to find closure. The woman took her seat among a sea of investors and strangers to say goodbye to her Pottsboro home, which is located just west of Denison.
"It means so much to all of us," she said of the rural residence that she lost to foreclosure. "It's not just a house."
At the fast-paced and energetic event, Tracy's tears did not go unnoticed.
"She was crying and I asked her what she was upset about," said Marilyn Mock, of Rockwall.
When Tracy's home, listed as "No. 73," came up for auction, Mock raised her hand and bid. With no picture of the property in the auction book, Mock had only Tracy's word on the home's value.
"I just kept asking her, 'Is it worth it?' She said, 'Yes,' and then it went again," Mock said.
Bid after bid, Mock kept raising her hand.
"The next thing you know, she tells me she is doing this for me — and then she had it," Tracy said.
Full Story News 8
Dallas HUD Homes
A real estate broker must be registered with HUD to make an offer and contract on HUD owned real estate. The real estate commission is paid by HUD. Certain groups are able to get special rates for buying HUD homes, including police officers, teachers and firefighters through the Good Neighbor Initiatives.
* HUD Homes are sold AS IS, without written warranty.
* Some HUD Homes qualify for FHA Loans.
* Once your offer is accepted, you should get a home inspection.
Dallas County HUD Homes
* HUD Homes are sold AS IS, without written warranty.
* Some HUD Homes qualify for FHA Loans.
* Once your offer is accepted, you should get a home inspection.
Dallas County HUD Homes
Texas Foreclosure Overview
Foreclosure is the legal process that allows the lendor to recover the money owed on a loan defaulted by the home buyer. Foreclosure is in effect, "repossession" of the property that's securing the loan.
Judicial Foreclosure / Foreclosure by Judicial Sale
Requires the sale of mortgage property under the supervision of the court with the proceeds going first to satisfy the mortgage, then lienholders, then home owners if there is any monies left.
Foreclosure by Power of Sale
Foreclosure by Power of Sale
Allowed by many states if a "Power of Sale" clause is included in the mortgage. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
Dallas Foreclosures
Judicial Foreclosure / Foreclosure by Judicial Sale
Requires the sale of mortgage property under the supervision of the court with the proceeds going first to satisfy the mortgage, then lienholders, then home owners if there is any monies left.
Foreclosure by Power of Sale
Foreclosure by Power of Sale
Allowed by many states if a "Power of Sale" clause is included in the mortgage. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
Dallas Foreclosures
Who can buy a HUD owned home?
Any qualified purchaser can make an offer to buy a HUD home. All offers must be submitted by a certified HUD approved real estate agent. Before making an offer, the prospective buyer must have a pre-qualification letter (with Credit Report approved by lender) for the loan amount needed, earnest money and a signed contract. Buyers paying cash must provide proof of available funds.
Texas HUD Homes
Texas HUD Homes
What is the difference between a HUD-owned and an REO foreclosure?
Offers on HUD properties are submitted through electronic bid. HUD will either accept or reject the offer. Offers on REO properties are submitted via TREC contract along with seller's addenda and negotiating takes place.
HUD Homes
HUD Homes
Auctioning Property Foreclosure
An auction property is one that is sold or about to be sold at a public auction, usually at the county courthouse. This means that the property owners could not payoff the arrears or sell the property before the date of the auction. The auction is open to all bidders, including investors and homebuyers, and it is sold to the highest bidder. The auction is under the control of the foreclosure attorney who conducts the sale on behalf of the lender.
Texas Foreclosure Property
Texas Foreclosure Property
Texas HUD Homes
A HUD Home is a single family home or other type of residence that is backed by the Federal Housing Administration / FHA and is now in foreclosure. Once a home backed by the FHA goes into foreclosure, it is deeded back to HUD by the lending mortgage company. A HUD Home is a government foreclosure.
Texas HUD Homes
Texas HUD Homes
Foreclosure Investment
The key to success in leasing is to find the right tenants as they will be responsible for the property when you're not around. The right tenants will help maintain the value of the property by informing you of known issues. The right tenants will also pay for the property, thus contributing to the return on your investment.
Texas Foreclosure Homes
Texas Foreclosure Homes
WHY INVEST IN REAL ESTATE?
With the volatility of the stock market, more and more investors are looking at the real estate market as an alternative for building net worth. The investment potential in single family homes is enormous because the long term trend is for values to go up.
As long as the buyer takes care of his investment and purchases the property at the right price, real estate is considered a safe personal investment. The key to success as an investor is to not get involved with any deal that won't make you a profit.
Real Estate Foreclosure Investments
As long as the buyer takes care of his investment and purchases the property at the right price, real estate is considered a safe personal investment. The key to success as an investor is to not get involved with any deal that won't make you a profit.
Real Estate Foreclosure Investments
Dallas-Fort Worth home prices caught up in August drop
October 28, 2008
By STEVE BROWN
The slide in U.S. home prices gained speed in August.
And home prices in the Dallas-Fort Worth area dipped lower as well.
Home prices fell by a record 16.6 percent in Standard & Poor's/Case-Shiller's monthly housing report.
In the D-FW area, prices fell 2.7 percent in August from a year ago in the benchmark home survey.
Out of the 20 markets Case-Shiller tracks, "13 of them had their annual returns worsen from last month's report," S&P's David M. Blitzer said in the survey. "As seen throughout 2008, the Sun Belt markets are being hit the most."
Full Story
By STEVE BROWN
The slide in U.S. home prices gained speed in August.
And home prices in the Dallas-Fort Worth area dipped lower as well.
Home prices fell by a record 16.6 percent in Standard & Poor's/Case-Shiller's monthly housing report.
In the D-FW area, prices fell 2.7 percent in August from a year ago in the benchmark home survey.
Out of the 20 markets Case-Shiller tracks, "13 of them had their annual returns worsen from last month's report," S&P's David M. Blitzer said in the survey. "As seen throughout 2008, the Sun Belt markets are being hit the most."
Full Story
White House to banks: Start lending now
WASHINGTON (AP) -- An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said.
Though there are limits on how much Washington can pressure banks, she noted that banks are regulated by the federal government.
"They will be watching very closely, and they're working with the banks," she said.
Anthony Ryan, Treasury's acting undersecretary for domestic finance, made the same point in a speech in New York before financial executives.
"As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding."
Full Story on DallasNews.com
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said.
Though there are limits on how much Washington can pressure banks, she noted that banks are regulated by the federal government.
"They will be watching very closely, and they're working with the banks," she said.
Anthony Ryan, Treasury's acting undersecretary for domestic finance, made the same point in a speech in New York before financial executives.
"As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding."
Full Story on DallasNews.com
Dallas Home Prices Drop
slide in U.S. home prices gained speed in August.
And home prices in the Dallas-Fort Worth area dipped lower as well.
Home prices fell by a record 16.6 percent in Standard & Poor's/Case-Shiller's monthly housing report.
In the D-FW area, prices fell 2.7 percent in August from a year ago in the benchmark home survey.
Out of the 20 markets Case-Shiller tracks, "13 of them had their annual returns worsen from last month's report," S&P's David M. Blitzer said in the survey. "As seen throughout 2008, the Sun Belt markets are being hit the most."
None of the cities Case-Shiller follows had an increase in home prices from last year.
The sharpest declines were in Las Vegas and Phoenix down more than 30 percent.
The D-FW area had the smallest home price decline of all the cities in the report. But the annual dip in home values here grew slightly from July to August.
Full Story DallasNews.com
And home prices in the Dallas-Fort Worth area dipped lower as well.
Home prices fell by a record 16.6 percent in Standard & Poor's/Case-Shiller's monthly housing report.
In the D-FW area, prices fell 2.7 percent in August from a year ago in the benchmark home survey.
Out of the 20 markets Case-Shiller tracks, "13 of them had their annual returns worsen from last month's report," S&P's David M. Blitzer said in the survey. "As seen throughout 2008, the Sun Belt markets are being hit the most."
None of the cities Case-Shiller follows had an increase in home prices from last year.
The sharpest declines were in Las Vegas and Phoenix down more than 30 percent.
The D-FW area had the smallest home price decline of all the cities in the report. But the annual dip in home values here grew slightly from July to August.
Full Story DallasNews.com
Friday, October 17, 2008
N.J. Gov. Delivers Economic Address to Legislature
WFMZ.com
October 16, 2008
New Jersey Governor Jon Corzine delivered an economic address to a joint session of the state Legislature Thursday afternoon. He proposed a plan aimed at addressing the pain caused by the economic crisis and positioning New Jersey to emerge stronger. Corzine wants to require mediation in contested foreclosures.
Full Story
October 16, 2008
New Jersey Governor Jon Corzine delivered an economic address to a joint session of the state Legislature Thursday afternoon. He proposed a plan aimed at addressing the pain caused by the economic crisis and positioning New Jersey to emerge stronger. Corzine wants to require mediation in contested foreclosures.
Full Story
Lincoln leery of bailout plan; homeowner advocates call for safeguards
September 23, 2008
The Morning News
LITTLE ROCK -- The proposed $700 billion bank bailout under consideration by Congress lacks federal oversight and leaves too much on the table for banking executives, U.S. Sen. Blanche Lincoln, D-Ark., said Tuesday.
Lincoln, who sits on the Senate Finance Committee, said in a letter to colleagues on the panel that draft legislation did not include enough oversight and accountability, and she criticized executive compensation provided in the plans.
Full Story
The Morning News
LITTLE ROCK -- The proposed $700 billion bank bailout under consideration by Congress lacks federal oversight and leaves too much on the table for banking executives, U.S. Sen. Blanche Lincoln, D-Ark., said Tuesday.
Lincoln, who sits on the Senate Finance Committee, said in a letter to colleagues on the panel that draft legislation did not include enough oversight and accountability, and she criticized executive compensation provided in the plans.
Full Story
The misguided CEO blame game
By Harlan Protass
October 16, 2008
If the most recent string of financial scandals has taught us anything, it's that some guy in a suit is going to end up behind bars whenever Main Street loses on Wall Street. Just ask Charles Keating, Michael Milken, Jeffrey Skilling or Bernard Ebbers. The fallout from the ongoing market meltdown is shaping up no differently.
The public wants heads, and pressure is building to hold top-level executives accountable for the crisis that has crippled the nation's financial system and will cost taxpayers billions. In the last two weeks alone, federal investigators have opened probes into four companies at the epicenter of the current financial debacle—Fannie Mae, Freddie Mac, Lehman Brothers and American International Group. And a series of former chief executive officers and senior executives from the nation's fallen financial giants have been dragged before Congress for unseemly "show-trials."
Full Story
October 16, 2008
If the most recent string of financial scandals has taught us anything, it's that some guy in a suit is going to end up behind bars whenever Main Street loses on Wall Street. Just ask Charles Keating, Michael Milken, Jeffrey Skilling or Bernard Ebbers. The fallout from the ongoing market meltdown is shaping up no differently.
The public wants heads, and pressure is building to hold top-level executives accountable for the crisis that has crippled the nation's financial system and will cost taxpayers billions. In the last two weeks alone, federal investigators have opened probes into four companies at the epicenter of the current financial debacle—Fannie Mae, Freddie Mac, Lehman Brothers and American International Group. And a series of former chief executive officers and senior executives from the nation's fallen financial giants have been dragged before Congress for unseemly "show-trials."
Full Story
Lauderdale firm didn't deliver mortgage relief, state suit alleges
By Jon Burstein South Florida Sun-Sentinel
October 17, 2008
Fort Lauderdale-based Outreach Housing calls itself a grass-roots organization with "a groundbreaking initiative" to help South Florida homeowners threatened with foreclosure.
But the Florida Attorney General's Office said Thursday that behind that promise of mortgage relief is a company engaged in deceptive practices that have left a trail of at least 50 complaining homeowners.
The state filed a consumer protection lawsuit against Outreach Housing, asking a Broward Circuit Court judge to issue an injunction preventing it from engaging in any aspect of the real estate business.
Also named as defendants in the suit are Blair L. Wright and Bryan Berry, the two men the state says own the company.
Full Story
October 17, 2008
Fort Lauderdale-based Outreach Housing calls itself a grass-roots organization with "a groundbreaking initiative" to help South Florida homeowners threatened with foreclosure.
But the Florida Attorney General's Office said Thursday that behind that promise of mortgage relief is a company engaged in deceptive practices that have left a trail of at least 50 complaining homeowners.
The state filed a consumer protection lawsuit against Outreach Housing, asking a Broward Circuit Court judge to issue an injunction preventing it from engaging in any aspect of the real estate business.
Also named as defendants in the suit are Blair L. Wright and Bryan Berry, the two men the state says own the company.
Full Story
You can still get a mortgage
By Kenneth R. Harney
October 17, 2008
Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been—with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan with less than a 20 percent or 30 percent down payment? Or with a credit score below 720?
Absolutely. It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors. Consider these facts:
Full Story
October 17, 2008
Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been—with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan with less than a 20 percent or 30 percent down payment? Or with a credit score below 720?
Absolutely. It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors. Consider these facts:
Full Story
Black homeowners need to adjust priorities
David Squires Urban Affairs
DailyPress.com
October 16, 2008
No one knows yet how bad the current financial crisis is, but we do know this: When America gets the flu, the African-American community gets pneumonia.So where is the financial health of the black community headed?For many, surviving will take a lot more than hot soup and a change in the White House. It will take a cure for our big-house disease. The mortgage crisis is helping with this.
We also need to realize that we don't need the biggest and fanciest car on the road, our kids will be just fine in store-brand clothing, and we can stop paying $100 for athletic shoes.
Full Story
DailyPress.com
October 16, 2008
No one knows yet how bad the current financial crisis is, but we do know this: When America gets the flu, the African-American community gets pneumonia.So where is the financial health of the black community headed?For many, surviving will take a lot more than hot soup and a change in the White House. It will take a cure for our big-house disease. The mortgage crisis is helping with this.
We also need to realize that we don't need the biggest and fanciest car on the road, our kids will be just fine in store-brand clothing, and we can stop paying $100 for athletic shoes.
Full Story
Dodd wants new financial reform laws
ConnPost.com - October 15, 2008
HARTFORD (AP) - Connecticut Sen. Christopher Dodd is endorsing Barack Obama's proposal for a 90-day moratorium on home foreclosures, and plans to offer more legislation after Election Day to boost the nation's ailing economy.
Dodd spoke Wednesday to an annual conference of the Connecticut Housing Coalition in Hartford. He says that people facing foreclosure deserve a time-out from the process.
Full Story
HARTFORD (AP) - Connecticut Sen. Christopher Dodd is endorsing Barack Obama's proposal for a 90-day moratorium on home foreclosures, and plans to offer more legislation after Election Day to boost the nation's ailing economy.
Dodd spoke Wednesday to an annual conference of the Connecticut Housing Coalition in Hartford. He says that people facing foreclosure deserve a time-out from the process.
Full Story
New Home Construction Falls To 17 Year Low
Friday, October 17, 2008
Economic News: Get the latest news, video, and polls!
WASHINGTON (Reuters) - Construction starts on new homes fell to a new 17-1/2 year low in September as builders scaled back amid a worsening housing slump and growing turmoil in financial markets that helped pushed permits for new homes to a nearly 27-year low.
The Commerce Department reported on Friday that starts on new homes fell 6.3 percent to a seasonally adjusted annual rate 817,000 units, their slowest pace since January 1991. This was well below the 880,000 rate that Wall Street economists polled by Reuters had expected.
Full Story
Economic News: Get the latest news, video, and polls!
WASHINGTON (Reuters) - Construction starts on new homes fell to a new 17-1/2 year low in September as builders scaled back amid a worsening housing slump and growing turmoil in financial markets that helped pushed permits for new homes to a nearly 27-year low.
The Commerce Department reported on Friday that starts on new homes fell 6.3 percent to a seasonally adjusted annual rate 817,000 units, their slowest pace since January 1991. This was well below the 880,000 rate that Wall Street economists polled by Reuters had expected.
Full Story
Foreclosures a heavy weight on home prices
TwinCities.com - October 16, 2008
Sales of homes in foreclosure and other lender-mediated transactions continue to account for a bigger share of the Twin Cities housing market, lowering the market's overall median home price and promising to serve as a drag on the market for months to come.
Those were some of the key findings from a report the Minneapolis Area Association of Realtors issued Thursday, which found that the Twin Cities saw a jump during the third quarter in the share of overall home sales that were lender-mediated transactions.
Full Story Here
Sales of homes in foreclosure and other lender-mediated transactions continue to account for a bigger share of the Twin Cities housing market, lowering the market's overall median home price and promising to serve as a drag on the market for months to come.
Those were some of the key findings from a report the Minneapolis Area Association of Realtors issued Thursday, which found that the Twin Cities saw a jump during the third quarter in the share of overall home sales that were lender-mediated transactions.
Full Story Here
NJ to Help Avoid Foreclosures, Economic Chief Says (Update1)
October 16, 2008
By David M. Levitt
New Jersey plans to provide ``major sums'' to help homeowners avoid foreclosure, said Jerold Zaro, the state's new economic development chief.
The state will help groups buy and lease back homes and require mediation to assist those in danger of losing property to foreclosure, Zaro said at a speech in Teaneck today to a group of real estate executives. The state also will provide $10 million for home heating oil assistance and $2.5 million to food banks, he said.
Full Story
By David M. Levitt
New Jersey plans to provide ``major sums'' to help homeowners avoid foreclosure, said Jerold Zaro, the state's new economic development chief.
The state will help groups buy and lease back homes and require mediation to assist those in danger of losing property to foreclosure, Zaro said at a speech in Teaneck today to a group of real estate executives. The state also will provide $10 million for home heating oil assistance and $2.5 million to food banks, he said.
Full Story
The Bailout Bill: What's in it for you?
South Florida Sun Sentinel - October 3, 2008
What's in the bailout bill for you?For struggling homeowners, very little.There are slim pickings for the almost 273,000 Florida homeowners who are behind on their mortgage payments. And the more than 213,000 Florida homes already in foreclosure.By comparison, for businesses and consumers, the bill came loaded: Tax breaks for Puerto Rican rum producers and children's arrow makers and mining equipment purchasers. Lawmakers kept going back to the kitchen to cook up some more extras.
Full Story
What's in the bailout bill for you?For struggling homeowners, very little.There are slim pickings for the almost 273,000 Florida homeowners who are behind on their mortgage payments. And the more than 213,000 Florida homes already in foreclosure.By comparison, for businesses and consumers, the bill came loaded: Tax breaks for Puerto Rican rum producers and children's arrow makers and mining equipment purchasers. Lawmakers kept going back to the kitchen to cook up some more extras.
Full Story
Tuesday, September 30, 2008
The question now: Will bailout plan work?
September 30, 2008
By John Waggoner, Sue Kirchhoff and Barbara Hagenbaugh, USA TODAY
They met. They argued. They wheeled and dealed.
Now Congress has a tentative agreement on how to bail out the nation's financial system, and leaders are promising approval by midweek.
The $700 billion question: Will it work?
Full Story
By John Waggoner, Sue Kirchhoff and Barbara Hagenbaugh, USA TODAY
They met. They argued. They wheeled and dealed.
Now Congress has a tentative agreement on how to bail out the nation's financial system, and leaders are promising approval by midweek.
The $700 billion question: Will it work?
Full Story
US home prices could fall further if lawmakers fail to pass bailout plan
September 29, 2008
Alan Zibel
WASHINGTON (AP) - The recession in the U.S. housing market is expected to be deeper, longer and scarier if lawmakers continue to be deadlocked in their effort to pass a $700 billion bailout of the financial industry.
"If they don't do something, they're going to shut down real estate completely," said Richard Shuman, a real agent and mortgage broker near Orlando, Fla., who has seen his business dry up over the past week as the nation's financial system was gripped by paralysis.
The situation is dicey enough to make anyone thinking of buying a home queasy.
Full Story
Alan Zibel
WASHINGTON (AP) - The recession in the U.S. housing market is expected to be deeper, longer and scarier if lawmakers continue to be deadlocked in their effort to pass a $700 billion bailout of the financial industry.
"If they don't do something, they're going to shut down real estate completely," said Richard Shuman, a real agent and mortgage broker near Orlando, Fla., who has seen his business dry up over the past week as the nation's financial system was gripped by paralysis.
The situation is dicey enough to make anyone thinking of buying a home queasy.
Full Story
Consumers in gloomy mood on cusp of holiday season
September 30, 2008
By Ane D'Innocenzio
NEW YORK - With the holiday shopping season about to start, consumer confidence is hovering near the lowest it's been since President Bush's father was commander in chief. It may dip more as Americans open their 401(k) statements and see how much they've lost in the last few weeks.
The Conference Board said Tuesday that its Consumer Confidence Index is now at 59.8. That's up slightly from a revised 58.5 in August and higher than analysts expected.
Full Story
By Ane D'Innocenzio
NEW YORK - With the holiday shopping season about to start, consumer confidence is hovering near the lowest it's been since President Bush's father was commander in chief. It may dip more as Americans open their 401(k) statements and see how much they've lost in the last few weeks.
The Conference Board said Tuesday that its Consumer Confidence Index is now at 59.8. That's up slightly from a revised 58.5 in August and higher than analysts expected.
Full Story
Thursday, September 4, 2008
Preston Announces Disaster Assistance for Louisianna
Foreclosure protection offered to displaced families in 34 Parishes
WASHINGTON - U.S. Housing and Urban Development Secretary Steve Preston today announced a foreclosure moratorium in 34 parishes throughout Southern and Central Louisiana and offered support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This foreclosure relief will help families living in presidentially declared disaster areas whose damaged homes are insured through the Federal Housing Administration (FHA).
Monday, August 18, 2008
HUD RELEASES TIPS FOR AVOIDING FORECLOSURE
HUD.gov - July 11, 2007
WASHINGTON - Today, the U.S. Department of Housing and Urban Development (HUD) released its top 10 tips for homeowners who are facing foreclosure.
"These guidelines will assist homeowners who are struggling to pay their mortgage and could be threatened with foreclosure," said HUD Secretary Alphonso Jackson. "We want to encourage homeowners to take action and use every resource available so that they can get control of their finances and stay in their home."
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
Tuesday, July 15, 2008
High number of homeless dogs due to foreclosures
Ruby, a 7-year-old corgi mix, is still looking for a home, but many other dogs and cats from the Operation Kindness animal shelter found new owners this weekend.
Dallas News Full story
Dallas News Full story
N. Texas home foreclosures ease in some areas
Dallas Business Journal (June 2008) - The number of July home foreclosures in the Dallas-Fort Worth area rose 33 percent from a year ago but was down 2 percent from June.
Postings set for the upcoming auctions in July reached 3,747 in Dallas-Fort Worth, with notices in Dallas County numbering 1,651, up 22 percent from a year ago but down 4 percent from June. Tarrant County notices reached 1,212, up 38 percent from a year ago and up 3 percent from June.
The number of July foreclosure notices were lower than in June in five out of 10 counties covered by Foreclosure Listing Service Inc. Besides Dallas County, the numbers were lower than in June in Denton (down 12 percent), Johnson (down 8 percent), Parker (down 2 percent) and Kaufman (down 19 percent) counties.
Postings set for the upcoming auctions in July reached 3,747 in Dallas-Fort Worth, with notices in Dallas County numbering 1,651, up 22 percent from a year ago but down 4 percent from June. Tarrant County notices reached 1,212, up 38 percent from a year ago and up 3 percent from June.
The number of July foreclosure notices were lower than in June in five out of 10 counties covered by Foreclosure Listing Service Inc. Besides Dallas County, the numbers were lower than in June in Denton (down 12 percent), Johnson (down 8 percent), Parker (down 2 percent) and Kaufman (down 19 percent) counties.
Texas Real Estate Slump Lets Mexicans Take It Back (Update1)
June 25 (Bloomberg) -- More than a century and a half after Mexico lost Texas to the U.S., Virgilio Garza wants a piece of it back.
A ``Texas for Sale'' sign and cowgirls in boots and white hats greeted Garza at the Convex center in Monterrey, Mexico, earlier this month. A Monterrey developer and investor, Garza was in search of foreclosed U.S. property to buy.
``Texas is like our home,'' said Garza, 45, who joined hundreds of Mexicans poring over lists of Texas properties at the four-day event. Garza, who owns manufacturing sites and other land in Mexico, said he and five partners may invest as much as $8 million in Texas. ``We believe there can be some opportunities.''
Full story on Bloomberg
A ``Texas for Sale'' sign and cowgirls in boots and white hats greeted Garza at the Convex center in Monterrey, Mexico, earlier this month. A Monterrey developer and investor, Garza was in search of foreclosed U.S. property to buy.
``Texas is like our home,'' said Garza, 45, who joined hundreds of Mexicans poring over lists of Texas properties at the four-day event. Garza, who owns manufacturing sites and other land in Mexico, said he and five partners may invest as much as $8 million in Texas. ``We believe there can be some opportunities.''
Full story on Bloomberg
Friday, July 4, 2008
Dallas Home Foreclosures Double for $1 Million & Up
The Dallas Morning News reports in July, 2008 that Dallas luxury home foreclosures of $1 Million and up have doubled in the DFW area. This means the mortgage industry problems are rising among affluent homeowners. "Foreclosures of million-dollar-plus houses are the fastest-growing segment of the Dallas-Fort Worth distressed home market, according to a new study. "
"More than 70 residences that went for $1 million and up have been posted for foreclosure in the first half of 2008 – more than twice the number in the same period last year, Addison-based Foreclosure Listing Service said Thursday. "
Full Story.
Texas Foreclosure Property
"More than 70 residences that went for $1 million and up have been posted for foreclosure in the first half of 2008 – more than twice the number in the same period last year, Addison-based Foreclosure Listing Service said Thursday. "
Full Story.
Texas Foreclosure Property
Foreclosures of luxury homes on the rise in DFW
Thursday, July 3, 2008 - 5:56 PM CDT
Dallas Business Journal reports that
"Local foreclosures of million-dollar homes have more than doubled in the first half this year from a year ago, according to a recent survey by Foreclosure Listing Service, Inc."
"Although foreclosures of executive and luxury homes made up just 7 percent of postings filed in the first half, foreclosures on homes worth $1 million or more has surged 112 percent in the Dallas-Fort Worth area, the biggest gain out of all housing segments, according to Addison-based Foreclosure Listing Service. "
Texas Foreclosure Homes
Dallas Business Journal reports that
"Local foreclosures of million-dollar homes have more than doubled in the first half this year from a year ago, according to a recent survey by Foreclosure Listing Service, Inc."
"Although foreclosures of executive and luxury homes made up just 7 percent of postings filed in the first half, foreclosures on homes worth $1 million or more has surged 112 percent in the Dallas-Fort Worth area, the biggest gain out of all housing segments, according to Addison-based Foreclosure Listing Service. "
Texas Foreclosure Homes
Tuesday, June 10, 2008
Foreclosures Hurt Economy, Personal Finance - Fox News Report
June 9, 2008 - Thousands of North Texans are struggling to keep their homes. FOX 4's Scott Sayres explains why foreclosures take a toll on more than just the economy.
Full Story on Fox News
Full Story on Fox News
Foreclosures, Late Payments Set Records
June 5, 2008 - (AP) Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis' mounting damage to homeowners and the economy. Full Story on CBS News
Texas Foreclosures Denton
Texas Foreclosures Denton
Tuesday, May 27, 2008
Denton Foreclosure List
Specialty Realty Group offers a comprehensive foreclosure list for Denton and Fort Worth, Texas. If you're interested in REOs, Short Sales or HUD Homes in Denton or Fort Worth, visit the SRGPro website and sign up to receive the latest foreclosures.
Denton Foreclosure Properties
Denton Foreclosure Properties
Ranieri Pursuing $1 Billion Distressed Mortgage Fund
By PAUL JACKSON
Published: May 23, 2008
Lewis Ranieri, the mortgage-backed bond market pioneer that made headlines earlier this week for his involvement in troubled Franklin Bank Corp., is the latest to jump into the distressed mortgage space with news Friday that a fund he manages has been seeking to raise $1 billion in fresh capital. Housing Wire
Published: May 23, 2008
Lewis Ranieri, the mortgage-backed bond market pioneer that made headlines earlier this week for his involvement in troubled Franklin Bank Corp., is the latest to jump into the distressed mortgage space with news Friday that a fund he manages has been seeking to raise $1 billion in fresh capital. Housing Wire
Sunday, May 18, 2008
Foreclosure Bus Tours
VIRGINIA - Potential homebuyers take bus tours of foreclosed properties, but is it a good deal? CNN's Kate Bolduan reports. CNN Video
Friday, April 11, 2008
Report: Dallas-Fort Worth won't see big home price declines
Report: Dallas-Fort Worth won't see big home price declines 11:08 PM CDT on Thursday, April 10, 2008 By STEVE BROWN / The Dallas Morning News stevebrown@dallasnews.com
While North Texas' housing market decline has accelerated in recent months, analysts are still betting that the Dallas-Fort Worth area won't see measurable price declines. Indeed, the latest report from mortgage insurance firm PMI Group says that D-FW is one of the last places in the country likely to see a drop in home prices during the next couple of years. There's less than a 1 percent chance that home prices will fall here, according to PMI's spring risk index report, which was released Thursday. At the same time, PMI says that 13 of the nation's top housing markets have more than a 60 percent likelihood of home price declines. Full Story
While North Texas' housing market decline has accelerated in recent months, analysts are still betting that the Dallas-Fort Worth area won't see measurable price declines. Indeed, the latest report from mortgage insurance firm PMI Group says that D-FW is one of the last places in the country likely to see a drop in home prices during the next couple of years. There's less than a 1 percent chance that home prices will fall here, according to PMI's spring risk index report, which was released Thursday. At the same time, PMI says that 13 of the nation's top housing markets have more than a 60 percent likelihood of home price declines. Full Story
National Foreclosure Statistics
National Foreclosure Statistics - This Wall Street Journal article shows how major metro areas are faring against the national average for foreclosures.
Friday, April 4, 2008
Housing Bubble
Housing Bubble Cartoon - YouTube Cartoon
From the Housing Bubble Blog
The Dallas Morning News reports from Texas. “In the Dallas-Fort Worth area…at the end of February, about 43,000 homes were for sale in the Realtors’ MLS. That’s up only about 2,000 listings from February 2006. North Dallas and the Park Cities, which have so far seemed bullet-proof to the housing downturn, both saw a 28 percent jump in home listings during the first two months of 2008 compared with the same period of 2007.”
‘‘There are 150 houses over $1 million in the Park Cities area, and they are not moving as swiftly,’ said longtime Dallas real estate agent Virginia Cook. ‘There are some speculative houses that are $15 million.’”
“It is unclear how many of the more than 19,000 homes foreclosed on in the Dallas-Fort Worth area last year are still on the market. Also, there are almost 10,000 unsold new houses on the market in North Texas. Some analysts have said builder price cuts on these properties have been a significant drag on the pre-owned home market.”
“During the first two months of 2008, median home prices in North Texas fell 2 percent to $138,000, according to the latest statistics from the North Texas Real Estate Information Systems. That’s down from a peak of about $155,000 last August.”
“For all of 2007, total pre-owned home sales were down about 8 percent last year in North Texas, ending a string of record sales totals.”
“‘The bottom part of the market is pretty overbuilt right now,’ said D’Ann Petersen, a business economist with the Federal Reserve Bank of Dallas. ‘So we have seen some pretty heavy discounts on those as builders try to get that inventory down.’”
The Star Telegram. “North Texas new-home sales during the first three months of the year dropped 31 percent from first quarter 2007, according to figures released Thursday.” “The drop in sales has prompted builders to pull back on construction: Builders started 5,207 homes during the quarter, down 35.3 percent from the 8,053 started in the first three months of 2007 and less than half the 12,370 starts in first quarter 2006, according to the report.”
“Construction this year will be well below the record of nearly 50,000 home starts in 2005 and 2006.”
“‘The Texas market in general I would not necessarily say is strong, but relative to other markets, it is in much better shape,’ said Stephen Bedikian, partner and research director at Real IQ.”
The Pegasus News. “Residential foreclosures continued to rise across North Texas this month, with Denton County’s foreclosure rate 40 percent higher than April of last year, according to recent statistics.”
“April foreclosures rose more sharply in Denton County than any of the other 10 North Texas counties surveyed, leading by at least 17 percent, according to Foreclosure Listing Service, Inc.”
“‘A lot of people went into home ownership who shouldn’t have,’ said Bernard Weinstein, director of the center for economic development and research.”
“Weinstein said many people bought homes in 2006 with ‘teaser’ interest rates. Weinstein said 25 percent of all North Texas loans in 2006 involved such a rate and foreclosures will rise even higher in 2009 when homeowners will face an increased interest rate.”
“Real estate agent Brad McKissack said most foreclosures were in areas of new development along the Highway 380 corridor between Aubrey and Frisco. McKissack said his realty has noticed the foreclosure rate in Denton County since September 2007, but the number of foreclosures in Tarrant and Dallas counties remains higher.”
“‘I still think we will see them in abundance over the next two to three months,’ he said.”
The Amarillo Globe News. “Amarillo’s median home prices rose 11 percent, comparing sales in the fourth quarter of 2006 to the same period in 2007, according to National Association of Realtors data.”
“‘An 11 percent change in a quarter, that could just be a volatility issue,’ Amarillo economist Karr Ingham said, referring to Amarillo’s increase.”
“Better to compare longer trends, the economy watchers agreed. And those show Amarillo has seen smaller - but steady - home price gains, they said.”
“Huh? Smaller gains are better?”
“‘From my standpoint, as a matter of interpretation, I would not care to see 10 or 11 percent increases in home prices, year in and year out, for any sustained level of time,’ Ingham said. ‘And the reason is household incomes aren’t going up that rapidly.’”
“‘Prices going up that fast - and believe me they have in many markets - are the reason they’re crashing now. For home buyers, you have an ever-increasing percentage of your household income going toward your housing expenses. That’s clearly not sustainable over a long period of time,’ he said.”
“Lenders have tightened restrictions everywhere in reaction to the subprime crisis, so buyers shopping for a loan should expect more scrutiny. Builders have reacted by starting fewer speculative homes - those not pre-sold - to reduce the inventory they carry, Texas Panhandle Builders Association Executive Director Lew Bradshaw said.”
“‘I think it’s probably just smart business sense,’ he said. ‘The ones that were building 10, 12 specs at a time, they’re doing five or six, which is smart.’”
The Express News. “The national economic downturn has hit city government. While the effects aren’t fully known, the sluggishness that some label a recession will figure prominently in upcoming discussions about the budget year that starts in the fall.”
“While cities that San Antonio measures itself against face severe budget shortfalls and layoffs, the picture locally is sobering but not nearly as bleak, City Manager Sheryl Sculley said.”
“But she acknowledged that the community’s galloping growth of the past few years, as measured by the Federal Reserve Bank’s Business-Cycle Index, has slowed to a crawl in ways that will affect the 2009 budget.”
“Records show new residential building permits came in 53 percent under what the city had projected for the first quarter of 2008. As a result, city officials revised downward by 40 percent the number of new home construction permits it expects to issue for the year.”
“‘It looks like we went from a 100-yard sprint to a 100-yard jog, but at least we are still moving,’ District 10 Councilman John Clamp said. ‘Our rate of growth has decelerated.’”
“‘San Antonio is holding its position as the national and world economies go into the tank,’ said Trinity University economics professor Richard Butler. ‘We don’t live on an island, isolated from all that. But the ground we are on right now is pretty high.’”
The American Statesman. “Austin-area builders continue to cut back on the construction of homes, with first-quarter starts falling to their lowest levels since 2003. Starts for new homes declined 33 percent to 2,271, compared with first quarter of 2007, according to Residential Strategies Inc.”
“The number of new-home closings dropped 24 percent to 3,125. A similar slowdown is occurring in sales of existing homes, which dropped 10 percent to 1,553 in February, compared with the year-ago period.”
“‘Because of what’s happening nationally, we continue to see the deterioration of the market,’ said Mark Sprague, Austin partner for Residential Strategies. Though ‘we’re hearing about the market slowing down dramatically here, we don’t have a clue compared to the rest of the country. We’re still in our third-best year ever. … But it’s definitely off because of the national mortgage meltdown.’”
“Fewer homes are being built in Central Texas also because cash-strapped large-production national home builders are battling high inventories in other markets and are cutting back even in relatively strong areas such as Austin.”
“‘They’ve cut back across the board,’ said Ben Loftsgaarden, who follows economic trends for Angelou Economics.”
“Plans for an upscale, 1,400-home subdivision near Parmer Lane and the Texas 45 North toll road have been called off because of a national pullback by struggling Dallas-based home builder Centex Homes.”
“Centex has canceled its contract to buy 465 acres of the 750-acre Pearson family ranch, where it planned to spend $275 million to build one of the largest master-planned communities in Central Texas. The Pearson Place project was announced in February.”
“‘It was part of a larger strategic review of the company nationally,’ Centex’s director of strategic and operational marketing, Tara Thomason, said of the decision.”
“Centex isn’t the only company pulling back in Central Texas, which began as early as 2006, said Eldon Rude, local director for residential real estate market researcher Metrostudy.”
“‘The largest public builders are continuing to face significant challenges around the country, especially in California, Nevada, Arizona and Florida,’ Rude said. ‘As a result of that, they are looking to all of their divisions all over the country to take part in their move to conserve funds, and so even in some of the healthier markets, like Austin, they are looking to local divisions to buy less land.’”
“A high-profile arts-themed hotel and condominium project will be the first major project for the long-neglected Waller Creek area of downtown, developers announced Wednesday.”
“The 21c Museum Hotel and 21c Museum Residences, originally planned for Third and Brazos streets downtown, will be built on a new, larger site at East Cesar Chavez and Red River streets, along the banks of the creek.”
“‘I’m drinking the Kool-Aid about the whole Waller Creek area,’ said Steve Poe, CEO of the Poe Companies, which is one of the partners in the project. ‘This is the natural progression for the city. People gravitate towards parks and water, and that’s what this is.’”
“The hotel will be followed by a 49-story condominium tower with 295 residential units, and in the future, a 425,00-square-foot tower with offices and shops or more housing, according to the Poe Companies.”
“The condo tower would rank among the tallest being built or planned amid downtown’s residential building boom. A 55-story condo tower, the Austonian, is under construction at Second Street and Congress Avenue. And local developer Tom Stacy plans a 66-story hotel/condominium tower near Sixth and Brazos streets.”
“Austin City Council Sheryl Cole said the 21c project ‘begins to fulfill the promise that Waller Creek will become a world class destination. It is wonderful to already see a major return on our investment.’”
“‘This is like that proverbial place in Central Park in New York City,’ Poe said. ‘That’s what we’re creating.’”
From the Housing Bubble Blog
The Dallas Morning News reports from Texas. “In the Dallas-Fort Worth area…at the end of February, about 43,000 homes were for sale in the Realtors’ MLS. That’s up only about 2,000 listings from February 2006. North Dallas and the Park Cities, which have so far seemed bullet-proof to the housing downturn, both saw a 28 percent jump in home listings during the first two months of 2008 compared with the same period of 2007.”
‘‘There are 150 houses over $1 million in the Park Cities area, and they are not moving as swiftly,’ said longtime Dallas real estate agent Virginia Cook. ‘There are some speculative houses that are $15 million.’”
“It is unclear how many of the more than 19,000 homes foreclosed on in the Dallas-Fort Worth area last year are still on the market. Also, there are almost 10,000 unsold new houses on the market in North Texas. Some analysts have said builder price cuts on these properties have been a significant drag on the pre-owned home market.”
“During the first two months of 2008, median home prices in North Texas fell 2 percent to $138,000, according to the latest statistics from the North Texas Real Estate Information Systems. That’s down from a peak of about $155,000 last August.”
“For all of 2007, total pre-owned home sales were down about 8 percent last year in North Texas, ending a string of record sales totals.”
“‘The bottom part of the market is pretty overbuilt right now,’ said D’Ann Petersen, a business economist with the Federal Reserve Bank of Dallas. ‘So we have seen some pretty heavy discounts on those as builders try to get that inventory down.’”
The Star Telegram. “North Texas new-home sales during the first three months of the year dropped 31 percent from first quarter 2007, according to figures released Thursday.” “The drop in sales has prompted builders to pull back on construction: Builders started 5,207 homes during the quarter, down 35.3 percent from the 8,053 started in the first three months of 2007 and less than half the 12,370 starts in first quarter 2006, according to the report.”
“Construction this year will be well below the record of nearly 50,000 home starts in 2005 and 2006.”
“‘The Texas market in general I would not necessarily say is strong, but relative to other markets, it is in much better shape,’ said Stephen Bedikian, partner and research director at Real IQ.”
The Pegasus News. “Residential foreclosures continued to rise across North Texas this month, with Denton County’s foreclosure rate 40 percent higher than April of last year, according to recent statistics.”
“April foreclosures rose more sharply in Denton County than any of the other 10 North Texas counties surveyed, leading by at least 17 percent, according to Foreclosure Listing Service, Inc.”
“‘A lot of people went into home ownership who shouldn’t have,’ said Bernard Weinstein, director of the center for economic development and research.”
“Weinstein said many people bought homes in 2006 with ‘teaser’ interest rates. Weinstein said 25 percent of all North Texas loans in 2006 involved such a rate and foreclosures will rise even higher in 2009 when homeowners will face an increased interest rate.”
“Real estate agent Brad McKissack said most foreclosures were in areas of new development along the Highway 380 corridor between Aubrey and Frisco. McKissack said his realty has noticed the foreclosure rate in Denton County since September 2007, but the number of foreclosures in Tarrant and Dallas counties remains higher.”
“‘I still think we will see them in abundance over the next two to three months,’ he said.”
The Amarillo Globe News. “Amarillo’s median home prices rose 11 percent, comparing sales in the fourth quarter of 2006 to the same period in 2007, according to National Association of Realtors data.”
“‘An 11 percent change in a quarter, that could just be a volatility issue,’ Amarillo economist Karr Ingham said, referring to Amarillo’s increase.”
“Better to compare longer trends, the economy watchers agreed. And those show Amarillo has seen smaller - but steady - home price gains, they said.”
“Huh? Smaller gains are better?”
“‘From my standpoint, as a matter of interpretation, I would not care to see 10 or 11 percent increases in home prices, year in and year out, for any sustained level of time,’ Ingham said. ‘And the reason is household incomes aren’t going up that rapidly.’”
“‘Prices going up that fast - and believe me they have in many markets - are the reason they’re crashing now. For home buyers, you have an ever-increasing percentage of your household income going toward your housing expenses. That’s clearly not sustainable over a long period of time,’ he said.”
“Lenders have tightened restrictions everywhere in reaction to the subprime crisis, so buyers shopping for a loan should expect more scrutiny. Builders have reacted by starting fewer speculative homes - those not pre-sold - to reduce the inventory they carry, Texas Panhandle Builders Association Executive Director Lew Bradshaw said.”
“‘I think it’s probably just smart business sense,’ he said. ‘The ones that were building 10, 12 specs at a time, they’re doing five or six, which is smart.’”
The Express News. “The national economic downturn has hit city government. While the effects aren’t fully known, the sluggishness that some label a recession will figure prominently in upcoming discussions about the budget year that starts in the fall.”
“While cities that San Antonio measures itself against face severe budget shortfalls and layoffs, the picture locally is sobering but not nearly as bleak, City Manager Sheryl Sculley said.”
“But she acknowledged that the community’s galloping growth of the past few years, as measured by the Federal Reserve Bank’s Business-Cycle Index, has slowed to a crawl in ways that will affect the 2009 budget.”
“Records show new residential building permits came in 53 percent under what the city had projected for the first quarter of 2008. As a result, city officials revised downward by 40 percent the number of new home construction permits it expects to issue for the year.”
“‘It looks like we went from a 100-yard sprint to a 100-yard jog, but at least we are still moving,’ District 10 Councilman John Clamp said. ‘Our rate of growth has decelerated.’”
“‘San Antonio is holding its position as the national and world economies go into the tank,’ said Trinity University economics professor Richard Butler. ‘We don’t live on an island, isolated from all that. But the ground we are on right now is pretty high.’”
The American Statesman. “Austin-area builders continue to cut back on the construction of homes, with first-quarter starts falling to their lowest levels since 2003. Starts for new homes declined 33 percent to 2,271, compared with first quarter of 2007, according to Residential Strategies Inc.”
“The number of new-home closings dropped 24 percent to 3,125. A similar slowdown is occurring in sales of existing homes, which dropped 10 percent to 1,553 in February, compared with the year-ago period.”
“‘Because of what’s happening nationally, we continue to see the deterioration of the market,’ said Mark Sprague, Austin partner for Residential Strategies. Though ‘we’re hearing about the market slowing down dramatically here, we don’t have a clue compared to the rest of the country. We’re still in our third-best year ever. … But it’s definitely off because of the national mortgage meltdown.’”
“Fewer homes are being built in Central Texas also because cash-strapped large-production national home builders are battling high inventories in other markets and are cutting back even in relatively strong areas such as Austin.”
“‘They’ve cut back across the board,’ said Ben Loftsgaarden, who follows economic trends for Angelou Economics.”
“Plans for an upscale, 1,400-home subdivision near Parmer Lane and the Texas 45 North toll road have been called off because of a national pullback by struggling Dallas-based home builder Centex Homes.”
“Centex has canceled its contract to buy 465 acres of the 750-acre Pearson family ranch, where it planned to spend $275 million to build one of the largest master-planned communities in Central Texas. The Pearson Place project was announced in February.”
“‘It was part of a larger strategic review of the company nationally,’ Centex’s director of strategic and operational marketing, Tara Thomason, said of the decision.”
“Centex isn’t the only company pulling back in Central Texas, which began as early as 2006, said Eldon Rude, local director for residential real estate market researcher Metrostudy.”
“‘The largest public builders are continuing to face significant challenges around the country, especially in California, Nevada, Arizona and Florida,’ Rude said. ‘As a result of that, they are looking to all of their divisions all over the country to take part in their move to conserve funds, and so even in some of the healthier markets, like Austin, they are looking to local divisions to buy less land.’”
“A high-profile arts-themed hotel and condominium project will be the first major project for the long-neglected Waller Creek area of downtown, developers announced Wednesday.”
“The 21c Museum Hotel and 21c Museum Residences, originally planned for Third and Brazos streets downtown, will be built on a new, larger site at East Cesar Chavez and Red River streets, along the banks of the creek.”
“‘I’m drinking the Kool-Aid about the whole Waller Creek area,’ said Steve Poe, CEO of the Poe Companies, which is one of the partners in the project. ‘This is the natural progression for the city. People gravitate towards parks and water, and that’s what this is.’”
“The hotel will be followed by a 49-story condominium tower with 295 residential units, and in the future, a 425,00-square-foot tower with offices and shops or more housing, according to the Poe Companies.”
“The condo tower would rank among the tallest being built or planned amid downtown’s residential building boom. A 55-story condo tower, the Austonian, is under construction at Second Street and Congress Avenue. And local developer Tom Stacy plans a 66-story hotel/condominium tower near Sixth and Brazos streets.”
“Austin City Council Sheryl Cole said the 21c project ‘begins to fulfill the promise that Waller Creek will become a world class destination. It is wonderful to already see a major return on our investment.’”
“‘This is like that proverbial place in Central Park in New York City,’ Poe said. ‘That’s what we’re creating.’”
14541 REOs Offered by Countrywide
14541 REO Homes offered for Sale by Countrywide Mortgage according to the Countrywide Foreclosures blog.
Wednesday, April 2, 2008
Wednesday, March 26, 2008
Friday, March 21, 2008
Foreclosure-driven Reassessments, Squatters & Auctions: America's New Real Estate Market
March 21, 2008
California has been particularly hard hit by the real estate crisis. Local governments are hard-pressed to keep up with the reassessment process. Some don’t even have the staff to reassess property in a timely fashion. In an interview, one county official told a California newspaper reporter that the job was humongous, and was beyond the ability of local governments to complete in a timely fashion with current staffing.
California has been particularly hard hit by the real estate crisis. Local governments are hard-pressed to keep up with the reassessment process. Some don’t even have the staff to reassess property in a timely fashion. In an interview, one county official told a California newspaper reporter that the job was humongous, and was beyond the ability of local governments to complete in a timely fashion with current staffing.
Full Story
Now is the perfect time to consult a California agent and invest in foreclosed homes in California.
Wednesday, March 19, 2008
Foreclosed Homes: A Local Blight
The peach-colored house in a modest subdivision near downtown Modesto, Calif., used to be someone's dream home. But it stands out in a row of similarly hued homes where many have a "For Sale" sign planted in their front yards.
Full Story
If interested in foreclosed homes in California, see Modesto investment properties.
Full Story
If interested in foreclosed homes in California, see Modesto investment properties.
Monday, March 17, 2008
Where To Find Million-Dollar Foreclosures
Friday, March 14, 2008
North Texas Home Foreclosures on the Rise
Home foreclosure postings filed for April jumped 19 percent in the Dallas-Fort Worth area, with Denton County's figure up 40 percent from a year ago.
Homes facing foreclosure in Dallas County increased 14 percent to 1,814 homes from 1,597 last April, while the figure in Tarrant County rose 21 percent to 1,288 homes from 1,066. Collin County postings grew 17 percent to 542 homes from 465 last year.
The second highest increase was in Grayson County, with a 23 percent jump to 48 homes from 39, while Ellis County had 91 homes listed, up 20 percent from 76 last April.
Year-to-date foreclosures surged 21 percent for the Dallas-Forth Worth area to 17,258 homes, up from 14,308 in the same period last year. The number rose 15 percent in Dallas County to 7,714 homes and was up 27 percent in Tarrant County to 5,591.
Full StoryTuesday, March 11, 2008
DeSoto Neighborhood Hit Hard by Foreclosures
A Dallas Morning News analysis of residential foreclosures shows the housing mess extends across North Texas – from high-end urban settings to far-flung suburbs.
But few neighborhoods have been hit like Candle Meadow subdivision in Desoto, where the dream of homeownership has wilted along Mulberry, Lilac, Gardenia, Daisy and surrounding streets." - The Dallas Morning News
Monday, March 10, 2008
Even Amid Slump, House-flipping Thrives
In Fort Worth, Despite the slump in home sales, investors say their area is still ripe for house-flipping. The key is buying the home at a bare-minimum price so that, even with the expense of remodeling, it can be sold for a clear profit.
Thursday, March 6, 2008
As Foreclosure Trend Continues, New Trend in Buying Emerges
While 2007 saw some of the highest rates of foreclosure many states have recorded in decades, new statistics released by BankForeclosuresSale.com show that during the first month of 2008 foreclosures rose 8% nationwide, setting the stage for what many economists and housing market analysts are predicting could be the biggest year yet for new foreclosures. The figures for January of 2008 were also almost 60% higher than they were during January 2007, showing both the sheer volume of properties coming on to the market, as well as the progressive nature of the phenomenon.
Full Story
Invest on a foreclosed property in California now at Sacramento Investment Properties.
Full Story
Invest on a foreclosed property in California now at Sacramento Investment Properties.
Monday, March 3, 2008
California Foreclosure Bill Fails
California's state senate narrowly defeated a bill Wednesday that targeted the growing problem of foreclosed homes sitting vacant for months, drawing squatters and creating blight.
Full Story
It is an issue that truly aggravates the problem on increasing number of foreclosed California investment properties. However, proponents of the California Foreclosure Bill failed to gain legal resolution in the state senate.
Full Story
It is an issue that truly aggravates the problem on increasing number of foreclosed California investment properties. However, proponents of the California Foreclosure Bill failed to gain legal resolution in the state senate.
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