Real Estate Blog

Real estate is shaking up the nation all over the place. Tales of short sales and foreclosures abound, sprinkled with a few success stories of real estate buyers who were able to buy a move-up property and sellers who got a list price they were hoping for.

And then there are the stories starting to make the news. The stories that grace the back alleys, covered in the shadows and a half moon. In this first of a two-part series, Connect2Agent’s Real Estate Victims Unit unearths one of these stories.

The case of the unsuspecting real estate victim

Homeowners are not the only ones who have faced declining margins in real estate these days. Renters have a battle on their hands as well. How could this be? Some consumers rented properties from frenzied flippers whose timing wasn’t quite right.

We have crossed the halfway mark and are nearing the end of our six-part series of the most affordable housing markets ranked in the latest report issued by Housing Predictor.

Our third edition discussed a popular city known as the Crossroads of America–Indianapolis, Indiana. In this edition we’ll discuss the city with a Gulfside view and a three-hundred year history to boot–Biloxi, Mississippi.

Biloxi, Mississippi was settled in 1720 as the capital of Louisiana. In 1763, it changed hands from French to British ownership.

A Gulf Coast city in Mississippi, Biloxi boasts a temperate climate year round and an abundance of recreation. Golfing, fishing and boating provide water recreation for visitors and residents alike. Biloxi also hosts five community centers and nearly 30 outdoor parks.

A great place to move your family, Biloxi was ranked as one of the safest places to live. It has a school system that is one of the best in the state and has received an accreditation rating of 5.0 out of 5.0.

When I purchased my first house, I was given a gift. The real estate seller had been diligently collecting receipts, warranties and a little black book of preferred service providers they had done business with during their years of homeownership in the house I was purchasing. They were even kind enough to leave behind extra tile for the bathroom and basement.

Can you say priceless?

Having moved from a large suburban town in Northwest Illinois to a smaller town about an hour away, I was lucky those first few months to find the best dry cleaner, let alone the best painter or plumber. The previous homeowner saved me money, time and sanity by keeping everything organized and providing me with a long list of references.

We are only halfway through tornado season and it is throwing some heavy weight around Tornado Alley these days. Typically tornadoes peak during May and June and the season doesn’t taper until around August. Meteorologists are professing this year to be record-breaking for tornadoes if the pace continues.

Friday set off a series of tornado warnings and heavy thunderstorms in Southeast Wisconsin and my lovely town of Lake Geneva. Lake Geneva is in Tornado Alley and I was certainly reminded of this by the alarms that resounded throughout the weekend.

Friday was the last day of school for my children, but they were late coming home because they spent the last part of the day crouched in their book bag cubbyholes in a squatting position with their arms covering their necks and heads.

This is all part of the joy of preparing for a tornado. All was safe and sound and my children returned home unscathed. Little did I know the warnings would continue throughout the weekend. When I was not running errands close to home–timed between hours of tornado watches and warnings–the basement became my family’s second home.

Welcome to the 11th edition of the Real Estate Recap: Week of Real Estate in Review. Today we are going to have a leisurely chat about getting rid of stuff. This stuff is defaulted mortgages, pesky insects and defaulted loans.

Get out your mp3 player and tune in.

Nest eggs are hatching and have flown the coop

It used to be that you could count your chickens before they hatched when it came to real estate profits. Enter the material world and the advent of the home equity loan–used for everything from car shopping to college educations–and suddenly that tidy sum that was sitting securely in residential residences across the United States started playing a Houdini disappearing act. According to Chris Palmeri in “Our Shrinking Home Equity”, the equity in residential holdings has flipped from 84% in 1945 to 48% in 2007.

You mean, using your equity like a debit card might not be a good idea?

Unemployment soars to 5.5%

This is news all over the place this week–some decree it to be the biggest jump in two decades. An interesting comment thread is kicking on Topix around this number. Some question the quality of the labor force that is currently employed, “because the American education system produces McDonald’s employees,” (ouch) while others are chalking it up to the Democrats in Congress.

How many of these are real estate agents who pursued the profession when the market was booming and jobs in other professions were harder to come by?

Real estate gets the shakedown

There are more opportunities available to real estate buyers and sellers than in years past because of the advent of the Internet. Now real estate buyers can do their research first without contacting a real estate agent to do the legwork for them. More opportunity opened up with the recent ruling by the Department of Justice, which will give even more access to coveted listing information.

What services will set real estate agents apart from the rest in the coming years?

If you enjoyed this post, you might want to read:

• Real estate recap: Week of Real Estate in Review (Edition XI)
• Real estate recap: Week of Real Estate in Review (Edition X)
• Real estate recap: Week of Real Estate in Review (Edition IX)

Posted by Rebecca D. Levinson

Read the original post:
Real estate recap: Week of real estate in review (Edition XII)

In this third edition of our continuing monthly series, Connect2Agent shines a spotlight on new zoning regulations and city ordinances that may have come to a town near you. Two ordinances and a bill make the roster this month, so tune in.

Keepin’ it Clean in Coshocton, Ohio

What’s a city to do when overgrown lawns, untrimmed shrubs and junk vehicles create an imperfect picture? Get an ordinance, that’s what.

The Coshocton City Council Ordinance No. 32-08 has been put in place to deflect house rubbish offenders and to keep it clean. If you violate the ordinance, you can expect to pay $50 for the first offense, $100 for the second offense and $150 for the third offense.

I wonder how many foreclosed properties there are in Coshocton and if cities and villages throughout the nation have had to adopt stricter ordinances because of the growing number of foreclosures.

Medford, Massachusetts putting a stop to homeless carts

Less lovable than alley cats, stray carts are dotting neighborhoods in Medford and causing dings, dents and cracks in parked vechicles. The eyesore is not a minute problem, as more than 100 carts can be found at any given time as observed by Councilor Michael Marks. Marks is done with the cart situation and has gone to the City with the problem. A first draft of the ordinance should be coming out for review at the end of June.

There was a time in many hot markets across the U.S.–Miami, San Francisco, Chicago and more–that you could put your house on the market and be guaranteed a sale within 30 days, if not that same day or week.

Now, with the overall stagnation of real estate markets across the United States, many real estate sellers are toeing the ground. Some are finding after they list their house, they can’t even manage to make it out of the starting gate.

Three times the charm of this six-part series of the most affordable housing markets ranked in the latest report issued by Housing Predictor.

Our second edition discussed the modern lifestyle found in the historical city of Mobile, Alabama. This third edition discusses the popular city known as the Crossroads of America–Indianapolis, Indiana.

Indianapolis is the capital city of Indiana. It was founded as the state capital in 1820, but was initially settled by George Pogueon on March 2, 1819.

The city found its boom in 1886 when a large natural gas deposit was discovered in east-central Indiana and later oil was also discovered. Gas deposits were completely depleted by 1920, ending the Golden Era.

Despite the gas and oil bust, the city has emerged as a great place to work and live. Indianapolis is the 13th largest city in the United states, with a population nearing 800,000. It is sometimes known as the Crossroads of America because of roads leading out of the city in all directions and several major highways criss-crossing the state.

Clarion Health Partners/Methodist, Conseco, Eli Lilly and Company all call Indianapolis home. Swimming, boating, hiking and fishing are plentiful opportunities in Indianapolis. It is also home to the Indianapolis 500 and the largest children’s museum in the world.

Thinking about relocating? Talk to a local expert

If you are thinking about planning your next move to this bustling city, make sure to speak to a local Indianapolis real estate agent. Don’t be shy–ask all the questions you have in order to make an educated decision.

If you enjoyed this post, you might want to read:

• Connect2Agent examines the six most affordable housing markets in the U.S. (Part I)
• Connect2Agent examines the six most affordable housing markets in the U.S. (Part II)
• Connect2Agent puts the spotlight on Calgary, Alberta

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Here we go again. It seems that for every real estate program, concept or marketing idea–new or old–there is a website that will follow and a startup to boot.

Enter OnlineHouseTrading.com, a website designed as an online matchmaking service between real estate sellers and buyers. OnlineHouseTrading.com matches up sellers with buyers who are looking for a house with the same traits.

Welcome to the 11th edition of the Real Estate Recap: Week of Real Estate in Review. Today we are going to have a leisurely chat about getting rid of stuff. This stuff is defaulted mortgages, pesky insects and defaulted loans.

So kick back and let’s see who’s trying to declutter and sweep out the trash.

Senate wants homeowners to take a walk on responsibility’s side

The Senate Banking Committee has included language in the Federal Housing Finance Act of 2008 that attempts to limit homeowners’ walkabouts. The committee wants homeowners to think twice before they put the keys in the mail and pull a “Dear John.” The Federal Housing Finance Act includes language that makes real estate buyers certify they haven’t defaulted on a loan. If they have, they must repay it before they can get an FHA loan.

Hmm … isn’t this a page from the VA (Veteran’s Administration) playbook?

Dishing on D.I.Y. insect removal

Lovely spring has cropped up in my son’s bedroom–in the form of pesky ants. Normally I would color the culprit as a late night snack he brought up to his room, but after having done a thorough cleaning and sweep and still finding a few pesky buggers on patrol, I quickly ditched that thought. For the past two years I have hired a pest control service at the tune of $120 per quarter to terminate insects from roaming in my home.

In my effort to conserve finances, I scoured the net for some do-it-yourself resources and came up with two references for my exterminating efforts. In “How to Get Rid of Ants (Without Calling an Exterminator),” JD Roth recommends taking a business card and sprinkling it with Terro near the site where the ants are congregating en masse. The Terro will traipse back with the ants to their hive, where the colonists will partake and perish.

In Getting Rid of Ants, The Frugal Life lends many tips, which include everything from cinnamon to drawing a line in with plain white chalk … apparently the ants don’t like to cross the line.

My first step is less adventurous. I will be using ant traps I bought from the local Wal-Mart, but I am earmarking these resources with the hope that I won’t have to return.

Investors leaving the recycling to lenders

Some investors are starting to look to lenders to bear the burden of foreclosed loans. Many loans–subprime and home equity–have a savior clause that requires lenders to take loans back that have quickly defaulted or are fraudulent. Lenders are starting to stockpile reserves in anticipation of being handed the recycling bins from investors.

Any good news on the horizon for mortgage brokers? The limbo stick’s gettin’ pretty close to the floor and chiropractors are starting to ready their waiting rooms in anticipation.

If you enjoyed this post, you might want to read:

• Real estate recap: Week of Real Estate in Review (Edition X)
• Real estate recap: Week of Real Estate in Review (Edition IX)
• Real estate recap: Week of real estate in review (Edition VIII)

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Having moved more than two dozen times in my 34 years, I can speak with confidence when I say there is no such thing as a cookie-cutter relocation. Every situation is different, every move is different and every real estate buyer is different. Some people relocate because of a job, while others relocate because of a divorce. Some real estate buyers are looking for a different venue, while others are moving to be closer to someone.

A recent discussion on Zillow asked the question, “What businesses and services are important to you when buying a home?” I automatically thought about the real estate services a home buyer would be receiving. You know, house hunting, home inspection and lender recommendations, price negotiation … those services typically involved with the real estate transaction.

There are others who answered the question along my lines of logic. There were many others who spoke about the businesses and services desirable to them in the area they were looking to purchase a house.

Talk about a question with a double entrendre.

These answers were far more interesting than the ones that discussed services related to a real estate transaction. They were also very eye-opening. Certainly any one of these real estate buyers would be disappointed with the information typically found in a Chamber of Commerce relocation package.

Reminiscent of an old, familiar lament, the Department of Justice calls for the National Association of REALTORS to let the listings go. What does this mean for real estate consumers? More freedom and more choices.

Before this Department of Justice ruling, real estate brokers had the ability to opt out of allowing their listings on certain real estate websites. Less exposure for real estate sellers, more control for real estate brokers. Local Multiple Listing Services and the National Association of REALTORS were able to block real estate brokers who operated VOWs (Virtual Office Websites) from displaying listing data.

Fast forward to the present and now all brokers, both virtual and land-lubbing, can display the good on their websites. Now real estate consumers can choose where they want to roam on the worldwide web–and where they roam, they should be able to view real estate listings.

Interested in a change of venue? In this second of a six-part series, Connect2Agent continues the examination of the six most affordable housing markets ranked in the latest report issued by Housing Predictor. Our first edition discussed the attributes of a lifestyle in the port city of Corpus Christi, Texas. This second edition discusses another port city, this time in Alabama.

Port city Mobile, Alabama, makes a mark on affordable housing

Mobile, Alabama, passing from Spanish to French to British hands, was founded in 1702 by French explorer Jean Baptiste LeMoyne. In 1809 when the Alabama Territory became a state, Mobile became a voting region. It has been known in the past as a hub of racial tension and resolution, as well as a hurricane hot spot. Today, the city is weathering both of these storms.

Mobile makes the grade

Mobile continues to rank highly on lists ranging from Money Magazine’s Best Places to Live to Golf Digest’s Best Places to Golf. The city is located on the edge of Mobile Bay in southern Alabama and boasts warm temperatures year-round. The Mobile area’s population is almost 500,000, with 200,000 people living within the city. Mobile is rich in history, but you will also find modern skyscrapers among the old historic buildings.

Recreation abounds in Mobile

Mobile boasts a range of water activities that include boating, sailing and fishing. Land lovers will enjoy activites such as golfing, taking trips to museums, antiquing, dining and more. Mobile is also home to the first Mardi Gras celebration in 1703, making it a great place to celebrate the annual event.

If you are looking to buy a house, are you willing to commute to make that dream happen? Do you need to be closer to work now because of rising gas prices and cost of living? In 2001, when I purchased my first house, our commute to work was still an hour and we gladly bit the cost to enjoy our small, not-yet suburban area in northern Illinois. Today, I would not make that same consideration. Anything outside of a 20-25 minute commute would be a strain on my family’s finances.

All aboard–the 10th edition of the Week of Real Estate in Review is leaving the station.

For this ride down the track, we will touch on sleepy loans, a sleepless city and a race for perfect credit.

So get on board…the train is leaving the station.

Jumbo loans are becoming zombies

There was a House Financial Services Committee Hearing on Thursday to examine why jumbo loans aren’t increasing. The Economic Stimulus Act had allowed loan limits to be raised to $729,750, but it’s not doing any of the heavy lifting on jumbo loans. Other factors that are not helping are the higher interest rates associated with jumbo loans–between 1 to 1 1/2 points higher than smaller loans–and the risk factor investors feel they are taking with jumbo loans.

With even the credit-worthy subject to higher interest rates, what is the incentive to purchase in a higher price bracket?

Buying real estate in a city that never sleeps

Weekly, the news discusses Manhattan’s recession-proof real estate market. The median price for Manhattan is currently at $535,000, and the high-end condominium market is booming. Wealthy buyers, low inventory and high employment are all factors that add to the den of opportunity for real estate in New York City.

Will Manhattan go into a slumber anytime soon?

Excellent credit scores, higher goals

Lauren Young, personal finance editor for BusinessWeek, discusses the changing landscape of credit worthiness. The “excellent” credit score rating has increased substantially during the past two years.

• In 2006–a score of 650 was considered excellent credit.
• In 2007–a score of 680 was considered excellent credit.
• In 2008–a score of 760 is considered excellent credit.

Young informs consumers that if you have that “excellent” credit score of 760, you can expect to currently be able to get a 30-year, fixed-rate mortgage at 5.57%.

So the mantra remains, get and remain credit-worthy.

If you enjoyed this post, you might want to read:

• Real estate recap: Week of Real Estate in Review (Edition IX)
• Real estate recap: Week of real estate in review (Edition VIII)
• Real estate recap: Week of real estate in review (Edition VII)

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