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Tuesday, December 22, 2009

Home Sales Increase to Record Levels

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.269.8184

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

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Tuesday, December 15, 2009

Leadership: The art of getting someone else to do something you want done because he wants to do it.
Dwight D. Eisenhower

Last Week in the News

_______________________________

Retail sales increased 1.3% in November, following a downwardly revised 1.1% increase in October. Excluding automobiles, retail sales rose 1.2%, the largest gain since January. Sales of building materials increased 1.5%, the biggest gain since April 2008.

According to the Federal Reserve, consumer credit debt fell in October by $3.51 billion, an annual rate of 1.7%. Economists had forecast that consumer debt would drop $9.3 billion. That’s a sign the financial crisis is easing as more households cautiously increase their purchasing activity.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending December 4 rose 8.5% to 665.6. Purchase volume increased 4% to 241.5. Refinancing applications gained 11.1% to 3,185.9.

The Commerce Department said wholesalers increased their inventories by 0.3% in October. It was the first gain since August 2008, ending a record stretch of 13 monthly declines. Economists had anticipated a 0.5% drop. Meanwhile, sales at the wholesale level rose 1.2% in October, marking the seventh straight monthly gain.

The Commerce Department reported that the trade deficit shrank 7.6% to $32.9 billion in October from a revised $35.7 billion in September. Economists had expected a trade deficit to widen to $36.8 billion. The growth in U.S. exports is an indication the global economy is beginning to rebound.

Initial claims for unemployment benefits unexpectedly rose by 17,000 to 474,000 in the week ending December 5. Continuing claims for the week ending November 28 fell by 303,000 to 5.157 million.

The Reuters/University of Michigan consumer sentiment index for December rose to 73.4 from 67.4 in November. Economists had forecast a reading of 68.5.

Upcoming on the economic calendar are reports on the housing market index on December 15, housing starts on December 16 and the index of leading economic indicators on December 17.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Wednesday, December 2, 2009

Buy Now!!

Mortgage rates are extremely low. Now is the time to buy or refinance a home. Here's why you should act now:

A drop in rates provides a tremendous opportunity to refinance and reduce your monthly mortgage payment and potentially save thousands of dollars over the life of your home loan. It’s also a great time to buy a new home.

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years.

Repeat or move-up homebuyers are eligible for a $6,500 tax credit if they have lived in their primary residence for five years or more.

These tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between November 7, 2009, and April 30, 2010. Buyers have until June 30 to close on their new homes.

If you’re still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates.

Rates continue to be volatile and this opportunity might not last long. Do not wait until next week. Call me today to get prequalified. Whether you are looking to buy or refinance, I am here to help.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Now is the Time to Buy

Mortgage rates are extremely low. Now is the time to buy or refinance a home. Here's why you should act now:

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years.

Repeat or move-up homebuyers are eligible for a $6,500 tax credit if they have lived in their primary residence for five years or more.

Rates continue to be volatile and this opportunity might not last long. Do not wait until next week. Call me today to get prequalified. Whether you are looking to buy or refinance, I am here to help.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

Sent on the Sprint® Now Network from my BlackBerry®

Posted via email from Wisdom For You Today

Monday, November 30, 2009

Last Week in the News

_______________________________

Existing home sales rose 10.1% in October to a seasonally adjusted annual rate of 6.1 million units from 5.54 million units in September. The increase was largely due to the tax incentive for first-time homebuyers. The inventory of unsold homes on the market fell 3.7% to 3.57 million, a 7-month supply at the current sales pace, and the lowest level since February 2007.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.8% in the third quarter of 2009, rather than the 3.5% increase initially reported last month.

The Standard & Poor’s / Case-Shiller 20-city housing price index rose 0.27% in September. It was the fourth consecutive monthly gain and follows a 1.13% increase in August.

The Conference Board reported that its consumer confidence index rose to 49.5 in November from a revised 48.7 in October. Economists had expected a reading of 47.3. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Commerce Department reported new home sales rose 6.2% in October to a seasonally adjusted annual rate of 430,000 from an upwardly revised rate of 405,000 in September. It was the highest level since September 2008. Economists had expected a pace of 410,000.

Orders for durable goods — items expected to last three or more years — fell 0.6% in October after a revised 2% gain in September. The drop was largely due to an 18.4% decrease in orders for defense-related goods.

The Commerce Department reported that consumer spending rose 0.7% in October, higher than economists had anticipated. Personal income increased 0.2%.

Initial claims for unemployment benefits fell by 35,000 to 466,000 in the week ending November 21. Continuing claims for the week ending November 14 fell by 190,000 to 5.42 million, the lowest level since the week ending February 28.

Upcoming on the economic calendar are reports on construction spending and pending home sales on December 1, and factory orders on December 4.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Saturday, November 28, 2009

HOW TO BUY A HOME WITH ZERO CASH

This special article has been prepared to outline what you need to know in order to take advantage of an innovative program which allows you to get into the housing market immediately, with zero downpayment.

You may have owned a home before and are presently renting, or are a first time homebuyer and need a way to break into the housing market but held back because you thought you required a substantial downpayment. Or you may be in the position where you do not want to liquidate your financial assets to use as a downpayment on a home. Regardless of your present situation, you want a way to get into or to re-enter the housing market without having to make a cash downpayment. The Zero Cash Downpayment Program may be just the answer you need.

PROGRAM QUALIFICATIONS

1. An excellent credit history.

* no recent history of bad debts

* consistent and timely payment of current liabilities.

2. Limited liabilities.

You will be required to disclose all current liabilities you have in order to determine how much more debt you can carry. (ie.

present car loan, credit cards, etc.)

3. At least 3 years of employment stability.

You will be required to show proof of employment for the past 3 years, ie. a letter of employment from your employer or financial statements for the past 3 years if self-employed.

4. The financial ability to carry larger monthly payments.

Without a downpayment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.

Under the terms of the program you can purchase many types of properties. They include:

* detached or semi-detached homes

* free-hold townhomes

* condominium townhomes

It is important to note that not all properties qualify for the Zero Cash Downpayment Program. To ensure that you get an accurate picture of what properties may or may not be included in this program in your particular area, it is advisable to review the terms of the program with your Realtor®.

BENEFITS OF THE PROGRAM

1. No Downpayment.

If you are renting, why pay your landlord's mortgage? Why not reap the benefit of building your own equity? Are you renting because you are held back from owning your own home because you think you need a substantial downpayment?

The general perception of many would-be-homebuyers and even that of some Realtors® is that a substantial downpayment is required in order to purchase a home. This is simply not true. Because of this perception many would-be-home-buyers feel they have to save for years before they have enough money for a downpayment so that they can finally enter the housing market. In the meantime they are lining someone else's pockets, while waiting a long time before they can start building their own equity. With the Zero Cash Downpayment Program you don't need a downpayment to buy a home.

2. Buy a Home Now!

If needing a downpayment is keeping you from owning your own home, this new program offers you an immediate way to get into the housing market. With the Zero Cash Downpayment Program you don't have to wait to purchase a home.

3. Approved Bank Program.

It is important to know that the Zero Cash Downpayment Program is an approved bank program. Review this program with your lender or Realtor® who has specialized knowledge in financing and can assist you with the Zero Cash Downpayment Program.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

DIVORCE

What You Need to Know About Your House, Your Mortgage and Taxes

PLEASE NOTE:

The material contained in this article is for information only.

It is not intended to replace individualized legal advice. We strongly recommended you seek professional legal counsel for your legal issues.

HOW TO AVOID COSTLY HOUSING MISTAKES IN THE MIDST OF A DIVORCE

Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.

In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional decisions.

Probably the first decision is whether you want to continue to living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start?

Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget? The purpose of this article is to help you ask the right questions so you can make informed decisions that will be right for your situation.

4 OPTIONS

You have 4 basic housing options when in the midst of a divorce:

1. Sell the house now and divide up the proceeds.

2. Buy out your spouse.

3. Have your spouse buy you out.

4. Retain your ownership.

It’s important for you to understand the financial implications of each of these scenarios.

1. Sell the House Now and Divide Up the Proceeds.

Your primary consideration under these circumstances is to maximize your home’s selling price. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be - i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original downpayment, and the legislative property laws in your area.

2. Buy Out Your Spouse.

If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations, if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.

3. Have Your Spouse Buy You Out.

If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket.

However, be aware that if the the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.

4. Retain Joint Ownership.

Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.

WHEN YOU DECIDE TO SELL

If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.

WHEN YOU BUY YOUR NEXT HOME

Use the proceeds from your previous home or buy-out to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

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You Tube: http://www.youtube.com/user/anthonycrecco

Friday, November 27, 2009

One in Four Homes Worth Less than the Outstanding Mortgage

Nearly a quarter of homeowners who still owe on their mortgage are underwater or upside down, meaning they owe more on their home than it is now worth, according to new research published this week by First American CoreLogic.

The real estate data provider says nearly 10.7 million, or 23 percent, of all residential properties with mortgages were in negative equity at the end of the third quarter. An additional 2.3 million mortgages were approaching negative equity, meaning they had less than five percent equity.

Perhaps even more disquieting is that the numbers would go even higher if First American CoreLogic used the same methodology it’s previously used to calculate negative equity. In its latest report, the company said it factored in two pieces of information not reflected in earlier studies, in order to provide a “more precise view of underwater borrowers”: how much of the loan principal has been paid down and how much of a home equity line of credit (HELOC) is being used.

First American CoreLogic explained that as a point of comparison, using the previous methodology, which did not account for amortization or HELOC utilization, the Q3 negative equity rate would have been 33.8 percent.

The distribution of negative equity is heavily concentrated in five states, where housing prices have nosedived.

A staggering 65 percent of mortgages in Nevada are upside down. Arizona and Florida were both close to the half-mark with 48 percent and 45 percent, respectively. In Michigan, where the auto industry’s troubles have taken their toll on every aspect of the economy, 37 percent of mortgages are in negative equity territory. And you certainly can’t leave out California, which took the No. 5 spot, with an underwater ratio of 35 percent.

To put the numbers into perspective, the average negative equity share for all the remaining states was just 14 percent.

According to First American CoreLogic, the rise in negative equity is closely tied to increases in pre-foreclosure activity. At one end of the spectrum, borrowers with equity tend to have very low default rates. At the other end, investors are much more likely to default on their mortgages once they cross into negativity. First American CoreLogic says the default rate for investors is typically two to three percent higher than owner-occupied homes with similar degrees of negative equity.

The company also noted in its study that the bulk of upside down borrowers share certain set of characteristics. They financed their properties between 2005 and 2008, with adjustable rate mortgages (ARMs), and they bought less expensive properties.

Mark Fleming, chief economist with First American CoreLogic, said, “Negative equity continues to be pervasive and to impact almost every segment of the housing market. The recent improvement in home prices this past spring and summer has slowed the increase in negative equity, but it will take a significant rebound in home prices, which we are not expecting, to offset the dampening effects of negative equity in the most depressed states.”

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

www.CreccoRealEstate.com

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

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You Tube: http://www.youtube.com/user/anthonycrecco

Do You Feed Negativity?

When negativity knocks at your door, do you recognize it and send it away? Or do you invite it in for dinner, or worse, to stay with you as long as it likes--possibly for your lifetime?

First, be clear that being the manager of negativity in your life isn't about the fact that you have negative thoughts or feelings--you will. It isn't about eliminating negative thoughts and feelings so you never experience them again--that's not realistic. It is about training your conscious mind to notice such thoughts and feelings when they appear, and to recognize the different "costumes" negativity wears. You can't manage negativity until you recognize and own how you engage it.

Whatever costume negativity puts on, what's really embodied is fear. You might call it anger or another emotion, but underlying any negative emotion is fear--the fear you'll lose something. This has everything to do with living in your personal power.

Dr. Elisabeth Kubler-Ross said, "Natural anger lasts for only about seventeen seconds." This means the actual emotion you feel (any negative emotion) has its full-charge expression for that period of time. Past that, your conscious (and subconscious) mind takes over, usually engaging in reactions related to whatever fear was triggered.

When fear is triggered, you may project a negative future vision. You may pull up old memories to support why you feel the way you do. You'd call this justification for the reaction. What it really is, is feeding negativity--because you aren't focused on what you can do that's productive; you're focused on self-preservation at any cost. Depending on your habitual reaction mode, you may close up like a telescope or let your sharp claws and teeth out.

Here are several common forms of negativity you may feed (or feed on):
• Prejudice of ANY kind (race, religion, financial status, etc.)
• Demonstrating lack of self-respect or respect for others (if you do one, you do the other)
• Unproductive criticism (everyone needs to vent; but there's a productive way to do this)
• Replaying past events as though they're still happening (which only triggers more negative emotions in the present)
• Allowing more "news" into your life than you really need to know (this includes any form of "entertainment" or "information" that creates extraneous negative feelings for you about anything that doesn't have a direct impact on your life or how you choose to engage it)
• Intentionally negative "humor" or comments (sadly, the ability to slam someone with hurtful words, directly or indirectly, is considered a prized trait)
• Paying more attention to what others are doing than what you're doing
• Telling jokes or using comments to bash others (gender-bashing is top of this list)
• Stating speculations then acting as though they're facts (ignoring that maybe you don't have enough information)
• Using the words "always" and "never" (or labels), especially when you assign them to others' behaviors (which closes your mind to allowing they "could" one day be different)

You can add more to this list as they occur to you. A good question to ask yourself whenever you do one of these is, "What fear is underneath this for me, and how can I address it appropriately?"

Feeding negativity is a learned habit. You can:
1. Acknowledge you engage in it.
2. Remind yourself to get your own attention about this. Author Guy Finley said, "No intention can be any stronger than our ability to remember it in the moment that it is needed."
3. Start now to begin to do things differently. Choose to ask if your attitude, words, and actions are aligned with opening the path for a desired productive experience and outcome. There's a difference in telling someone you feel angry and why and asking them to participate in a mutually beneficial resolution, and verbally attacking them. There's a difference in telling yourself what you feel, why you feel it, and considering what you can do rather than entering the negative vortex.
4. Consider how you really see your authentic self. It isn't that you have to suppress your personality or nature. It isn't that you have to deny and keep quiet about what you really feel. It's about what you do from there and how you do it. What do you really want to feed--as your experience and what you believe about yourself? If you don't believe in your personal power, and right to live from it, how can you expect to act from there?

Train yourself to respond more often than you react; and acknowledge that will take conscious energy management. Reactions happen when you feel events or others have more power than you do. They don't; that's an illusion. They can only have as much power over you as you give them.

Any person or event that tests your personal power is an opportunity for you to pause and consider how you really see yourself: are you a volunteer victim or someone who looks out for your best interests--with integrity? If you feed (or feed on) negativity on a consistent basis, it can seem nearly impossible to feel you embody personal power.

Personal power is not a way of acting--it's a way of BEing, even if you have to BEcome it one more-consciously-aware moment at a time.

Compare how much time you give to negative thoughts, feelings, words, and actions to the time you apply these to what makes you feel authentic, joyful, intentional, fulfilled--living on purpose.

No matter what's going on around you, you always choose how to experience and process it. When you embrace this as a fact, you stand in your personal power. The more you do this, the more your innate power expands.

Feed negativity or feed intentional living. The choice is yours.

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

ActiveRain: http://activerain.com/blogs/ajc9761

You Tube: http://www.youtube.com/user/anthonycrecco

Wednesday, November 25, 2009

Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit

On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.

One of the requirements for becoming a Member of the Top 5 in Real Estate Network® is to provide my community with critical real estate information so you can make the best possible decision when buying or selling a home. To that end, I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:

1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.

2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.

4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.

5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

For more information on the home buyer tax credit, e-mail me or visit www.irs.gov. Please forward this email to friends and family who may also be able to take advantage of this unique opportunity to purchase the home they’ve always wanted.

Sincerely,

Anthony

Anthony Crecco
Crecco Real Estate
Top 5 in Real Estate Member
Top5@CreccoRealEstate.com
www.CreccoRealEstate.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Thanksgiving

Did you know:
In 1621, the Pilgrim leader, Governor William Bradford, organized the first Thanksgiving feast in Plymouth, Massachusetts. Participating in the three-day feast were about 90 neighboring Wampanoag Indians and their chief, Massasoit.

It is estimated that 250 million turkeys will be raised in the United States in 2009. That’s down 8% from the number raised in 2008, which together weighed 7.9 billion pounds and were valued at $4.5 billion.

Long before the Europeans came to America, it was the Aztecs who domesticated turkeys. They were raised primarily for food and their feathers were used for decoration.

The 2009 Macy’s Thanksgiving Day Parade will mark the return of a new, updated version of Marvel's Spider-Man. The gigantic balloon — one of the most memorable in the history of the parade — flew for over a decade in the ’80s and ’90s before being retired in 1998.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Tuesday, November 24, 2009

1 in 4 Borrowers Under Water! WOW!!

The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.

Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.

Underwater Mortgages

State-by-state details on underwater home loans

These so-called underwater mortgages pose a roadblock to a housing recovery because the properties are more likely to fall into bank foreclosure and get dumped into an already saturated market. Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply.

Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American.

Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage, according to the Census Bureau.

But negative equity "is an outstanding risk hanging over the mortgage market," said Mark Fleming, chief economist of First American Core Logic. "It lowers homeowners' mobility because they can't sell, even if they want to move to get a new job." Borrowers who owe more than 120% of their home's value, he said, were more likely to default.

AM Report: Millions Underwater in Mortgage Crisis

Even home buyers who thought they were getting a bargain are now finding themselves underwater. The News Hub panel discusses a mortgage crisis that has left millions owing more than their homes are worth.

Mortgage troubles are not limited to the unemployed. About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay -- more than double the number in 2007, according to a study by Experian and consulting firm Oliver Wyman. "The American consumer has had a long-held taboo against walking away from the home, and this crisis seems to be eroding that," the study said.

Just months after showing signs of leveling off, the housing market has thrown off conflicting signals in recent weeks. Jittery home builders and bad weather led to a 10.6% drop in new home starts in October, and applications for home-purchase mortgages have dropped sharply in recent weeks.

These same falling prices have boosted home sales from the depressed levels of last year. The National Association of Realtors reported Monday that sales of previously occupied homes in October jumped 10.1% from September to a seasonally adjusted annual rate of 6.1 million, the highest since February 2007.

The bump in sales was ahead of forecasts, spurred by falling prices, low mortgage rates and a federal tax credits for buyers. Congress recently expanded and extended the tax credits.

The latest First American data aren't comparable to previous estimates because the company revised its methodology. First American now accounts for payments made by homeowners that reduce principal, and it no longer assumes that home-equity lines of credit have been completely drawn down.

The changes reduced the total number of borrowers under water -- although both old and new methodology show increases from the previous quarter. Using the old methodology, the portion of underwater borrowers would have increased to 33.8% in the third quarter.

View Full Image

Reuters

Homeowners in Nevada, Arizona, Florida and California are more likely to be deeply under water, according to the analysis. In Nevada, for example, nearly 30% of borrowers owe 50% or more on their mortgage than their home is worth, said First American.

More than 40% of borrowers who took out a mortgage in 2006 -- when home prices peaked -- are under water. Prices have dropped so much in some parts of the U.S. that some borrowers who took out loans more than five years ago owe more than their home's value.

“ If you can't afford it, you shouldn't have bought it, you don't deserve it, walk away. And greedy bank that holds it can take the hit. They may not have been the one that sold it to you but there isn't a financial institution that is innocent in this mess. ”

— Tim Caputo

Even recent bargain hunters have been hit: 11% of borrowers who took out mortgages in 2009 already owe more than their home's value.

Andrew Lunsford put 20% down when he bought his home in Las Vegas for $530,000 in 2004. Now, he said, his home was worth less than $300,000.

"I'm to the point where I feel I will never get my head above water," said Mr. Lunsford, a retired state trooper who works for an insurance company. He said his bank won't modify his loan because he can afford his payments, and he's unwilling to walk away, he said: "We're too honest."

Borrowers with negative equity are more likely to default if they live in a state where the bank can't pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond.

But borrowers who are less than 20% under water are likely to maintain their mortgage if their loan is modified and the payments reduced, said Sanjiv Das, head of Citigroup's mortgage unit. "Beyond 120%, the most effective modification is a complete loan restructuring, including a principal reduction."

Mortgage companies have been reluctant to reduce mortgage principal over worries about "moral contagion, with people not paying their mortgage or redefaulting because they believed the bank would reduce their principal," Mr. Das said.

Distressed Homeowners Ponder Whether to Stay or Go

Many borrowers are so deeply under water that they can't take advantage of lower rates and refinance their mortgage. "We're declining hundreds of loans each month," said Steve Walsh, a mortgage broker in Scottsdale, Ariz. "The only way we will make headway is if we allow for a streamlined refinance where the appraisal is irrelevant."

Realtors reported that home sales in October were up 24% from a year earlier. The number of homes listed for sale nationwide was 3.57 million at the end of October, down 3.7% from a month earlier, the trade group said. But that inventory could rebound next year as banks acquire more homes through foreclosure.

About 7.5 million households were 30 days or more behind on their mortgage payments or in foreclosure at the end of September, according to the Mortgage Bankers Association. Many of those homes will be lost to foreclosure, adding to the supply of homes for sale.

A recovery could pay off for the roughly 30% of underwater borrowers who owe 110% or less of their home's value and are able to endure the slump. "Most people prefer to stay in their home" even if the value of their property has declined, said John Burns, a real-estate consultant based in Irvine, Calif.

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

www.CreccoRealEstate.com

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

ActiveRain: http://activerain.com/blogs/ajc9761

You Tube: http://www.youtube.com/user/anthonycrecco

Monday, November 23, 2009

Last Week in the News

Retail sales increased 1.4% in October, following a revised 2.3% decrease in September. The gain was led largely by a 7.4% jump in auto sales. Excluding automobiles, retail sales rose 0.2%, following a 0.4% increase in September.

The Commerce Department reported that total business inventory decreased 0.4% in September, following a 1.6% drop in August. It was the 13th straight monthly decline as retailers, manufacturers and wholesalers sought to cut inventory.

The producer price index, which tracks wholesale prices, rose 0.3% in October, following a 0.6% decrease in September. It was the 11th straight monthly decline. For the year, wholesale prices are down 1.9%.

Industrial production at the nation’s factories, mines and utilities rose 0.1% in October, following a revised 0.6% increase in September. The overall factory-operating rate rose to 70.7% of capacity in October.

The National Association of Home Builders/Wells Fargo housing market index was unchanged at a revised 17 reading in November. An index reading below 50 indicates negative sentiment about the housing market.

The Labor Department reported consumer prices rose 0.3% in October. For the year, consumer prices are down 0.2%.

The Commerce Department reported that the combined construction of new single-family homes and apartments in September decreased 10.6% to a seasonally adjusted annual rate of 529,000 units. That was much less than the 600,000 economists had expected.

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in October after a 1% gain in September. It was the seventh straight monthly increase.

Initial claims for unemployment benefits were unchanged at 505,000 in the week ending November 14. Continuing claims for the week ending November 7 fell by 39,000 to 5.61 million.

Upcoming on the economic calendar are reports on existing home sales on November 23 and new home sales on November 25.

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

ActiveRain: http://activerain.com/blogs/ajc9761

You Tube: http://www.youtube.com/user/anthonycrecco

With Laughter

O God, as the day returns and brings us the silly
Rounds of irritating duties, help me perform
Them with laughter and a kind face.
Let cheerfulness overflow in my work;
Give me joy during my business all this day;
Bring me to my resting bed tired and content
And grant me the gift of sleep.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Saturday, November 21, 2009

Happiness Now

You may find yourself dreaming about the future with a hopeful outlook today. Perhaps you are making great progress on your goals, or you simply feel inspired about the possibilities for your life. While your optimism may be strong, you may also want to be sure that you don’t allow disappointment or impatience to knock you off track. Rather than placing expectations on the smaller indications of progress, you can instead choose to adopt an attitude of happiness and satisfaction about your life circumstances as they are today. Then you can simply keep working on your goals without depending on a specific outcome to make you feel fulfilled and joyful.

By embracing an attitude of happiness about the way our lives are right now, we can enjoy the process of manifesting our goals while inspiring ourselves to take on bigger challenges later. Though achieving our goals can certainly provide a great sense of satisfaction and contentment, we can also choose to embrace an attitude of happiness right now, even if our life circumstances aren’t what we wish them to be. Not only does this help us feel more satisfied about our existing circumstances, it can give us the motivation and confidence to move ahead with our goals knowing that our life circumstances will continue to get better the more we devote our energy to improvement. With a happy attitude and an optimistic outlook today, you can transform your circumstances even before you accomplish your goals.
Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Wednesday, November 18, 2009

Housing and Economy Headed for Sustainable Recovery; First-Time Homebuyers Lead the Way

RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006.

Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.

New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.

The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.

“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.

“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.

For more information, visit www.realtor.org (http://www.realtor.org).

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Treat Your Current Customers Like Gold

______________________________

To retain your current customers, you need to keep in touch with them. Let these relationships lapse, and you risk losing the golden goose — that loyal and dependable source of business and referrals that has been the key to your longtime success. The good news? There are more ways than ever to stay close to your customers. Here are some ideas for staying in touch:

*Acknowledge your customers by sending thank you notes and special occasion cards (birthday, anniversary, holiday, etc.).

*Send informational flyers and include a discount coupon or gift certificate.

*Celebrate your business anniversary with an open house for customers.

*Mail a monthly or quarterly newsletter, chock full of practical information and useful tips. Include contact information, but avoid the heavy sell. Position yourself as the go-to solution source.

*Invite them to a networking event or trade conference that you regularly attend.

*Make each contact lead to the next. Before concluding a meeting or telephone conversation, schedule the date of your next contact.

However you choose to communicate, be authentic, patient, responsive and consistent. When you treat your customers with respect and give them more than they expect, these relationships will continue to glow like gold.
Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Monday, November 16, 2009

Last Week in the News

According to the ICSC-Goldman Sachs index, retail sales fell 0.1% in the week ending November 7. On a year-over-year basis, retailers saw sales increase 2.9%, the best showing since August 2008.

Initial claims for unemployment benefits fell by 12,000 to 502,000 in the week ending November 7. It was the lowest level since January and the figure was lower than the 510,000 that economists had forecast. Continuing claims for the week ending October 31 fell by 139,000 to 5.63 million.

The Reuters/University of Michigan consumer sentiment index for November fell to 66 from 70.6 in October. Economists had forecast a reading of 71.

The Commerce Department reported that the trade deficit widened 18.2% to $36.5 billion in September from a revised $30.7 billion in August. It was the largest monthly gain since a 20.6% jump in February 1999. Economists had expected a trade deficit of $31.7 billion. The deficit is running at an annual rate of $366 billion, compared to $695.9 billion in 2008.

The Labor Department said import prices rose 0.7% in October, driven by escalating petroleum prices and a 24% jump in natural gas prices. On a year-over-year basis, import prices are down 5.7%. According to the report, export prices rose 0.3% in October.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending November 6 rose 3.2% to 627.5. Purchase volume fell 11.7% to 220.9. It was the lowest level since December 2000 and largely due to the deliberations to extend a government tax credit. Refinancing applications increased 11.3% to 2998.2.

Upcoming on the economic calendar are reports on the housing market index and wholesale inflation on November 17, housing starts on November 18 and the index of leading economic indicators on November 19.

THE CRECCO COMPANIES

Real Estate Remodeling Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY 10594

914.449.6547

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

Twitter: www.twitter.com/anthonycrecco