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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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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

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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

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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

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

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

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

Ask and You Will Receive

You may feel charismatic and expressive in your interactions with others today. You might find that you have an easy time communicating your ideas to others or persuading them to see your point of view regarding other topics. Since your communication style is so relaxed and open, you may want to give some thought to ways you can use this ability to further your goals. You might speak to your supervisor about a promotion at work, or share your thoughts about a business proposal with someone you’d like to partner with. Simply by taking the initiative to be bolder and more confident in your actions today, you might encourage others to embrace your ideas or align their efforts with yours.

By stepping out of our comfort zones and asking for what we want, we invite the universe to open lucrative opportunities for growth and advancement. Many of us hesitate to ask for what we want because we fear hearing the word no. If we pause to consider that our every action sends a clear message to the universe about what we expect, however, we will see the wisdom of being bolder in our actions rather than holding back in hesitation. By stepping forward with bold confidence and asking for what we want, the universe will respond by creating more opportunities for us to achieve. If you combine your expressive communication abilities with the willingness to be bold with your actions today, you can attract limitless opportunities to advance your goals.

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

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Saturday, November 14, 2009

HOW TO SELL A HOUSE THAT DIDN'T SELL

If your home has just come off the market and hasn't sold, don't be discouraged. The reason it didn't sell may have nothing to do with your home or the market. In reality, your home may have been one of the more desirable properties for sale. If your listing has expired and you still want results, before you put your home back on the market, take a step back and review your situation.

Q. Where should I begin?

A. Start by making a commitment to do what it takes to market your house to get it sold. With the right system, the home sale you want is still well within reach.

Q. Why didn't my home sell?

A. Review your previous selling plan and you'll discover that an expired listing usually reflects a problem in one or more of these four major areas:

1. Teamwork,

2. Pricing,

3. Condition of Your Home, and

4. Marketing.

4 IMPORTANT POINTS THAT WILL GET YOUR HOUSE SOLD

1. Teamwork.

Your home is a major financial investment, and your relationship with your Realtor® should be a full partnership where your needs and wishes are heard, and you receive detailed and dependable feedback on the progress of your sale. Your agent has a responsibility to source this feedback from the agents who have shown your home, and to communicate this to you so together you can make the right decisions about what to do next. How well did this occur the last time you had your home up for sale?

2. Pricing - Did price work for or against you?

The "right" price depends on market conditions, competition and the condition of your home. Pricing it too high is as dangerous as pricing it too low. If your home doesn't compare favorably with others in the price range you've set, you won't be taken seriously by prospects or agents.

You'll get the facts when you see the statistics! To help you to establish a realistic selling price for your home, ask your agent to provide you with an up-to-date competitive market analysis to give you:

* a review of comparable homes recently sold or currently for

sale,

* an idea of how long other homes have been listed, in order to

calculate an average time in which a home can sell in today's

market,

* a review of homes whose listings have expired, to understand

what issues were at play.

Note: There is no mention of how much you paid for your home or its improvements. Like any other investment, the market value is determined by what a willing buyer will pay and a willing seller will accept.

3. Condition of Your Home - Show Case Quality!

Is your house someone else's idea of a dream home? When buyers enter are they inspired? Do they think, "I love this house!"

Remember, the decision to buy a home is based on emotion, not logic.

A house in move-in condition invites a sale. You need to

consider:

* fixing all the little squeaks and cracks

* keeping it clean for all showings

* making it uncluttered

* brightening it up

* what your home shows like from the street (concentrating on outside curb appeal)

Plus - Consider taking care of major items, such having your home painted. Offering an allowance to your prospective buyers, so they can have painting completed is not the same as having done it for them. Now, as they're trying to imagine what that new paint job will look like, they may also be discounting the price even further because of the less-than-perfect look of those walls.

Remember... A house that presents well, sells for the best price because it outshines the competition. Ask your agent if they can arrange a no-obligation inspection of your home to help you assess the above.

4. Marketing Your Home To Sell!

One of the first steps in your marketing plan involves finding an agent who will best represent you. When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers. Compare, too, how much money each spends on advertising the homes s/he lists, in what media (newspaper, magazine, etc.) and the effectiveness of one medium over the other. Remember, it's not just how much they spend, but how they spend it.

Say goodbye to any real estate agents using old, traditional methods to sell your home because they don't work in today's market! To be competitive in today's marketplace, agents who use new and innovative, non-traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.

EVERY SELLER CAN BOOST A PROPERTY'S EXPOSURE!

1. Make your house easy to show.

* Consider installing a lock box.

* Allow showing times that are convenient to buyers.

2. Use a "For Sale" sign, where permitted.

3. Create a Good First Impression by:

* depersonalizing furnishings and decor so prospects can

visualize themselves in your home;

* emphasizing curb appeal;

* keeping large pets at a distance.

REMEMBER - The next prospects who visit your home may be your buyers - be ready for them!

GET THE BEST RESULTS

To get the best results when selling your home, you need to team up with your agent to develop a powerful marketing plan that exposes your property to the widest possible pool of prospective buyers.

Not all agents are the same. The relationship between you and your agent can make the difference between selling your home fast, or not selling it all.

BUYERS ARE OUT THERE - AND THEY WILL COME!

Before you put your home back on the market, remember:

1. Effective communication is vital between you and your agent.

2. Price your home according to market conditions, competition

and the condition of your house.

3. Be sure your house is in showcase, buyer ready-condition.

4. Have an innovative marketing plan firmly set in place.

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

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Wednesday, November 11, 2009

Government Modification Program Has Helped 20 Percent of Eligible Borrowers

The Obama administration’s mortgage relief programs are beginning to pick up steam. After being widely criticized for its slow start, the modification portion of the Making Home Affordable program has now reached 20 percent of eligible homeowners, officials said Tuesday.

According to the Treasury’s monthly status report for the program, 650,994 active trial and permanent modifications are now underway. Another 268,971 offers for trial mod periods have been extended to troubled homeowners.

“The program is having a pronounced impact in areas particularly hard hit by the housing crisis,” Treasury Assistant Secretary Michael S. Barr said in a statement to the press. “We’re reaching borrowers at a larger scale than any other modification program to date, but there is still much more work to be done.”

Seventy-one servicers have signed agreements to modify loans under the Home Affordable Modification Program (HAMP). In addition, roughly 2,300 lenders service loans owned or guaranteed by Fannie Mae or Freddie Mac, and are automatically able to participate in HAMP.

Saxon Mortgage Services and CitiMortgage lead the way in terms of the percentage of eligible loans with trial modifications started. Saxon has initiated trial mods on 35,027 mortgages – that’s 44 percent of its eligible loans. Citi has 88,968 trial mods on course, or 40 percent of its eligible home loans.

When you add up the number of active trial mods for each servicer, Bank of America takes the top spot with 136,994 modifications in the trial phase, but that equals only 14 percent of the lender’s eligible loans. J.P Morgan Chase runs a close second in terms of the total tally with 133,988, or 32 percent of its eligible mortgages. Wells Fargo ranks third, having initiated 93,652 trial mods on 29 percent of those eligible.

Tuesday’s MHA status report included a new data breakdown of state-specific trial modification numbers. Homeowners in the foreclosure-ravaged states of California and Florida have received the highest level of assistance under the government program.

Over 134,609 troubled borrowers in California are now in the modification trial phase. In Florida, 82,614 trial modifications are underway.

In July, the administration challenged servicers to ramp up the pace of modifications by mandating a minimum of 500,000 trial mods by November 1. Treasury’s latest report shows the industry has surpassed that goal by more than 150,000 by the November target.

Faith Schwartz, executive director of HOPE NOW, praised mortgage servicers for their “unprecedented efforts” to keep people in their homes. According to Schwartz, since the beginning of 2009, servicers have also offered additional workout solutions through repayment plans and modifications to over 2.3 million homeowners.

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