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12% of homes (1 in 8) are behind in payments
Real Estate News Overview:
According to the Mortgage Bankers Association, nearly 1 in 8 of the nation’s home mortgage holders (12% of residential mortgages) were behind in their payments in the first quarter — the most since 1972.
Additionally, it may be surprising to know that sub prime loans aren’t the focus of attention right now. It appears as though Prime fixed-rate loans now represent the largest share of new foreclosures.
Experts also estimate that foreclosures will worsen in coming quarters due to rising unemployment.
Real Estate Investor Coach Response:
Whew…. Although it is terrible to hear that so many people are continuing to struggle with their mortgage payments, the thing I would like for you to remember is that “you” (the real estate investor) didn’t put them in this position. It is your job to continue to remain positive and educated in all the ways you can buy these houses (primarily through short sale in this case) because for every house that you can buy through short sale negotiation is one more house that didn’t go through foreclosure, which is a good thing!
Additionally, knowing that the Prime loans are suffering just as much as the Sub Prime Loans is really interesting to me. These all continue to be great opportunities for you to go out and make some really big checks. I hope that you are aggressively targeting Pre-Foreclosure homes to purchase just like I am every day. If you are GREAT! If you are not, then you know that you should be! If you are unsure how to get started investing in Pre-Foreclosures, Foreclosures, Short Sales, etc. then:
and get your copy of “Foreclosure Crisis Into Cash Fortunes” ($19.95 value.)
If I was new in the Biz, this is the first place I would start.
Post your comments on this article below.
To your Real Estate Investing Success,
Brian Evans
Foreclosures Still on the Rise
Real Estate News Overview:
Foreclosures in the US are continuing to rise overall with March posting record highs in foreclosure activity since figures began in 2005.
The latest figures from RealtyTrac show that filings, including default notices, auction sale notices and bank repossessions rose by 9% in the first quarter of 2009. The rate of increase is expected to continue as moratoriums come to an end.
In the last year there has been an increase of 24% in filings overall. California, Florida, Arizona, Nevada and Illinois accounted for 60% of the nation’s total foreclosure activity volume. On a national scale, one in every 159 US housing units received a foreclosure filing during the quarter. Nevada and California boasted the highest foreclosure filing rates. One in every 27 Nevada housing units and one in every 54 California housing units received a foreclosure filing in the quarter, according to the report.
There were plenty of states, however, with rates more than six times lower than the national rate. Vermont boasted the lowest rate of the quarter, with one in every 14,830 properties receiving a foreclosure filing. RealtyTrac designated Vermont one of 10 states with a rate of more than 1,000 homes for every one foreclosure filing.
Of the nine other states including Kentucky, Mississippi, Montana, Nebraska, New Mexico, North and South Dakota and Wyoming, South Dakota boasted the second lowest filing rate, with one foreclosure filing in every 3,721 homes in the quarter.
March alone posted record highs in foreclosure activity, with 341,180 properties receiving foreclosure filings, a 17% increase from February and 46% year-over-year increase from March 2008. These are the highest monthly and quarterly totals recorded since RealtyTrac began reporting in 2005.
One county as postponed all foreclosure hearings because of the demand. Cook County, Illinois, the second most populous county in the US which includes the city of Chicago, has a backlog of tens of thousands of foreclosure cases. New cases have been suspended until September with the only exception any case where a property has been verified as both vacant and abandoned.
Real Estate Investor Coach Response:
It is obviously still a great time to buy foreclosure properties using short sale techniques. If you are still wondering where to begin, and how you can get your share of this Foreclosure Gold Rush then order my complimentary CD and Report “Foreclosure Crisis Into Cash Fortunes” to learn more. http://www.foreclosuregoldrushreport.com
To your Real Estate Investing Success,
Brian Evans
Short Sale Investing Tips - What is a Short Sale
From one Real Estate Investor to another, I believe it is very important to always fully understand the basics to what you are doing. With that said, this audio message will discusses the question…What is a short sale?
- Always remember that you are buying a property from the seller, not the lender.
- You are justifying your offer to the lender and trying to get them to take a discount.
- The lenders options are few, so it is your job to make them want to do business with you based on your offer.
- The process can take anywhere from 2-4 months on average, or longer depending on the situation.
- There are never any guarantees that the deal will actually go through, however the better you justify yourself and your offer, the better your chances!
Talk back to me friends and let me know your thoughts on this audio post. I want to know what you like, dislike and everything in between. I’m listening!
To your Real Estate Investing Success,
Brian Evans
Short Sale Investing - Back to Back Closings
This 9 min and 12 second audio will provide you with the following:
- Review of Back to Back Closings with Short Sale Transactions
- Review of Simultaneous Closings with Short Sale Transactions
- Difference between the two
- There will always be two closings when doing short sale flips
- You can use your attorney or your buyers attorney to close
- Find out what is needed and make it happen
Talk back to me friends and let me know your thoughts on this audio post. I want to know what you like, dislike and everything in between. I’m listening!
To your Real Estate Investing Success,
Brian Evans
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