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Obama government are in talks with lenders, economists and government officials to provide financial help to homeowners who cannot afford mortgage dues due to job loss. Possible strategies range from encouraging loan services to allow unemployed borrowers to skip some payments to providing grants or loans to temporarily cover mortgage obligations for home owners who become unemployed. Bookmark &
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Building business is recovering in some markets, especially in military, government and energy jobs are driving demand. Building permits for apartments in Huntsville, Ala., has jumped 400 percent in 2009. Top 10 growth markets, based on building permits are:
1. Lake Charles, 122.5 percent
2. Beaumont - Port Arthur, 65.8 percent
3. Salt Lake City, 36.6 percent
4. Huntsville, 30 percent
5. Jacksonville, 28.6 percent
6. Augusta-Richmond County, 21.6 percent
7. Fayetteville, 12.2 percent
8. Las Cruces, 11.6 percent
9. Auburn-Opelika, 11.3 percent
10. Little Rock-North Little Rock, 7.7 percent.
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Most of the real estate professionals are out throughout the day, one-fourth of their time they spend driving their car. Most of the cars are stolen at parking lot. So here are a few tips that will save your car from getting stolen.
- Once you have entered your car, lock the doors immediately.
- Keep your car keys in hand so that you can open the door easily. Avoid searching for car keys inside the purse when standing in front of the car. Robbers, carjackers will be waiting for this kind of distraction.
- Keep moving. Once you sat inside the car don't start adjusting the stereo, or speaking over the phone, especially in the parking lot which is not well populated.
- Make sure that your dome light is in working condition. While unlocking your vehicle at night, see at the back seat to find out whether an attacker has not gained access to your car.
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A report published by Rodale Inc. describes the best places for families to live. The cities were analyzed based on 30 factors. Some of the basic factors are crime and safety, jobs, housing and health resources.
The top ten cities for families to live are Burlington, Madison, Fargo, Lincoln, Fremont, Lexington, Honolulu, Cheyenne, Omaha and Yonkers. At the bottom of the list, from the worst to slightly better are Detroit, Miami, Orlando, Memphis, Fresno, Cleveland, Tampa, Phoenix, Las Vegas and Toledo.
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International buyers have reduced their interest in U.S real estate due to recession and credit crunch problems.
Pricing: Home price paid by foreign buyers for the year ending May 2009 was $247,100, higher than the overall national price of $198,000 in 2008.
Origin of buyers: The top five countries of origin for foreign buyers were Canada, United Kingdom, Mexico, India and china.
Most popular states: Maximum number of foreign purchases was done in Florida state which accounted for 23 percent, next is California, 13.0 percent; Texas, 10.7 percent and Arizona, 7.1 percent.
Property types: Nearly 69 percent of international purchases were single family homes, while condos accounted for 18 percent. Town homes made up 8 percent of transactions, with commercial property at 4 percent.
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After the financial crises in 2008, the housing market has drastically changed.
If anyone wants to purchase house today they have to look into certain factors:
- One of the safest was to purchase a home is to put down 20 percent on a fixed rate, 30 year mortgage
- Buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
- If a family wants one more child then they have to calculate as to whether they could live on one income because having both halves of a couple work may turn out to be impractical.
- Have a maintenance budget. Even new homes need upkeep and repairs.
- Buyers who cannot afford their dream house now can opt for a starter home where they can save money each month for what they really want.
- Consider a property that can be expanded and improved down the road when money is available.
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The most expensive real estate deal in U.S was the sale of Manhattan's Stuyvesant Town and Peter Cooper Village for a whooping $5.4 billion in the year 2006. But after that the property has lost more than half its value, while rent payments fail to cover even half of the debt service. Tenants are so much worried that they have sued the property management firm Tishman Speyer Properties for illegally raising the rent. A lower New York State appeals court ruled in favor of the tenants. Now the opponents are sparring in the state's top court of Appeals.
Analysts predict that the owner, Black Rock Realty, will blow through the $890 million that they have set aside for maintenance and will likely default early next year.
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Prices of solar panels are about 25 percent less. Prices have fallen because U.S government is offering 30 percent rebate, plus rebate is offered by many states. Buyers are paying less than $16,000 for panels that would otherwise cost twice a year ago. According to Jeff Wolfe, CEO of groSolar, "Solar is now affordable for people for whom it wasn't before".
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The federal Housing Administration (FHA) has taken a step forward to provide mortgage guarantee for riskier buyers after the mortgage market crashed. With many defaulters, FHA's losses have increased, which means, its reserves will fall below 2 percent. If that happens, tax payers may have to bail out FHA.
The top 10 states with the most FHA insured mortgages are: Texas, California, Florida, Georgia, Ohio, Illinois, Pennsylvania, Michigan, Virginia and North Carolina.
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Some cities have good business environment, job growth and a low cost of living and few locations provide generous pay check and basic necessities like food and housing is modest. According to Forbes Magazine, the top ten cities where economy is growing and conditions like health care, technology and energy is improving are:
1. Dallas
2. Houston
3. Minneapolis
4. Austin, Texas
5. Washington, D.C.
6. St. Louis
7. Seattle
8. Atlanta
9. Kansas City, Mo.
10. Denver
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As home sales have increased over last few months, so has traffic in real estate websites. According to a survey, traffic to real estate web sites rose 11 percent from 20.7 million visitors in June to 23.1 million in July.
Maximum traffic came from two-person households. This demographic was 50 percent more likely than the average web user to visit a real estate site. Potential homebuyers aged between 25 and 34 were 29 percent more likely to look at a real estate site, and people with no children were 32 percent more likely.
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Federal Housing administration (FHA) has backed nearly 25 percent of all new mortgages. There has been 50 percent increase in the applications for FHA mortgages from last October through mid-August 2009. Approvals for purchases, refinancing and reverse mortgages rose 70 percent to 1.67 million. Some analysts say that borrowers with FHA insured loans now have an average credit score of 690, compared to 630 two years ago. Borrowers with a credit score below 500 must come up with a 10 percent down payment.
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Home prices have fallen in the most exclusive neighborhoods. Home prices have fallen in Alphine, N.J., to nearly 23 percent in the last year. This place tops the forbes magazine's lists of America's 500 most expensive ZIP Codes. Prices are rising only in few areas. For example, price in New York's upper west side have rose to 4 percent in the last year.
Countries 10 most expensive ZIP codes and the median home prices are:
Zip code | Place | Median Home price | 07620 | Alpine, N.J | $4,139,041 | 94027 | Atherton, Calif | $3,849,133 | 10014 | New York, N.Y | $3,521,514 | 91008 | Duarte, Calif | $3,444,773 | 90210 | Beverly Hills, Calif | $3,367,167 | 92067 | Rancho Santa Fe, Calif | $3,362,493 | 93108 | Santa Barbara, Calif | $3,284,652 | 94024 | Los Altos Hills, Calif | Median Unavailable | 10065 | New York, N.Y. | $3,176,534 | 07926 | Brookside, N.J. | $3,121,115 |
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According to Paul Rogers "Auctions of bank foreclosures can be the best deal for a consumer."
A lot of these banks were sitting on these bad deals and hoping these things were going to turn around, and now they realize the problems aren't going to go away," Rogers says. "They want to structure these deals so the properties and the problems go away."
According to Michael Fine, executive vice president of auction firm Sheldon Good & Co - " Property auctions are likely to heat up this fall as winter nears and foreclosure moratoriums expire. "
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