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According to U.S. Census, there are few cities that grew at least 10 percent every decade since 1970 but lost population from 2006 to 2008. Cities that grew fast prior to 2006 but lost population since: - Mesa, Arizona - Arlington, Texas - Anaheim, California - Santa Ana, California - Plano, Texas Bookmark &
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A U.S. family's median income is nearly $64,000 a year through which they can buy 70.1 percent of all homes sold during the third quarter, according to a report. Five most affordable areas are: - Indianapolis - Youngstown - Detroit - Warren - Grand Rapids Five least affordable areas - New York City - San Francisco - Honolulu - Santa Ana - Nassau and Suffolk Bookmark &
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According to a study in September, nearly seven million properties are headed for foreclosure. Mark Zandi, chief economist, concurs with high estimates of potential foreclosures, anticipating 2.4 million homes in foreclosure in 2010, compared with 2 million in 2009. Bookmark &
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Mortgage delinquencies are 6.25 percent in third quarter from 5.81 percent in the second quarter, according to credit management company TransUnion. Highest mortgage delinquency rates were in Nevada and Florida reaching 14.5 percent and 13.3 percent respectively. They were lowest in North Dakota and South Dakota at 1.7 percent and 2.3 percent respectively. District of Columbia had the highest debt per borrower at $359,788, while West Virginia had the lowest at $97,265.
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1. In Real estate investment, an investor should have short and long term money goals. By having goals he can attain his dreams.
2. Choose the location for real estate investment. It is very difficult to buy all real estate properties. If you're interested in buying foreclosed properties, focus on foreclosure listings only.
3. Before buying a property analyze it properly. Analyze the home value, repair needs and home costs rapidly.
4. If an investor wants to make money in real estate investing, he has to learn about mortgages, foreclosure, properties etc.
5. Learn to deal with the problems of real estate investing. If you learn to resolve people's problems, such as help them get rid of foreclosure properties, you can earn profits.
6. Make it a habit to educate yourself about new ideas, tips and techniques which can help you in making a good deal.
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Many small businesses fail because owners are not able to come out of the daily work to focus on improving, growing and making their business a success. Real estate is similar in many ways. Here are a few reasons as to why real estate investors fail.
1. Lack of focus & business plan: Most of the investors try all the strategies at the same time which may lead to failure. They should pick one strategy, document it in a business plan and master it before moving on to 2nd strategy.
2. Lack of a mentor: It is better to get advice from a mentor and other experts. They will provide solutions and even save deals or save you from a failure.
3. Wrong strategy: Most of the investors are followers and do what others do or choose a strategy that does not work in their market. Do your homework properly and choose the right strategy.
4. Lack of effort and time: Many new real estate investors get excited and work hard for 2 days then do nothing for 2 months. It would be better if you write down your goals and what should be done to achieve them, put together daily tasks and complete them on a consistent basis.
5. Lack of knowledge: Real estate investors should master their strategy and have knowledge, systems and team in place to be successful in real estate investing.
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According to a study, Customer satisfaction with the mortgage lender has declined as the time between application and closing has increased. Overall satisfaction among mortgage customers fell to 739 on a 1,000 point scale.
Lenders with better than average customer satisfaction were:
- BB&T (Branch Banking and Trust, 783 out of 1,000
- Wachovia, 781
- City Mortgage, 769
- Mortgage, 769
- Wells Fargo, 754
- Bank, 744
- Mortgage, 744
- Bank of America, 741
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In October, nearly 332,292 U.S properties were filed for foreclosure, a decrease of 3 percent from September. States with highest foreclosure rates are Nevada California, Florida, Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah. Four states accounted for 52 percent of the nation's total foreclosure activity in October: California, Florida, Illinois and Michigan. Rest of the states in the top 10 list of foreclosures was Nevada, Arizona, Georgia, Texas, Ohio and New Jersey.
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Nearly 12.1 percent of home buyers have planned to buy a home as an investment property, compared to 5.6 percent in March 2009. Nearly 15.8 percent men were interested in purchasing investment property and 8.1 percent were women.
Nearly 25.3 percent buyers are interested in buying foreclosed properties, 42 percent regard the purchase they are considering an investment and don't plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent will fix the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
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In certain states like California, Arizona and Nevada where homeowners were facing mortgage problems a federal loan modification plan named as "Making Home Affordable" helped them. This plan has reached nearly 20 percent of troubled homeowners. This plan has reached only 12 percent of homeowners facing foreclosure problem in Florida. Some Economists say it is not possible for Obama administration to help nearly 3 million to 4 million borrowers in three years with this plan.
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New houses are more energy efficient when compared to old homes. So if buyers buy new houses they can save energy. New homes have high-efficiency furnace close to the house instead of being put in the basement. A 3,000 square foot home that is top rated for energy efficiency can be heated in the greater Chicago area for less than $50 a month. Other energy friendly features include double or triple paned low E windows that not only keep out cold air but also make homes quieter.
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Due to reduction in inventory, housing market is stabilizing. Due to current inventories, supply will decline below pre 2006 levels by the end of 2009. Even when market is stabilizing it doesn't mean that prices will rise anytime soon. They point to what they call "shadow inventory", foreclosed homes that banks are holding off the markets. They predict that these homes will hit the market in spring 2010. Analysts are optimistic that the housing recovery is built on an improving economy and say that the market will continue to stabilize.
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If you want to sell your house fast, one of the best things would be to use top-quality photos in your listings. Whenever you take photos of your room, see to it that there is enough light. Don't make the mistake of taking photos without enough light. One more thing to keep in mind is don't take photos of room that are not cleaned.
Experts say if you make little changes in the room, you may get amazing photos. For instance, remove clutter and position some flowers or fruit bowls on bare countertops. Don't use cell-phone cameras, turn on the lights rather than use the flash. Be careful when photographing bathrooms to avoid glare from the mirror. Avoid children's room because they don't have interesting architectural features.
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Many people in U.S are facing stress due to lousy economy and foreclosures, according to the Associated Press. The counties that are affected badly are in Midwest, southwest and southeast. In North, economic stress is lower. States with highest stress levels were: 1. Nevada, 21.95 2. Michigan, 17.75 3. California, 16.2 4. Florida, 15.4 5. Arizona, 14.26 States with the lowest stress scores are: 1. North Dakota, 4.07 2. South Dakota, 5.01 3. Nebraska, 5.71 4. Montana, 6.6 5. Wyoming, 6.9 Bookmark &
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U.S. Treasury Secretary Timothy Geithner has assured business people that even though commercial real estate sector is in crisis situation it will not severely damage rest of the economy. Geithner said "I think the economy can handle it". He also said that "I think you can say with confidence that the financial system is stable and that the economy has stabilized." Bookmark &
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According to a data, highest property tax bills are paid by people living in New Jersey and New York. Counties that pay highest property tax are as follows: 1. Westchester County, N.Y., $8,404 2. Hunterdon County, N.J., $8,347 3. Nassau County, N.Y., $8,306 4. Bergen County, N.J., $7,997 5. Rockland County, N.Y., $7,798 6. Essex County, N.J., $7,676 (tie) 7. Somerset County, N.J., $7,676 (tie) 8. Morris County, N.J., $7,310 9. Passaic County, N.J., $7,095 10. Union County, N.J., $7,058 Bookmark &
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