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Foreclosures to Persist
Foreclosures to persist
According to authors at the Federal Reserve Bank of Cleveland, the nation’s high foreclosure rate is likely to persist. The Fed article looks at the changes in foreclosure and unemployment rates across states, noting the differences in the timing of the movements. The conjecture that the high foreclosure rate will persist is based in part on the observation that states that experienced boom-bust housing cycles in the past (Texas, Oklahoma, Massachusetts and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory. These previous boom-bust cycles “were small in comparison to the current cycle,” the article said. While the recession has left deep scars in the housing and labor markets — with the unemployment rate doubling and the foreclosure start rate roughly tripling — the timing of the movements differs over the cycle, according to the abstract, written by the vice president at the Federal Reserve Bank of Cleveland, and K.F., a research assistant.
In So-Cal every Wednesday morning there is a short sale workshop open to the public, allowing homeowners, agents, brokers or investors the opportunity to see and participate in how and why this has been changing communities across our nation. Join us this week or any week for a fulfilling chance at making a difference in the lives of others.
Pro’s & Con’s of Various Individual Investor Types
** When to seek outside investors to help fund your growing real estate portfolio so it’s only natural that we should also spend a little time talking about the pro’s and con’s of various investor types. Not every investor is created equal; the trick is to learn how to find the ones that bring the most value and the least constraints to the relationship. Here is a quick overview of the most commonly encountered types of outside investors and how each may play an important role depending upon your current needs.
1. High Net Worth, Experienced in Industry, Exceptional Contacts. This is the most desirable outside investor possible. Not only does this person have sufficient capital to invest but their industry and professional affiliations can open doors that would otherwise be ‘off limits’. Not only do you benefit from access to capital but even more importantly, learn from their experience and expertise while meeting the “right” people. However, preparation is essential and a wrong step could have dire consequences for years to come.
2. High Net Worth, Experienced in Industry, Related Contacts. This can be a win-win situation for those that are long on short sale or real estate experience but a bit short on cash; by teaming up with someone that has plenty of cash sitting idle you are able to provide the expertise required to put it to work. Often these persons have valuable contacts outside of real estate; for example, doctors, lawyers and other professionals. It may be necessary to provide extensive explanation and education prior to investing in order to put the person or group at ease.
3. High Net Worth, Experienced in Industry, High Contacts. Plain and simple, this is one of the most frequently encountered types of investors the novice short sale entrepreneur is likely to encounter; someone simply seeking a return on their money rather than watching it waste away in a bank account or the bond market. Although the money is often a welcome addition to your individual growth plans, it often comes with a rather steep price tag…a lot of oversight and explanation. Family member, retirees and small investment groups often fall into this category which can add even greater volatility to the equation.
If you know someone in danger of losing their home to foreclosure and need some professional assistance, do them a huge favor and give them my personal email::: 3feet2go@gmail.com I CAN HELP THEM!
IMF warns of double dip
The International Monetary Fund (IMF) warns that “the backlog of foreclosures and high levels of negative equity, combined with elevated unemployment, pose risks of a double dip in housing.” further support for foreclosure mitigation under the existing framework may be needed if the housing market were to weaken,” IMF wrote, adding that a worst-case scenario may include reconsideration of mortgage cram-downs within bankruptcy. The IMF noted that recent reform legislation emphasizes a return to “safe securitization” of assets like mortgages through greater oversight and accountability for ratings agencies, more transparency of the assets, greater emphasis on investor due diligence and “skin in the game” for originators. 
“Given the large role that securitization played in the past, and the potential limits to bank balance sheets for creating credit, speedy implementation of these measures would be essential to avoid limits on credit supply that could crimp the recovery,” IMF said. “It will also be important to coordinate reforms domestically and internationally to ensure safe securitization and promote a level playing field.” In the meantime, the housing finance system remains “costly, inefficient and complex,” according to the note. The IMF also recommended a clarification of government-sponsored enterprise (GSE) mandates and a privatization of their retained portfolios. Fannie Mae and Freddie Mac’s core bundling and guarantee business lines “should be made explicitly public,” the IMF said.
Please feel free to visit our Foreclosure Relief Page, to understand their are other options!
Bath Tub Fixtures (WHY)
After a long day, one of the things you would be craving for is a warm long bath. A great bath tub can become your best friend at the end of the day. Many people upgrade their tubs with bath tub faucets to make it more delightful to use. Increasing the value of their largest investment, Real Estate. Nowadays, bath tub faucets come in all shapes and sizes so you have countless of options to choose from.
One of the newest things in this industry today is the touch faucet innovation. Some of the touch faucet brands in the market today are Delta and Kohler. The Delta 980T - SSSD is equipped with the latest Touch 20 technology and is one of the leading products in the market. The price of Delta touch sensor faucet in Amazon is $348. Listed at the original price of $585, you would be able to save around $40 when you purchase it in Amazon. It has a Pilar design which was inspired by technology and nature combined. It also features a Magnatite spray head to secure tight fit. Additionally, this product also boasts its Diamond Seal technology which utilizes an electronic valve along with a diamond coating, making it more durable and guaranteed to last a lifetime.
If you want a Zen-styled bathroom, a faucet Asian waterfall nickel sink would be the best way to go. You can find one in Amazon, like the model SV15, which is an oriental inspired bathroom sink and faucet that sells for $425. This product has marble sink which is handcrafted and a brushed nickel faucet finish. The sink is about 1″ thick and colored black and grey. The product includes a pop up drain and a limited lifetime warranty. Bath tub faucets with an Asian design will also go along well with a Zen inspired bathroom. Vintage themes are also popular. You can add vintage glass fixtures for bathroom or look for modern floor mount bathtub faucets if you want a contemporary, modern look.
For a modern styled bathroom, most people choose ceiling mount tub fillers or custom ceiling tub faucets with a contemporary sleek modern finish. This is one of the most unique kinds of bath tub faucets ever thought of. A bath faucet from ceiling mounts is a great statement of modern style. You can find the Kohler K922 CP ceiling mount bath filler at Amazon for $323.86. The product has a solid brass construction and a polished chrome finish for more durability and resistance to tarnish and corrosion. It has a 2 centimeter orifice and weighs about 5.6 lbs. This product can be used for dual purposes. Aside from filling your tub, it can also be used as a shower. The minimalist style is also the modern style so if you want this kind of bathroom, don’t overdo decorations and fixtures. Look for fittings that possess simplicity and clean finishes.
Bath tub faucets, no matter what design, should complement and match the overall look of your bathroom. Before buying a faucet that interests you, think about the kind of look you want to achieve first. Compare the different styles that you want and canvas on some of the things you need to buy. Remember, you don’t have to spend too much and hire a contractor or decorator for this. Just have in mind the right idea, and the great products to go along with it.
BofA is Eqautor
BofA Agrees to Pay $108 Million to Overcharged Countrywide
Borrowers Representing one of the largest judgments imposed in a Federal Trade Commission (FTC) case, two Countrywide mortgage servicing companies, now part of Bank of America Home Loans, have been ordered to pay $108 million to settle charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. In a statement released Monday, the FTC said the $108 million settlement will be used to reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by North Carolina-based Bank of America in July 2008. Bank of America said it agreed to the settlement “to avoid the expense and distraction associated with litigating the case.” According to the FTC, Countrywide used unlawful practices in Servicing homeowners’ mortgages.
The company allegedly charged excessive fees for default-related services, made claims about amounts owed by homeowners in bankruptcy that were false or couldn’t be backed up, and didn’t tell people going through bankruptcy when new fees or charges were being added to their loans. Going forward, borrowers in Chapter 13 bankruptcy must be sent a monthly notice with information about what amounts are owed – including any fees assessed during the prior month. Additionally, the defendants must implement a data integrity program to ensure the accuracy and completeness of the data they use to service loans in Chapter 13 bankruptcy.
Real Estate WIN-WIN
Demonstrate the ability to pay the loan and you are halfway toward becoming a commercial investor. Critical is an understanding of the major risks associated with commercial loans from the lenders perspective. Use this as a quick checklist when putting together an offer or evaluating your own potential.
1. Credit Risk. Perhaps the most common type of risk, this simply indicates the ability of the borrower to meet the contractual obligations as outlined in the loan documents…aka, the ability to pay. However, because you are dealing with commercial loans, the credit risk can be impacted by several items including competitive market factors (ie, the inability of the property to lease as expected, increased or decreased demand etc), interest rate sensitivity, rollover of leases (long term leases may be stable but are also more prone to declining values), changes in regulatory environment including zoning and tax laws.
2. Interest Rate Risk. The majority of commercial real estate is financed on a floating rate basis so interest rate risk is a very real threat depending upon the timing of cash flows, yield curves and other economic conditions that may adversely impact the economic climate.
3. Liquidity Risk. Banks must meet obligations the same way that private individuals are required to do so; loss of liquidity means the bank is unable to extend credit or must call loans in order to raise capital. For an investor, liquidity risk is typically isolated to the ability of the bank to loan money in the future should you require it in order to roll-over or refinance a loan.
4. Compliance Risk. Once the domain of elusive economic theory, compliance risk has risen to disproportionate levels thanks in large part to the current crisis as well as outside influences. Examples are broad but range from potential liability of bad debts during the mortgage boom to the current oil spill at BP; a bank may be held responsible for assets held as collateral. High risk assets will be assessed a premium.
Real estate investors seeking entry into the exciting world of commercial real estate should review each property from the perspective of the lender; examine risk levels and potential threats through the eyes of the bank in order to maximize your prospect for success.
setting PreCast Concrete
Many variation of precast tiles can all be installed anywhere such as tile, precast fire place mantels or precast exterior window and door accents. Precast concrete steps or stairs, for instance are applied such as ceramic tile with thin set adhesives and grout. A masonry diamond grinder or skilsaw blade can cut with ease and prefit into place as a dry run.
Remove any loose or broken surface concrete or stucco to allow your precast concrete to bond as if its all one piece. After window was in place we also added some expanded wire for holding the grout and creating a bond reinforcement that wont crack. These precast stones need to be supported while the thin set dries for 24 hours. This is another fantastic way to accent the exterior finish for a better resale future value return on your investments.
How To Choose Kitchen Cabinets
Choosing kitchen cabinets doesn’t have to be confusing. With a little research on your part you’ll know what to ask for, what you want and need, and where to find it. All while saving the most money you possibly can.
First - Decide what you need, what you want, and what you can afford.
- What style are you looking for? Shaker, Country, Retro, Classic, New England, Cottage?
- Are you open to suggestions and ideas?
- Do you want wood, laminate, frame cabinets or frameless (Euro-style)?
- What type of countertops are you going with? Laminate, solid surface, marble, granite, quartz, concrete, tile, glass?
- Do you need an entirely new kitchen, just a bath vanity, or only a rollout fixed?
- Do you need help with the entire process, which means you might need to hire or be your own contractor, or is your project small?
- What is your budget? If you have $200 you can paint your cabinets for a fresh look or get new handles or knobs. If you have $5,000 or more you will be able to get an entirely new kitchen, depending on size. If you have $10,000 you might even begin thinking about remodeling (changing walls, plumbing, etc.). Kitchens really can run from a few thousand to several tens of thousands depending on where you live and what you want. You’ll pay much more for a kitchen in New England or Oregon than you will in Kentucky or Wisconsin.
Thinking about these questions will help get you going in the right direction.
Commercial Real Estate
Commercial Market Still Struggling
While the commercial real estate market may not have fully recovered, National Association of Realtors Chief Economist Lawrence Yun identified some developing, positive trends in the market that could eventually lead to recovery at the “Economics Issues and Commercial Business Trends Forum.” Yun said jobs only began increasing a couple of months ago and are still below peak. The commercial market has seen a few improving trends in recent months. The market is experiencing an increase in transactions due to more distressed properties available needing various levels of plumbing repairs IE., and prices are beginning to stabilize. Yun believes within the next year more lending will slowly become accessible to commercial property owners.
Two commercial sectors showing the most promise are manufacturing and multifamily. Manufacturing activity and employment have risen recently and because household formation is also rising, the multifamily sector will likely fare the best during this economy. Despite some of these promising trends, the commercial market is still experiencing high vacancy rates and rent concessions. “All real estate is local, but I expect to see vacancy rates bottoming out and rent rising by next year,” said Yun. He also warned against some of the possible risks commercial practitioners may experience in the future such as high interest rates and inflation, as well as increased taxes for commercial real estate investors. During the session, Yun was joined by two leading economic experts, Diane Swonk, Mesirow Financial; and Brendan Reilly, Commercial Mortgage Securities Association. The panelists agreed that an improving economy and job creation continue to be the two main factors when it comes to restoring the commercial real estate market.
Is Cash King?
* The 4 market cycles that all free market economies
go through, how to recognize when we are moving into a new
cycle, and most importantly, how to get rich in the cycle we
are in and the coming cycle.
* Discover the 3 real estate niches, and learn how to utilize
all 3 niches to create long term wealth in real estate
* Long term wealth in real estate is not made flipping every
house you short sale. It is made owning real estate. And
owning real estate is simple and easy when you have the right
systems in place and learn how to do it. In fact, it is easier
than flipping a house to an end buyer.
* Why he believes Cash is not king, Cash Flow is. And he will
prove it to you.
* Learn how to safely and quickly remarket properties for
above market and have the buyer not even blink an eye… You’ll
even learn how to make the buyer completely ecstatic with the
deal and take care of the house like an owner would.
All this is possible in the real world once you understand how to leverage your tools for growth and nail down any future chances of getting an education in the market of a life time…….