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We knew it had to happen sooner or later. Nothing lasts forever, not even the low housing prices in Los Vegas. The investors are coming out of the woodwork and have snapped up about 60% of the homes in Vegas for cash. Read more about it here:
http://www.latimes.com/business/money/la-fi-mo-vegas-home-sales-20120328,0,3278002.story
The banks are reporting lower foreclosure numbers for the last quarter of 2011. Some of that can be attributed to the robo-signing fiasco and some to the new programs that the banks have put in place to help the home owner keep their home. The banks have become a little more flexible in dealing with these delinquent mortgages mainly because the tactics they were using before simply wasn’t working. You can read more about it here:
Foreclosure properties. (Photo credit: Wikipedia)
It seems like it was only yesterday that when an investor wanted to purchase a property through the short sale process, two things that the Banks demanded were that the homeowner was not to receive any cash and that they were not allowed to stay in the property after the sale. All of that has now been turned on it’s head. Some banks are now offering cash to homeowners for the keys to the property and now BoA will allow some owners to stay on as tenants. The idea is to eventually sell the properties off to investors. Good news for investors and it’s been a long time coming.
Bank of America Corp. has tentatively joined a nascent housing industry movement in which homes in or near foreclosure are sold to investors as rental properties.
The bank on Friday began a test program for 1,000 homeowners headed into foreclosure in Nevada, Arizona and upstate New York — borrowers it has been unable to help with loan modifications but hopes to keep on as renters. If successful, the program could be tried in California and rolled out nationally.
Consumer advocates maintain it often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out. Seizing and selling empty homes creates neighborhood blight and accelerates downdrafts in housing prices, they contend.
Bank of America doesn’t plan to become a longtime landlord for borrowers turned tenants. In the pilot, it hopes to take possession of homes for no more than three months before selling them to investors making a bet on the recovering housing markets. If the program becomes established, the goal would be for the investors to take over as soon as the occupants relinquish ownership and pay the first month’s rent.
Whether this scheme can work is to be determined by the pilot, the first such test announced by any major mortgage company. The bank wants to find out whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process, which can drag on for months or even years in highly regulated states such as New York.
“This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support,” said Bank of America’s Ron Sturzenegger, who oversees about 1 million troubled loans inherited from aggressive mortgage giant Countrywide Financial Corp., which Bank of America purchased in 2008.
Homeowners can’t apply for the program themselves, a bank spokesman said.
The trial is limited to a tiny slice of the 1 million loans that Bank of America owns outright. It is not testing any of the additional 8 million home loans on which it provides customer service but which are owned by investors in mortgage bonds.
Bank of America executives said the 1,000 homeowners selected are all at least 60 days late on their loans and are not qualified for or not willing to accept other alternatives to foreclosure.
They will be offered one final deal: hand their property titles to the bank, which would cancel their mortgages in what’s known as a deed in lieu of foreclosure, and sign contracts agreeing to rent the home for up to three years at or below market rates.
Hopefully this program works out for all parties and the foreclosure backlog starts moving again.
Foreclosure Funding (Photo credit: niallkennedy)
It’s hard to open the newspaper or watch the news without hearing something almost daily about foreclosures. Maybe you’ve even looked at some of these properties either for your own use or as an investment property. If you have been looking than you’ve probably noticed that most of these houses need a lot of work, with roofs, kitchens, heating systems all seeing better days. Makes you wonder how all that work will get done, especially if you’re not all that handy. It just so happens that the Fed’s have a great program to cure what ails these rundown houses.
There are some great bargains right now in foreclosed homes but they often aren’t in the best of shape. Fortunately, the FHA’s 203(k) program allows you to both buy a house and fix it up with a single mortgage loan.
The FHA 203(k) mortgage is designed for fixer-uppers. You can borrow up to 110 percent of the expected value of the property after renovation to pay for both the purchase and home improvements. You can even do the work yourself, provided you’re qualified to do so, although the FHA will likely insist that you hire professionals for more demanding projects.
Many foreclosures need repairs
Foreclosed properties can be in poor condition for a number of reasons. To begin with, if the previous owners couldn’t make their mortgage payments, they probably didn’t keep up with routine maintenance either. Second, foreclosures often stand vacant for a long time before they are purchased, and may deteriorate during that time. Finally, homeowners facing foreclosure sometimes remove appliances and other items of value, or simply damage the property to spite the bank.
On the plus side, these are some of the reasons why foreclosures sell at a discount in the first place. Quite often, they can be purchased and put back into shape for considerably less than you would spend on a conventional home purchase with only minor upgrades needed.
Streamline option for basic improvements
There are two types of FHA 203(k) loan. If the home only needs modest improvements, like a new roof, new appliances, kitchen remodeling, repairs or upgrades to heating, electrical and plumbing system, floor repairs, basement refinishing and the like, you can apply for a streamlined 203(k), also called a modified 203(k). This will allow you to borrow up to $35,000 with more simplified application requirements than on the standard 203(k).
The standard FHA 203(k) is used for more extensive improvements, those costing more than $35,000 or involving structural work. This might include adding an addition, repairing structural damage, moving a load-bearing wall or any kind of work that involves detailed drawing or architectural exhibits.
Borrow up to 110 percent of improved value
In either event, the maximum you can borrow is either 1) the total of the purchase price and planned improvements, or 2) the estimated improved value of the home plus 10 percent (110 percent of the improved value), whichever is the lower of the two. In any event, you’ll need an appraisal done to calculate what the improved value will be.
In addition, you’ll need to prepare a work plan showing what you plan to do and the cost of the materials and labor. You can do the work yourself, but must show that you are qualified to do so. In addition, you must include a provision for the cost of the labor, so that you can pay to have the work completed by professionals if you are unable to do so in a timely manner – you’re allowed six months for do-it-yourself projects.
Limited to owner-occupants
The FHA 203(k) loan program is limited to owner-occupants – you must live in the home once renovations are complete. However, the loans can be used to purchase and improve multiunit homes of up to four units, provided that you make one your residence. The loans can also be used to divide a single-unit home into multiple units, or turn a multiunit property into a single-family residence.
Not all FHA lenders deal in 203(k) loans, so you may have to do some looking around to find one who knows how to handle them. You can also expect a somewhat longer closing period than on a regular FHA mortgage, usually about 45-60 days.
So now you have no more excuses. Get out there and start making offers.
Foreclosed Self Storage Facility
Attention Commercial Investors! Here's a rare opportunity to acquire a Self Storage facility in Southern California. These things don't come along every day. The property has been foreclosed and is now in the hands of the lender.
Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that it has begun marketing and sales activities for the lender owned self storage property known as Newport Mesa Self Storage in the city of Costa Mesa, California. The firm was selected as the exclusive listing broker for the Orange County facility.
Newport Mesa Self Storage is a three-story self storage property located on Newport Boulevard in the city of Costa Mesa in Orange County, California. It is currently operating under the Storage Direct trade name. The property is located on a busy frontage road with freeway visibility along the busy 55 (Costa Mesa) Freeway. This freeway is the main connection between Newport Beach and the rest of the Orange County metropolitan area.
The project contains approximately 37,870 net square feet of storage space in 480 rental units. The property is currently at 62% occupancy by unit count and 72% occupancy by rentable square footage. Economic occupancy currently stands at about 65% of the gross potential rental income. As the average occupancy in the area is approximately 90%, it appears this property has significant upside potential to increase value with higher occupancy and income.
“There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, President of Bancap Self Storage Group. “This is a rare opportunity to purchase a well located facility in a very desirable market, with tremendous upside potential.”
Costa Mesa is well known for its retail (including the renowned South Coast Plaza), higher education (including Orange Coast College and Vanguard University) and its arts and entertainment (including the Segerstrom Center for the Arts.) The city is ideally located with close proximity to commercial, industrial and residential districts around the Orange County / John Wayne Airport area. It is also closely associated with its coastal neighbor, the world famous Newport Beach.
The property was recently obtained through foreclosure and the foreclosing lender/owner is represented by LNR Partners, LLC as the special servicing agent for the note-holders. LNR Partners has engaged Platinum Storage Group to provide professional property management services for the property. LNR has previously engaged Bancap Self Group as its exclusive broker – most recently in the sale of the Casino Self Storage property in Moorpark, California.
Bancap Self Storage Group is the top selling broker of self storage facilities in California with over $900 million in completed sales. The company has specialized exclusively in self storage properties for over 25 years. The firm has recently brokered several lender-owned “REO” properties, as well as several first-class high occupancy properties that were very profitable. The firm has also facilitated numerous self storage portfolio sales in the state.
For more information contact Dean Keller, President of Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com
FHA Loans-Image via Wikipedia
For some would be home buyers, the FHA loan is the only option that these buyers have. The FHA claims that the new guidelines will only increase the total monthly mortgage payment by a few dollars, but any increase will surely eliminate a lot of new buyers from the market place. Not exactly a great move to stimulate the housing market.
The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund.
The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April.
The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed to last fall.
The FHA said the changes will boost the Mutual Mortgage Insurance Fund by $1 billion.
The UFMIP can still be financed into the mortgage. The increase to the upfront premium will cost new borrowers roughly $5 more per month.
Reverse mortgages and borrowers in special loan programs would be exempt from the changes, according to the FHA.
Last week at the Mortgage Bankers Association servcing conference in Orlando, FHA Commissioner Carol Galante said there would be upcoming insurance premium changes for the streamline refinance program. An FHA spokesman said these changes would be included in a letter to lenders due soon.
The new changes don’t go into effect until April 1, so if you’re thinking about purchasing that new home, you might want to move a little quicker to some to save some money.
Florida Foreclosures-Image via Wikipedia
It looks like the enormous logjam of foreclosures in Florida isn’t going to be cleaned up anytime soon. With almost 400,000 cases backlogged at this time and more coming in every day, some are estimating that it may be ten years before this mess is completely cleaned up. There’s enough finger pointing going on as it is with regard to who is responsible, but now the homeowners themselves have figured out a way to delay the process even more, insuring that they can stay in the house for up to a year longer.
Florida courts continue to struggle with a backlog of more than 368,000 pending cases, according to Jane Bond, a Florida foreclosure attorney at McCalla Raymer. It’s a nightmare, attorneys say — one with no end in sight.
“It’s not as bad as it seems. It’s much, much worse,” said David Rodstein, a foreclosure attorney with the Rodstein Law Group.
Bond and Rodstein chaired a panel at the Mortgage Bankers Association annual mortgage servicing conference in Orlando, Fla. The state is suffering from an ailing housing market. Home prices dropped 41% from 2006. Nearly half of all borrowers are underwater. Distressed properties abound. Unemployment is at 9.9%. And as it tries to clear the backlog of foreclosures, the state is going nowhere fast.
“The judges are frustrated. The attorneys are frustrated. The servicers are frustrated. Everyone is frustrated,” Bond said.
The average foreclosure in Florida takes nearly 800 days to complete, more than twice the national average, according to RealtyTrac.
Rodstein said 40% of foreclosures filed by servicers are contested by the borrower because of a very efficient bar system in the state. It’s helped create a cottage industry of delays, displacing an earlier system not any fairer.
“Borrowers can hire these attorneys for a small monthly payment — much less than the mortgage — and the attorney can come in and easily delay the case for year plus,” Rodstein said.
But the delay recently has much to do with some attorneys’ own mistakes.
The story of Florida’s foreclosures will be one for the History books. The final chapter hasn’t been written yet and won’t be for a long time.
Phila. Law Firm Commits to 7 Year Lease-Image via Wikipedia
Morgan, Lewis & Bockius LLP (Morgan Lewis) and Lexington Realty Trust (NYSE: LXP) announced today that Morgan Lewis extended its lease for 289,432 square feet of Class A office space at Six Penn Center in Philadelphia, PA which is owned by a joint venture controlled by Lexington Realty Trust. Morgan Lewis, one of the 15 largest law firms in the US according to The National Law Journal’s NLJ250, leases 100% of the office space at Six Penn Center consisting of floors six through 18. The lease now expires on January 31, 2021. The building also contains prime ground floor retail space and four levels of structured parking.
Morgan Lewis was represented by W. Whitney Hunter and Peter Talman of Jones Lang LaSalle. Locally-based Pitcairn Properties Management Co. LLC will continue to be responsible for the management of the building.
ABOUT MORGAN, LEWIS & BOCKIUS LLP
With 22 offices in the United States, Europe, and Asia, Morgan Lewis provides comprehensive transactional, litigation, labor and employment, regulatory, and intellectual property legal services to clients of all sizes—from global Fortune 100 companies to just-conceived startups— across all major industries. Its international team of attorneys, patent agents, employee benefits advisors, regulatory scientists, and other specialists—nearly 3,000 professionals total—serves clients from locations in Beijing, Boston, Brussels, Chicago, Dallas, Frankfurt, Harrisburg, Houston, Irvine, London, Los Angeles, Miami, New York, Palo Alto, Paris, Philadelphia, Pittsburgh, Princeton, San Francisco, Tokyo, Washington, D.C., and Wilmington. For further information about Morgan Lewis or its practices, please visit: www.morganlewis.com.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington’s common shares are traded on the New York Stock Exchange under the symbol “LXP”. Additional information about Lexington is available on-line at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington’s control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington’s expectations will be realized.
CONTACT: Investor or Media Inquiries for Lexington Realty Trust, Patrick Carroll, CFO, Lexington Realty Trust, +1-212-692-7200, pcarroll@lxp.com, or Media Inquiries for Morgan, Lewis & Bockius LLP, Frances Marine Bravo, Director of Public & Media Relations, Morgan, Lewis & Bockius LLP, +1-215-963-5835, frances.bravo@morganlewis.com
Web Site: http://www.lxp.com
Landowners Turn to Watchdog Group for Help-Image via Wikipedia
We want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible way
After watching a virtual gold rush to gobble up mineral rights, that in fact are oil, and gas rights in Pennsylvania, and Ohio, the Wall Street Fraud Watchdog is in the final stages of assembling teams of the best oil, and gas mineral rights attorneys, along with geologists, and other vital players needed to insure, when a landowner sells the mineral rights to their Ohio, or Pennsylvania property, there are proper safeguards built into the mineral rights sale, designed to protect the landowner, and to insure they are getting fair market value for their mineral rights. The Wall Street Fraud Watchdog says, “At this moment we have the atmospherics of the Wild West, when it comes to landowners selling away the rights to oil, gas, or mineral rights, and we think unfortunately many landowners are selling their mineral rights for less than they should. Further, we think the potential US natural gas boom is not limited to just Ohio, or Pennsylvania, so we are trying to assemble national, or regional legal teams, that have the expertise to protect the landowners for unforeseen issues that might develop, such as environmental issues, or restoration of the property after drilling, or fracking has been completed. At the same time, we want to make certain property owners in Pennsylvania, Ohio or other US states get top dollar for their mineral, or oil, and gas rights, provided the property is located in an area with established reserves, or anticipated reserves.” For more information landowners in Ohio, Pennsylvania, or other states are encouraged to contact the Wall Street Fraud Watchdog anytime at 866-714-6466, for their unparalleled real estate services, designed to protect property owners, who could literally be sitting on a gold mine. http://WallStreetFraudWatchdog.Com
The Wall Street Fraud Watchdog believes the future of America’s energy future is in its natural gas, or coal reserves, and the group believes it makes extremely good sense to exploit these resources to diminish, or all together eliminate our need for oil from the Middle East. The group believes in win, win situations where property owners in places like Ohio, Pennsylvania and many other states have the ability to sell their mineral, or oil, and gas rights for top dollar, and at the same time have the assurance the oil, or gas companies will provide the landowner, or owners with proper safeguards for the use of their property. The group says, “We want to make certain property owners get the best value for their mineral rights, or oil, and gas rights, and at the same time we want to make certain the property owner is protected in every possible way. We also believe in collaborations, where oil, or gas exploration companies can have the largest possible field, for their exploration, and development, so that it makes economic sense for them as well.” The Wall Street Fraud Watchdog says, “Part of the problem right now with states like Pennsylvania, or Ohio, is you have middlemen mineral rights grabbers, who are not providing property owners with anything close to fair market value, and the mineral rights purchase agreements are a joke, that offer little protection for the landowners. We intend to change this, by leveling the playing field for everyone from the landowner, to the oil, or gas exploration company.” For more information interested parties can always call the Wall Street Fraud Watchdog, to learn about their unsurpassed real estate services at 866-714-6466. http://WallStreetFraudWatchdog.Com.
Furnished housing landlords say they are optimistic about their future profitability, reports the third annual By Owner Corporate Housing survey sponsored by CorporateHousingbyOwner.com (CHBO), an online marketplace dedicated to connecting individual property owners offering short-term furnished and unfurnished rentals with potential tenants worldwide. The purpose of the survey is to provide key insights into the
do-it-yourself — or “by owner” — corporate housing marketplace.
The survey found that nearly 40% of corporate rental landlords say they believe 2012 will be a “more profitable year.” Plus, despite continued news about the declining housing market and global recession, still more than 50% of the survey respondents say they made a profit on their rental properties in 2011 while 35% say they only broke even.
Additionally, the survey reports that do-it-yourself (DIY) property management is on the rise. In fact, more than 86% of the survey respondents say they do their own property management rather than using outside resources, a slight increase from last year.
Kimberly Smith, the founder of CorporateHousingbyOwner.com, says DIY landlording is nothing new, but obviously an increasingly popular option these days.
“The prolonged recession compounded by unlimited access to resources online has exploded the do-it-yourself landlording world,” says Smith. “My hope is that this report will continue to help ‘by owner’ corporate housing landlords become more educated, knowledgeable and profitable as it allows them to deep-dive into emerging rental trends and how such trends will impact them personally.”
Other key findings from the survey include:
Corporate housing has gone to the ‘burbs. Counterintuitive to previous corporate housing trends where properties were located in “city centers,” according to the majority of private corporate rentals who responded to this survey, “by owner” corporate rentals tend to be located in suburban areas on residential streets (43%), followed by outer urban areas (22%) and then central urban areas (20%).
You’ve Got Pets. Many long-term business travelers are arriving with pets in tow. Fifty percent of survey respondents say they accept some type of pet in their corporate rental. Why? Of those who accept pets, about 69% say they take pets because it “gets their properties rented.”
About Corporate Housing by Owner (CHBO)
CHBO was founded in 2006 out of a need to connect private homeowners and real estate investors offering furnished, short-term rentals with corporate housing seekers such as traveling executives, relocated professionals, traveling nurses, actors, athletes and more. The company provides individual homeowners and investors resources and guidance to help them strategically manage their corporate housing rental properties as well as exposes their properties to thousands of potential tenants worldwide who are seeking short-term housing options. Please visit http://www.CorporateHousingbyOwner.com for more information.
Contact:
Jenny Finke
Red Jeweled Media for CHBO
303-815-4043
Jenny@MyCHBO.com
Web Site: http://www.CorporateHousingbyOwner.com
SW Florida Home Sales Jump 20%-mage by haglundc via Flickr
Anybody that’s been looking at foreclosures in the SW Florida area knows that the market had pretty much dried up for several months. The Banks had been holding on to their inventory because of the Robo-signing fiasco, but that seems to have changed. Some parts of SW Florida have seen home sales increase by up to 20% but prices are down. Some are blaming the Banks for dumping more properties on the market which in turn is driving prices down. Of course, if you’re in the market for a house, lower prices are obviously a good thing.
Home sales in Southwest Florida jumped by double digits in October but pushed pricing to near its Great Recession low.
The renewed push by banks on foreclosures and their rising use of short sales could be undercutting prices.
After clearing up some of their mortgage paperwork, big lenders operating in the region have been ramping up again on distressed properties. Some have been offering clients cash for short sales on their homes, where the lender takes less than is owed on the mortgage.
Sales rose 20 percent in the Sarasota-Bradenton market during October when compared with a year ago, with 801 homes changing hands.
But the median sales price dropped to $137,100, pushing the value to only slightly above its lowest point since the recession, $136,300. The September median was $156,800, so the October price represented a 13 percent drop from the previous month.
Sales also rose in the Charlotte County-North Port market, by 7 percent to 236 homes, while the median price of $90,000 was a 6 percent drop from a year ago and an 8 percent drop from September.
Around the state, sales rose 13 percent in Florida’s combined 19 major markets, with 12,145 homes changing hands.
The median price statewide saw a drop but not as pronounced as in this region. October’s $131,200 was a 4 percent drop from a year ago and a 2 percent decline from September.
If you’ve been sitting on the sidelines waiting for that good deal in Florida, now is probably the time to get out there and start making some offers. This could possibly be the bottom of the market and prices may not get any lower. Also, this is November and Winter is approaching quickly. They don’t call Florida the “Sunshine State” for nothing.
Maybe you’ve been thinking about buying a house in foreclosure and even though you have some money saved you still need to find a really good deal. If you’re at the point that you’re actually looking at these houses, you start to notice that most of these properties are in marginal neighborhoods. Now, that may be OK for the investors but you have kids and plan on living in the house and don’t want to send your kids to those school districts. A new study just released addresses this situation.
Highly ranked school districts may have been spared the worst of the foreclosure crisis, according to a new analysis, showing that the housing crash was akin to a tornado that tore through wide swaths, but hit with particular force in certain areas.
The analysis, conducted for Developments by Location Inc., a Worcester, Mass.-based company that mines local data for businesses and consumers, looked at six months of 2011 sales data collected by RealtyTrac Inc. It showed that the percentage of foreclosure (or “real-estate-owned”) sales went down as the school ranking went up in five metro areas – Jacksonville, Fla; Atlanta; Toledo, Ohio; Stockton, Calif.; and Seattle. Higher-rated school districts also maintained higher home-sale prices, and higher home prices per square foot.
“If you are looking to buy into one of these good school districts, it is very rare to find a foreclosure,” said Location Inc.’s chief executive Andrew Schiller, an expert in demographic analysis who conducted the research with his colleague Jonathan Glick. “It’s better to just go into a normal sale.” (The five cities were chosen to provide a general market overview.)
The finding is, to a certain extent, not a surprise. Schools have long been a driver for home buyers, whether in determining location or timing. So it would make sense that school ranking could serve as a kind of proxy for measuring the damage from the foreclosure crisis.
It’s also not that foreclosure sales don’t exist in highly ranked districts; they are just much less of a factor, and the reason could be income. Stan Humphries, chief economist for real-estate data company Zillow, said that it’s “likely both educational outcomes and foreclosures are ultimately linked to income, not to each other.”
The upper tier of homeowners saw less of an impact from the housing crash than the bottom tier, according to Mr. Humphries; the top third of homes dropped 26% from the recent high point; the bottom third of homes in value fell 37%. Some sought-after neighborhoods probably saw less severe price erosion, which in turn helped sustain property taxes and protect a vital funding source for schools.
Mr. Schiller said he sees school quality as both a result and a driver of income concentrations in parts of metropolitan areas. “Once in place, the higher-quality school systems reinforce this, causing higher demand for properties there, and higher values.”
Good schools may also be one of few factors keeping buyers in certain markets today, further bolstering prices and property-tax bases in sought-after districts like Newton, Mass. and Cupertino, Calif., said Glenn Kelman, chief executive of the online brokerage Redfin. “People always want to live in those school districts,” Mr. Kelman said. “And those school districts have remained well-financed even as neighboring districts have to cut costs.”
So, while it’s true that even million dollar houses sometimes go through foreclosure, it doesn’t happen that often. But when it does, the competition level goes way up and you won’t be buying that house for a mere pittance. Unless you have a lot of time and money, you’re better off with a traditional sale.
Are you kidding me? The Banks are just now paying homeowners to get out of a house they can’t afford anymore? They should have been doing this years ago instead of dragging out the short sale process and then delivering the big “No” months later. And then letting the house go through the foreclosure process, which eats up more time and costs them even more money in the process. Here’s one for you: ”The banks have realized, ‘We are losing more on the foreclosures than the shorts,’” Augustyniak said. “And they are even willing to compensate the sellers, to give the sellers money to vacate the property.” Wow! What a revelation! Any half-assed Real Estate investor straight out of a short sale seminar in 2006 could have told them that. Guess it takes a while to sink in.
Chase Puts Their Money Where Their Mouth is With Large Short Sale Cash Incentive
McGeough Lamacchia Realty and Dorner Law negotiate a $35,000 payment to their short sale client at closing.
Chase Bank sent a homeowner (name withheld) a solicitation letter offering up to $35,000 to do a short sale. Back in August the homeowner called McGeough Lamacchia Realty right away and the home was listed for sale within two weeks.
Once an offer was obtained the staff at McGeough Lamacchia Realty and Dorner Law submitted a short sale package to Chase along with their solicitation letter to remind them that this $35,000 was offered. After five weeks of negotiating Chase not only offered a short sale approval and waived the entire deficiency balance but they agreed to pay this homeowner the entire $35,000.
Over the past year more major banks have realized that paying distressed homeowners a substantial sum is a great way to incentivize them to move out of the home they can no longer afford. Chase has been sending out these solicitation letters of up to $35,000 for about a year. Citi Mortgage has been paying up to $12,000 for about 6 months and Bank of America has most recently agreed to pay up to $20,000.
McGeough Lamacchia Realty and Dorner Law have negotiated large sums for its clients before, but this $35,000 is a new record that they are proud of. These programs are only offered on the loans where these banks actually own the mortgage. Most mortgages are being serviced by the large banks on behalf of one of the three GSE’s: Fannie Mae, Freddie Mac, and FHA (Federal Housing Administration). FHA does offer a $1,500 incentive to do a short sale under their Pre-Foreclosure Sale program. Fannie Mae and Freddie Mac do not currently offer any money unless the short sale is through the Treasury’s HAFA program.
Under the Treasury’s HAFA (Home Affordable Foreclosure Alternative) program which came out in April 2010, lenders are paying $3,000 to distressed homeowners who complete a short sale through the HAFA program.
“It is clear that the major banks have woken up and realized that a short sale is the best way to decrease losses and assist distressed homeowners in a graceful and dignified exit from their home. It’s unfortunate that Fannie Mae and Freddie Mac still haven’t seen the light,” says Anthony Lamacchia.
Short sales are increasing across the country for several reasons:
- They are becoming better known to distressed homeowners.
- Banks have realized that they save tremendous money through a short sale vs. a foreclosure
- Banks have finally hired more staff and are working hard to better their short sale processes
- All the major banks are now sending out letters offering short sales to homeowners who cannot qualify for a loan modification. Bank of America recently came out with a Home Transition Guide.
- Banks recognize that the sooner they get out of a non-performing loan the more money they save.
“I did my first short sale 20 years ago. They are a great alternative to foreclosure and it is nice to see more distressed homeowners are finally opting for them, especially now that these great incentives are being offered,” says Attorney Hillery Dorner.
Nationally short sales have increased 12% in 2011 and many believe they will increase by much more in 2012.
“One thing distressed homeowners need to know now is that banks will be foreclosing much faster in 2012 than they did in 2011 due to these robo-signing issues for the most part being worked out. Therefore it is important for people who cannot pay their mortgage to be proactive with an alternative such as a short sale,” says John McGeough.
For more on this story, visit the New England Short Sale Blog
About McGeough Lamacchia:
McGeough Lamacchia is the #1 Listing Agency in Massachusetts and named one of the Top 100 Real Estate Teams in the country by RealTrends and the Wall Street Journal. They are a full service real estate agency specializing in short sales in Massachusetts and New Hampshire.
So there you have it. All you seminar graduates, go out there and make some money.
Mortgage Availability Remains a Real Concern: NAR-Image via Wikipedia
Realtors® stand ready to protect and defend opportunities for homeownership, and many of them have gathered here at the 2011 REALTORS® Conference & Expo to prepare for the challenges ahead.
During the opening session today at this week’s meetings, National Association of Realtors® President Ron Phipps outlined obstacles and opportunities facing the real estate industry.
“For the first time in generations, the American dream of homeownership is being threatened,” said Phipps, broker-president of Phipps Realty in Warwick, R.I. “We need to keep housing first on the nation’s public policy agenda, because housing and home ownership issues affect all Americans.”
NAR is actively advocating public policies that promote responsible, sustainable homeownership. Those include ensuring affordable, accessible financing; supporting tax policies that encourage homeownership; and helping more people stay in their homes or avoid foreclosure through streamlined short sales.
As Realtors® convene in California this week, conforming loan limits is one top-of-mind issue. On October 1, Congress allowed those limits to revert from 125 percent of the local area median home price to 115 percent of the local median home price. As a result, home buyers and sellers in 669 counties across 42 states and the District of Columbia have been affected. The lower limits mean that fewer people will have access to mortgage loans, and the loans that are available will be more expensive.
“Mortgage availability remains a real concern since the private market has yet to return,” said Phipps. “While the housing market is still in recovery, we firmly believe that lower loan limits will only further restrict liquidity in mortgage markets.”
NAR has urged Congress to reinstate the higher loan limits temporarily, and more than 200 members of Congress currently support efforts to reinstate these limits.
Session attendees also heard about the results of last month’s New Solutions for America’s Housing Crisis forum. The forum was hosted by the Progressive Policy Institute and Economic Policies for the 21st Century and brought together policy leaders, industry representatives, members of Congress, thought leaders and the media.
From this forum, NAR has endorsed a five-point housing solutions plan to help reenergize housing markets and spur the economic recovery.
“Many of the solutions that came out of this forum evolved from ideas that Realtors® have been advocating for several years,” said Phipps. “Realtors® and the families we work with, day in and day out, know that homeownership matters, and now, with our combined and continued efforts, we’re going to make sure that policymakers understand that, too.”
This year’s Realtors® Conference & Expo is expected to draw approximately 18,000 Realtors® and guests. More than 400 exhibitors are expected to participate in the Expo, which showcases the latest real estate products and innovations across various fields, including technology, data communications and financial programs and services.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its September Home Price Index (HPI®) which shows that home prices in the U.S. decreased 1.1 percent on a month-over-month basis, the second consecutive monthly decline. According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.1 percent in September 2011 compared to September 2010. This follows a decline of 4.4 percent* in August 2011 compared to August 2010. Excluding distressed sales, year-over-year prices declined by 1.1 percent in September 2011 compared to September 2010 and by 2.2* percent in August 2011 compared to August 2010. Distressed sales include short sales and real estate owned (REO) transactions.
“Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall,” said Mark Fleming, chief economist for CoreLogic.
Highlights as of September 2011
Full-month September 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/HPISeptember2011.
*August data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
September HPI for the Country’s Largest Core Based Statistical Areas (CBSAs) by Population:
| September 2011 12-Month HPI | |||
| CBSA | Change by CBSA | ||
| Single Family | Single Family Excluding Distressed | ||
| Chicago-Joliet-Naperville, IL | -9.7% | -1.9% | |
| Phoenix-Mesa-Glendale, AZ | -8.0% | -7.1% | |
| Atlanta-Sandy Springs-Marietta, GA | -7.8% | -3.9% | |
| Riverside-San Bernardino-Ontario, CA | -6.3% | -4.0% | |
| Los Angeles-Long Beach-Glendale, CA | -5.8% | 0.2% | |
| Houston-Sugar Land-Baytown, TX | -4.3% | 0.9% | |
| Philadelphia, PA | -0.3% | -0.4% | |
| Dallas-Plano-Irving, TX | -0.1% | 2.8% | |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 1.0% | 2.3% | |
| New York-White Plains-Wayne, NY-NJ | 2.2% | 2.9% | |
Source: CoreLogic.
September HPI State and National Ranking:
| September 2011 12-Month HPI | |||
| State | Change by State | ||
| Single Family | Single Family
Excluding Distressed |
||
| National | -4.1% | -1.1% | |
| Nevada | -12.4% | -9.6% | |
| Illinois | -9.2% | -2.5% | |
| Arizona | -9.0% | -7.7% | |
| Minnesota | -8.3% | -5.9% | |
| Georgia | -7.2% | -3.6% | |
| California | -6.5% | -1.6% | |
| Ohio | -6.0% | 0.0% | |
| Delaware | -5.8% | -3.7% | |
| Washington | -5.6% | -1.9% | |
| Idaho | -5.1% | 0.0% | |
| Wisconsin | -4.7% | -3.3% | |
| New Mexico | -4.7% | -2.5% | |
| Alabama | -4.6% | 2.4% | |
| Missouri | -4.4% | -1.6% | |
| Oregon | -4.3% | -3.3% | |
| Utah | -4.3% | -0.8% | |
| Florida | -3.8% | -1.7% | |
| Michigan | -3.7% | -4.8% | |
| Connecticut | -3.5% | -3.6% | |
| New Hampshire | -3.2% | -1.1% | |
| Rhode Island | -2.7% | -0.7% | |
| Massachusetts | -2.2% | -1.6% | |
| Hawaii | -2.0% | 0.9% | |
| Arkansas | -1.8% | -1.0% | |
| Kentucky | -1.7% | 0.2% | |
| Maryland | -1.6% | 0.1% | |
| Colorado | -1.5% | -0.2% | |
| Texas | -1.4% | 1.6% | |
| New Jersey | -1.2% | -1.5% | |
| Indiana | -0.7% | 0.7% | |
| Louisiana | -0.6% | 2.2% | |
| Vermont | -0.6% | 3.1% | |
| North Carolina | -0.5% | 0.4% | |
| Iowa | -0.4% | 0.3% | |
| Montana | -0.3% | 4.4% | |
| Virginia | -0.2% | 0.7% | |
| Oklahoma | -0.2% | 0.4% | |
| Pennsylvania | -0.1% | 0.6% | |
| Mississippi | 0.0% | 0.6% | |
| South Carolina | 0.6% | 2.1% | |
| Tennessee | 0.7% | 0.1% | |
| Alaska | 0.8% | 1.4% | |
| Kansas | 1.2% | 3.9% | |
| Nebraska | 1.2% | 0.8% | |
| District of Columbia | 1.4% | 0.3% | |
| New York | 2.4% | 2.5% | |
| North Dakota | 3.1% | 3.4% | |
| Maine | 3.5% | 5.8% | |
| South Dakota | 3.6% | 1.2% | |
| Wyoming | 3.8% | 4.8% | |
| West Virginia | 7.0% | 13.2% | |
Source: CoreLogic.
Methodology
The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,607 ZIP codes (58 percent of total U.S. population), 608 Core Based Statistical Areas (86 percent of total U.S. population) and 1,146 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.
Source: CoreLogic
The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or web site. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CORELOGIC, the stylized CoreLogic logo and HPI are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.
CONTACT: For real estate industry and trade media: Bill Campbell, +1-212-995-8057 (office), +1-917-328-6539 (mobile), bill@campbelllewis.com; For general news media: Lori Guyton, +1-901-277-6066, lguyton@crosbyvolmer.com
Web Site: http://www.corelogic.com
Americans continue to be pessimistic about home prices, the economy, and personal finances, according to results from Fannie Mae’s October National Housing Survey. Findings show that consumers have experienced stagnant incomes over the past year and do not expect their personal financial situations to improve over the next twelve months.
“The October survey showed that consumers’ outlook for the housing market has remained downbeat, as they expect home prices to decline over the next year, extending the streak of negative outlooks to five consecutive months,” said Doug Duncan, vice president and chief economist of Fannie Mae. ”More positive economic headlines over the past month failed to lift consumers’ moods. While their views regarding their personal finances and the direction of the economy have not deteriorated further, it is discouraging to see the lack of appreciable improvement after overall sentiment took a hit during the debt ceiling debate in August.”
“The fact that sentiment appears to be in a holding pattern at depressed levels is a cause for concern for the development of the housing market and for the economy as a whole, as there will be no meaningful economic recovery without a housing recovery,” Duncan stated.
SURVEY HIGHLIGHTS
The Economy and Household Finances
Homeownership and Renting
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,002 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.For detailed findings from the October 2011 survey, as well as technical notes on survey methodology and the questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey site. Also available on the site are quarterly survey results, which provide a detailed assessment of combined data results from three monthly studies. The October 2011 Fannie Mae National Housing Survey was conducted between October 3, 2011 and October 26, 2011. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
Follow us on Twitter: http://twitter.com/FannieMae .
CONTACT: Pete Bakel, +1-202-752-2034
Web Site: http://www.fanniemae.com
Google Enters the Mortgage Loan Business-Image by James Marvin Phelps via Flickr
LoanSifter, Inc. (www.LoanSifter.com), provider of the mortgage industry’s most complete and intuitive product and real-time pricing platform, announced today a strategic relationship with Google Inc. that gives consumers access to mortgage loan products and real-time pricing based on LoanSifter’s technology, including side-by-side comparisons of mortgage loan products from multiple lenders through Google’s Comparison Ads.
Google’s Comparison Ads help consumers shop for mortgages online by retrieving quotes based on the borrower’s specific loan criteria. Through a strategic relationship between both companies, Google will leverage LoanSifter’s industry-leading technology – which automates pricing for lenders using the largest real-time database of investor pricing and eligibility content available in the mortgage industry — to provide Google users with information on mortgage products and pricing from the lenders using LoanSifter. When Google users get these rates, LoanSifter’s lenders will receive qualified online leads.
Greg Ulrich, production manager at Fairway Independent Mortgage Corporation in Colleyville, Texas, believes that Google’s popularity provides a great opportunity as another channel for borrowers to reach the company, without substantial investment costs. ”This saves us money, allowing us to pass a greater savings to the consumer,” Ulrich said.
“We chose LoanSifter for our Google auto-quoting because it enables us to customize our pricing more accurately and effectively,” Ulrich added. ”Other vendors require manual supervision, which would have been problematic in keeping up with market shifts.”
Consumers who search for popular mortgage-related terms or phrases on Google are drawn to Google’s proprietary mortgage Comparison Ads, where they can anonymously provide details such as their desired loan amounts and credit scores. Google will then retrieve multiple reliable offers from dependable lenders, placed side-by-side so the borrower can compare them. After investigating different scenarios and choosing a lender, the borrower is then able to contact the lender by phone or e-mail. Borrowers do not have to fill out lengthy forms or click through walls of advertisements in order to access up-to-the-minute loan products and rates, and the leads generated to lenders are anonymous, so that borrowers can protect their private information until they are ready to move forward in the mortgage process.
“Our relationship with Google will be of tremendous benefit to both lenders and consumers,” LoanSifter President Bruce Backer said. ”A growing number of borrowers are using the Internet to find the best possible mortgage deals, and Google’s immense popularity makes it a first stop for many. Borrowers benefit from the side-by-side comparison in an open marketplace, while lenders benefit from LoanSifter’s ability to accurately price mortgage scenarios on their behalf.”
About LoanSifter
LoanSifter, Inc. provides the banking industry’s most comprehensive tools for mortgage bankers, loan officers and secondary departments to price, market and manage loans. The company’s flagship technology solution is an accurate, web-based product and pricing solution providing bankers with advanced tools to improve their service levels and increase profits. LoanSifter boasts the most comprehensive investor database in the industry with over 160 correspondent and wholesale investors. LoanSifter is also the leader in delivering point-of-sale (POS) and marketing tools to lenders and loan officers, including its eOriginations suite solution, offering highly customizable website utilities (automated consumer-facing pricing search), automated email campaigns, automated quoting for Zillow and LendingTree, scenario-specific rate monitoring alerts, and automated marketing materials. Founded in 2004, LoanSifter is headquartered in Appleton, Wisconsin. For more information about LoanSifter, call 920.268.4770 or visit www.LoanSifter.com.
PRESS CONTACT:
Warren Lutz
Strategic Vantage Marketing & Public Relations
(925) 270-3941
PR@StrategicVantage.com
Web Site: http://www.loansifter.com
Home Loan Originations Increase 22%-Image by Getty Images via @daylife
Strong refinance activity helped residential lenders lift third-quarter loan production, and the elevated originations have continued into the current quarter.
U.S. lenders originated around $354 billion in home loans during the third quarter based on an analysis by MortgageDaily.com. Business jumped roughly 22 percent from the second quarter’s revised $289 billion.
Behind the stellar performance was an increase in refinance volume as the 30-year mortgage fell from an average of 4.740 percent at the end of May to 4.351 percent at the end of August based on the U.S. Mortgage Market Index report from Mortech Inc. and MortgageDaily.com.
Driven by the Greek sovereign debt crisis and the Federal Reserve’s disclosure in September that it plans to extend the maturities of its Treasury investments and reinvest principal payments from agency debt and mortgage-backed securities investments into more agency MBS, mortgage rates have fallen even further. The improvement has kept refinance activity elevated and potentially could have fourth-quarter production even higher.
The Federal Housing Administration endorsed $49.7 billion in mortgages during the third quarter, leaving it with a market share of around 14 percent. FHA market share fell from a revised 18 percent in the second quarter.
Wells Fargo & Co. retained its No. 1 title during the third quarter. But Bank of America Corp. slipped to third place behind JPMorgan Chase & Co., and Ally Financial Inc. also moved down a notch.
Originations
| Rank | Q3 2011 | Q2 2011 | Q3 2010 | |
| 1 | Wells | Wells | Wells | |
| 2 | Chase | BofA | BofA | |
| 3 | BofA | Chase | Chase | |
| 4 | Citi | Ally | Ally | |
| 5 | Ally | Citi | Citi | |
Nearly half of all residential production was generated by the top four lenders.
Citigroup Inc., Quicken Loans Inc. and Flagstar Bancorp Inc. each increased volume by at least half compared to the second quarter. But BofA saw new business tumble 18 percent — the worst performance of the biggest lenders.
Compared to the third-quarter 2010, MetLife Home Loans turned in the strongest performance with an increase of 16 percent.
Mortgage Lender Ranking at:
http://www.MortgageDaily.com/MortgageLenderRanking.asp?spcode=pr
Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr
Quarterly mortgage production by the top lenders at:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online source of mortgage news, statistics and analysis for the mortgage industry. Visit us online at www.MortgageDaily.com.
CONTACT:
Holly Himelright
NewsAlert@MortgageDaily.com
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Memphis Invest, GP has grown into the largest seller of private property, single family homes in West Tennessee and now has their sights on becoming a major player in the Dallas/Ft. Worth investment real estate market.
“We lived in the Dallas metro-plex for almost 30 years and still have major business and family ties to the area,” stated Kent Clothier when announcing the company’s decision to expand to a second market. Dallas was chosen due to the Clothier family’s familiarity with the area and the ability to quickly place the needed employees and partners into the market.
Memphis Invest has built a reputation as a national leader in providing passive real estate investors with the needed expertise and service to be comfortable investing in out-of-area markets. Having developed into the largest seller of single-family homes in West Tennessee, the Clothier family knew it was time to help their clients expand and diversify their portfolios.
“We have been looking at other markets for the last couple of years, but never really felt like the timing was right or the market was ready and now we know that Dallas is exactly where we need to expand,” said Brett Clothier, who along with Kent Clothier, Sr. will make the final call on all properties purchased. “We are sticking with a price point that provides ease of entry for both domestic and foreign buyers, but also provides a stable and consistent return to protect their investment.”
Memphis Invest plans to use their expertise and knowledge of the investment real estate market to help guide their existing leadership team as they develop the Dallas market and the new partnerships they have put in place. With one eye toward developing a second market and the other toward continuing to provide the outstanding service their clients have come to expect, the Clothiers are planning for a very good 2012 for them and their clients.
“We are not going into anything blind or quickly. We have been very deliberate in developing a plan for our clients. They have asked us many times to diversify into other markets and this is the first step in doing that for them,” stated Kent. “We have other plans we will announce soon and have plans to continue to grow beyond the 300 investment properties sold this year in Memphis. But we will always keep tight control over the quality of the investments and the customer service our clients receive. I think the real estate investors who trust us with their portfolios would expect nothing less.”
Memphis Invest, GP is the largest privately owned home seller in Memphis, Tennessee and provides real estate investors with a passive alternative to investing. For more information please visit the MemphisInvest.com website at http://www.memphisinvest.com or you can reach them at 1-877-773-9998.
CONTACT: Chris Clothier, +1-901-751-7191, chris@memphisinvest.com
Web Site: http://www.memphisinvest.com
Premiere Estates will auction the largest ICF green build estate in Monterey County on November 19, 12 PM on site at 7820 Monterra Oaks Road via phone and online. The green technology Carmel Mission-style villa, known as Casa de Robles, sits atop over 2 acres and spans 13,000 square feet with full ocean views. The auction includes a membership to Clint Eastwood’s exclusive golf club, Tehama, located next to the property.
Monterey Ocean Front Luxury Home Starts at 45% Off at Auction-Image via Wikipedia
Originally listed at $7.1 million, opening bids start at $3.9 million, 45% of list price. Todd Wohl, managing partner at Premiere Estates Auction said “This is truly a rare opportunity to buy a property like this at auction in one of the most exclusive areas in all of Carmel, Pebble Beach and Monterey County.”
Casa Robles is located a few miles from the galleries, boutiques and restaurants of Carmel-By-the-Sea, adjacent to Monterey Jetport and less than an hour’s drive from the Silicon Valley. Listing agent Danielle Tomassini said the property “has the most advanced technology, is completely energy efficient and built with the finest attention to detail.” She adds that the property’s rebuild value alone is over $7 million and is very unique in the way it is built.
About Premiere Estates Auctions: Premiere Estates is a leading luxury estate auction company in the US and is generating tremendous interest after the recent auction of a “Billionaire Beach” estate in Malibu doors down from Oracle’s Larry Ellison and the newest upcoming auction of Britney Spear’s former home. These, and other sales, mark a rising trend in the wealthy seeking auction facilitators when it comes time to sell their estates.
For complete auction information, please visit http://bitly.com/uqJtdy, contact Premiere Estates at (800) 290-3290 x777, or contact Danielle Tomassini at (650) 543-7757 or dtomassini@interorealestate.com.
For media enquiries, please contact Carissa Ashman at Carissa@C-StarPR.com.
CONTACT: Carissa Ashman, +1-650-387-7387, Carissa@C-StarPR.com
Web Site: http://premiereestates.com/hgtv.php
Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has been engaged by a group of five banks to promote the auction of 1,340 acres of undeveloped land known as Park Highlands in North Las Vegas. Together, the banks hold a 48 percent interest in the $178.9 million defaulted loan on the property, which is being sold under Bankruptcy Section 363.
Curt Allsop, senior associate, Investment Services, Land Group, will lead the assignment in conjunction with Doug Schuster, senior vice president, Investment Services, Multi Housing Group, and Vittal Ram, associate, Investment Services. The listing was a referral from Andrew Phillips, senior associate, Financial Services Asset Management. The team will promote the auction on behalf of Bryan Cave LLP, a leading global business and litigation firm representing the five banks.
With no initial bids permitted, the live absolute auction will be held Dec. 12. The land sale is expected to be one of the largest in Nevada since the property was first sold in 2005.
“This undeveloped property is the only parcel of land of its size available for purchase in Greater Las Vegas and the outcome of this auction will have a significant impact on the future growth of the region,” said Allsop.
The land is zoned for residential, retail, resort, business and office use. Land sales in Greater Las Vegas during the past 12 months for parcels 30 acres and larger have sold for a median price of $98,000 per acre and a high of $167,000 per acre. Statistics show the largest sale was 141 acres, which closed in June.
About Grubb & Ellis Company
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 5,200 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm’s transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment management business, the company is a leading sponsor of real estate investment programs. For more information, visit www.grubb-ellis.com.
CONTACT: Julia McCartney, +1-714-975-2230, julia.mccartney@grubb-ellis.com, or Damon Elder, +1-714-975-2659, damon.elder@grubb-ellis.com
Web Site: http://www.grubb-ellis.com
Foreclosed Self Storage Facility Goes for $10.5 Million
Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm has successfully brokered the sale of the Casino Self Storage property located in the city of Moorpark in Ventura County, California. Dean Keller, the firm’s president, was the exclusive listing agent and sole broker in the transaction. The sale was facilitated by special servicing company LNR Partners, LLC on behalf of a CMBS fund that had foreclosed on the property earlier this year. The buyer was Public Storage, a publicly traded REIT, which will re-brand the property with its name.
“This is a classic example of a very desirable first class property that was just over-leveraged in a very difficult economic climate,” Keller said “It is the nicest storage facility in the city and it should perform very well in the long run.”
The property sold for $10.5 million on an “all cash” basis. This was much less that the property’s outstanding debt at the time of foreclosure. Although physical occupancy was over 85%, economic occupancy was approximately 66%, offering further upside potential to the buyer. The facility’s gross potential income at the time of closing was approximately $1,078,000 per year.
Casino Self Storage contains nearly 85,430 net square feet of self storage space divided into 822 units, including 91 climate controlled units. The attractive two-story project was built in 2005 and is located on Los Angeles Avenue (also known as State Highway 118) on a highly visible corner in retail and commercial oriented location. The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.
“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them,” Keller said. “There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain very good and fair prices for the sellers – usually millions of dollars more than the “direct offers” received from potential buyers and other brokers before our listing and marketing of the property. Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”
Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $900 million in completed self storage sales, including many lender-owned “REO” properties, numerous portfolio sales, and a record setting single property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com
Contact: Dean Keller
Phone (949) 888-5355
Fax (949) 203-6105
Email: DKeller@BancapSelfStorage.com
Home Buyers Still in the Dark About Buying Process-Image by Getty Images via @daylife
Despite widespread volatility within the housing market and five consecutive years of home value declines, more than two in five (42 percent) of polled prospective home buyers believe home values typically appreciate by 7 percent a year, according to a recent survey by leading real estate information marketplace Zillow (NASDAQ: Z).
This is an unrealistic expectation as, historically, home values in a normal market tend to appreciate by 2-5 percent a year. (1)
Zillow, with Ipsos®, surveyed prospective home buyers (2), asking basic questions about the home buying process.
Despite the unrealistic expectations about home value appreciation, prospective home buyer respondents seem fairly knowledgeable about the home buying process, answering questions correctly more than half the time (65 percent). However, several important parts of the process confused them. Two in five (41 percent) buyers think they are required to buy private mortgage insurance (PMI) regardless of the amount of their down payment. In fact, lenders typically require PMI only when buyers are putting down less than 20 percent of the home’s purchase price.
Additionally, more than half of prospective home buyers who were polled confuse appraisals and inspections. Fifty-six percent said the purpose of an appraisal was to determine if the home is in good condition, when in fact that is the purpose of an inspection.
“It’s troubling that we’re still in the midst of one of the worst housing recessions in history, and yet prospective buyers continue to have such high expectations for home value appreciation,” said Dr. Stan Humphries, chief economist at Zillow. “It’s great that buyers seem to have a fairly solid grasp of the home-buying process, but since this is one of the biggest financial decisions of most people’s lives, it’s even more important that they understand how that investment will appreciate after they sign the papers. Over-estimation of the appreciation potential will lead many to buy real estate when the time in which they plan to live in the house may make renting a better strategy.”
Additional Survey Findings
Interactive Online Quiz and Resources Available
An online version of the Zillow survey, the “Buyer IQ Quiz,” is available at http://www.zillow.com/mortgage-rates/buyer-iq-quiz/ and contains the correct answers. Following the quiz, participants are given a score and resources to learn more about the home-buying process.
About Zillow, Inc.
Zillow (NASDAQ: Z) is the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs. More than 24 million unique users visited Zillow’s websites and mobile applications in September 2011. Zillow, Inc. operates Zillow.com®, Zillow Mortgage Marketplace, Zillow Mobile and Postlets®. The company is headquartered in Seattle.
Zillow, Zillow.com and Postlets are registered trademarks of Zillow, Inc.
Ipsos is a registered trademark of Ipsos S.A.
(1)Over the period from 1890 to 2006, the average annual growth in home values was 3.7%. Source: Irrational Exuberance by Robert Shiller (Princeton University Press 2000, Broadway Books 2001, 2nd edition, 2005)
(2) These are some of the findings of an Ipsos poll conducted August 31-September 1, 2011. For the survey, a national sample of 1,012 adults aged 18 and over residing in the U.S. was interviewed via Ipsos’ U.S. online omnibus. Among them, 177 reported that they plan to buy a home within the next 3 years, which qualifies them as “prospective home buyers.” A survey with an unweighted probability sample of 1,012 and a 100% response rate would have an estimated margin of error of +/-3.1 percentage points 19 times out of 20, of what the results would have been had the entire population of adults in the U.S. been polled. The margin of error for a subgrouping of the survey population of 177 individuals would be +/-7.4. These data were weighted to ensure the sample’s regional and age/gender composition reflects that of the actual U.S. population according to data from the U.S. Census Bureau and to provide results intended to approximate the sample universe. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
CONTACT: Jill Simmons, Zillow.com, +1-206-757-2794, press@zillow.com
Web Site: http://www.Zillow.com
Real Estate Investors Cashing In Using Self Directed IRA's (Video)-Image by Rochelle, just rochelle via Flickr
IRA Financial Group, the leading provider of self-directed solo 401(k) plans, saw a surge in demand in self-employed investors looking to establish solo 401(k) plans for retirement and self-directed investment purposes in September 2011. “Due to the growing frustration with Wall Street, we saw a 38% increase in the number of self-employed individuals looking to establish solo 401(k) plans from a year ago,” stated Scott Krokoff, a tax attorney at the IRA Financial Group. “Retirement investors are interested in using a solo 401(k) plan as a retirement savings tool as well as a means for making non-traditional investments, such as real estate,” stated Mr. Krokoff.
The solo 401K plan is a cost effective 401(k) plan that was designed by the IRS specifically for the self-employed or the small business owner with no employees. The Solo 401K Plan, also called the Individual 401K or Self Directed 401K Plan is a retirement plan designed to maximize contributions and be less complex and less expensive to maintain than a conventional 401(k) Plan.
IRA Financial Group’s Solo 401K plan is unique and so popular because it is designed explicitly for small, owner only business. There are many features of the IRA Financial Group’s Solo 401K plan that make it so appealing for small business owners.
In order to be eligible for a solo 401K plan, the individual must operate a business with no employees other than the owner(s). With a solo 401(k) plan, a self-employed individual or small business owner can make high annual contributions – up to $49,000, borrow up to $50,000 tax-free, as well as control over the retirement funds in order to make real estate, precious metals, tax liens, and other investments tax-free and without custodian consent. “Unlike a conventional solo 401K plan that can be opened at a traditional financial institution, the solo 401K plan offered by the IRA Financial Group is a self directed solo 401K plan which unlocks a world of investment opportunities,” stated Mr. Krokoff. “No longer will individuals be restricted from making real estate and other IRS approved investments with their 401(k) funds,“ stated Adam Bergman, a tax attorney of the IRA Financial Group.
Since the 2002, the solo 401K Plan has become the most popular retirement plan for the self-employed. As a result of the weakening stock market and the increasing dissatisfaction with Wall Street, more and more self-employed individuals have been looking to the solo 401K plan as a retirement vehicle as well as a means for making non-traditional investments, such as real estate tax-free.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.
IRA Financial Group is the market’s leading “Checkbook Control” Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.
Secondary Mortgage Market Bill Supported by NAR-Image by Getty Images via @daylife
Owning a home has had long-standing government support in the U.S. because homeownership benefits individuals and families, strengthens communities, and is integral to the nation’s economy, the National Association of Realtors® said in testimony today.
NAR President-Elect Moe Veissi outlined the association’s recommendations for housing finance reform before the House Financial Services Subcommittee on International Monetary Policy and Trade.
“We must be better stewards of the U.S. housing finance system if it is to thrive and effectively serve American home buyers and mortgage investors into the future,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “Repairs to our current housing finance structure must be made, but we must be careful that changes to the system do not come at the expense of homeownership opportunities for middle- and lower income Americans.”
Toward that end, NAR supports H.R. 2413, the “Secondary Market Facility for Residential Mortgage Act of 2011,” introduced by Reps. Gary Miller, R-Calif., and Carolyn McCarthy, D-N.Y.
“H.R. 2413 offers a comprehensive strategy for reforming the secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions,” said Veissi. “Moreover, it supports the use of long-term fixed-rate mortgage products.”
Veissi testified that full privatization of the secondary mortgage market would all but eliminate products like the 30-year fixed-rate mortgage and that mortgage interest rates would be unnecessarily higher and unaffordable for many Americans, shutting otherwise qualified buyers out of the market.
“The 30-year fixed-rate mortgage is the bedrock of the U.S housing finance system, and without government support, there’s no evidence that this type of mortgage would continue to exist,” said Veissi. “Private firms’ business strategies would focus on optimizing their profits, creating mortgage products that are more aligned with the goals of their business than in the best interests of the nation’s housing policy or consumers.”
Veissi said that while the size of the government’s participation in housing finance should decrease if private capital is to return to the market and function properly, the federal government must have a continued role in the secondary mortgage market to avoid losing long-term, fixed-rate mortgage products and keep borrowing costs affordable for consumers.
“Continuing government participation in the secondary mortgage market is critical to ensuring that qualified home buyers can obtain safe and sound mortgage financing products even during market downturns, when private entities have historically pulled back,” Veissi said.
Recent reductions to the conforming loan limits by the federal government are already having an impact on mortgage liquidity according to early data from an NAR survey, which found that consumers who are now above the new lower conventional conforming loan limit are experiencing significantly higher interest rates and the need for substantially larger down payments.
Veissi said that the housing and economic recoveries have been slow and that activities that force economic activity to be constricted further should be resisted.
“For hundreds of years, this country has understood the value of homeownership because it helps families build wealth, supports community stability and contributes to our economy. We need to make sure that future housing policies continue to reinforce our long-standing value of homeownership, for the future of our families and our country,” said Veissi.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Foreclosure Crisis Black Magic Report Released-Image via Wikipedia
Occupy Wall Street adds another exhibit to the Wall Street Hall of Shame and call it Deconstructing the Black Magic of Securitized Trusts by Oppenheim Law’s foreclosure defense team Roy Oppenheim and Jacquelyn Trask-Rahn.
The banks must be held accountable for their conduct on all levels
The Black Magic article will be published in Stetson Law Review’s Spring 2012 issue and is posted on OppenheimLaw.com. In the article the attorneys analyze the continued failure of the banks to follow the rules, and how their fraudulent documentation involving millions of foreclosures opened the door on an even larger scandal regarding the improper securitization of “mortgage-backed” securities, that were never mortgage-backed. The article chastises a court system that has become a private collection agency for the banks, and which has seen the practice of “lore” rather than law as rules of evidence and civil procedure are blatantly disregarded in order to promote expediency rather than protecting the due process and property rights of homeowners.
The article calls for members of the legal community and implores them to protect the integrity of the judicial system through the foreclosure epidemic: “The judicial system was never meant to be evaluated by how swift justice could be dispensed or by how quickly a particular judge could dispose of cases on his or her docket. As officers of the court, both judges and attorneys are responsible for protecting the integrity of the system, ensuring that the system is never compromised solely for financial expediency.”
Going viral with corporate greed and systematic fraud
Legal documents don’t typically go viral, but this article caught the attention of highly influential consumer advocates and bloggers such as April Charney and Neil Garfield, who both commented on the article.
“Exceptionally well written and I am looking forward to these authors going forward to tackle the negotiable/non-negotiable debate raging right now …,” consumer advocate and attorney April Charney said in an email to legal peers.
Charney is an attorney with Jacksonville Area Legal Aid and has been called the “Angel of Foreclosure Defense.” She has been at the forefront of the legal fight against home foreclosures in America.
“Explicitly articulates the basic problem with foreclosures today as well as providing insight into the changing mortgage approval process,” noted Garfield on his highly trafficked website Livinglies. “The authors clearly explain how the system was rigged to provide the appearance of passive entities to avoid tax consequences and in so doing ignored basic requirements of substantive law.” Garfield stated that the article “is balanced and … should be used as an authoritative treatise in memos to the Court.”
Are banks too large to be governed and too big to be caught?
In fact, the article has gone viral due in large part to the notion by a growing segment of the population that the banks have become too large for government to control. “We pinpoint how securitized trusts are emblematic of the problems inherent in the whole system, ranging from robo-signers to fraud-closure,” said award-winning blogger and real estate attorney Oppenheim.
Homeowners finally have a fighting chance in court
The other reason that the article has gone viral is that the court system is finally paying attention to the fact that there are real defenses available to homeowners. Homeowners are now in a better position to bring a defense and fight the banks rather than just walking away. Further, when they fight, they become part of the overall protest movement.
When Oppenheim was asked what should be done with the conclusions drawn from the article, he said, “It’s simple! Like all people the banks must be held accountable for their conduct on all levels. Management must go and the owners and bondholders must be responsible for allowing management to run amuck. Finally, the banks have proven to be too big and powerful to be adequately regulated and governed, taking on the illusion of being a fourth branch of our government. To restore true capitalism and democracy, they must be broken up. It’s just plain common sense!”
For a copy of the executive summary or full article submitted to Stetson Law Review, the online versions of the full article are available on OppenheimLaw.com or the Executive Summary on the South Florida Law Blog at http://southfloridalawblog.com/2011/10/25/executive-summary-deconstructing-the-black-magic-of-securitized-trusts/
Oppenheim Law
2500 Weston Rd Ste 404
Weston FL 33331
954-384-6114
Contact:
Lisa Buyer
954-354-1411 x 14
Web Site: http://www.oppenheimlaw.com
Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, reports the following “first look” at September 2011 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans.
| Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): | 8.09% | |
| Month-over-month change in delinquency rate: | -0.5% | |
| Year-over-year change in delinquency rate: | -12.7% | |
| Total U.S. foreclosure pre-sale inventory rate: | 4.18% | |
| Month-over-month change in foreclosure presale inventory rate: | 1.7% | |
| Year-over-year change in foreclosure presale inventory rate: | 8.9% | |
| Number of properties that are 30 or more days past due, but not in foreclosure: (A) | 4,202,000 | |
| Number of properties that are 90 or more days delinquent, but not in foreclosure: | 1,844,000 | |
| Number of properties in foreclosure pre-sale inventory: (B) | 2,172,000 | |
| Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) | 6,373,000 | |
| States with highest percentage of non-current* loans: | FL, MS, NV, NJ, IL | |
| States with the lowest percentage of non-current* loans: | MT, AK, WY, SD, ND | |
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets
(2) All whole numbers are rounded to the nearest thousand
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by in-depth charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available on LPS’ Web site, http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx, on October 27, 2011.
For more information about gaining access to LPS’ loan-level database, please send an e-mail to LPSAAsales@lpsvcs.com.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
CONTACT: Media, Michelle Kersch, +1-904-854-5043, Michelle.kersch@lpsvcs.com, or Investor, LPS Investor Relations, +1-904-854-5086, investor@lpsvcs.com
Web Site: http://www.lpsvcs.com
Image via Wikipedia
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its U.S. Housing and Mortgage Trends, a report that provides data on housing sales, valuation, negative equity, shadow inventory and foreclosure activity and trends. The latest trends report from CoreLogic shows that homeownership rates for the 25 to 34 and 35 to 44 prime homebuyer age cohorts are down almost 10 percent in 2010 compared to 1980. The report also shows:
The full CoreLogic U.S. Housing and Mortgage Trends report is available at http://www.corelogic.com/about-us/researchtrends/us-housing-and-mortgage-trends.aspx
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com
CORELOGIC and the stylized CoreLogic logo, are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.
CONTACT: real estate industry and trade media, Bill Campbell, +1-212-995-8057 (office), +1-917-328-6539 (mobile), bill@campbelllewis.com, or general news media, Jordan Hassin, +1-202-232-6601, jhassin@crosbyvolmer.com, both for CoreLogic
Web Site: http://www.corelogic.com
Image via Wikipedia
TD Bank, America’s Most Convenient Bank®, will hire 87 employees to support its mortgage operations growth from Maine to Florida. Fifty of these roles will be based at the bank’s Lexington, South Carolina loan center. The other 37 positions will be spread across the footprint.
These positions will encompass every aspect of mortgage operations, including loan processing, appraisals, underwriting, and customer care. The roles will support the bank’s mortgage operations throughout its footprint.
“Expanding our mortgage team ensures that TD Bank will continue providing our customers with legendary service and hassle-free lending as our mortgage business continues to grow in 2012,” said Mike Copley, Executive Vice President, Retail Lending, TD Bank. “We are expanding our mortgage lending capabilities thanks to the strength of our credit rating, our commitment to portfolio lending, and the high performance of our employees.”
TD Bank is committed to providing a transparent mortgage procedure, providing consumers with what they need to know to turn a house into a home. TD’s hassle-free mortgage application with no hidden fees makes purchasing a home as smooth and worry free as possible. TD Bank’s loan origination strategy is focused on providing customers with simple products that are easy to understand and conveniently accessible through various channels. TD offers a simplified product set including FHA and jumbo loans at competitive interest rates with a WOW! customer service experience.
To learn more about TD Bank, America’s Most Convenient Bank®, stop by a store, visit us at www.tdbank.com, or find us on Facebook and Twitter at www.facebook.com/TDMoneyLoungeUS and www.twitter.com/TDBank_US.
About TD Bank, America’s Most Convenient Bank
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 7.4 million customers with a full range of retail, small business and commercial banking products and services at more than 1,275 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, follow TD Bank on Twitter at www.twitter.com/TDBank_US or visit www.tdbank.com.
TD Bank is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody’s. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD.” To learn more, visit www.td.com.
CONTACT: Erin Potts, +1-856-470-3002, Erin.Potts@td.com
Web Site: http://www.tdbank.com
“We first fell in love with the Glidehouse after seeing it in the pages of Sunset. With its 60-foot ‘wall of glass,’ 14 foot-high ceilings, and abundant clerestory windows we knew this was a house that would allow us to take full advantage of the spectacular views from our lot,” said Rich Mintz, who with his wife Diana, is the owner of the new Glidehouse on Vashon Island. “We’ve waited to build on our land for 30 years, so we wanted our new home to be perfect. In addition to showcasing our breathtaking views, we love the way the home lets in the light and cool breezes, saving on energy costs as well as creating an uplifting living environment.”
Ami McElroy, who has lived in her Seattle-area Glidehouse for the last six years continued, “Even when I’m inside my Glidehouse, I feel like I’m connected to nature. The floor-to-ceiling windows work in harmony with the clerestory windows on the back wall to balance the natural light inside. Even on the grayest Seattle day—and there are plenty of those—it’s light and bright in my house.”
Making a Great Home Even Better
The new Glidehouse is constructed with Blu’s proprietary steel framing, making the home extraordinarily durable, which is particularly important in challenging coastal and marine climates. The steel framing also results in more spacious, light-filled floor plans that are almost 30% wider with 20% higher ceilings than the original. The Glidehouse, like all of Blu’s homes, is now available nationwide and is durable enough to comfortably handle a wide range of challenging weather conditions—from the snow loads of the Rockies and seismic activity on the San Andreas Fault to high winds of the Coasts. Blu’s proprietary building science technology allows its homes to be finished completely and to precision quality in its weather-controlled factory by trained, well-tooled craftsman. The homes are then folded for quick and cost-effective setting on-site.
“We plan to live in this home for the rest of our lives, so we wanted something strong that requires minimal maintenance. The steel framing and engineering behind the construction of the Glidehouse is remarkable for its durability and precision,” said Mintz, who served in the Air Force and then as an engineering manager for Boeing. “Given my engineering background, the cutting-edge technology used in the building and unfolding of our Glidehouse was of great importance to me. That technology also made the building process so much faster than it would have been with an average home, which was a huge draw for us.”
Customers like Mintz begin the Blu homebuilding process by customizing their own homes for free online and in 3-D with Blu’s proprietary Configurator™, which allows users to style, visualize and spend time in their own Blu Home. After selecting from a wide variety of designs, floor plans, interior design ‘palettes’ and appliance packages, homebuyers are able to visualize their new home in real time—all from the comfort of their home or office. Blu then builds each home with precision tooling and trained craftsman in its climate-controlled factory to meet the highest quality construction standards.
After leaving the factory, Blu’s homes are installed on-site in one day and completed in just two weeks by Blu’s teams of craftsmen. This speed and convenience is a result of Blu’s proprietary building science technology, which allows its homes to be folded for quick and cost-effective setting on site. All of this is done at a pre-agreed, fixed cost.
All Blu finishes, fittings, appliances and systems are selected by Blu designers for their leading environmental performance, resulting in healthy and beautiful living spaces and high indoor air quality. Blu homes offer at least 50% energy savings over comparably sized existing homes and include high-end features like luxurious radiant floor heating, Energy Star appliances, low-flow fixtures, an energy recovery ventilation system, sustainably forested flooring, healthy Greenguard finishes for indoor air quality and a roof with a 50-year life.
For more information on Blu Homes go to www.bluhomes.com, follow us on Facebook (www.facebook.com/bluhomes) and Twitter (@BluHomes), or email us at build@bluhomes.com.
About Blu Homes
Blu Homes, Inc. is a Massachusetts- and California-based builder of green, architect-designed, and precision-built homes. Blu has built a variety of residential and institutional eco-friendly home designs for families and organizations across the U.S., from New York to the Colorado Mountains and the California Coast. Blu’s proprietary steel framing and building technology allows Blu to build homes that are as strong as they are beautiful and then fold them for quick and cost-effective setting across the continental U.S. and Canada. For more information on Blu Homes, contact build@bluhomes.com, or visit www.bluhomes.com.
