"We have artificially low interest rates, and low supply," Sean O'Toole said. "You do get an increase in prices, but I don't think you have a real recovery." Conventional homebuyers are also being muscled out by big investors who have been buying distressed properties in bulk and converting them to rentals. (This skews the price and demand for housing.) -- Thomas/Reuters 2013 copyright.
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Homebuilder stocks are up across the board except for Ryland Group. None posted increases or decreases more than 1% except for Hovanian which was up 1.49%. -- Ethan Roberts with MSN Money
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Michigan is having trouble finding enough workers to build homes. During the recession they retired, left the state or found other jobs. Right now the projects are just delayed. Soon they will be impacted and constrained. -- Michigan Radio
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Freddie Mac plans to fine low volume lender $7500 starting January 1, 2014 if they don't sell Freddie at least $5 million in loans per year or service $25 million. -- Brian Collins in Origination News (So my question is, will this stop small community banks from lending or will it force them to lend more?)
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Nat'l Real Estate Post:
Right now, 71% of mortgages are refi's. That means at some point loan officers will be hit with plummeting business. When refi's stop, then some MLO will be out of business if buyers don't pick up the slack.
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Mortgage rates are now at 3.81% and set to continue to rise.
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The Detroit Blight Authority is scheduling to completely clear about 15 blocks of deserted housing. It should be interesting to watch to see if and how Detroit rebuilds. In Cuyoga County, they plan to demolish another 20,000 vacant houses. To rebuild, I think we need jobs first.
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"There is one quality which one must possess to win, and that is definiteness of purpose, the knowledge of what one wants, and a burning desire to possess it." -- Napoleon Hill
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The supply of homes in Atlanta is now 3.6 months which is a seller's market. -- Mark Camp with Prudential Georgia Realty
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Habit 4 of The 25 Habits of Highly Successful People by Stephan Schiffman says Take the Lead. Confidently take control of the sale cycle. People want to know that you are in charge of your part of the sales cycle. But they don't want to be bullied or treated gruffly. We must present ourselves by not only in a way of serving our client, but in a way where we are serving with authority. We need a sympathetic ear and need to ask questions, but then we need to confidently and with authority let the prospect know how the transaction will proceed. And we need to do it all with a genuine smile. A confident and pleasant leader will get a lot more referrals than someone who's too pushy or too weak. --Reviewed by Rick Floyd of the Real Estate Mortgage Network.
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Real Estate
CoreLogic: 4.2 million homes in path of hurricane storm-surge
• May 31, 2013 • 7:48am
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One of the central lessons of the Iraq War is that regime change necessitates nation building, a process that is hardly automatic no matter how quickly a despot may be deposed.
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The U.S. Department of Housing and Urban Development announced Friday that it will provide $109 million in grants to revitalize public and HUD-assisted housing in order to revitalize communities.
Applicants have until Sept. 10, 2013 to apply for FY 2013 Choice Neighborhoods Implementation grants. HUD anticipates awarding four grants with a maximum award of $30 million each. -- Megan Hopkins with HousingWire
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The Treasury Department and U.S. Department of Housing and Urban Development jointly agreed to allow the Making Home Affordable Program to continue to be available to American families for an additional two years through Dec. 31, 2015. -- Donna Borak
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Nat'l Real Estate Post:
H.R. 1077 is good. For the details: http://thenationalrealestatepost.com/2013/05/31/crl-act-before-think/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheNationalRealEstatePost+%28The+National+Real+Estate+Post%29. It is confusing, but if Brian and Frank say it is good, then it is good.
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Jill Pierce is Team Leader for RealEstateAuctions.com
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