Who wants to live on Three Bears Loop?

Who wants to live on Three Bears Loop and Rt. 66?
Just think how fun this would be for real estate agents to share very unique streets where they have homes for sale! Even just to start talking about interesting street names...

Shared by Carra Riley.
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Most buyers only think of two things when shopping for a home, the loan and the location.  But there are other things your buyers need to consider.  Buying a home is expensive.  They need to factor in property taxes, maintenance, repairs and renovations.  When your client is purchasing a home help them, especially if they are first time buyers, factor in the other costs of owning the home.
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Nat'l Real Estate Post:
Banks are being forced to limit home buyer with lower LTV ratios to qualify for homes and with the rising interest rates and tight credit, buyers are in short supply.

However, builder sentiment and mortgage applications for August are looking good.
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"Be yourself; everyone else is already taken."  Oscar Wild

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Analysts with Fitch Ratings expect U.S. nonresidential construction activity to pick up more speed heading into 2014, the ratings giant said Monday.

More banks are lending in the space and commercial mortgage-backed securities issuance is on the rise, said Robert Rulla, a director with Fitch.
"After a slow start, Fitch is projecting private non-residential construction will grow 2% in 2013 and 5% in 2014,” Rulla projected. -- HousingWire
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“In terms of annual rates of change, San Francisco lost its leadership position with Las Vegas showing the highest post-recession gain of 24.9%,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
According to Sanders, this is an indication that speculators are starting to pull out of the West Coast cities and move into markets that have yet to reach such high home prices. "It has to be investors driving this up," he said. "This is an unusual switch."
When looking further at how far Atlanta, the monthly leader, has come, it’s helpful to look at its numbers three years ago. Atlanta was down 0.52% three years ago and is now up 3.40%. This compares to San Francisco, which was up 21.37% back in 2010, and is now up only 2.73%.
We know its not residential mortgages that are driving the recovery, said Sanders, it’s really more about where investors are re-parking their money. -- Megan Hopkins in HousingWire
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Housing recovery occurs in stages.  We are in the 3rd stage.  This is when the recovery starts to slow.  The question is can we reach the 4th stage where building and buying really take off?

For the month of July, Trulia concluded that the housing market is now 64% back to normal, which is the highest level on record since the recession.-- Keri Anne Panchuck in HousingWire
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The Conference Board, an industry group, said its index of consumer attitudes rose to 81.5 from 80.3 in July, beating economists' expectations for 79.0.
The expectations index rose to 88.7 from an upwardly revised 86. Consumers, however, were less optimistic about their current standing, with the present situation index slipping to 70.7 from July's more than five-year high of 73.6. -- HousingWire
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The Compassionate Samurai By Brian Klemmer:  Trust but verify.  Learn to trust others on our team.  Don't try to control everything.  You will get more business.
Shared by Rick Floyd
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Nat'l Real Estate Post:
Mortgage rates have caused home values to be revised down.  And if we meet another rate popping bubble, rates will be to blame.  The by product of higher rates is the higher payments.  Have you heard of the Biggert-Water reform act of 2012, HR 4348?  It will hit this October.  It is to make sure flood insurance coffers are stable.  FEMA says it has lost billions due to events like Katrina and Sandy, but Garret Graves of the Coastal Protection and Restoration Authority says FEMA, since 1978, has taken in $65.3 Billion in premiums, but has only paid out $56.4 billion to policy holders.  So FEMA will rezone the flood zone maps in order to refill the coffers.  This will lead to a 20% increase in flood insurance.  There will be additional HUD and mortgage insurance hikes which will be followed by private MI hikes which will be followed by the pending G Fee hike, and even your city or county reassessing your property value.  Hazard insurance is up, too.  If we have another round of foreclosures, look to HR 4348 as the cause.
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Succeed in getting that listing, account or committment to build your businesss.

I am including this blog to encourage you to succeed in getting your listing, account or commitment to build your business. It is excellent.
http://chasingexcellenceblog.com/2013/08/20/getting-an-edge-over-the-competition/
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Check out this version of the The Star Spangled Banner.  It's the best I've ever heard
http://youtu.be/c8C7i9kdEf8
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Low interest rates have not created a stronger housing recovery because the government's carrot-and-stick approach to U.S. banks has squelched their ability to boost mortgage lending, according to Washington Post columnist Robert Samuelson.
Housing's uptick has been muted because pent-up demand is being squelched, he maintained. As proof, he cited estimates that construction of new units remains less than 1 million on an annual basis, while Moody's Analytics concluded the underlying demand is 1.7 million units.
Guy Cecala, publisher of Inside Mortgage Finance, said, "Every time a lender is publicly sued or flogged makes it less likely they'll loosen their standards."
Last month, groundbreaking for single-family homes, the largest segment of the market, declined 2.2 percent to a 591,000-unit pace, the lowest level since last November, Reuters reported. However, starts for multi-family homes jumped 26 percent to a 305,000-unit rate, reversing the prior month's decline. -- John Morgan in Money News
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'The barriers are not erected which can say to aspiring talents and industry, "Thus far and no farther".'  Ludwig von Beethovan, German composer
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All good ideas are terrible

Until people realize they are obvious.
If you're not willing to live through the terrible stage, you'll never get to the obvious part. -- Seth Godin
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(Scott) Anderson’s expects the 30-year fixed-rate mortgage will be around 4.7% at year end—about where it is now. And he is forecasting the 30-year rate will be around 5.15% by yearend 2014.
Such a gradual rise in rates is “not enough to derail the momentum” in the housing market, Anderson said. If mortgage rates go up too quickly, he noted it could dampen demand for housing. Between rising rates and prices, housing affordability has already been reduced by 20%.
Higher rates might also open the door for the banks to relax their lending standards. --Brian Collins in HousingWire
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Nat'l Real Estate Post:
Appraisors under attack.  http://www.fhba.com/docs/InterimFinalRuleAppraiserIndependenceSummary.pdf
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Shared by Maurizio S and originally shared by Tenzing Sherpa.
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"Builders are seeing more motivated buyers walk through their doors than they have in quite some time," said NAHB chairman Rick Judson, a home builder from Charlotte, NC.  "What's more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market."  Sonja Bullard in Angel Oak Weekly
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Nat'l Real Estate Post:
Real estate is more complex after the housing bust.  More than ever there is a place for real estate agents.  They have knowlege of the local market.  Info aggregators like Zillow don't live there.  Agents know handymen and other vendors who can help solve problems.  Agents also act like psychologists and negotiators during the housing search.  Realtors live their job. They are there at 8 o'clock in the evening  or on a Sunday morning when your waterheater goes out.
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In July, housing sales dropped from 455,000 in June to 394,000, seasonally adjusted. That is a 13.4% drop.  This is due to the investors who bought multiple homes and then the rent profits didn't pan out.  The investors are walking away from or dumping their investments.  This is compounded by 50% of the hardship mortgage modifications which have gone back into foreclosure.  The rise in interest rates haven't helped.  However, with the rise in interest rates, the banks are beginning to loosen their credit requirements.  The fly in the ointment it that the government has put onerous regulations on the banks in the form of Frank-Dodd, Basel I,II and III.  The CFPB has put even more on the banks which has come from Richard Cordray.  I think the housing industry is in for a bit of a  rough patch.  Do everything possible for your clients.  They need your help.
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Hot off the press, I have the updates for the new version of Desktop Underwritingcoming the weekend of November 16, 2013.

In a nutshell, FNMA is making the switch to Qualified Mortgages a little earlier than the January 10, 2014 timeframe laid forth by the CFPB. The announcement includes the following:

1. Max ltv/cltv will drop back to 95
2. Max ratio will be 43 (BACK END Debt to Income)
3. Interest Only will no longer be an option
4. Max loan term will be 30 years
Shared by Dave Cooper
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The Housing and the Stock Market are on sale. Buy something.

We estimate that national home prices are 5% undervalued in the third quarter of 2013. During last decade’s housing bubble, prices were as high as 39% overvalued in 2006 Q1, then after the crash fell to 15% undervalued in 2011 Q4. One quarter ago prices looked 7% undervalued; one year ago prices looked 14% undervalued, Trulia reported.
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"Success occurs when opportunity meets preparation".--
Shared by Commercial Lending
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Check out this graphic for demonstrating the cost of waiting to buy a home.
https://plus.google.com/111789254531478161642/posts/HsaSwZmjQvj
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"Here's the scoop on market corrections:

5% corrections happen every 49 days - we're 39 days removed from one
10% corrections happen every 161 days - we're 461 days removed from one
20% corrections happen every 635 days - we're 1,110 days removed from one

We're about 3.5% off the recent record highs right now..."
From Wes Moss on Money Matters Sunday morning on WSB.

We are overdue for a correction.  Most of the time we buy more of something when it is on sale.  But with the stock market we pull our hair, wring our hands and jump out of windows when stocks go on sale.  Therefore, rejoice when the market corrects because then you can buy more of whatever it is you have been wanting.
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REITs suffering their worst collapse since the credit crisis.

These companies own shopping malls, apartment complexes, office buildings and other forms of commercial real estate. The value of those properties — and the rental cash flow streams they throw off — was wildly inflated by the record-low rates engineered by the Fed. -- Martin Weiss in Money and Markets
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Homebuilding activity levels depend greatly on employment growth.
Even though mortgage rates are rising, homebuilders and buyers are hopeful this will be offset by a stronger job market — more homes will sell with a better employment status because it leads to both builder and homeowner confidence, according to Nationwide's chief economist.
Multifamily also will continue to trend upward given the fact that underwriting standards are hindering buyers from being able to afford a mortgage, Berson suggested.
Nonetheless, when putting together the components of existing and new home sales, the numbers reflect a continued market uptick, meaning homebuilders are confident in the future of the housing market. -- Christina Mylinski for HousingWire
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Housing starts soared in the month of July, rising 5.9% from June levels and jumping 20.9% from last year, government data shows.
Strength in the multifamily sector caused the sharp increase with single-family starts actually edging down a bit.
Starts on privately owned homes reached a seasonally adjusted annual rate of 896,000 in July, up from 846,000 in June and a large jump from 741,000 a year ago, the U.S. Census Bureau and Department of Housing and Urban Development reported Friday.
Single-family housing starts alone fell 2.2% from June to July, reaching a rate of 591,000 units last month – below June’s revised estimate of 604,000 single-family starts.
Multifamily is where analysts found great strength.

"The boost in starts was led by a monthly 26% jump in the volatile multifamily component after a 24.8% fall in June," Econoday analysts noted. -- Keri Anne Panchuck in HousingWire.
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Jill Pierce is Team Leader for RealEstateAuctions.com in Georgia.
 

National home values rose to $161,100 as of the end of the second quarter – up 5.8 percent year-over-year and 2.4 percent from the first quarter. That’s the largest annual gain since August 2006 and biggest quarterly gain since the fourth quarter of 2005. -- Sonja Bullard in Angel Oak Weekly
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Home prices increased in June on a monthly basis for the 16th consecutive month, according to the latest figures from CoreLogic. -- Evan Nemeroff in Origination News
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Nat'l Real Estate Post:
The Gary, Indiana Housing Authority is being taken over by HUD.  It is a mess and has been for 10 yrs.  It will now be run from Detroit's office.  Wonder how this will turn out!

Fannie Mae is selling $2 billion in mortgage backed securities.  (Here we go again.)

NAR says 68% of people say it is a good time to buy a house.
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Twenty cities and counties which are facing bankruptcy:
Compton, CA
East Greenbush, NY
Fresno, CA
Gulf County, FL
Harrisburg, PA
Irving, NJ
Jefferson County, AL
Menesah, WI
Newburg, NY
Oakland, CA
Philadelphia School District, PA
Pontiac, MI
Providence, RI
Riverdale, IL
Salem, NJ
Stratford County, NH
Taylor, MI
Vadnais Heights, MN
Wenatachee, WA
Woonsocket, RI
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Nat'l Real Estate Post:
Freddie Mac says it will sue Richmond, CA if it adopts eminent domain to take over homes where the home is underwater because this would put in more risk.  The eminent domain move is suppose to solve the foreclosure problem.  Freddie disagrees.
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https://www.helpscout.net/blog/psychology-of-color/
Shared by Guy Kawasaki
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Did you know that it only takes 20 hrs of practice to become decent at a skill?  I'm trying my hand at drawing.  I've only spent 4 hrs so far and it is working.  With this kind of success, I think I will try many other things.
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Shared by Carra Riley
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It doesn't look good for home builder share prices in the near-term. Recent action in the iShares Dow Jones US Home Construction (ITB) fund indicates weakness in the sector and these stocks are starting to break down.  HousingWire
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Private mortgages are back:
"Delinquencies are down, and the companies have recapitalized," said Bose George, an analyst at Keefe Bruyette & Woods. "At the same time, FHA is reducing its role in the market, so this has given them significant growth opportunities. ... The companies have reversed their position and are starting to show modest profitability." - Diana Oleck for CNBC
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Nat'l Real Estate Post:
FHA is becoming more expensive for first time buyers than conventional buyers.  MGIC is now requiring at least a 620 credit score for loans.  With faster turn around times.  (Nice!)
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QUOTE OF THE WEEK..."The best way out is always through."--Robert Frost, American poet
shared by Bill Bazzel
A leading provider of real estate data and analytics recorded home prices up 1.9% in June, gaining for the 16th month in a row.For the year, they had home prices increasing 11.9%, trending at the fastest upward pace since 1977. Finally, it was reported that Fannie Mae posted a $10.1 billion profit in Q2, almost double the Q2 profit of a year ago. They will now pay a $10.2 billion dividend to the Treasury, which owns $117.1 billion of the company's senior preferred stock. This is quite a turnaround for Fannie Mae from the dark days of 2008.
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Excluding distressed sales, home prices increased on a year-over-year basis by 11.6 percent in May 2013 compared to May 2012. On a month-over-month basis, excluding distressed sales, home prices increased 2.3 percent in May 2013 compared to April 2013. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that June 2013 home prices, including distressed sales, are expected to rise by 13.2 percent on a year-over-year basis from June 2012 and rise by 2.9 percent on a month-over-month basis from May 2013. - Shared by Sonja Bullard in Angel Oak Weekly
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Nat'l Real Estate Post:
Housing has officially hit the bottom. 
AZ, CA, FL, MI and NV are no longer the top ten worst foreclosure states!
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Shared by Blake Sippert
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The efforts of the Chinese government to curb the domestic property market are causing buyers to look at real estate outside of the country, Juwai.com found.
Juwai is an internet site that links Chinese high-net worth individuals with real estate agents in foreign countries.
A recent survey of 541 Chinese citizens in the property market, found that 73% of respondents said properties in other countries provide either a better value or more affordable prices than real estate in China.
Additionally, 37% said they would buy overseas because it is a better value proposition than in China, and 37% said they would buy overseas because it is a much lower price than China.
"The latest data out of China, coupled with the consumer survey from Juwai.com, help show why wealthy Chinese are looking at property overseas. They are educated, affluent, mobile and--most of all--motivated,” Andrew Taylor, Co-CEO of Juwai.com, said. -- HousingWire
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Builder confidence in the market for newly built, single-family homes rose three points to an August index score of 59, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index.
This is the fourth consecutive monthly gain, bringing the index to its highest level in nearly eight years, the association noted. Any number over 50 suggests the majority of builders view conditions in a particular segment of the market as "good".  -- Brenda Swanson in HousingWire
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Nat'l Real Estate Post:
HUD is beginning to force integration by forcing the lenders to only lend in ways which will put minorities in non-minority areas. 
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Trulia (TRLA) Chief Economist Jed Kolko noted that, despite a slow quarter for construction activity, residential construction employment continues to outpace employment overall. Year-over-year, residential construction is up 4.5% — ahead of overall national employment growth of 1.7% — an indicator that housing is putting more jobs on the market.

(Lindsey)Piegza added that it will likely be 5-6 years before those recent college grads are buying a house. "It's really important to recognize that the game has changed now," she said. Piegza believes that in the short term, this will add pressure on the housing market. However, she noted that in the long run, it will allow for a much more sustainable housing sector because we are putting people who can afford homes into homes instead of those who would be struggling to make payments. -- Megan Hopkins at HousingWire
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The Consumer Financial Protection Bureau has sued a Salt Lake City-based mortgage lender for allegedly violating the loan officer compensation rule by paying bonuses to LOs that charge consumers higher interest rates. -- Brian Collins in Origination News
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An Indian man carries a swarm of colourful plastic balls on his bicycle in the northern Indian city of Lucknow in February 2006. (Pawan Kumar/Reuters) -- Shared by Guy Kawasaki
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Nat'l Real Estate Post:
Cities and counties are using eminent domain to take homes where the owners are in default on their mortgage payments.  The municipalities are confiscating the homes, paying them off and sometimes allowing the owners to stay in the homes.  However, most of the time the municipalities are razing the homes.  Eminent domain was set up to allow cities and counties to take property in order put in roads or utilities, something that would benefit the community.  Now it is being used when home owners simply default on loans. 
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Coach Wooden says, "Self control is the ability to discipline ourselves and keep our emotions under control.  To become our best, good judgement and common sense are essential."  Shared by Rick Floyd
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Chris Harper originally shared and was repeated by James Harrison.
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More than 100 real estate and economic experts predict home values will end 2013 up 6.7 percent from the end of 2012, as the housing market recovery continues to widen and accelerate, according to the latest Zillow Home Price Expectations Survey. A majority of the panel also said that while rising mortgage rates don’t pose a threat if they stay within the 4 to 5 percent range, they could derail the recovery if they reach 6 percent or higher.
For full survey results and graphics, please visit Zillow Real Estate Research or www.pulsenomics.com.
-- Corey Hopkins in HousingWire
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Atlanta home prices were up 19.2 percent in the first quarter, compared with the first quarter of 2012.

The index also projects Atlanta home prices will be up 4.9 percent in the first quarter of 2014, when compared with the first quarter of 2013. -- Sonja Bullard in Angel Oak Weekly

“I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well. ”
–Alan Greenspan
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The median existing single-family home priced rose in 87% of measured markets, as 142 out of 163 metropolitan statistical areas posted gains based on closings in the second quarter versus the second quarter of 2012.

Total existing-home sales were at the highest pace since the second quarter of 2007, when they hit 5.23 million.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” he said. “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country. Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas, Naples, San Francisco and Los Angeles.” Lawrence Yun -- Megan Hopkins in HousingWire
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Catching up

QUOTE OF THE WEEK..."Discontent is the first necessity of progress"--Thomas Edison, American inventor
DID YOU KNOW?... Fiscal policy refers to decisions by the President and Congress that usually relate to taxation and government spending and have the goals of full employment, price stability, and economic growth.  Shared by Bill Bazzel
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Nat'l Real Estate Post:
The Senate actually confirmed Richard Cordray as head of the CFPB.  So, all the rules he put in place during his "recess appointment" will be enforced.
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Estates, condos are top sales of first half 2013

Metro Atlanta’s luxury home market is poised for a solid year. The most expensive residential sale in the works so far in 2013 is part of a 16-acre site in Roswell. Its owners are already celebrating the deal by living on a yacht for the rest of the year. The home at 109 Goulding Place is under contract to an unknown developer for $6.9 million.
Shared by Sonja Bullard in Angel Oak Weekly
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According to a RealtyTrac report, 136,184 single-family home flips occurred in the first six months of 2013, which is up 19% from the same time period in 2012 and a 74% increase from the six-month span two years ago.
Property flippers—investors who buy a home and then sell the same property within six months—made an average gross profit of $18,391 on single-family home flips in the first half of 2013. This figure represents a 9% gross return on the initial purchase price, the Irvine, Calif.-based firm said.
By Evan Nermaroff in Origination News
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Stephen White:

Rent Prices vs. Home Prices

Since 2011 the price of rent has increased 60% while the price of homes decreased 46% in the US. Who says it's not an investor market?!

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Some economists are raising warning flags over the fact that 77 percent of this year's new jobs are part-time, saying the numbers provide a bleak portrayal of the labor market. -- Dan Well in Money News
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Nat'l Real Estate Post:
If we take Fannie Mae and Freddie Mac out of conservatorship then we can solve some problems.  Those are:  1.  The senate doesn't like Mel Watt as head of FHFA; 2.  Need private capital; 3.  Need solutions; 4.  Investors and private funds are coming out with lawsuits against the GSE's for money they think the GSE's owe them.  The director can issue the order to take the GSE's out of conservatorship.  Fannie and Freddie are the third most profitable company behind Exxon and Apple.  However, it probably won't happen because the gov't owns the company lock stock and barrel.  Also, the solution is cheap, easy and makes sense.  But we are talking about the Gov't.  It probably won't happen.
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Shared by Guy Kawasaki

"Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem". 
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This is for everyone who wonders why they run or wonders why anyone else runs.  http://theoatmeal.com/comics/running
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For the third consecutive month, the National Association of Home Builders/Wells Fargo Housing Market Index experienced a monthly gain. In July, the index rose six points from June to 57, representing the strongest reading since January of 2006.
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If a drop of water falls in a lake there is no identity. But if it falls on a leaf of a lotus it shines like a pearl. So choose the best place where you would shine.
Shared by Jen Baptist
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Science affects real estate.  Watch these two college students work to reclaim land from plastic.

How two young scientists found bacteria that break down plastics

http://youtu.be/ay-y3tSYGYw

Originally shared by Guy Kawasaki

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Home-flipping, defined as buying and selling the same home within six months, came roaring back in the first half of this year. There were 136,184 homes flipped, an increase of 19 percent from a year ago and 74 percent from the first half of 2011, according to a new report to be released Friday by RealtyTrac. --  Diana Olick on CNBC
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