The top 10 foreclosure states in 2012 per RealtyTrac:
3.11% Florida had 32 houses in 100 in 2012 in foreclosure.
2.7% Nevada had the highest foreclosure rate for five consecutive years ending in 2011.
2.69% Arizona home prices remained 45.1% lower than five years previous.
2.58% Georgia home prices fell 12.3% from mid-2011 to mid-2012 and has the fastest foreclosure processing time in the nation of 37 days.
2.58% Illinois home prices declined 30% between the second quarter of 2007 and the second quarter of 2012.
2.33% California home prices between the second quarter of 2007 and the second quarter of 2012 fell by 41% but in the three years ending in the second quarter of 2012 the prices had rebounded by 7.3%.
1.75% Ohio the 12 months ending in the second quarter of 2012, Ohio home prices fell by 0.5%. Worse yet, Fiserv projects home prices in Ohio to keep falling through mid-2013, and that the state’s real estate market will grow at a slower rate than nearly all other states from mid-2013 through mid-2014. Last year, foreclosure activity in the state increased by 12.8% from the year before. And further driving up the foreclosure rate, the foreclosure processing period takes 217 days in Ohio -- longer than most states.
1.69% Michigan over the five years ending in the second quarter of 2012, home prices fell by 31.9% -- more than all but five other states.
1.66% South Carolina one in every 60 homes was in foreclosure in 2012. Foreclosure activity increased by 18.9% in the state between 2011 and 2012 versus a 2.7% decrease for the U.S. as a whole.
1.64% Colorado one in every 61 homes was in foreclosure in 2012.
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Deutsche Bank's Riccadonna added that even small moves in home prices can have large effects on consumption, because housing comprises such a significant share of household assets.
"Based on previous analysis, we are projecting home price appreciation of 5-10% in 2013, which translates into a further increase in household assets, i.e. wealth creation, ranging between $860 billion and $1.72 trillion," he said. "To be sure, the wealth effect on consumer spending could be substantial."--jgaffney@housingwire.com
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TBWSDailyShow: 10% of people open emails, but 80% open text messages. The lesson here is to send less information in a text to get better marketing campaign, just send as many texts as emails to get more information to people who will actually read it. Use your smart phone to be SMART. Eztexting.com is from $49.99-$149/month, but the bang for your buck may well be worth it. You can look for other sites, but try it! Just don't spam. Send texts once a month or so.
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For success:
1. Be present, everything matters, be open to those ideas to make your dream come true
2. Surround yourself with successful people, seek out mentors
3. Be coachable, be willing to take the information and do what your mentors tell you to do.
It is never about money, it about success in life. Enrich the life of others.
----Kent Clothier
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Deutsch Bank predicts a 5-10% rise in house prices in 2013.
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A few independent contractors are now reviewing foreclosures. They received $1.5 billion, but the borrowers and their lawyers only received about twice that. --Gretchen Morgenson
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TBWSDaily Show:
The Federal Financial Institutions Examination Council is looking at how to regulate how mortgage companies use social media for advertising. This applies to real estate companies if they advertise with a mortgage company. You will need to be RESPA compliant as well as FFIEC compliant. The FFIEC is a six member panel comprised of the Federal Reserve Board of Governors, the National Credit Union Administration, the Comptroller of the Currency, the FDIC, the SLC (State Liaison Committees), the CFPB. Your employer will be required to look at every thing you do on Facebook, the employer will be responsible for legal risk, operational risk, reputational risk, consumer compliance. On Twitter, you mortgage folks will be required to disclose your NMLS #, but there aren't enough characters to do this! This social media extends to forums, bulletin boards, virtual worlds and social games. http://thenationalrealestatepost.com/2013/01/25/social-media-in-feds-crosshairs/#comments. You really need to see this. I think we need to contact our congress persons. This is what we have been hearing about the feds looking at all our Internet communications.
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Campbell/Inside Mortgage Finance survey shows there was no winter decline in home sales or prices. Current, first-time and investor buyers continued buying despite the season. Time on market for non-distressed properties is much lower and home traffic indexes are much higher. This portends a strong spring selling season. (FINALLY!)
The "number of offers" index rose from 57.3 to 61.5 between November and December. The "closed transactions" index from the survey rose from 51.2 to 54.4 during the same year-end period.
The "sales price" index not only jumped from 58.1 to 61.1 from November to December, but also peaked at its highest level ever recorded.
(Cheer up housing industry professionals, we are on the move again!)
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1.4 million underwater homeowners were bailed out last year according to CoreLogic.-Meg Handley
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The 2 million young people living with their parent during the 2007-2011 economic slump are starting to leave home. They are starting to buy houses. -Lucia Mutikani
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When taking pictures for marketing, make sure they will encourage buyers to buy instead of turning off those who happen to view them. I just saw some truly awful marketing pictures. Please, everyone, check your pictures before using them!
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Michelle Meyer, senior analyst for Bank of America and Merrill Lynch has revised the rise in home prices up to 4.7% for 2013 from 3%. Between low inventory, more available credit, and price momentum, this looks like a better year for house prices.
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