This Week’s News Shorts

These are short excerpts from the week’s real estate news.

Home Buying Most Affordable in Decades

CNNMoney article says that buying a home now is more affordable than it has been in the last twenty years. The National Association of Home Builders/Wells Fargo Housing Opportunity Index hit a record level of affordability due to low home prices and rock-bottom mortgage rates.

Home affordability at this extremely high level isn’t translating into sales though. The tough mortgage market and people’s inability to afford down payments make it impossible for a large portion of potential home buyers to purchase even if they are inclined to do so.

30-Year Mortgage Rate Holds at Record Low

Delinquencies Decline But Foreclosures Climbed is January News

It appears that the percentage of loans that fell into delinquency the last quarter of 2011 is slowly returning to normal levels, with fewer loans falling into foreclosure. On a seasonally adjusted basis, 7.58% of mortgage borrowers were late on their loan payments during the last three months of 2011. This was down 0.67 percent from 12 months earlier, and 2.5 percent off the peak set in the first quarter of 2010.

More Foreclosures Coming – Some Banks Paying Homeowners

The $26 billion mortgage abuse settlement seems to be over and done. Since many lenders were slowing their pace of foreclosures during the negotiations, it’s now expected that there will be a resurgence in foreclosure activity.

RealtyTrac.com states that last year’s 34% decline in foreclosures wasn’t about a better housing market. Instead, it was a slowing of foreclosure filings due to the problems lingering from the robo-signing scandal and the negotiations with the government about restitution to homeowners abused in the process. RealtyTrac.com estimates that foreclosure filings will climb from 1.9 million in 2011 to somewhere near 2.5 million in 2012.

Contract Assignment , $8500 in three hours work!

This deal came from an agent at my church. It was a unlisted pre foreclosure that was going to auction March 5th. Another investor had this under contract at $75,000. A very good price. He came back after inspection and asked for a $15,000 price reduction. A $60,000 buy price.
The agent talked to me at church and asked if I might be interested and if I would make an offer and close by the end of the month he would terminate the agreement with the other investor.
I went over after church and knew right away that I could do the flip myself or wholesale it. It took 2 weeks to get the thing terminated and my contract signed and returned, I was thinking it might not happen.

Attitude

Our success in real estate and in life for that matter often is the consequence of our beliefs and attitudes. Eliminate self-defeating attitudes and beliefs because they will only hurt you. "Can Do," optimistic, and self-starter attitudes are the signs of a winner. It does not pay to go into a funk over lost deals,or rejections. Depression just slows you down. It pays to develop your will to the point that you become an inner directed individual.John D. Rockefeller, the founder of Standard Oil, and one to the wealthiest men in America kept his own counsel. He did not require the approbation of others to gain success or feel good about himself. He had developed an internal set of standards that governed his actions and to which he was responsible.

Closed Today on Out-of-State House #3!!!

this is a probate house that is right next door to the first house that I bought in OH. The new owner lives in Texas, so he just wanted to sell it; it just so happened that he knew a friend of a neighbor who knew my agent- with whom he decided to list the house with. When she told him that I had recently bought the house next door, he asked her to ask me if I would be interested?

Would I be interested??!!! The house needs minimum repairs; it is a gem! I love my agent!!
So, after a long awaited time for the probate court to approve the sale, we were finally able to close today.

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