Minnesota Homes Today Local & National News

RealtyTrac Foreclosure Report Shows 28% Decrease From May 2012

by Leave a Comment

RealtyTrac Foreclosure Report Shows 28 Percent Decline From May 2012

Foreclosure actions increased by 2.0 percent in May from April’s 75 month low point for foreclosure activity according to RealtyTrac’s U.S. Foreclosure Market Report released June 11. However, the good news is that May 2013 foreclosure filings were still 28 percent below May 2012 filings.

RealtyTrac reports that approximately one in 885 homes were in some stage of foreclosure in May. This does not mean that 1 in 885 homes was lost to foreclosure, but it does indicate that documents related to some phase of foreclosure (Notice of Default, Notice of Trustee Sale, and Bank Reposession) were filed.

Actual lender repossessions (REO) increased by 11 percent in May, but were down by 29 percent as compared to May 2012. 33 states reported increases in REOs with North Carolina, Oregon and Wisconsin having the highest numbers of REO properties added.

Judicial Foreclosure States Lagging In Clearing Foreclosure Inventory

Foreclosure starts were up by 4 percent in May, but were 33 percent lower than for May of 2012. States using judicial foreclosure proceedings were 5 of the top 6 states for foreclosure filings. The state of Nevada, which uses non-judicial foreclosure proceedings, was second after Florida and ahead of Ohio, South Carolina and Illinois.

In general, judicial foreclosure proceedings take longer to complete than non-judicial foreclosures. This results in homes being unavailable for sale for longer periods of time. Lenders are required to complete the foreclosure process and in some cases, they must await expiration of a redemption period before a foreclosed home can be repaired and sold.

In states using non-judicial foreclosure proceedings, the time between the initial foreclosure filing and the foreclosure sale can be as little as three to four months. Quickly turning over foreclosed homes is helpful for improving regional housing markets and making more homes available for purchase. Economists have recently cited low inventories of homes as holding back housing markets in some areas.

Bank Owned Properties Provide Buying Opportunities

Lender-owned properties provide potential opportunities for first-time buyers and others seeking affordable homes. Mortgage lenders tend to offer attractive sale terms on REO properties, as their objective is to move these homes out of their inventories as quickly as possible.

Many foreclosure properties are lacking current maintenance and usually sold as-is. DIY enthusiasts can buy and renovate foreclosed homes for owner occupancy or investment.

It is also important to know that many home buyers become frustrated searching for homes online to later learn many of the properties in their search are sold and are not indicated as such. Across the country some MLS providers allow real estate agents to setup searches that almost eliminate all sold properties alleviating the home buyer’s frustration, wasted time and effort in looking at homes not currently available.

Call me for a custom property search in Minnesota: BOB ELLIOT – REALTOR®, Certified Residential Specialist (CRS), The Graduate, REALTOR® Institute (GRI), Certified Distressed Property Expert® (CDPE), National Association of REALTORS® e-PRO. Over 20 yrs local industry experience. 612 578 6162 bob@elliotmn.com.

What’s Ahead For Mortgage Rates This Week – June 17, 2013

by Leave a Comment

What's Ahead This Week - June 17, 2013Last week’s news was relatively quiet with no data significant to the mortgage lending released until Wednesday, when the federal government announced a $138 billion budget deficit for May.

According to the U.S. Treasury this figure is 11 percent higher than for May of 2012, but the federal budget is expected to come in with less than a -$1 trillion deficit for the 2013 fiscal year, which runs from October to September.

The Treasury estimates that the 2013 budget deficit will come in at approximately -$642 billion, well below fiscal 2012’s deficit of -$1.1 trillion. The federal budget has been running deficits over -$1 trillion since 2008.

Employment Market Continues To Strengthen

On Thursday, the Weekly Jobless Claims report brought good news; jobless claims fell from the prior week’s 346,000 jobless claims to 334,000 jobless claims. This was also less than expectations of 350,000 jobless claims. As more workers gain steady employment, this will enable more would-be home buyers to become active buyers.

May Retail sales also showed slight improvement as they moved from 0.60 percent from April’s 0.10 percent.

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the average mortgage rate for a 30year fixed rate mortgage rose from last week’s 3.91 percent to 3.98 percent with discount points unchanged at 0.70 percent. The average rate for a 15-year fixed rate mortgage rose from last week’s 3.03 percent to 3.10 percent with discount points holding at 0.70 percent.

What‘s Coming Up This Week

Next week’s economic news schedule has a number of reports due including Wednesday’s FOMC statement and Fed Chair Ben Bernanke’s press conference. This meeting and press conference are significant as any move by the Fed to reduce or cease its current quantitative easing (QE) program could cause mortgage rates to rise further.

Monday’s news includes the Home Builders Index for June. Tuesday brings the Consumer Price Index (CPI) for May and the Core CPI, also for May. The indices measure prices paid by consumers for goods and services; the Core CPI eliminates the volatile food and energy sectors included in the CPI. Rising or falling consumer costs influence how much discretionary income consumers have for saving toward buying a home.

No news is scheduled for Wednesday other than the FOMC statement and press conference.

Thursday brings the Existing Home Sales Report, Weekly Jobs Report, Freddie Mac PMMS and Leading Indicators. These reports are expected to provide news about U.S. housing markets, mortgage rates and economic influences impacting consumers.

There is no economic news scheduled for Friday.

Make Your Home A Movie Star! How To Rent Out Your Property As A Film Location

by Leave a Comment

Make Your Home a Movie Star! Whenever a scene in a film or television show takes place in a private home, have you ever thought about who owns that property? Well, it could be you!

The fact is that film and television production companies are always on the lookout for new locations where they can shoot their footage. If you advertise your property in the right way, your home could have its 15 minutes of fame as the set for a film or a television show episode.

Many production companies have been gradually switching over the last few years into filming at ‘authentic’ private properties rather than in film sets and studios.

You don’t have to own a stunning mansion or a historic property to rent out your home as a film location. Film and TV location scouts are looking for a wide range of different homes, from small condos to townhouses to log cabins and any other style of dwelling.

Turning Your Home Into Hollywood

Of course, the obvious advantage of renting out your property as a film location is that you can get paid hundreds and sometimes even thousands of dollars per day just for letting a film crew take over your kitchen or dining room. Also, you will have the prestige and excitement of being able to meet celebrities and see your home featured on the big screen.

However, the process may disrupt your routine for a day or two or possibly longer. The film crew might want to move furniture around and you might even find yourself having to move out for a while. If you need to stay in a hotel during filming, make sure that the amount you are getting paid is enough to compensate for the costs of accommodation.

If you think that renting out your home as a film set sounds like a good idea for you, there are a number of different websites where you can list the property and post photos.  Sometimes your real estate professional can help refer you to a specialist in the local area who consistently works with location scouts and producers.

When you are making the arrangements, make sure that you draft up a contract that states your fee, how long the filming will take, the type of production and an agreement to return your house to the original state that it was found in.

If you are interested in purchasing a St Paul home that could be film-worthy, please give us a call!

Categories