According to the Washington County MLS as of April 11th, 2012, there were 1338 single family residential listings. Of the 1338 listings in Greater St. George, only 250 (18.6%) were short sales. It is notable that 206 (15.4%) were new construction listings (58 of those listings were “to be built”). There has been an over 8 or 9 % increase in residential sales prices from March 2011 to March of 2012 for respectively, the average sale and median sale prices in Greater St. George. Based upon this and other data previously published by Real Estate Weekly, I am of the opinion that the “distressed market” has largely moved to the background as we exit the distress phase and move into the expansion phase (creation of new units and increasing prices). During this early expansion phase we are experiencing a disconnect between the buyers who are largely being told by national media outlets that we are in a “buyers market” and the reality of a falling inventory and rising prices, which could actually slow current unit sales until more buyers come to terms with the market shift.
How do you decide which advice to follow? If someone gave you important information that would impact you and your family financially, would you listen? Almost 5 years ago I remember “the rant heard round the world” by Cramer on MSNBC. I credit this rant with pushing me to finally sell all of the marginal real estate that I held at the time and taking a business loan that today would be unattainable. What drives you to action?
On Today’s show Obama announces a reduction in refinance fees through for FHA borrowers as well as the announcing payments for military personnel who suffered loss of equity and or a wrongful disclosure compensation payments starting at $116,000. Service members who believe their rights were violated by Bank of America, J.P. Morgan Chase (JPM, Fortune 500), Ally Financial (the old GMAC), Citibank (C, Fortune 500), or Wells Fargo (WFC, Fortune 500) can contact the Justice Department directly at 1-800-896-7743
Ben Stein Says “Buy A House”!
During the show today we welcome Warren Buffet’s comments regarding real estate as being a compelling investement, right now
Interesting interview with Warren Buffett where he states I’d Buy a Couple Hundred Thousand Single Family Homes If I Could…..
At Real Estate Weekly, we hope that distressed homeowners who have been struggling to keep their mortgage payments current, can get some relief from the retooled refinance plan and get off their diet of Pasta fagioli. (Italian Peasant Food)
On today’s show we cover the HARP Program and discuss how recent administrative changes are making the program helpful to homeowners where prior efforts have failed. For more information on the HARP Program look at the government website http://www.makinghomeaffordable.gov
To find out if Fannie or Freddie owns your loan try these loan look up tools below:
Head researcher and editor, Dana, did a lot of diggin’ and callin’ to find lenders willing to participate in the HARP program locally. Though we do not believe that this list is exhaustive we can tell you it is a good start:
Local bank lenders who made the cut:
Jeff from Wells Fargo, who operates at the main office in St. George (Tabernacle & Main St.). His number is 674-8003
US Bank- Contact your local branch
State Bank of Southern Utah (SBSU) They are participating in the HARP program. Their current customers will get preferential treatment in terms of documentation since they already “know” them, but they are happy to sit down with any and all homeowners.
Credit unions, who made the “cut”:
Southwest Credit Union – You can walk in any branch office and ask for a mortgage originator and they will hook you up. They only do loans held by Freddie. They will be able to tell you who owns your mortgage once you contact them.
Deseret First Credit Union – Deseret First will happily assist you in a HARP refinance. You can call Chuck, who handles our area from SLC. He was kind enough to give us his direct line for listeners to use 801-456-7075
SGI Mortgage – Great lady and so helpful, Debbie Hartman. She can be reached at 674-1090
W.J. Bradley Mortgage Capital – Ryan Bolton is the captain of the ship over there and he does every kind of loan under the sun. His number is 627-0494.
On the December 29th show we talked about all the different St George real estate topics covered over the year, but we decided to call 2011 the Year the Dog Didn’t Bark. Why? Because it seemed to us that with all the shenanigans that took place with the Robosigners and foreclosure that someone should have sent out the alarm…but instead it appears that it went unnoticed even by the government watchdogs, hence the title………
During today’s show we try to understand the outrage that has spawned movements like “Occupy Our Homes” and why so many of us are impatiently waiting for prosecutions of bank executives which are usually highlighted by the “Perp Walk”. Real Estate Weekly discusses the various “actors” in the housing crisis, including the Banks who did not listen to their own compliance and fraud officers as the real estate investors and amateur “speculators” who fueled the demand for the bogus loans.
Important links for todays show:
Occupy Protesters take over foreclosed homes
6o Minutes show segments on the former bank employees and lack of Federal Prosecution
New York Federal Reserve Bank Staff Report on Real Estate Investors, the Leverage Cycle, and the Housing Crisis
Michael Moore on Wall Street and Obama
The Story that got away this week….
Barclays Analyst See Housing Rebound Coming in 2012
What a difference a few weeks makes…. on October 29th, The New York Times, published a photo exposed written by Joe Nocera that showed Baum Law Firm employees dressed up for halloween as distressed homeowners. Just a mere three weeks later , the New York Foreclosure law firm has announced that it is shutting its doors. Read the entire article here
Check out the guidelines and see if you are eligible!
Millions of Homeowners are Eligible for the Independent Foreclosure Review!
This hotline is set up for borrowers who were harmed financially by errors in the foreclosure process that could have impacted borrowers and require compensation.
Hotline number 888-952-9105 for Independent Foreclosure Review and online go to http://independentforeclosurereview.com