Real Estate Weekly

Real Estate News that Matters

Real Estate Weekly - Real Estate News that Matters

Real Estate Year in Review for 2011 “The Year the Dog Didn’t Bark”

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………

 

The Housing Crisis-Where’s the “Perp Walk”?

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

http://money.cnn.com/2011/12/05/real_estate/occupy_wall_street/index.htm

6o Minutes show segments on the former bank employees and lack of Federal Prosecution

http://www.cbsnews.com/video/watch/?id=7390540n&tag=re1.channel

http://www.cbsnews.com/video/watch/?id=7390542n&tag=re1.channel

http://www.cbsnews.com/8301-504803_162-57336046-10391709/behind-the-financial-crisis-a-fraud-investigator-talks/?tag=cbsnewsMainColumnArea.3

New York Federal Reserve Bank Staff Report on Real Estate Investors, the Leverage Cycle, and the Housing Crisis

http://www.newyorkfed.org/research/staff_reports/sr514.pd

Michael Moore on Wall Street and Obama

http://www.realclearpolitics.com/video/2011/12/07/moore_wall_street_already_has_their_man_and_his_name_is_barack_obama.html

The Story that got away this week….

Barclays Analyst See Housing Rebound Coming in 2012

http://www.housingwire.com/2011/12/05/barclays-analyst-sees-housing-rebound-coming-in-2012

 

 

St. George Utah Foreclosure Bank of America Study

There has been a lot of chatter by real estate agents and the news media on the notion that there is a “shadow inventory” of homes, that will be dumping more real estate on the St. George real estate market.  On last week’s show, we delivered the following results from a study performed by the Real Estate Weekly staff  relaying the outcomes of  Washington County Notice of Defaults filed by Recontrust (Bank of America) from October 1 2008-October 1, 2011.

Out of 1341 Bank of America Notice of Defaults filed in Washington County including St. George, a systematic sampling produced the following results:

 

The Notice of Defaults outcomes were….

NOD Cancelled                                    429         32.00%

NOD Still Outstanding                        128           9.55%

Property was Sold or transferred      120          8.99%

Property Foreclosed                             663       49.46%

 

According to our numbers, Bank of America could bring to the courthouse steps the 128 homes with NOD’s still outstanding but the other cancelled properties would need to restart the process, thereby creating months of delay in producing additional inventory.  And that is why I refer to the “shadow inventory” threat to the St. George real estate market as the “Great Pumpkin” of real estate.

Waiting for real estate’s “Great Pumpkin ?”

We have heard from many news organizations about the “inventory overhang” of foreclosures and with millions more to come is it real or are we waiting for the Great Pumpkin?  Is the threat real or is shadow inventory really just a ghost?   Join Real Estate Weekly to find out on Thursday at 4:30 when Dara and special guest, short sale specialist, Marlene Ritzman discuss Washington County defaults and the research performed by the staff of Real Estate Weekly. Don’t miss this special report-its information you won’t find anywhere else…

Commercial Real Estate Update with Wes Davis

Dara Tancredi, host of Real Estate Weekly will have special guest Wes Davis from NAI South giving us the 3rd quarter update on the local commercial real estate market and exciting retail news for Saint George Real Estate and all of  Southern Utah.

Wes Davis can be reached at  (435) 627- 5705

Check out the show Thursdays 4:30 pm 1450 AM/96.7 FM  KZNU.  Don’t forget you can listen online from website our or by loading the KZNU Iphone App.