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Declining foreclosures point to normal market


Declining foreclosures point to normal market

Home foreclosures continued to decline in the third quarter to levels not seen for more than a decade. That’s nothing new. Over the past two years, numerous studies have pointed to a declining number of distressed properties. 

What is new is that the time to complete a foreclosure is now also going down, Attom Data Solutions says. That’s an indicator that states have pushed their backlogs of distressed properties through the foreclosure pipeline. It also is a sign that the housing market is returning to normal, said Daren Blomquist, senior vice president with Attom Data Solutions.

How to Spot the Top Problems Home Sellers Try to Hide

Whether you’re a seasoned house hunter or a first-time buyer, the process of purchasing a home has plenty of pitfalls. And while you may assume that sellers are being upfront, it’s not uncommon for them to gloss over some of their home’s shortcomings.
“All homeowners sign a disclosure document about their property so buyers know what they’re getting into; however, it can be very tempting for some to tell white lies or conveniently forget facts,” says Wendy Flynn, owner of Wendy Flynn Realty in College Station, TX.

3 Steps for Calming Your Clients' Fears

Buying, selling, or making renovations to a home is about as emotionally stressful as illness, death, car repairs, marriage, or birth, according to a Texas A&M University study that ranks "high-emotion events" in a person's life.
To help reduce your clients' anxiety, BUILDER recently highlighted the following tips to increase their comfort:
  1. Assume your client is anxious about the transaction. Even if they appear calm about the buying or selling process, operate as though they're not.

How to Buy When You're in Debt

With mortgage rates remaining near historic lows, many financial experts are making the case that student-loan debt doesn't have to hold back millennials from buying a home. But the message isn't getting across: Nearly 70 percent of millennials say they are delaying a real estate purchase because of their student debt load, according to a new survey by CommonBond.
Forbes.com recently highlighted whether a person with student-loan debt was ready to become a home owner with the following assessment:

Passage of Tax Extenders Package


WASHINGTON (December 18, 2015) – A significant piece of tax legislation is now on its way to the President’s desk, and the bill includes the extension of a number of expired tax provisions important to supporting homeowners and real estate investment.Tom Salomone, National Association of Realtors® president and broker-owner of Real Estate II Inc. in Coral Springs, Florida, praised Congressional leaders today after the House and Senate passed a tax extenders package that includes many provisions supported by NAR.

Foreclosures Down 68% From Peak

Foreclosures are falling fast. Since reaching a peak in September 2010, the number of foreclosures has plunged 68 percent – from 117,225 nationwide to 38,000 as of July, according to CoreLogic's July 2015 National Foreclosure Report, released this week.
In the past year alone, foreclosure inventory has fallen by nearly 28 percent and completed foreclosures have dropped about 24 percent. Completed foreclosures are the total number of homes actually lost to foreclosure.
Since the financial crisis began in 2008, about 5.

Apartment Rents Grow Faster than Incomes

The average employee isn’t getting a big raise this year—but apartment rents are growing more quickly than ever.
“Across most markets, renters are paying a higher percentage of their incomes in rent,” says Luis Mejia, director of U.S. multifamily research with the portfolio strategy division of research firm CoStar.
That’s not stopping apartment rents from going up. That’s partly because the average income is surprisingly high for households living in rental housing with unrestricted rents. These households can, on average, afford to pay and they don’t have that many attractive alternatives.

Apartment Markets Survive New Construction, So Far

The cities where developers are opening the most new apartments are handling the new supply pretty well, at least for now.
“Looking at rent growth performances, there’s really only one spot [major metro apartment market] that is having trouble digesting new supply,” says Greg Willett, chief economist for RealPage Inc. “That’s Houston.”
But developers aren’t finished. Even as they race through an incredibly busy year for new construction, apartment developers are now planning even more new projects.

Return Buyers: Housing's Next Boom

Over the next five years, the housing market will see around 1.5 million eligible return buyers jump back into home ownership. These return buyers, nicknamed 'boomerang buyers,' lost their homes during the housing crisis, and they've restored their credit and are ready to impact housing again.
Since 2006, 950,000 of these former owners have already purchased a home again, and boomerang buyers will continue to be an important market for real estate professionals to target.
"Now fueled by a gradually improving economy and the strong rebound in home prices, some of these former distressed owners have returned to the market, and more will likely become eligible in coming years," says Lawrence Yun, chief economist with the National Association of REALTORS®.

Property Defects and You

Disclosure problems are the single biggest source of negligence actions against practitioners.

Three years ago, I was buying a small investment property and my real estate agent marched into my office unannounced. She tossed onto my desk a stack of property disclosure forms that the seller and [listing] agent had filled out and asked if I had read them. I told her I hadn’t yet had a chance to look at them as carefully as they required. This was an inexcusable omission on my part since, as an attorney who has worked with property buyers, sellers, and agents on hundreds of matters, I know how important it is to review such disclosures carefully.