Friday, September 3, 2010

POWER OUTAGES AND NATIONAL DISASTERS. ARE YOU PREPARED?

Following Hurricane Earl has really kicked me in the but to be a little more prepared for a possible power outage or something worse like an emergency evacuation from our home.  Would we be prepared?  HUUUMMMM.  Let's see.  Historically, on any given day, my family is usually running out the door coat in hand, books, bags, purses and sometimes even food.  We count heads, look for keys and someone typically asks "did we lock the door?"  Yes we did, but things seem to move quickly.  If we had to quickly get the most important things together, could we do it in just a few minutes?  I would honestly have to say no.

  I have read many articles and informational booklets that provide helpful tips on survival of Natural Disasters and what items are deemed "important" items to have pre-packed or at least organized and ready to grab in an instant.  You may only have ten minutes or less to grab your priority items.  First you need to make a list of what those priority items are.  

  Other than the obvious items like family members and pets, these items can include: medications and health supplies, first aid kits, flashlights and batteries, cell phones and cell phone car charger adapter, bottled water, non-perishable foods, battery powered or hand crank radio,coins or pre-paid phone cards and an out of the area contact and their phone numbers.  You may also want to invest in a small fireproof safe to store social security cards, drivers licenses, birth certificates, wills, mortgage documents and any other important document, as well as a small amount of "emergency" cash.

  For information on national threat preparedness go to http://www.nationalterroralert.com/evacuation-plan/

  For additional information on emergency plans and to locate local offices of emergency management for alert services about road closings, local emergencies and inclement weather visit   http://www.ready.gov/america/local/index.html and to create an emergency plan for your family simply go to   http://ready.adcouncil.org/beprepared/fep/index.jsp

  I tested out the emergency plan above and it was very easy.  You simply fill in your households information and print out your family plan and it also creates separate wallet emergency cards for each member of the family.  Once you are done and have printed, it permanently clears your personal data.

  For long-term power outages where you are stranded at home, you may want to keep at least a two week supply of emergency items on hand.  In addition to the items listed above, make sure you also have one gallon of water per person, per day for a minimum of 14 days.  Some additional items are a corded phone that plugs into a wall phone jack (since most cordless phones don't work when the power is off), a source of heat, if in cooler months, such as gas log fireplace, wood burning stove or a propane or kerosene heater (use extra caution with kerosene and propane).  You may also want to invest in a portable generator.  With generators, invest in one in the spring or early summer.  If you wait until winter or late summer during hurricane season, there may be a limited supply.  You may also want to stock up on snow shovels and bags of salt or ice melt.  These items should also be purchased before demand for them gets too high.  Last winter we had heavy snow week after week here in Virginia and one shovel was not enough.  By the time we made it through the two feet of snow in the truck to get to the local hardware store, they were closing and had already sold out of all types of shovels. 

  Ideally, you should make storage at your home for your emergency items, so that you will know exactly where everything is when the time comes.  Make sure you stock up on food items such as crackers, cereal and canned foods.  Be sure not to forget that hand operated can opener!  A cooler and ice is always needed along with paper goods, extra blankets and something for entertainment, like books, crossword puzzles or magazines.  For those with pets, make sure you stock up on water, food and medications for them too.  For further information on power outages and how to prepare for them go to http://www.redcross.org/www-files/Documents/pdf/Preparedness/PowerOutage.pdf

  For information on tracking power outages log on to http://powerquality.eaton.com/blackouttracker/default.asp

  Get prepared, be safe and DON'T FORGET GRANDMA!

   

   

   
 
ALICIA ANGSTADT 2010

Posted via email from The Hometown Agent

POWER OUTAGES AND NATIONAL DISASTERS. ARE YOU PREPARED?

Following Hurricane Earl has really kicked me in the but to be a little more prepared for a possible power outage or something worse like an emergency evacuation from our home.  Would we be prepared?  HUUUMMMM.  Let's see.  Historically, on any given day, my family is usually running out the door coat in hand, books, bags, purses and sometimes even food.  We count heads, look for keys and someone typically asks "did we lock the door?"  Yes we did, but things seem to move quickly.  If we had to quickly get the most important things together, could we do it in just a few minutes?  I would honestly have to say no.

  I have read many articles and informational booklets that provide helpful tips on survival of Natural Disasters and what items are deemed "important" items to have pre-packed or at least organized and ready to grab in an instant.  You may only have ten minutes or less to grab your priority items.  First you need to make a list of what those priority items are.  

  Other than the obvious items like family members and pets, these items can include: medications and health supplies, first aid kits, flashlights and batteries, cell phones and cell phone car charger adapter, bottled water, non-perishable foods, battery powered or hand crank radio,coins or pre-paid phone cards and an out of the area contact and their phone numbers.  You may also want to invest in a small fireproof safe to store social security cards, drivers licenses, birth certificates, wills, mortgage documents and any other important document, as well as a small amount of "emergency" cash.

  For information on national threat preparedness go to http://www.nationalterroralert.com/evacuation-plan/

  For additional information on emergency plans and to locate local offices of emergency management for alert services about road closings, local emergencies and inclement weather visit   http://www.ready.gov/america/local/index.html and to create an emergency plan for your family simply go to   http://ready.adcouncil.org/beprepared/fep/index.jsp

  I tested out the emergency plan above and it was very easy.  You simply fill in your households information and print out your family plan and it also creates separate wallet emergency cards for each member of the family.  Once you are done and have printed, it permanently clears your personal data.

  For long-term power outages where you are stranded at home, you may want to keep at least a two week supply of emergency items on hand.  In addition to the items listed above, make sure you also have one gallon of water per person, per day for a minimum of 14 days.  Some additional items are a corded phone that plugs into a wall phone jack (since most cordless phones don't work when the power is off), a source of heat, if in cooler months, such as gas log fireplace, wood burning stove or a propane or kerosene heater (use extra caution with kerosene and propane).  You may also want to invest in a portable generator.  With generators, invest in one in the spring or early summer.  If you wait until winter or late summer during hurricane season, there may be a limited supply.  You may also want to stock up on snow shovels and bags of salt or ice melt.  These items should also be purchased before demand for them gets too high.  Last winter we had heavy snow week after week here in Virginia and one shovel was not enough.  By the time we made it through the two feet of snow in the truck to get to the local hardware store, they were closing and had already sold out of all types of shovels. 

  Ideally, you should make storage at your home for your emergency items, so that you will know exactly where everything is when the time comes.  Make sure you stock up on food items such as crackers, cereal and canned foods.  Be sure not to forget that hand operated can opener!  A cooler and ice is always needed along with paper goods, extra blankets and something for entertainment, like books, crossword puzzles or magazines.  For those with pets, make sure you stock up on water, food and medications for them too.  For further information on power outages and how to prepare for them go to http://www.redcross.org/www-files/Documents/pdf/Preparedness/PowerOutage.pdf

  For information on tracking power outages log on to http://powerquality.eaton.com/blackouttracker/default.asp

  Get prepared, be safe and DON'T FORGET GRANDMA!

   

   

   
 
ALICIA ANGSTADT 2010

Posted via email from The Hometown Agent

Wednesday, September 1, 2010

Feeling the pressure from a life 'underwater'

Feeling the pressure from a life 'underwater'
A broad swath of homeowners - those not headed for the worst-case scenario of foreclosure - are nonetheless grappling with the impact of lost home equity.

http://www.msnbc.msn.com/id/38938861/from/toolbar

Posted via email from The Hometown Agent

Monday, August 23, 2010

LISTEN IN TO THIS WEEKS "THE DEAL" REAL ESTATE

Join me tomorrow as I host "The Deal" a radio show completely dedicated to real estate. Tomorrows guest speaker will be David Garofalo with Allied Home Mortgage Capital Corporation. We will be discussing the mortgage industry in todays market!


Allied Home Mortgage Capital Corporation


Join me at 7pm ET on FredNetRadio.com

[]
[] "Real Music for All Generations"

If you have any questions for THE DEAL or wish to provide feedback, feel free to contact THEDEAL@FREDNETRADIO.COM


If you would like to be considered as a guest please write in to THEDEAL@FREDNETRADIO.COM


Posted via email from The Hometown Agent

LISTEN IN TO THIS WEEKS "THE DEAL" REAL ESTATE

Join me tomorrow as I host "The Deal" a radio show completely dedicated to real estate. Tomorrows guest speaker will be David Garofalo with Allied Home Mortgage Capital Corporation. We will be discussing the mortgage industry in todays market!


Allied Home Mortgage Capital Corporation


Join me at 7pm ET on FredNetRadio.com

[]
[] "Real Music for All Generations"

If you have any questions for THE DEAL or wish to provide feedback, feel free to contact THEDEAL@FREDNETRADIO.COM


If you would like to be considered as a guest please write in to THEDEAL@FREDNETRADIO.COM


Posted via email from The Hometown Agent

Sunday, August 22, 2010

Some Great Tools & Plugins for Realtors on Wordpress

Wordpress for Real Estate Beginners I’m happy to see more and more Realtors using Wordpress for their blogs and some even for their static webpages.  Over the next few months I’ll be putting together video tutorials and outlines to help those agents who are getting started. This post is ju

Posted via email from The Hometown Agent

Monday, August 16, 2010

"THE DEAL" in REWIND

DUE TO AN OVERWHELMING REQUEST we will be re-broadcasting last weeks interview with special guest Barry Clark, a Virginia real estate attorney, on THE DEAL tomorrow evening, Tuesday August 17th at 7 pm eastern time.

  Listen in as our host Kristopher Angstadt interviews Barry about the current real estate market and gets answers to a few of our most asked questions.

 

 

The Law Offices of Barry W. Clark is a boutique law firm providing residential and commercial real estate settlements and document preparation, estate planning (including wills and trusts), and small business consultation services.

Barry Clark and his professional office staff can be reached at 540-374-9174 or emailed at info@bclarklaw.com.  Their office is located at 506 Westwood Office Park in Fredericksburg, Virginia.  For information about our services, please contact their office directly.

   
 

TUNE IN TOMORROW NIGHT AT 7PM EASTERN TIME!


 

 

If you have any questions for THE DEAL or wish to provide feedback, feel free to contact THEDEAL@FREDNETRADIO.COM


If you would like to be considered as a guest please write in to THEDEAL@FREDNETRADIO.COM

Posted via email from The Hometown Agent

Tuesday, August 10, 2010

THE DEAL

Frednetradio.com is pleased to have special guest Barry Clark, a Virginia real estate attorney, on THE DEAL tonight at 7 pm eastern time.

Listen in as our host Kristopher Angstadt interviews Barry about the current real estate market and gets answers to a few of our most asked questions.

TUNE IN TONIGHT AT 7PM EASTERN TIME!

If you have any questions for THE DEAL or wish to provide feedback, feel free to contact THEDEAL@FREDNETRADIO.COM


If you would like to be considered as a guest please write in to THEDEAL@FREDNETRADIO.COM

Posted via email from The Hometown Agent

Thursday, July 15, 2010

10 Home Repairs That Will Save You Money

Claire Bradley, Investopedia.com
Jul 7, 2010

Remodels are great, but can get pretty pricey. Not everyone has thousands to add value to their home - but what about those less glamorous repair projects on your to-do list? These simple and inexpensive maintenance items don't seem like they add to your home's value, but they're big money-savers in the long run.

 
 
1. Caulk
If you've lived in your house a few years, you probably noticed that the caulk along your sinks, countertops and bathtub is coming loose. These gaps may not seem like a big deal, but they can wreak havoc inside your walls. Moisture causes mold and even leaks - expensive repairs that can easily be prevented. A tube of kitchen and bath caulk costs just a few dollars, and you'll avoid expensive repairs.

  2. Insulate
The quickest way to save money on your energy bill is to insulate, yet so many of us overlook this simple home improvement project for its benefits. Sure, your walls are insulated, but what about your basement, your attic, and your garage? Just in case the energy cost savings aren't enticing enough for you, check with the IRS - there are current credits that allow you to deduct this energy-saving expense from your taxes.

  3. Change Filters
When was the last time you changed your furnace's air filters? It's an oft-overlooked chore, but one that keep your furnace running efficiently, and improves the air quality inside your home. Change your filters at least every three months to keep your furnace working efficiently for years to come.

  4. Install a Thermostat
Does your home have a programmable thermostat? If not, invest in one; it'll earn its money back in no time. By programming heating and cooling, you avoid paying to keep an empty house at a comfortable temperature. Manage the heat appropriately in winter to avoid burst water pipes; in summer, draw your curtains during the day to keep the house cool. Buy a programmable thermostat and you can save big on monthly bills.

  5. Fix Leaks
That leaky faucet or runny toilet is draining your water bill, and in most cases it's a cheap and quick fix. Replace the washer on your faucet, and while you're at it, consider installing a faucet aerator if yours doesn't already have one. Faucet aerators reduce water flow from your faucet to save on your water bill; check your home improvement store for this inexpensive fix.

  6. Install Dimmers
Dimmers aren't just for romance; they can save you big bucks on your energy bill. They're cheap and easy to install, so look for rooms that could use a little reduction in harsh lighting. While you're at it, replace your light bulbs with energy-efficient ones. They're big money savers.

  7. Clean Carpets
Clean your carpet lately? With proper care, carpets can last a long time and look great, but everyone needs to clean them sometime. You don't need to hire an expensive service either - if you can vacuum, you can clean your carpets by yourself. Rent a carpet cleaner at your local supermarket or big-box store for a modest fee. Make sure you vacuum thoroughly before cleaning, and pick a dry day so your carpet dries quickly. With regular cleaning your carpet can last a long time, saving you big bucks on new flooring.

  8. Clean Siding and Windows
Windows and siding get a beating in most climates. Wash your windows and siding with a simple hose and water first, and with a cleaning solution as needed; your home improvement store sells specialty products for just this kind of job. Rent a power washer for very dirty jobs. Keep an eye on cobwebs, wasp and bird nests to ensure your home's exterior stays in good shape. Touch up with paint as needed, and your house will look like new at little or no cost.

  9. Fight Pests
Those spiders and ants at your foundation, that mouse nest in your crawl space? Take care of it - pests can destroy a home in a hurry. Hire an exterminator, or for small pests, combat with pesticides. Even if you don't think you have a problem, inspect every part of the interior and exterior of your home regularly to avoid small pest problems getting out hand.

  10. Clean Ductwork
If your home is older, your ductwork likely has dust, grime, and other unwelcome residue inside. For big jobs, pay a professional; a simple cleaning can easily be done yourself. Simply remove the grates from your air vents, and clean the inside with your vacuum.

  The Bottom Line
The best way to invest in your home is to take good care of what's already there. With these simple repair jobs, you'll even save money - with just a little elbow grease as investment.

Posted via email from The Hometown Agent

Riskiest Cities For Homeowners

By Francesca Levy, Forbes.com
Jul 12, 2010

Many people who fall behind on their mortgages never catch up. In these markets, the problem is especially bad.

The foreclosure crisis is far from over, and new statistics show that in many cities it's bound to get worse before it gets better. In cities like Las Vegas, Nev.--where 10% of all home loans are 90 or more days delinquent--a new wave of foreclosures is likely to occur in coming months.
 
Las Vegas ranks at the top of our list of Riskiest Cities for Homeowners, but it's not alone in its troubles. In hard-hit housing markets like Orlando, Fla., Riverside, Calif., and Memphis, Tenn., thousands of homeowners are risking foreclosure. Overall, 7% of all loans are at least 90 days delinquent in the 10 riskiest cities in America--considerably more than the 4.4% average delinquency rate across the country's 100 biggest metros.

In Depth: Riskiest Cities for Homeowners

To find the 10 riskiest cities for homeowners, we relied on Lender Processing Services (LPS), a Jacksonville, Fla.-based mortgage-industry service provider. They provided us with the percentage of borrowers who were three months or more late on their mortgage payments, as of May 31, in the 100 largest Metropolitan Statistical Areas in the U.S.

  In all but two of the 10 riskiest cities for homeowners--Orlando and Miami, Fla.--the percentage of homes in foreclosure is lower than that of homes with severely overdue loans. In part, that's because efforts by loan servicers and the federal government to modify loans have stemmed foreclosures for some homeowners. But the delinquency rate reveals just how many borrowers are in crisis, and signals more trouble to come.

  "Just think of it as a cascading waterfall," says Kyle Lundstedt, a senior managing director at LPS. "Just because there's not as much water in the pool at the bottom doesn't mean there's not a lot of water in the buckets at the top."

  Some at-risk homeowners will receive help from the government's Making Home Affordable program, or from lenders themselves, who will restructure the terms of their loans. A smaller percentage of those homes with mortgage modifications will avoid foreclosure altogether. But, according to LPS, more than half of the delinquent loans that are restructured end up in foreclosure a year later, meaning that many foreclosures are only getting pushed further into the future. Delinquency rates can offer another perspective on the shape of the foreclosure crisis.

Foreclosure capitals see trouble ahead

Many of the cities where the foreclosure risk is highest have familiar stories. In "sand state" cities--metros in Florida, California and Nevada--rising prices during the housing boom meant that when the bubble burst, homeowners were underwater, with little hope that home prices would ever return to their peak. In Las Vegas, Orlando and Miami, a combined 68,670 homeowners are behind on their loans by three months or more.

  In California a housing-fueled recession has caused a state budget crisis, which is reflected in our list. Six out of 10 of our riskiest cities are in the Golden State. But it's not just big cities where foreclosures are in danger of going up. Mid-sized metros like Riverside, Stockton, Modesto, Bakersfield and Vallejo saw dramatic run-ups in prices before the housing market peaked in 2006. Now those cities have severe delinquency rates between 9.7% and 8.6%.

  As housing prices shot up in big cities like Los Angeles and San Francisco, a rising number of homeowners sought cheaper homes in cities as far as an hour or two outside the city. That put upward pricing pressure on these "exurbs," but when the housing market collapsed, the cities couldn't sustain that demand.

  "A lot of these were extended commuter locations for the most expensive areas," says Lundstedt. "When prices dropped, those places were hard hit."

A bust with no bubble in Memphis

But it's not only in boom cities where homeowners are at risk. In Memphis, Tenn., 7.1% of all loans are three months overdue or more. Memphis never had the rampant overbuilding and subsequent excess inventory that pushed prices down dramatically in many sand state metros. What it does have is a 10.2% unemployment rate.

"It's not purely a house price story; there's a second story going on," says Lundstedt. "When you combine even moderate house price declines with significant unemployment, you get a double whammy that has significant consequences for the consumer."

  In most of our riskiest cities, the foreclosure rate is more modest than the delinquency rate. In part, that's thanks to loan "cures" that have helped struggling homeowners avoid delinquency. But in many cases it's a sign of a much more troubling reality. In some metros, foreclosures have slowed simply because a glut of foreclosures has clogged the system. That means inevitable foreclosures won't get flushed out of the market, allowing it to recover, any time soon.

  "There are lots of places where people are so deeply in trouble there's nothing we can do about them, but their numbers are so significant in certain locales that the system can't move them through," says Lundstedt. "The government process has become overwhelmed."

Top 5 Riskiest Cities For Homeowners

1. Las Vegas, Nev.
Number of loans 90 or more days delinquent: 33,985
Percent of loans 90 or more days delinquent: 9.86%
Number of homes in foreclosure: 29,991
Percent of homes in foreclosure: 8.70%

  2. Riverside, Calif.
Number of loans 90 or more days delinquent: 62,158
Percent of loans 90 or more days delinquent: 9.71%
Number of homes in foreclosure: 30,816
Percent of homes in foreclosure: 4.81%

  3. Stockton, Calif.
Number of loans 90 or more days delinquent: 8,853
Percent of loans 90 or more days delinquent: 9.40%
Number of homes in foreclosure: 4,459
Percent of homes in foreclosure: 4.73%

  4. Modesto, Calif.
Number of loans 90 or more days delinquent: 6,529
Percent of loans 90 or more days delinquent: 8.83%
Number of homes in foreclosure: 3,224
Percent of homes in foreclosure: 4.36%

  5. Bakersfield, Calif.
Number of loans 90 or more days delinquent: 9,011
Percent of loans 90 or more days delinquent: 8.55%
Number of homes in foreclosure: 3,987
Percent of homes in foreclosure: 3.78%

Posted via email from The Hometown Agent

Thursday, June 10, 2010

MLSs don't have to supply RETS feeds

NAR requires standards compliance, but not access to listings

Inman News

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Flickr image by WebWizzard.

Realtor-owned multiple listing services are now required to be able to serve up listings data in a universally accessible format known as RETS, but MLSs are under no obligation to provide RETS feeds to their members.

  Software developers and providers of services like IDX (Internet Data Exchange) listing sites have looked forward to implementation of the Real Estate Transaction Standard, or RETS, because it will in theory allow all computers that deal with real estate information to "speak" the same language.

  Under a policy adopted two years ago, the National Association of Realtors mandated that all Realtor-owned MLSs be RETS compliant as of Dec. 31, 2009. And in most cases, MLSs are providing RETS-compliant data feeds to member brokers, say industry experts.

  But as one Hawaii-based network of real estate brokers recently discovered, just because an MLS is RETS compliant doesn't mean it has to provide access to RETS listings.

  Hawaii Life Real Estate Services, which boasts of having grown from zero to 65 agents in 23 months, currently has access to RETS feeds from two of the three MLSs in the islands.

  When it learned that the third MLS, Hawaii Information Service, had become RETS compliant, the company inquired about canceling its existing FTP and XML feeds from the MLS and replacing them with RETS.

  RETS listings can be updated throughout the day, instead of once every 24 hours, and allow greater flexibility in developing applications for agents than FTP (file transfer protocol) and XML (extensible markup language) listings feeds, said Hawaii Life's Justin Britt.

  When Britt heard Hawaii Information Service had become RETS compliant, he said he expected he'd be able to get access to the MLS's RETS server within a week.

  Instead, he said he was told by a Hawaii Information Services sales representative that the MLS did not offer a RETS feed, and was under no obligation to do so.

  When Britt checked with the Real Estate Standards Organization (RESO), the nonprofit that governs the development, maintenance and promotion of RETS, he was surprised to hear that this was true.

  RETS feed not mandatory 
 
The RETS policy adopted by NAR in 2008 requires only that Realtor-owned MLSs demonstrate their compliance by using RESO's online compliance checker, which verifies that they have a listings database up and running on a server that supports RETS.
But, Britt wondered in a recent Geek Estate blog post, if the goal of RETS is to create an industrywide standard for data exchange between MLS participants, why aren't MLSs also required to provide a feed?

  "My gut feeling is it was just an oversight," Britt said. If the matter is brought to the attention of NAR's board of directors, Britt said he hopes NAR will require MLSs to provide access to RETS listings.

  But Cliff Niersbach, NAR's vice president of board policy and programs, said there's been no request that the policy be changed.
Britt's realization that MLSs are not required to provide RETS listings feeds soon became the topic of an online discussion among members of RESO's board of directors.

  "I can't really argue with anything he states," said RESO board member David Harris, director of data management for eNeighborhoods.com. "I know we have avoided the 'NAR policy' topic in the past, but it would be a huge win if we could work behind the scenes to understand the reluctance (if there is any) to the MLS in providing RETS."

  Kristen Carr, a RESO board member since 2007, replied that there were "a ton of business reasons" why an MLS might not want to provide access to RETS listings, including staff skills and time, distrust of vendors, or a lack of appropriate agreements.
"I think it isn't any of our business and we cannot tell an MLS how to conduct their business," said Carr, who was hired by RPR in February as vice president of industry relations.

  Hawaii Information Service CEO Richard Eshleman told Inman News that the MLS does intend to make "a variety of RETS feeds available" in the second phase of its RETS compliance project.

  "Our consultant is currently working on the documentation and updating the RETS metadata," Eshleman said in an e-mail. "He is on schedule to have the project completed by the end of June, and we expect to have RETS feeds available early in July."

  RETS adoption
 
It's a matter of debate how many other MLSs are RETS compliant but not providing RETS feeds.

  Micheal Wurzer, president and CEO of flexmls developer FBS Data Systems, said he believes that Hawaii Information Service is "a very rare exception" and that the "overwhelming majority of MLSs provide RETS feeds."

  All of the more than 100 MLSs that use flexmls provide RETS feeds, Wurzer said.

  "Given the limited number of MLSs that do not provide RETS feeds, I don't think this is a major problem," Wurzer added.
"That's not to diminish the frustration those facing such a situation are experiencing, but it is the exception rather than the general state of affairs."

  Wurzer agreed with Carr that "whether an MLS provides a RETS feed or not isn't RESO's business." He noted that all MLSs are required to provide IDX (Internet Data Exchange) and VOW (Virtual Office Website) feeds, and that the most common method of delivering those feeds is RETS.

  Matt Cohen, chief technologist for Clareity Consulting, said "certainly the problem (of MLSs not providing RETS feeds) does exist," but it's hard to say whether it's a common one. Clareity Consulting provides information technology consulting to the real estate industry, and all of its MLS clients do provide RETS feeds, Cohen said.

  Jim Harrison, president and CEO of MLSListings Inc. in California's Sillicon Valley, said he "would expect it to be extremely uncommon" for MLSs to comply with NAR's policy but not provide RETS feeds.

  For one thing, MLSs (or their vendors) must have a RETS server up and running in order to verify RETS compliance, Harrison said. Then it's a matter of enrolling bulk data customers, such as brokers or vendors, to enable them to pull data updates.

  "RETS isn't perfect, but it's a fundamental service any broker and his vendors should expect from his MLS," Harrison said.

  According to a 2004 NAR white paper, RETS was first conceived of in 1999, and most of the major MLS vendors had RETS solutions in place years ago, including FBS, Fidelity National Information Services, Interealty, MarketLinx, Offutt and Rapattoni.

  Vendor perspective
 
Third-party developers that had incorporated RETS into their software by 2004 included eNeighborhoods, Homestore, McChristian, Showing Time, Supra, Tarasoft, Top Producer, WyldFyre and Zipforms.

  Karen Kage, CEO of Michigan's Realcomp II Ltd. MLS, said Realcomp currently provides a RETS feed for some vendors and brokers and is working toward moving all of its data feeds away from FTP and solely to RETS.

  Kage said there are some concerns, including the fact that RETS access bypasses the "two factor" agent ID and password security authentication currently in use by the MLS, "which could result in a loss of control of the data and access to the data."
Kage said her information technology team has told her that there "can be a lot of support involved with RETS," as there are different versions of the standard. "This could be a barrier to MLSs offering this service if they do not have sufficient staff," she said.

  The next version of RETS includes standard field names, "which should make this process much easier," Kage said.

  Britt said he understands that "it's not that (Hawaii Information Service) doesn't want to have (a RETS feed), it's that they have a custom-built MLS system and it (will) cost them money to implement."

  He said that Hawaii Information Service initially didn't seem to understand why Hawaii Life needed a RETS feed, or how the MLS's members would benefit.

  "The speed is the most important thing -- having properties being updated several times a day is a huge advantage to our clientele," many of whom are assisting buyers and sellers of distressed properties that generate bidding wars as soon as they hit the market, Britt said.

  From software developer Greg Robertson's point of view, RETS represents a step in the right direction, but is still a far cry from true data standardization that would make it possible to write applications that work for users of many different MLSs.

  RETS is a programming language that facilitates communications between an MLS server and brokerage computers, but it does not guarantee that the listings data from different MLSs will be fully compatible.

  Robertson, co-founder of Cloud CMA developer W&R Studios, said the best hope on that front is that MLS vendors are currently developing their own APIs, or application programing interfaces, that would allow vendors to help themselves to listings data -- with the authorization of MLSs.

  "I think a lot of vendors would say, 'Just let me grab the data myself,' " Robertson said. "This could be the next big step, if you get three MLS providers to say, 'Let's make (APIs to the same data specifications)' -- maybe, finally, there will be some movement on standards."

  If there was a common API for accessing listings of all MLSs using CoreLogic's MarketLinx MLS application, for example, software developers could write code for that API rather than working with each MLS's tech staff on compatibility issues, Robertson said. Developers would still have to get approvals from each MLS, but Robertson envisions MLS vendors playing a role in that process, too.

  "It would be great if I could go to a MarketLinx, check what MLSs I want to work with my product, download the permission forms, send them in, get back terms, and in less than a month, maybe I'm working with 16 MLSs around the country," Robertson said. "That would be fantastic."

Posted via email from The Hometown Agent

Bank repos hit new high in May

RealtyTrac says fewer homes headed into foreclosure

Inman News

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Lenders repossessed properties at record rates during May, even as the number of homes entering the foreclosure process declined, according to the latest numbers from RealtyTrac.

  Foreclosure-related filings fell 3 percent from April to May, driven by a 7 percent drop in default notices and a 4 percent decrease in scheduled auction notices, RealtyTrac said.

  Improvements in default and auction notices were partially offset by a 1 percent increase in bank repossessions, which hit a record high of 93,777 during May, up 44 percent from a year ago.

  All 50 states posted increases in bank repossessions from a year ago, RealtyTrac said, as lenders worked through a backlog of distressed properties that's been building up over the past 20 months.

  "Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009, creating a buildup of delayed bank repossessions," said James J. Saccacio, RealtyTrac CEO.

  "Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed."

  The number of properties hit with notices of default in May -- 96,462 -- was down 22 percent from a year ago and off 32 percent from an April 2009 peak.

  Foreclosure auctions were scheduled on 132,681 properties during May -- about the same as a year ago, but down 16 percent from a peak in March.

  Nationwide, 1 in 400 homes was subject to a foreclosure-related filing during May. Nevada topped the list of states with the highest rates of foreclosure-related filings, at 1 in 79 homes, followed by: Arizona (1 in 169 homes), Florida (1 in 174 homes), California (1 in 186 homes), Michigan (1 in 223 homes), Georgia (1 in 292 homes), Idaho (1 in 309 homes), Illinois (1 in 350 homes), Utah (1 in 360 homes) and Maryland (1 in 399 homes).

  In terms of the raw number of foreclosure-related filings, the top 10 states were: California (72,030), Florida (50,685), Michigan (20,322), Arizona (16,097), Illinois (15,061), Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993).

  Foreclosure activity was down from a year ago in all but one of the 10 metro areas with the highest foreclosure rates: Las Vegas (-18 percent); Merced, Calif. (-7 percent);  Modesto, Calif. (-28 percent); Vallejo-Fairfield, Calif. (1 percent); Cape Coral-Fort Myers, Fla. (-19 percent); Stockton, Calif. (-33 percent); Riverside-San Bernardino-Ontario (-29 percent); Bakersfield, Calif. (-19 percent); Reno-Sparks, Nev. (-18 percent); and Phoenix (-9 percent).

Posted via email from The Hometown Agent

Monday, June 7, 2010

Mortgage delinquencies hit 10%

By Les Christie, staff writer



NEW YORK (CNNMoney.com) -- A dubious distinction was reached during the first three months of 2010: More than 10% of all mortgage borrowers are now behind on their payments.

 

The delinquency rate hit a record of 10.06% in the first quarter, according to the Mortgage Bankers Association. The seasonally adjusted rate accounts for all mortgages on properties that have up to four units and that are at least one payment late.

 

The rate has been inching steadily toward this record, having ticked up almost a full point since a year go.

The report contained a sliver of good news, however. The non-seasonally adjusted delinquency rate dropped almost one point to 9.38% between the fourth quarter 2009 and first quarter 2010.

 

So while the seasonally adjusted number saw growth during that period, the non-seasonally adjusted number followed the traditional pattern. Rates usually peak in the fourth quarter, as holiday spending and heating bills kick in causing people to put off paying their loan. But then, when they get caught up in the first quarter, delinquencies fall again.

 

"The question is whether the drop represents anything more than a normal seasonal decline or a more fundamental improvement," said Jay Brinkmann, MBA's chief economist. "The normal seasonal drop is coming right at the point where we believe delinquencies could potentially be declining and the problem for the statistical models is determining which is which."

 

Housing market diagnosis: Bipolar

The foreclosure inventory rate, which represents the percentage of mortgaged homes repossessed by lenders, was fairly flat quarter-over-quarter, inching up to 4.63% from 4.58%. But it jumped a lot from 12 months earlier, when the rate stood at 3.85%.

 

Nearly all varieties of loans suffered increased delinquencies compared with 12 months earlier. Prime fixed-rate loans hit 6.17%; prime adjustable-rate mortgages (ARMs) tipped 13.52%. Subprime fixed-rates jumped to 25.69%; and subprime ARMs are a whopping 29.09%.

 

The one bright spot was that delinquencies for FHA loans, the mortgages guaranteed by the Federal Housing Authority, dropped slightly to 13.15%.

 

The improvement is likely due to tighter FHA underwriting standards, which it adjusted after loans issued in 2007 and 2008 started souring. That should be a relief for taxpayers, who will be on the hook for any losses the FHA suffers.

 

Most of the overall rate increases are attributable to the seriously delinquent loans, Brinkmann said. Those loans, which are 90 days or more late, are going all the way through to foreclosure, but are not being foreclosed, keeping people in the system longer.

 

In the pre-housing-bust world, many borrowers would have already lost their homes and their delinquencies would no longer be counted in the survey.

 

Shift in problem-loan types

Lenders have slowed repossessions for various reasons: They may not have enough staff yet to handle the volume; the foreclosure prevention initiatives, such as the Home Affordable Modification Program, is postponing many foreclosures; and the banks themselves are trying to prevent defaults by approving more short sales.

 

Homeowners walking away

There has been a fundamental change in the nature of the loans causing the most default problems, according to Brinkmann. And, he added, unemployment is the culprit. "Delinquencies are much more driven by the recession than by any one loan type now," he said.

 

Subprime ARMs accounted for nearly 30% of all delinquencies a year ago, but just under 15% now. Meanwhile, prime fixed-rate loans delinquencies have grown so much that they represent the single biggest bucket of delinquent mortgages: 37% up from 29% a year ago.

 

Some of the prime loan defaults stem from an increase in people deliberately "walking away" from mortgages. These are homeowners who can pay their loans but choose not to because their homes have dropped so much in value.

 

According to a recent report, as much as 31% of all defaults in March were strategic.

Brinkmann opined that many of these "strategic defaulters" may be underestimating the impact of walking away. It may take them much longer to repair their credit histories than they realize as lenders assess more than their credit ratings to determine whether to finance future home purchases.

Underwriting involves more than just checking credit scores, and if a lender sees a strategic default on their records, homebuyers may not qualify for loans.

 

"They may be able to repair their credit scores," he said, "but their ability to buy a home in the future may be negatively impacted for years to come." 

Posted via email from The Hometown Agent

Wednesday, June 2, 2010

Hamp-ered Loans

5/31/2010
Source: Catherine Curan, New York Post Online


Thousands of Americans expecting to keep their homes after starting trial modifications on troubled mortgages could wind up in foreclosure anyway, thanks to a murky technicality known as the investor-based denial.

Since launching its Home Affordable Modification Program (HAMP) last year, the government has buried in the fine print that not all 60-day delinquent loans are eligible -- and one major exclusion is investor contracts that preclude modification.

Desperate homeowners trying to keep a roof over their heads often have no idea that the company to which they send loan payments is only a middle man who services the loan, and not the ultimate decider of their fate. In many cases, a shadowy investor or group of investors actually owns the debt.

And that's where the trouble comes in. These investors can put the kibosh on converting a trial modification to a permanent deal, without the homeowner even knowing the investor's identity or reason for rejecting the workout.

Many homeowners undertake trial modifications -- with a reduction in monthly loan payments -- only to be told months later that they can't convert to a permanent modification because the investor won't allow it and they now owe thousands in back payments. Many homeowners are getting incorrect information from the servicer, attorneys and advocates say.

"A lot of times there are no restrictions, and if there is one, it is usually limited [and] does not prevent the servicer from modifying under HAMP," says Margot Albert, staff attorney with Staten Island Legal Services. "[Servicers are] using any investor restriction as an excuse not to modify loans, even if there is another way under HAMP. . ."

Asked about this issue, a spokeswoman for Wells Fargo, which boasts that its mortgage unit services one of every six US mortgage loans, blamed the wide variety of contracts for securitized pools of loans.

Thousands of New York-area families are at the mercy of the servicers and investors who call the shots on HAMP -- with little oversight or accountability.

The New York-metro area has the second-highest level of HAMP activity in the nation, with 40,425 active trials and 16,672 permanent modifications.

With only 295,348 active permanent modifications through April 2010, however, HAMP has been a major flop for the families behind the 3.3 million eligible loans. Servicers and banks, meanwhile, are raking in the fees from Uncle Sam that fund HAMP.

Consumer advocates and attorneys who work with homeowners say investor-based denials -- across the spectrum of loan servicers -- are a growing problem in the New York area and nationwide. Attorneys from most of the 27 states in the Institute for Foreclosure Legal Assistance report a problematic lack of information behind investor-based denials, said Ellen Taverna, Legislative Associate at the National Association of Consumer Advocates, which manages the program.

Posted via email from The Hometown Agent

Chase Sued: Allegedly Told Homeowner to Stop Payments, Then Foreclosed‏

4/6/2010
Source: Arthur Delaney, Huffington Post
 
 
 


JPMorgan Chase told a California couple to quit making mortgage payments in order to qualify for a loan modification but then foreclosed on their Sacramento home, according to a lawsuit filed in federal court.

Faiz and Khadija Jahani called Chase in December 2008 because they were having trouble making their mortgage payments. According to the suit, they were told that they wouldn't qualify for a modification without being delinquent and that they should stop making payments for three months.

At the beginning of June, the Jahanis claim that they were told they qualified for a modification that reduced their monthly payments. Thr ee weeks later, they received a letter telling them the bank intended to foreclose. This confusing back-and-forth continued for months, with Chase repeatedly asking them to resend paperwork, according to the complaint filed in U.S. District Court, Eastern District of California/Sacramento Division, which was first reported by Courthouse News.

The couple is demanding damages of $150,000 for breach of contract, fraud, predatory lending and violation of the Fair Credit Reporting Act.

In October, a real-estate investor knocked on the Jahanis' door and asked them about buying the house, telling the couple that it was a bank-owned property. When the Jahanis called Chase to find out what was going on, they claim they were reassured that the bank had not foreclosed on the house.

"They kept getting conflicting information," said lawyer Piotr Reysner. He added that, as far as he can tell from public records, the bank did in fact foreclose on the property. "Unfortu nately, they face a situation right now where they could easily get a three-day notice to quit the house."

Chase did not immediately respond to a request for comment.

Reysner, a bankruptcy attorney, said he did not know whether the Jahanis had been pursuing their modification via the Obama administration's Home Affordable Modification Program, which started in spring 2009 and gives banks incentives to modify mortgages for hard-luck homeowners. Banks are not allowed to foreclose on borrowers eligible for the program, but they are allowed to move forward with the foreclosure process during a trial modification, a source of much confusion for borrowers everywhere.

"The fact that a servicer is telling a homeowner that they're taking care of the matter and, while they're negotiating, the house moves into foreclosure is a completely common scenario in today's foreclosure world," said Ira Rheingold, director of the National Association of Consumer Advocates.

In March, HuffPost reported on Indiana law student Melissa Stua rt, who had been making monthly payments under HAMP, only to be told when the trial period ended that she was delinquent. Stuart ultimately won a permanent modification.

Posted via email from The Hometown Agent

Friday, April 23, 2010

I found myself very disturbed by an article published in the April 2010 REALTOR (R) magazine, page 26 and 27 bottom half of the page titled "Short Sale Ethics: 6 Temptations to Avoid". The article focuses on what real estate agents/brokers SHOULD NOT do in a short sale transaction and avoid at all costs.

Hope everyone is seated when reading this because you WILL be taken back by this verbage.
Number 4 on the list is what caused an outrage within my mind and reads: "Selling to a flipper. Unless the investor in a flip is prepared to add substantial value by fixing up a property, don't participate in a flip. Short sale flips benefit only the investor, who's clipping off money that could could go to an already bleeding lender."

Investors are the devil right? That's what I read in the statement above.
After I located my head that exploded off my shoulders, I then read the teeny, weeny fine print at the end of the article. This lovely article was the wonderful dogma of Scott Thompson, a vice president of ServiceLink, a national lender platform in Rancho Cordova, California. As I did a little research I found that they provide full suites of origination and default related products and services to leading national and regional mortgage originators and servicers.
I would like someone, anyone to explain to me how it would be unethical for real estate agents/brokers to allow an investor to contract and purchase a property from their client that is in default of their mortgage, under water with their bills, their hardships could fill a warehouse, they are loosing everything they have worked for and would rather sell for an agreed upon amount and have a paid as agreed on their credit vs. a foreclosure. At the end of the day, everyone wins. As long as the Seller is aware they will make NO money at the end of the transaction and that the investor buys to make a profit (hence the term investor) and everything is disclosed and agreed upon up front, no one is harmed. The bank can send the 1099C to the Seller for the difference, or obtain a judgement for the difference, whichever route they take. I am not an accountant, nor an attorney, but I am sure for the bank they get some sort of write off for this difference.

Banks have been given support and if there is any bleeding, let the vice presidents and higher ups that get multi-million dollar bonuses, luxury vacations, spending accounts, overpriced cars and toys, bandage that cut with a crisp $100 dollar bill from their pockets.

This type of persnickety information provided to real estate agents/brokers is a little misleading and only makes the uninstructed agents/brokers more afraid of their chosen profession when published in a magazine from NAR. What they read is deemed gospel. It's hard enough to conduct a short sale transaction without the agents/brokers second guessing everything beacuse of an article they read.

I have included some wonderful information about "flips" provided by the HUD website http://www.hud.gov/


HUD No. 10-011 Lemar Wooley(202) 708-0685
FOR RELEASE FridayJanuary 15, 2010

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website or cut and paste the below address to your URL address line




I am getting down from my soap box now.....

Wednesday, March 24, 2010

Tax Credit for Military Active Duty outside the US



Please read the article below in regards to the military active duty outside of the United States service. The First Time Home Buyer tax credit of $8,000 is extended for those veterans.

First one on tax credit extension for deployed armed services—they get an additional year! Second one on tips to use the tax credit to purchase a home.

Vets Get More Time for Home Tax Credit

McClatchy-Tribune Regional News, By Andy Smith
November 11, 2009

Federal legislation extending the popular homebuyers tax credit has something extra for members of the armed forces serving overseas -- more time.

Under the bill, signed into law by President Obama on Friday, the income-tax credit of up to $8,000 for first-time homebuyers was extended from its former deadline of Nov. 30. The new law says homebuyers will be eligible for the tax credit if they sign a binding sales agreement before May 1, and close on the purchase before July 1, 2010.

But for members of the military on active duty outside the United States for at least 90 days -- between Jan. 1, 2009 and April 30, 2010 -- the tax break will remain in effect for an additional year.

Lt. Col. Bruce Fletcher, public affairs officer for the Rhode Island National Guard, said the new law could benefit up to 1,000 members of the Guard. "It's a great idea," he said.

Staff Sgt. Joseph Bouchard, a member of the Guard who served in Iraq from July 2007 to July 2008, said he already used the first-time homebuyers tax credit when he bought a house in Cranston in October.

Bouchard said he has friends who served more recently in Iraq or Afghanistan -- including some who are still there -- who are considering buying houses, and will now have an extra year to take advantage of the tax credit.

"I have a friend who returned in July from Iraq, and he's thinking of buying a house ... he's going to be very excited about this," Bouchard said.

Military personnel must still meet the underlying provisions of the law, which offers a tax credit of up to $8,000 for first-time homebuyers, defined as someone who had not owned a home in the previous three years. The new bill also provides a tax credit of up to $6,500 for repeat buyers who have lived in the same house for at least five of the past eight years. The tax credit cannot be used for houses costing more than $800,000.

Ron Phipps, owner of Phipps Realty in Warwick and vice president of the National Association of Realtors, said the association was strongly supportive of extending the deadline for military personnel serving overseas. Phipps said it's a matter of simple fairness -- members of the armed forces posted abroad are hardly in a position to look for houses, and shouldn't be placed at a disadvantage when it comes to receiving a tax credit.

"It's an acknowledgement that our armed forces are acting in the best interests of this country, and shouldn't be penalized for their service," he said.

Phipps said a good number of troops overseas could qualify as first-time homebuyers when they return. Mortgage News Daily, a news service that reports on the mortgage industry, estimates that 350,000 American military personnel could be affected by the bill.

Joseph Cerrito, state commander of the Veterans of Foreign Wars, said the tax credit extension for veterans overseas is a good idea, but he would like to see the benefit expanded even further to include military serving overseas though December 2010.