Wednesday, March 30, 2011
Is the Home Affordable Modification Program Reducing Foreclosures?
Just about a year ago we wrote about this program. The HAMP program is intended to assist those going into foreclosure to modify their mortgage and retain their home ownership. At that time, 230,000 loans had been permanently modified, and some were questioning its effectiveness since it was supposed to assist 2 to 3 million people. A year later, 540,000 mortgages have been permanently modified and the expectation now is that 3-4 million should have been assisted.
Brookings reports that these numbers are unlikely to increase much since only 30,000 people are applying for this program monthly. Additionally they report that many of the loans that have been modified still place the borrowers with payments as high as 60% of pretax income. The normal ratio used to be 36% on the high side.
Brookings went on to say "Furthermore, it is not clear what better alternatives we have for preventing foreclosures. It has long been recognized that a key limitation of HAMP is that it does little to prevent households from defaulting because they owe more than their homes are worth. The main proposed solution to this “underwater” mortgage problem is forcing or attempting to incentivize lenders to write down the principal value of loans. But, some experts are arguing that the costs per foreclosure prevented under such a scheme could be exorbitant—implying that the idea, at best, raises fairness questions and, at worst, could damage the financial system in a way that would have far-reaching repercussions for the rest of the U.S. economy."
Not a real pretty picture for this particular remedy for the housing market.
Monday, March 28, 2011
Wallet Pop's 10 Best Places to Buy a home in 2011
Anyway, there take on the best places to buy are in the following article.
1. Austin, Texas: Best All-Around City
Population: 799,267
Median home price: $119,788
Why here: Texas' capital and a great college town, Austin is beautiful and the 12th-most-affordable American metro area. Job growth from 2000 to 2010 was 14.1%, according to Trulia; unemployment currently is 7.1%, compared with 9.8% nationwide. The city's population is growing too. These positive indicators are expected to continue in the coming decade. Fortune 500 companies abound here; it's home to more than 2,000 tech companies. Home prices are reasonable for the $73,747 median family income and let's face it, nobody does BBQ better than Texas.
2. Deerfield Beach, Florida: Most Affordable Town With a View
Population: 74,584
Median home price: $89,400
Why here: There may be cities with lower median prices (not many), but I'm guessing you need a down coat to live there. This burg comes complete with year-round warm weather and beachfront properties that not too long ago cost a bundle ($400,000+). It's close to Fort Lauderdale and Miami, where residents can go for professional sports and cultural events.
3. Broomfield County, Colorado: Best Jobs
Population: 55,000
Median home price: $239,000
Why here: Jobs! It also doesn't hurt that the county is tucked between Denver and Boulder, so the scenery is nice too. Job growth in this area exploded 50% during the last decade. High-tech giants Oracle, Ball Corporation and VMware employ lots of folks, and IBM and Avaya are nearby. If you're college-educated, you're in good company: About 38% of the county's residents hold a bachelor's or higher degree, according to the Broomfield Economic Development Corporation. If you ski and hike, we're talkin' bliss!
4. Durham, NC: Best City to Retire In
Population: 223,284
Median home price: $178,700
Why here: Since we're talking about retiring, first on the list of pluses is Duke University's renowned medical center. Also, Duke's popular senior learning program offers 100 courses every term, on campus. So if golf's not your game, but mathematics is, there you go. If, however, golf is your game -- you've got that too. Plus Broadway hit shows, concerts and lots of places to hike. Home prices are a steal for what you get.
5. Woodbury, Minnesota: Best Place to Raise Kids
Population: 58,515
Median home price: $240,100
Median home price: There are so many great places to raise kids, but this suburb 10 miles from St. Paul has a lot going for it. Yes, winters are cold (not a small thing), but it's Minnesota -- we're talking thousands of lakes. Woodbury has 100 miles of trails for hiking and biking, and is a stone's throw from thousands of acres of parkland. The schools are great, including the Math & Science charter school. 3M employs multitudes, as does state government. What's not to like? OK, the winters. Deal with it.
Population: 53, 629
Median home price: $110,400
Why here: Located midway between Atlanta and Savannah, Warner Robins' housing affordability is the big draw. The median price of a home is $110,000, while the median family income is about $63,000. That leaves some extra dough to hit the local aviation museum, motor speedway and golf club. The city's main employer is the military (home of Robins Air Force Base), bringing engineers and employees from around the globe, so the population is eclectic. The city fared well during the recession.
7. Madison, Wisconsin: Best College Town
Population: 562,000
Median home price: $209,400
Why here: A gem of a city located between two lakes, Madison is where it's happening in the Midwest. Home of the state's capital, it's got a top-rated, Big 10 university (with all the sports and cultural events that come with it); affordable housing; tons of eateries and shopping; smart people; friendly atmosphere. You don't have to be a student or the parent of one to buy a home here. A never-ending supply of renters keeps your investment solid. You may end up living here yourself.
8. Pocono Mountains, Pennnsylvania: Best Vacation-Home Location For the Price
Population: 340,000 for the whole region
Median home price: $110,000 for Pocono Lake; prices vary throughout the region
Why here: Year-round playground, with skiing in winter, equestrian activities in spring, summertime sailing and hiking in autumn. You can get a two-bedroom home with 1,256 square feet for $99,999 in Mount Pocono; a three-bedroom cottage in 1,255 square feet is listed for $139,000 in Pocono Pines, according to HomeAwayRealEstate.com.
9. Portland, Oregon: Best City For Gen-Y
Population: 551,302
Median monthly rent: $1,200
Why here: It's green (literally and figuratively) and it's gorgeous. Rents are a bit higher, but some big companies pay well, such as Intel, Kaiser Foundation Health Plan, Legacy Health System, Fred Meyer Stores. The attitude is way-laid back and there are tons of venues for merry-making: music clubs, coffee shops and art galleries. When it's not raining, you can bike through the city, hike Mt. Hood and hit the zillions of hiking trails nearby.
10. San Francisco: Best City, Period, Price Be Damned
Population: 815,358
Median home price: $628,000
Why here: If you have to ask ... The Golden Gate Bridge, Golden Gate Park, the Bay, the hills, the views, the museums, street cars, cable cars, clubs, nightlife, architecture, coffee houses, bookstores for bibliophiles (City Lights, anyone?), hiking and biking everywhere, Tony Bennett (OK, just in your head), famous hotels and restaurants. Yes, it's foggy in summer, but who cares?
Sources, median home prices: trulia.com and zillow.com
Tuesday, March 22, 2011
Housing Recovery?? When?? Wow
Headlines this week
(Reuters) - Sales of previously owned U.S. homes plunged in February and prices hit their lowest level in nearly nine years, indicating a housing market recovery was still a long way off.
The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.
(Paper Economy) Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for February showing a notable triple blow to the nation's housing market with declining sales, falling prices and increasing inventory clearly indicating that housing remains historically weak and adds further evidence that a double-dip has materialized in the wake of the governments housing tax scams.
It still appears people and families are moving! Our phones are ringing.
Thursday, March 17, 2011
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Tuesday, March 15, 2011
Most Typical Household Goods Moving Policy
Now that the economy appears to be making a rebound, many small to mid sized companies are hiring or planning to reposition employees. In many cases the jobs effected require a relocation. A number of these newer companies are searching for information on where they should start in assisting their employees in the move. Most start with the most obvious activity which is shipping their household goods and personal belongings.
During the past several weeks we have been asked to advise companies on the most typical policies covering the household goods shipment side of a move. We have combined a number of policies into what we believe represents most current thinking.
Most companies are considering or using a tiered policy which reimburses by category of employees- what follows is a good example of this type of policy and is readily used in many industries.
Category | Employee | Management | Executive |
Household goods shipment | Services paid for include- -Household goods shipping and delivery | Services paid for include- -Packing- (fragile only) -Household goods shipping and delivery Partial unpacking
| Services paid for include- -Full packing -Household goods shipping and delivery -Partial unpacking |
Storage | Up to 30 days of storage | Up to 30 days of storage
| Up to 30 days of storage. An additional 30 days when necessary with prior approval |
Shipment of Auto | One auto shipped when over 300 miles | One auto shipped when over 300 miles | Two autos shipped when over 300 miles |
Additionally companies will offer a miscellaneous allowance ranging from $1,000 to $5,000 to cover the cost of items not directly serviced by the moving company. Most companies in the small to medium size are asking their employees to get 2-3 estimates, or use a service like Consumers Relocation which has 3 estimates performed under our national account agreements with the movers. Consumers Relocation takes the leg work out of this process, applies special prenegotiated terms and pricing to each estimate, and acts as the employees/company's advocate throughout the move. For more information call Consumers Relocation at 800-839-6683
Tuesday, March 8, 2011
Move Up or Save Up
Tuesday, March 1, 2011
Housing and moving going to pick up this Spring?
Southern California and the New York metro areas are picking up for us with newly initiated moves. The northwest and Rocky Mountain areas are starting to show some signs of life. One of our real estate accounts in Massachusetts is also showing signs of improved activity. So maybe the snowy scene above will soon look like the one below.
Our corporate business has picked up alot this year indicating the loosing by companies. The movement is in a number of different industries.
I have felt that despite the reports and numbers we hear, that our business would get the initial indications of an improvement in the moving and real estate markets. Alot of the numbers that are reports take into account foreclosures, short sales, investors, speculators, and all of those groups. We just see moving families in the general market and corporate transfers.