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Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure 0

02-22-12
Emily Rose Newmark
Emily Rose Newmark: Real Estate Agent in Sherman Oaks, CA
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Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

0THIS NEWS IS MUSIC TO A REALTOR'S EARS!!!


To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.

“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”

The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.

The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer

will be limited to one extension of no more than 21 days.

The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.

According to a release from Short Sale New England, short sale homes do not bring down neighboring home values like foreclosed homes do, and 83 percent of short sale buyers are satisfied with their purchase, according to a 2012 Home Ownership Satisfaction Survey conducted by HomeGain.

“The current short sale process can be time consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said Moe Veissi, president of the National Association of Realtors. “As the leading advocate for homeownership, realtors are supportive of any effort to improve the process for approving short sales.”

Equi-Trax released a survey last year on the issues real estate agents face when completing short sales. Guy Taylor, CEO at Equi-Trax, said 71.9 percent of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long.”

The survey also found that 18.2 percent of deals require less than three months to complete, with 10 percent requiring more than 10 months.

When agents in the survey were asked to how the short sale process can be improved, 57.6 percent said lenders should take less time to close transactions, 14 percent said borrowers should be better educated about short sales, and 40.4 percent said both of these changes are necessary to improve the process.

In April 2011, a similar bill was introduced by Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey), but this version requested a response deadline of 45 days instead of 75 from lenders. The legislation never came up for debate before a House committee. Proposed Bill to speed up the short sale process.


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CASH IS KING! Especially in this market!

01-12-12
Emily Rose Newmark
Emily Rose Newmark: Real Estate Agent in Sherman Oaks, CA
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  • Office: (818) 355-9988
  • Mobile: (818) 355-9988

CASH IS KING! Especially in this market!

Did you know that 38% of the deals on the market in the Greater Los Angeles area are CASH ONLY deals? This is not to mention the thousands of Foreclosure homes that will be sold on the courthouse steps in 2012.

CASH IS KING! Especially in this market!

Buyers fortunate enough to possess the capital it takes to purchase properties ALL CASH are scooping up the deals by the dozens! These properites are then rehabbed and flipped at market value which is still a good deal for the entry level Buyer using 3.5-20% down to purchase the move in condition homes.

Its really a WIN/WIN for everyone involved and its going to help our recovery in California tremendously as well!

CASH IS KING! Especially in this market!

In early 2011 I put together a Full Service Team including myself that assists Investors with capital in SAFELY aquiring properties at Los Angles Courhouse Foreclosure Sales. I also have a fabulous crew of the best tradesmen & designers to rehabb the properties and of course I will offer you top notch full service for the resale at TOP market value!!

www.LosAngelesHomeValues.com

www.EmilyNewmark.com

CASH IS KING! Especially in this market!

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2012 Mortgage Rate Forecast

12-28-11
Emily Rose Newmark
Emily Rose Newmark: Real Estate Agent in Sherman Oaks, CA
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  • Office: (818) 355-9988
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2012 Mortgage rate forecast...

FIND OUT THE VALUE OF ANY HOME FOR FREE HERE!!: www.LosAngelesHomeValuesFree.com

Originally posted in Wall Street Journal Online 12.14.11 by Drew Fitzgerald:

Mortgage rates are expected to remain very low at least through mid-2012, while housing activity improves slightly, according to Freddie Mac’s economic and housing outlook released Wednesday.

The outlook also projects fewer single-family home-loan originations but more multifamily lending in 2012. The rental market is likely to lead growth in the lending industry, though parts of the country will also benefit from increased activity in the single-family home market.

2012 mortgage rate forcast is effected by high unemployment and a glut of foreclosed properties have depressed the housing market in recent years, despite extremely low interest rates that have made borrowing more attractive.

“While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly,” said Frank Nothaft, Freddie Mac’s chief economist. “All told, next year will be another bumpy ride.” 2012 mortgage rate forecast.

Job growth must accelerate beyond the average monthly payroll gains of 130,000 seen this year through November for the unemployment to decrease significantly. Even then, the mortgage company predicted the unemployment rate will remain above 8% in 2012.

Freddie Mac predicts the U.S. economy will grow by about 2.5% next year. 2012 mortgage rate forecast.



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Has California turned the corner to recovery?

12-16-11
Emily Rose Newmark
Emily Rose Newmark: Real Estate Agent in Sherman Oaks, CA
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  • Office: (818) 355-9988
  • Mobile: (818) 355-9988

Has California Turned the corner to recovery?

California may finally have turned the corner into recovery, with the job market slated for slow but steady growth over the next two years, according to a report released today by UCLA's Anderson Forecast.

"Have we turned the corner in the Golden State? Perhaps we have," wrote UCLA senior economist Jerry Nickelsburg. "The last two months have yielded both job growth in excess of the U.S. rate and job growth which is widespread throughout the state."

It was the second time in two days that a Southern California think tank has predicted increased job growth in the state. On Tuesday, Chapman University in Orange issued a similar report, predicting slightly higher growth than UCLA. (To see the Union-Tribune's article on the Chapman report, clickHERE.)

Has California turned the corner to recovery?

The UCLA report notes that since July, job growth throughout each major region of California has outpaced the national average. San Diego County, Orange County and Ventura grew at an average rate of 2 percent, compared to the U.S. average of 1 percent.

"In coastal California export and technology growth has been the key to recovery," Nickelsburg wrote. "A resurgence of investment and exports in 2012 will continue to drive the coastal economies."

On the other hand, the forecast warns that the U.S. and international outlook is so weak that it is doubtful that the growth will be robust enough to chop down the unemployment rate anytime soon, especially in the Inland Empire and the Sacramento region. As a result, the unemployment rate will likely not dip below 10 percent until late 2013 or early 2014, and it could be 2016 before it returns to pre-recession levels.

Has California turned the corner to recovery? We must wait & see!

And partly because of the continuing problems in the job market, the report projects that the downturn in the housing market will continue, with no dramatic growth in home construction - a key growth engine for the inland areas of the state - until 2013.

"The end of a recession does not mean 'recovered from a recession,'" Nickelsburg wrote. "It only means the contraction has ended. The pain remains real and persistent until solid and sustained gains occur." Has California turned the corner to recovery? We must wait & see!

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The Recyclable House - Green Deconstruction vs. Demolition

11-27-11
Emily Rose Newmark
Emily Rose Newmark: Real Estate Agent in Sherman Oaks, CA
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  • Office: (818) 355-9988
  • Mobile: (818) 355-9988

The Recyclable House - Green Deconstruction vs. Demolition

As I was completeing the educational requirements for my NAR GREEN Designation, I learned of a new and uncommon practice that is beginging to gain recognition accross the country among "GREEN" the construction industry.

Check out this awesome article I found about Ken Ortiz, the only certified deconstructionist in the midwest. What he's doing is amazing! This article is full of great links to other GREEN resources as well.

http://www.chicagoreader.com/chicago/the-recyclable-house/Content?oid=1109143

The Recyclable House - Green Deconstruction vs. Demolition

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