Taunton, MA

Everywhere you turn today, the talk is about a next wave of foreclosures. I wonder whether this is accurate information. When I logically assess these statements and claims in my mind, I cannot understand.

While many Option Arm and adjustable rate mortgages are about to reset, I wonder whether the next wave of foreclosures will be a tsunami or just a few ripples.

How I see it:

Major lenders like JP Morgan Chase, Bank America, Wells Fargo and many more are offering loan modification programs to homeowners who would otherwise lose their homes.

Today vs last year: Home Owners who are behind on their payments are better educated on their options. I believe that short sales will be the dominant force in real estate in 2010. and foreclosures, not nearly as many..here's why:

1. A Judge earlier this year, in Massachusetts ruled that due to improper paperwork two banks improperly foreclosed on two Springfield-area homes; therefore, the title to these properties have been "clouded" or defective. Mortgages were not properly recorded, and sometimes not recorded at all, or recorded well after the date the mortgage was given. Judges have declared this illegal.. the banks sold and resold the mortgages multiple times to other investors. This affected and will continue to affect several homeowners in pre-foreclosure and foreclosure status. We are continuing to see this happen in other states as well. Based on this, I am of the opinion, at least right now, that there will NOT be a so called "glut" of foreclosures, I believe they will exist and come on the market, but not a wave or tsunami, as we saw last year and in first quarter 2009.

A. Another case Landmark National Bank v. Kesler, August 28, 2009 , the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose - on 60 million mortgages? That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound. This will halt so many foreclosures, giving homeowners time to consider their options. and yes, the banks will continue to attempt foreclosure.

2. Lenders have to be accountable to their investors and their bottom line. Foreclosures are toxic assets and are cost prohibitive. Lenders do not want real estate, they want their money. Would you want to own a house where you would have to fund an asset manager, real estate agent, repairs, liability insurance and more. The cost of foreclosure on some homes can be greater than what the home is worth!

3.Because of Obama's new Making Homes Affordable program, banks have become kinder and gentler in the way of loan modifications for those who qualify.

4. For homeowners unable to qualify for a loan modification, short sales are the other best alternative. I believe that our inventory will consist of more short sales than foreclosures in 2010.

Lori Lincoln is knowledgeable, experienced and educated in foreclosures and short sales. Not all agents know the process, please call her if you or someone you know needs help. http://LoriLincolnTeam.com

So are you tired of hearing about whether the tax credit will be extended? It is always a great time to buy good real estate. Now is just a bit different. I have never seen home prices and interest rates in line with one another. .and the government giving away so much money. Usually it's one or the other, home prices higher, interest rates lower and vice versa.

My first question is who is going to pay for this. Don't get me wrong, the first time home buyer tax credit has helped many buyers and sellers get real estate up an running again..question is.. can we sustain the market without the credit? Should the credit be extended and even include others? Frankly, I have mixed emotions.

On one hand, it scares me.. bet you never thought I would say this.. "Lori the optimist". One cannot help but wonder.. if the credit is extended, that means millions of people are cashing in their credit instead of paying taxes. So who pays for it.?? I believe that would be us? Our country has so much debt now.

On the other hand, if the tax credit isn't extended, will the economy not recover? Will home buyers not be able to buy? After the expiration on Novemeber 30, will the real estate market tank?

Lots to think about. ..

Okay the title got you to look at the blog.. my mother used to say this to me, when I was "in trouble"( lol)

I hope everyone gets to visit an apple orchard this fall. Apple picking is so much fun, relaxing morning or afternoon. Take time to ponder the beautiful autumn colors and breathe the fresh air of the country.. Nothing like Autumn in New England. I digress..

I am amazed at the apple varieties, from sweet to tart, to everything in between. There's an apple for everyone. There are also so many recipes available. You can get them online. Just go to the Food network website and type in Apple recipes in the search feature

My personal favorite is the Macoun.

Other Varieties are:

Ginger Gold, Zestar, Sansa, Akane, Paula red, Gravenstein,Honeycrisp, Golden Supreme
Early Fuji, CrimsonCrispm McIntosh, Gala. Cortland. Shizuka: Macoun, Honeygold, EmpireSpencer, Crimson Topaz , Hampshire Mac, Creston, Red Delicious, Golden Delicious, Jonagold, Idared , Cameo, Mutsu, Liberty, Macintosh, and I am sure there are more.

I also hear you can store some apples for months and months.

Suncrisp: ( My favorite Apple Orchards:

Keith's Farm in Acushnet MA http://www.keiths-farm.com

Tougas Farm in Northboro, Ma http://tougasfarm.com

http://www.Keiths-farm.com

Fall Photo at Keith's farm

Does this ever happen to you? You've gone through your day feeling pretty darn good about life and then you turn on the 6:00 news and suddenly, your whole demeanor and attitude change? You are not alone. The media's job is to produce ratings and drive up revenues in air time. I know this first hand. I used to be in the advertising business and believe me ratings rule.

Lately we are hearing negative news reports on the economy and the state of the real estate market in general, but I believe they aren't reporting accurately on the big picture. As someone who is actively working in this business. The day to day mindset of most buyers are " I need to buy a house now while I can afford it and while interest rates are low.". This is a far cry from the attitude among buyers last year. Home buyers are realizing the urgency to buy now. First time home buyers are AGRESSIVELY looking so they can take advantage of the $8000.00 tax credit.

My question to the reporters are:

If the economy is really doom and gloom, why are people out buying houses? Maybe it isn't nearly as bad as the so called reports indicate??

Why are we seeing multiple offers on traditional real estate?

If it is so bad, why am I out with 5-6 different well qualified buyers every week for the past 3 months?

Where is all the foreclosure inventory? Is there really going to be second wave?

And.. Why are sales figures up?

The only good thing that comes from the negative media is that interest rates will more than likely remain low.

My conclusion. The reports don't matter. People are buying well priced, well located real estate.

______________________________________________________________________________________

Lori Lincoln is a realtor and consultant to home buyers and sellers in Bristol county Massachusetts and surrounding cities and towns.

Lori Lincoln sells homes in Taunton, Rehoboth, Somerset, Swansea, Fall River, Dighton, Assonet, Freetown, Lakeville, Middleboro, Norton, Easton, Raynham and more.

To search the entire MLS click here

You can get your home's value at http://www.Massachusettshousevalue.net

Contact Lori Lincoln at 508-878-0917

email: lorilincoln@kw.com

Earlier this year I wrote a blog on "A Day in the Life of Showing Junky Bank Owned Properties" and boy.. am I glad it has nearly come to a screeching halt. Seems that the foreclosed homes are non existent now.

I love traditional real estate, but I am also accepting of whatever challenges the market brings, I will work it.

While nobody has a crystal ball, I am seeing glimmers of hope! I remember from June 2008- April 2009, I sold some multi-family homes in the Taunton MA area. At time, there were 91 multi family homes on the market in Taunton. Now there are less than 40!

Single family inventory has come down quite a bit too.

More and More, Lenders are working with their homeowner clients on loan modifications and short sales. This is why we aren't seeing the bank owned inventory. Though some believe we will see another run up.

First time home buyers are out in droves for well priced homes in good condition now. I am also not receiving nearly as many request to see the bank owned homes from first time buyers. I think they know that if they spend 100,000 on a house that needs 100,000 in work, they should just look at the 200k range. They know too, that the bottom doesn't matter. It is about affordability, and of course $8000 tax credit also helps!

The biggest challenge now is the number of short sale properties on the market and the challenge these transactions pose when working with the sellers bank. The process is unreasonably time consuming. The sellers banks want to see market time and normally will not accept the first offer.. so it seems. The trend I see is that the sellers lenders wants to see market time at the high price first. . this is definitely another blog.. I am sure this will work itself out as well.. I digress.

So will there be another run on foreclosures? Maybe, maybe not. It really doesn't matter.. the market is the market.

I will say what I like about the recent change in showing property is.. that I can see heating systems in operation, plumbing that actually works, not have to put Vicks under my nose because of the bank aroma, and I really like not having to worry about my clothes being torn on something. I also don't miss wearing boots and touching germ infested surfaces.

So for now, traditional real estate, for the future???

Lori Lincoln is a realtor/ consultant with Keller Williams Realty. She educates her clients so they can make good decisions.

Please contact her for a no obligation consultation.

Her service areas are: Taunton, Rehoboth, Seekonk, Somerset, Dighton, Assonet, Lakeville, Middleboro, Berkley, Dighton and other surrounding towns in and around Bristol County Massachusetts.

For An Entire MLS List of Properties for Sale in Massachusetts go to http://www.LoriLincolnTeam.com

and get your home value at http://tauntonhousevalue.com

email: LoriLincoln@kw.com

direct: 508-878-0917

Your can text or email, all messages go directly to the above phone.