Alexander Elkorek

According to a report released Thursday by the Department of Local Affairs' Division of Housing, Larimer County had 555 foreclosure fillings for the third quarter, compared with 346 in 2008. Larimer County had 225 foreclosure sales in the third quarter compared with 242 last year.

The economic downturn continues to take its toll on homeowners everywhere. While adjustable rate mortgages contributed to the first wave of distressed homeowners, now the rising unemployment rate and credit crisis is beginning to dig in. Even in the residential rental market, rents are staying flat and even coming down to accomodate the smaller pocket books of the increasing tenant population.

What does this mean? It means that a long term solution to the situation must be put in place! Many of today's homeowners may not be able to remedy their situation with moratoriums and loan modifications. While loan modifications seem like a good option and an opportunity to stay in the home, the results can be somewhat contrary. Short sales are becoming more and more the option for a long term solution.

Check out some of the information in a study that was done by the Federal Reserve Bank of Boston, published July 6, 2009. The study had some valid points:

• Lenders are reluctant to modify mortgages. Only 3% of seriously delinquent loans have had modifications.
• Percentage-wise, lenders are modifying FNMA/FHLMC and mortgages held on their books the same.
• 30% of delinquent loans become current with no intervention by the lender.
• Most modifications result in an increased loan balance as back payments are rolled into the loan amount.
• More and more modifications are being done and resulting in lower homeowner payments.
• 26% of modified loans in the 4^th quarter of 2008 resulted in lower payments.
• Payment decreases before the 3^rd quarter of 2008 ranged from 10-14%.
• Payment decreases in the 4^th quarter 2008 averaged 22%.
• 30-45% of modified mortgages redefaulted within 6 months of a modification.

These are all interesting statistics. The financial "experts' all seem to focus on the fact that 30-45% of modified mortgages redefault, while ignoring one important fact - only 26% of the loans modified resulted in a lower payment. Wow! Only 26% of the 3% of seriously delinquent loans are modified to lower payments! So only 0.78% of delinquent loans are modified to lower payments. Let me say this again...

Only 0.78% of delinquent loans are modified to lower payments!

I am a Realtor that provides you with several options to put in place a long term solution to the situation. From working with my investors who will buy your property directly from the bank without even listing it on the market, to listing it with my short sale negotiating team and getting it SOLD! Don't wait, call today: 970-219-8595!!!

Hello. I've got a hot lead on a 24 unit apartment building about to go into foreclosure! It is way overpriced at so a short sale purchase is just what the doctor ordered. Current lienholders are owed a total amount due about $650,000ish. Current income including ancillary totals just over $135,000. Expenses are about $55,000.

Lets write an offer and begin the negotiating process. Tons of potential here!!! The seller is obviously motivated. All that needs to be done is to have the lienholders accept an offer that makes sense for everyone. There may be a few other angels here because of this property being in the pre NED stage.

I have lots of details!!! Contact me asap at 970-219-8595 or via email aelkorek@remax.net

Hello Bloggers! I've taken it upon my self to educate everyone on some local market statistics. Sales are down significantly. I think the May numbers just came in and it looks like sales are down 38% over last year! WOW! So what does this mean for sellers? You better really need to sell. Are you in a position to move up? This is a great time! If you're going to lose a little on your current home, don't worry, the potential for you to get a smoking deal on a move up home is high. Perhaps enough to more than overshadow a potential small loss. Buyers... BUY NOW! Interest rates are above 5% for the most part right now and ticking up. BUY NOW! Let me repeat myself... BUY NOW.

There is a wealth of statistics on my website... www.FortCollinsHomeSource.com including a relocation packet, information on my listing programs as low as 5%, and you can even get prequalified or find out how much you can afford with my mortgage calculator.

Realtors, send me your clients moving to the area. I have the brand, resources, quick mind and keen intellect to get the job done. Refer them to me, lets close, make people happy, and make a living. Thanks!

Another reason to work with a RE/MAX agent! When other real estate franchises are cutting back, pulling out of TV ad spots, and moving their real estate business based in fear, RE/MAX continues to produce the kinds of results that buyers and sellers can find confidence in. The statistics below are an indication that RE/MAX agents continue to provide service above and beyond its competitors.

What does this mean to a buyer in today's market? It means that a home buyer can put the odds in their favor by working with a Realtor such as myself! The RE/MAX Action Brokers office in Fort Collins is where I call my second home. Buyers can expect a high level of service and professionalism here at RE/MAX Action Brokers. Sellers can strengthen their position in the market today by working with me and the RE/MAX brand to get the job done and your home SOLD. Contact me: Alex Elkorek to help you get started on buying or selling today! 970-219-8595 Visit my website: www.FortCollinsHomeSource.com for more information about having your real estate needs met!

Yes, there are "normal" deals out there in real estate land. From what I've heard in the news, sales meetings, and among the real estate inner circles locally and nationwide, it seems as though half the deals out there are some type of distressed situation. Indeed, a significant amount of the real estate transactions today are short sales, auction bought, or REO.

But I'm still working transactions of a typical nature. While I am involved in short sales and other distressed transactions, most of my business (about 75%) comes from non distressed deals. I'm seeing cash buyers with several hundred thousand dollars liquid and ready to go. Sellers who put 20% down on their properties when they bought a few years ago. Sellers who leveraged only 20% of the purchase price! Sellers who own their homes free and clear. There are a ton of those deals out there and well, I'm glad to be a part of them amongst all the doom and gloom.