Rick Bauer, AARE, CDPE, GRI, CES St. Louis Real Estate Auctioneer

Spacious 3 bedroom 2 bath home, deck, fenced backyard and basement will be sold at public auction on Wednesday July 21 at 6PM CST subject to seller confirmation.

5577 Pierce View Lane, Imperial, MO 63052

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Other Details: Spacious 3 bedroom 2 bath home, deck, fenced backyard and basement will be sold at public auction on Wednesday July 21 at 6PM CST subject to seller confirmation. TAKE A VIRTUAL TOUR: High Bidder makes a 5% Down Payment at the conclusion of the Auction. Balance of Purchase plus customary buyer closing expense due at closing in 30 days. Broker and Agent Participation is Encouraged Click here to learn how Brokers and Agents earn commission with Buyer representation. Sign Up Your Buyer Now Please read all attached forms and links carefully. Contact Rick Bauer at Father Time® Auctions with any questions about this real estate at 314-614-3841 mobile. Father Time® Auctions and Real Estate Roland R. Bauer,III Broker, Auctioneer, AARE, CES, GRI, CRTS, CAGA 2850 Lawndell Drive St. Louis, MO 63144 314-962-4200 office 314-614-3841 mobile 314-962-2573 fax rbauer@fathertime.com www.fathertime.com Auctioneer, Missouri License: Paul M. Roesch #MO50823, and Roland R. Bauer III MO50830. Paul M. Roesch Illinois Auctioneers License #441.001480; Roland R. Bauer III Illinois Auctioneers License #441.001538; Father Time Auctions Illinois Licensed Auction Firm #444.000377 Illinois Real Estate Broker, Roland R. Bauer III license #475.084598; Missouri Real Estate Broker, Roland R. Bauer III license #2000151920; Missouri Real Estate Brokerage license #2009026354; Illinois Real Estate Brokerage license #481.011392; Missouri Real Estate Salesperson Paul M. Roesch, license #2009035415; Illinois Real Estate Broker, Paul M. Roesch license #475.119533; Illinois Real Estate Salesperson, Paul M. Roesch license #476433723; Illinois Real Estate Salesperson, Cathy A. Roesch license #476433722.

In what seems to be a never-ending trend, Florida’s existing-home and condo sales increased once again in May, according to the latest housing data released by Florida Realtors.

A total of 16,745 single-family existing homes were sold in the Sunshine State last month, jumping 18 percent from the number of homes sold in May 2009. This marks the 21st consecutive month that sales activity has increased in the year-to-year comparison.

And existing-condo sales made an even more notable increase. Statewide, 6,779 units were sold in May, soaring 40 percent from the previous year’s sales figure.

Growth in existing-home and condo sales was reported in 17 of Florida’s metropolitan statistical areas (MSAs). According to Florida Realtors report, a majority of the state’s MSAs have reported an increase in sales for 23 consecutive months.

Wendell Davis, 2010 president of Florida Realtors, said across the state, housing opportunities continue to be available at attractive prices while mortgage interest rates remain historically low. “Favorable conditions like this spark buyers’ interest,” she said.

While sales of existing homes and condos increased last month, the prices of these properties continued to decrease. This drop in prices is likely a driving factor behind the surge in sales activity.

Florida’s median sales price for existing homes in May was $140,400, down 2 percent from one year earlier. During this same period, the statewide sales price for existing condos plummeted 13 percent to $98,700.

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Following a run of disappointing economic data – from housing, to jobs, to consumer spending – mortgage rates fell to record lows for the week ending June 24, 2010, Freddie Mac and Bankrate reported.

According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.69 percent with an average 0.7 point this week, down from last week’s average of 4.75 percent. This, Freddie Mac said, is the lowest rate recorded since it began collecting rates for 30-year fixed loans in April 1971.

Freddie Mac also reported a decline in 15-year fixed-rate mortgages, which averaged 4.13 percent with an average 0.6 point this week, falling from 4.2 percent the week prior. Again, Freddie Mac said this marks the lowest rate documented in the survey since it began tracking 15-year fixed-rate mortgages in September 1991.

“Mortgage rates . . . hit all-time record lows this week in our survey while activity in housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac VP and chief economist.

Bankrate reported the same trend in declining rates and agreed that the disappointing economic data has kept mortgage rates on a downswing.

“Even the Federal Open Market Committee struck a more cautious tone in their post-meeting statement issued Wednesday,” Bankrate said. “Nervous investors around the globe continue to buy Treasury securities, driving both bond yields and mortgage rates lower.”

The tracking company explained that mortgage rates are closely tied to yields on long-term government debt. As a result, lingering doubt about the sustainability of the U.S. economic recovery will keep mortgage rates near present levels, Bankrate said.

According to its weekly national survey, which is conducted from data provided by the top 10 bank and thrifts in the top 10 markets, 30-year fixed-rate mortgages averaged 4.81 percent with an average 0.44 point this week, dropping from 4.88 percent last week. Additionally, Bankrate said 15-year fixed-rate mortgages averaged 4.26 percent with an average 0.42 point this week, down from last week’s average of 4.32 percent.

Complementing Bankrate’s survey is its weekly Rate Trend Index, in which mortgage experts predict which way rates are headed over the next week. More than half of the panelists – 55 percent – said mortgage rates will remain more or less unchanged over the next seven days, while 35 percent said mortgage rates will rebound from current lows. The remaining 10 percent said rates will fall even further over the coming week.

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Mortgage servicers completed 112,088 loan modifications through their own proprietary programs in May, according to a report released this week by HOPE NOW. That compares to 47,724 new permanent modifications under the government’s Home Affordable Modification Program (HAMP) during the same month.

Altogether, just over 159,000 mortgage modifications were completed in May, bringing the total number of mods for the year to 800,536, HOPE NOW’s data shows.

According to Treasury, 49 percent of homeowners who do not qualify for a permanent HAMP plan have been placed in an alternative servicer modification with comparable payment reduction benefits.

In addition, HOPE NOW says private-sector servicers completed 213,000 other workouts in May, such as repayment and forbearance plans.

Faith Schwartz, senior advisor for HOPE NOW, said, “The latest results continue to support the industry’s unprecedented efforts to assist borrowers across the country using myriad foreclosure prevention programs. The industry has made great strides and is organized around significant efforts.”

However, Schwartz noted that 3.77 million borrowers are currently 60 or more days late on their mortgages.

“It is incumbent that the industry, government, and non-profit segments continue to collaborate until the housing market has stabilized,” she said.

HOPE NOW’s data shows that foreclosure actions were started on 205,479 properties in May alone. Foreclosure sales during the month totaled 98,963.

Since the organization began collecting information on the industry’s home retention efforts in July of 2007, HOPE NOW says mortgage servicers have offered distressed borrowers more than 9.5 million total workout solutions, including more than 3.2 million loan modifications.

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Banks in Florida, Georgia, and New Mexico were shut down over the weekend, bringing the number of failed FDIC-insured institutions to 86 for the year. That’s nearly twice the number of closings at this time last year.

The FDIC says it expects bank failures to peak in the latter half of 2010. The agency has earmarked $40 billion to cover institutional closings between March 2010 and March 2011. Total losses to the FDIC’s insurance fund are projected to tally $100 billion from 2009 through 2013 as community banks continue to fold under the weight of bad real estate loans made during the boom.

Englewood’s Peninsula Bank is the latest casualty in Florida. It operated 13 branch offices, with $580.1 million in deposits and $644.3 million in assets. Premier American Bank, which was formed by a group of investors in Florida earlier this year for the sole purchase of taking over failed banks, stepped in to acquire Peninsula Bank’s deposits and assets.

The FDIC agreed to share in future losses on $437.6 million of the loans Premier American picked up. Peninsula Bank’s failure is expected to cost the FDIC $194.8 million. It is the fourteenth Florida-based institution to go under this year.

First National Bank in Savannah, Georgia was also shut down this weekend. With four local branches, First National Bank had $231.9 million in deposits and $252.5 million in assets. The FDIC brokered a deal with the Savannah Bank, N.A., also in Georgia, to take over the failed institution’s deposits and purchase “some of its assets,” according to the federal agency.

The FDIC will retain most of the assets from First National Bank for later disposition. The FDIC estimates that the closure will cost it $68.9 million. It’s the ninth bank in Georgia to be shut down this year.

In Albuquerque, New Mexico, it was High Desert State Bank that found regulators at its doors Friday evening. First American Bank in Artesia, New Mexico agreed to take over the failed bank’s two local branches, its $81 million in deposits and $80.3 million in assets.

The FDIC and First American Bank entered into a loss-share transaction on $67.6 million of High Desert State Bank’s assets. The FDIC expects to be out $20.9 million for the New Mexico bank’s closing. It’s only the second in the state to be shuttered in 2010.

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