Nicole Anderson

Senate Votes to Renew Tax Credit for First-Time Home Buyers

Washington Post (11/05/09) P. A5; ElBoghdady, Dina

The Senate has passed a bill that would extend the $8,000 tax credit for first-time home buyers through the first six months of next year as well as offer a $6,500 credit to repeat buyers who have owned their current abode for at least five consecutive years over the previous eight years. Attached to a broader unemployment aid bill, the measure would limit the purchase price of homes to $800,000; and individuals and couples cannot earn more than $125,000 and $225,000 a year, respectively. The incentive is expected to cost $10 billion, and the bill should reach the House floor by Nov. 5.

For the whole story: http://www.washingtonpost.com/wp-dyn/content/article/2009/11/04/AR2009110404564.html

This is an area that I have trouble understanding. You never know how your clients are going to take the results of their home inspection. I have learned that I need to know the different inspectors well, and pay attention to the personalities of my clients also. You have to know how to take care of each person's needs and how to handle their concerns. See, here in Alabama, we are a "caveat emptor" state, which means, "buyer beware". You do not want to assume liability as an agent by referring someone you know to them. It's very tricky. But at the same time, you want your clients to be matched well with an inspector who will educate them, prepare them, and not totally kill the deal with big, scary words. This is an art I have yet to figure out. Most clients handle it well. I can sometimes cushion their fears, but there are others who freak out and run. More to come on this topic....as I learn more.

Well, with the new turn in the economy, loans have definitely been more difficult to get closed. I, fortunately, have established some great relationships within the industry that have helped me to succeed during these tough times.

I know that many people find their niche within real estate...I have yet to find one. I like it all. I just thoroughly enjoying helping others. Maybe one will come; that specialized area that I excell in and can focus on. Right now I'm riding the waves of real estate and learning so much!

Life is about building relationships and helping other people!

Total Foreclosure Filings Up at Midyear Point

Q2 U.S. Foreclosure Activity Highest Quarterly Total on Record

A total of 1,905,723 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 1,528,364 U.S. properties in the first six months of 2009, a 9 percent increase in total properties from the previous six months and a nearly 15 percent increase in total properties from the first six months of 2008, according to RealtyTrac's Midyear 2009 U.S. Foreclosure Market Report. The report also shows that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.

Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.

"In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels," noted James J. Saccacio, chief executive officer of RealtyTrac. "Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes' are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue."

Nevada, Arizona, Florida post top state foreclosure rates
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation's highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.

Arizona registered the nation's second highest state foreclosure rate in the first half of 2009, with 3.37 percent of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation's third highest state foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.

Other states with foreclosure rates ranking among the nation's 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent) and Colorado (1.25 percent).

California, Florida, Arizona post highest foreclosure totals
A total of 391,611 California properties received a foreclosure filing in the first half of 2009, the nation's highest total and 2.94 percent of the state's housing units (one in 34) - the nation's fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14 percent from the previous six months and increased nearly 15 percent from the first half of 2008.

With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second highest state total. Florida foreclosure activity in the first half of 2009 increased 7 percent from the previous six months and was up nearly 42 percent from the first half of 2008.

Arizona's 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third highest state total. Arizona foreclosure activity in the first half of 2009 increased 13 percent from the previous six months and was up nearly 55 percent from the first half of 2008.

Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368).

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the first half of the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default - Notice of Default (NOD) and Lis Pendens (LIS); Auction - Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during six-month period, only the most recent filing is counted in the report.