TOP 5 FORECLOSURE STATES in 2009
1. Nevada
Las Vegas suffered the nation's highest foreclosure rate at 5.13 percent during the third quarter of 2009. That's one foreclosure for every 20 households -- almost seven times the national average.
2. Florida
From 2003 to 2007 Florida prices doubled and tripled based largely on speculation. Now the state faces being labled #2 on the top foreclosure states for 2009.
3. California
The Golden State had 18 metro areas where unemployment exceeded 10 percent by the end of 2009. When the recession hit, jobs were cut quickly along with home values.
4. Arizona
Arizona foreclosure activity jumped nearly 8 percent in November 2009 with one in every 186 homes getting a notice.
5. Idaho
One in every 259 homes received a filing in November 2009. The state's economy could not sustain the 20 percent-plus appreciation annually from 2003-2006.
SEARCH FOR HOUSTON AREA FORECLOSURES
SEARCH FOR AUSTIN AREA FORECLOSURES
(832) 563-5221
Samantha Mitchell's Blog
I Live Houston. I Sell Houston.
Subscribe to this blog
You will be alerted when there is new content on the blog via email
Name:
Email:
|
EMAIL ME
410 Buck Ridge Road, Cedar Park, TX 78613
Phone: (832) 209-1433 Fax: (832) 201-0414
Thank you for visiting my REAL ESTATE BLOG. I offer opinions and helpful information to consumers in Houston and the surrounding areas.
I specialize in Northwest Houston, Cypress, Spring, Tomball, and Katy. Browse my blog for topics that may interest you. Please also visit my website to search MLS listings. If you can't find a topic, feel free to email me your specific question.
Whether buying or selling, I am here for you! I live Houston. I sell Houston.
Find us on Facebook. Follow us for updated real estate information, new listings, open houses, and weekly discussions in the Houston and Austin areas.
www.Facebook.com/TexasCapitalProperties
www.Facebook.com/TexasCapitalProperties
Here are some quick and easy home improvement tips on a budget.
1. Paint
New paint will give your home a facelift. You can make a feeling of light and bright decor with nice neutral paint. Paint the trim a contrasting color and your home will not only look new but will feel new as well.
2. Clean the Flooring
Have the carpets cleaned and any solid surface steamed. Do it yourself by renting a professional cleaning unit from your local grocery store. Be sure to pre-treat any stains.
3. Amplify the Wattage
The easiest and best way to make your home appear bigger and brighter is to change old light bulbs to higher wattage. You can also replace older light fixtures with updated ones from your local home improvement store.
4. Add Storage
If you have small closets or less than desireable storage space, create some with shelving units, pull out drawers, and organization. The key is to make everything look like there is plenty of space. No one likes to open a closet that has been jammed full of stuff.
5. Spruce Up Your Kitchen
Clean your cabinets or look at painting them. Add door handles and pulls. Update your kitchen faucet. All of these items can be purchased inexpensively at your local hardware store and if you do it yourself, you'll save some money.
This is it! Gorgeous custom-built log home on almost a half acre wooded lot in popular Westwood subdivision in Magnolia. Only minutes from The Woodlands!
Listed at $189,900, 1006 MESQUITE DRIVE in Magnolia
Features include: floor-to-ceiling woodburning stone fireplace, huge master suite up, light and bright country kitchen with stainless steel appliances, large secondary bedrooms, wood features throughout, oversized 2-car detached garage with front and back doors. 16x24 Storage building that has been converted to a home office, covered back patio, plus much more! Absolutely amazing property - you will not find another one like this in the area!
SCHEDULE A SHOWING
FREE CMA OF YOUR HOME
FIND US ON FACEBOOK
Listed at $189,900, 1006 MESQUITE DRIVE in Magnolia
| Bedrooms: | 3 Bedrooms |
|
Baths: |
2 Full & 0 Half Bath(s) |
| Garage: | 2 CAR |
| Stories: | 2 STORY |
| Style: | Other Style |
| Year Built: | 1998/Appraisal District |
| Build SqFt: | 1,784 / Appraisal District |
| Lot Size: | 20,000 / Appraisal District |
| Maintenance Fee: | $300 annually |
| Subdivision: | Westwood 03 |
| Market Area: | Magnolia |
| City / Zip: | Magnolia / 77354-1563 |
| Key Map: | Page 216E |
Features include: floor-to-ceiling woodburning stone fireplace, huge master suite up, light and bright country kitchen with stainless steel appliances, large secondary bedrooms, wood features throughout, oversized 2-car detached garage with front and back doors. 16x24 Storage building that has been converted to a home office, covered back patio, plus much more! Absolutely amazing property - you will not find another one like this in the area!
SCHEDULE A SHOWING
FREE CMA OF YOUR HOME
FIND US ON FACEBOOK
HOUSTON HOUSING TRENDS NEWSLETTER FEBRUARY 2010
Samantha Mitchell
e-PRO Certified
Short Sale & Foreclosure Resource Certified
Member of HAR, Texas Association of Realtors, National Association of Realtors
832-563-5221
SamanthaRealty@comcast.net
Samantha Mitchell
e-PRO Certified
Short Sale & Foreclosure Resource Certified
Member of HAR, Texas Association of Realtors, National Association of Realtors
832-563-5221
SamanthaRealty@comcast.net
Although the short-sale process may not change overnight, there are signs that we should see better days ahead.
In April, the federal government's guidelines for standardizing short sales will take effect. Mortgage lenders do have the option of implementing them early as well.
The new guidelines, part of the Home Affordable Foreclosure Alternative Program known as HAFA, applies to the large volume of so-called "risky" loans that were issued outside of Fannie Mae and Freddie Mac guidelines. The HAFA guidelines are voluntary but many major servicers and banks are expected to participate. This should help clear up the overwhelming volume of short sales on their books.
So how will this help with the short sale process? First, lenders will have financial incentive to get these deals moving, $1000 for servicers and up to $3,000 for subordinate lien holders. In addition, borrowers receive $1500 to help with moving costs.
The guidelines also include standardized forms, procedures and timelines. The new rules also require borrowers to be fully released from future liability for the debt.
Anyone who has been involved with a short sale transaction in the past year or two knows that timelines and frustrations have increased for all parties. Although this may not solve all of the issues associated with the short sale process, it should help reduce the current high fall-out rate for short sales and streamline the process to be more effecient and effective.
Samantha Mitchell
Short Sale & Foreclosure Resource Certified
Texas Captial Properties
832-563-5221
samantharealty@comcast.net
In April, the federal government's guidelines for standardizing short sales will take effect. Mortgage lenders do have the option of implementing them early as well.
The new guidelines, part of the Home Affordable Foreclosure Alternative Program known as HAFA, applies to the large volume of so-called "risky" loans that were issued outside of Fannie Mae and Freddie Mac guidelines. The HAFA guidelines are voluntary but many major servicers and banks are expected to participate. This should help clear up the overwhelming volume of short sales on their books.
So how will this help with the short sale process? First, lenders will have financial incentive to get these deals moving, $1000 for servicers and up to $3,000 for subordinate lien holders. In addition, borrowers receive $1500 to help with moving costs.
The guidelines also include standardized forms, procedures and timelines. The new rules also require borrowers to be fully released from future liability for the debt.
Anyone who has been involved with a short sale transaction in the past year or two knows that timelines and frustrations have increased for all parties. Although this may not solve all of the issues associated with the short sale process, it should help reduce the current high fall-out rate for short sales and streamline the process to be more effecient and effective.
Samantha Mitchell
Short Sale & Foreclosure Resource Certified
Texas Captial Properties
832-563-5221
samantharealty@comcast.net
If you put less than 20 percent down on your home, you can expect to pay PRIVATE MORTGAGE INSURANCE. Homeowners who are eligible to deduct PMI on their taxes can save hundreds of dollars!
Starting with loans issued or refinanced in 2007, and continuing through 2010, you can deduct each year’s premiums paid on PMI for your principal residence and for a non-rental second home. Unless this tax break is extended, you won’t be able to take the deduction beyond 2010. So if you qualify now, be sure to take it!
There is an income limit however on this deduction. It begins to phase out once your adjusted gross income reaches $100,000 ($50,000 for married filing separately) and disappears entirely at an AGI of $109,000 ($54,500 for married filing separately).
The 30-year fixed-rate mortgage slipped to 5.13 percent, according to Bankrate.com's national survey of large lenders this past week. The mortgages in this week's survey had an average total of 0.49 discount and origination points. One year ago, the mortgage rate averaged 5.48 percent; four weeks ago, it was 5.33 percent.
Meanwhile, time is growing short for buyers to take advantage of the Home Buyer Tax Credit. Last fall, the government expanded the tax credit - up to $8,000 for first-time buyers and up to $6,500 for move-up buyers. It is set to expire at the end of April for contracts written, and closing by the end of June.
Mortgage rates also may start to climb soon. In late 2008, the Federal Reserve began a $1.25 trillion campaign to purchase mortgage-backed securities and drive borrowing costs lower. The policy is scheduled to end in March.
THIS IS THE TIME TO BUY! SIGN UP FOR A FREE HOME SEARCH
JAN
30
This is a great time to invest in Real Estate. Low interest rates mixed with a higher than normal volume of foreclosure properties on the market equals wonderful investment opportunities.
While the timing is right for investing, here are some other REAL ESTATE INVESTING TIPS to help you make an informed decision.
LOCATION,LOCATION,LOCATION
It's true. It's all about location in real estate. If you buy a property with the expectation to rent it out, location will be key. Look for multiple bedrooms and areas with good school districts and low crime rates.
HAVE YOUR FINANCING LINED UP
You will need to be prepared to place an offer when you find a good investment deal. Properties that are priced well will go quickly. If you are paying cash, have your proof of funds available. If you are planning to finance, make sure you are pre-approved and that your lender knows that you are looking for an investment property.
BUILD RELATIONSHIPS WITH CONTRACTORS AND VENDORS
You will need a list of contractors to help you if you purchase a fixer upper. Few investors can do all the work themselves. Ask friends, family, and your Realtor for recommendations on quality contractors.
RUN THE NUMBERS
Do you want to flip the property? Do you want to rent the property out? Is this a short-term or long-term investment? Once you answer those questions, then run the numbers. If it's a flip, will it be profitable after all of your expenses and holding costs? If it's a rental, will it provide you with cash flow. You will need to seek the help of a professional REALTOR to provide you with recent sales and rentals so that you know what you are getting into before you purchase.
Contact me with questions or to receive a FREE list of investment properties.
While the timing is right for investing, here are some other REAL ESTATE INVESTING TIPS to help you make an informed decision.
LOCATION,LOCATION,LOCATION
It's true. It's all about location in real estate. If you buy a property with the expectation to rent it out, location will be key. Look for multiple bedrooms and areas with good school districts and low crime rates.
HAVE YOUR FINANCING LINED UP
You will need to be prepared to place an offer when you find a good investment deal. Properties that are priced well will go quickly. If you are paying cash, have your proof of funds available. If you are planning to finance, make sure you are pre-approved and that your lender knows that you are looking for an investment property.
BUILD RELATIONSHIPS WITH CONTRACTORS AND VENDORS
You will need a list of contractors to help you if you purchase a fixer upper. Few investors can do all the work themselves. Ask friends, family, and your Realtor for recommendations on quality contractors.
RUN THE NUMBERS
Do you want to flip the property? Do you want to rent the property out? Is this a short-term or long-term investment? Once you answer those questions, then run the numbers. If it's a flip, will it be profitable after all of your expenses and holding costs? If it's a rental, will it provide you with cash flow. You will need to seek the help of a professional REALTOR to provide you with recent sales and rentals so that you know what you are getting into before you purchase.
Contact me with questions or to receive a FREE list of investment properties.
JAN
29
The Federal Housing Administration is tightening their standards. Borrowers who get an FHA-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent.
In addition, starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.
FHA is also adopting a new minimum FICO score of 580, however few lenders will not make loans to borrowers with scores below 620. If your score is below 580, you will be required to put 10 percent down.
FOR THE LATEST REAL ESTATE NEWS, AREA LISTINGS & DISCUSSIONS, BECOME A FAN ON OUR FACEBOOK PAGE.
In addition, starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.
FHA is also adopting a new minimum FICO score of 580, however few lenders will not make loans to borrowers with scores below 620. If your score is below 580, you will be required to put 10 percent down.
FOR THE LATEST REAL ESTATE NEWS, AREA LISTINGS & DISCUSSIONS, BECOME A FAN ON OUR FACEBOOK PAGE.
With the tax credit set to EXPIRE at the end of April, many buyers have questions about the expanded credit. Here are some questions and answers that will help home buyers understand the expanded tax credit.
WHO IS ELIGIBLE FOR THE FIRST-TIME HOME BUYER TAX CREDIT?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
HOW IS THE AMOUNT OF THE TAX CREDIT DETERMINED? CAN IT BE LESS THAN $8,000?
Yes, the tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
ARE THERE INCOME LIMITS TO QUALIFY FOR THE CREDIT?
For homes purchased after November 6, 2009, and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
IS THERE A TAX CREDIT FOR REPEAT HOME BUYERS?
Yes, up to $6,500 for qualified buyers. The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
If you qualify for either tax credit, you don't have much time. START YOUR SEARCH TODAY!
WHO IS ELIGIBLE FOR THE FIRST-TIME HOME BUYER TAX CREDIT?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
HOW IS THE AMOUNT OF THE TAX CREDIT DETERMINED? CAN IT BE LESS THAN $8,000?
Yes, the tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
ARE THERE INCOME LIMITS TO QUALIFY FOR THE CREDIT?
For homes purchased after November 6, 2009, and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
IS THERE A TAX CREDIT FOR REPEAT HOME BUYERS?
Yes, up to $6,500 for qualified buyers. The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
If you qualify for either tax credit, you don't have much time. START YOUR SEARCH TODAY!
SMALLER HOMES, SMALLER PRICES. That was the outlook for most builders polled at the 2010 National Association of Home Builders Show in Las Vegas. In fact, 95 percent of the builders said they would do one or the other and possibly both this year.
Upcoming trends were also asked about at the show. Builders were asked to pick from a list of 40 features of what's hot and what's not. Here's what made the top of the list:
1. Walk-in Closets in Master Bedroom
2. Separate Utility Room
3. Insulated Front Door
4. Great Room
5. Low-E Windows
6. Linen Closet
7. Programmable Thermostat
8. Energy-Efficient Appliances and Lighting
9. Separate Tub & Shower in Master Bathroom
10. Nine-foot Ceilings on First Floor
Upcoming trends were also asked about at the show. Builders were asked to pick from a list of 40 features of what's hot and what's not. Here's what made the top of the list:
1. Walk-in Closets in Master Bedroom
2. Separate Utility Room
3. Insulated Front Door
4. Great Room
5. Low-E Windows
6. Linen Closet
7. Programmable Thermostat
8. Energy-Efficient Appliances and Lighting
9. Separate Tub & Shower in Master Bathroom
10. Nine-foot Ceilings on First Floor
Items that made the list to NOT likely be included in homes: outdoor kitchens, sun rooms, media rooms, two-story foyer, small kitchens, and butler's pantry.
Spring is a busy time of year in real estate. More sellers put their homes on the market and buyers start looking again after the holidays. This year should be even busier with the home buyer tax credit set to expire April 30th.
If you are thinking about listing your home, here are some valuable tips to get your home SOLD in the SPRING.
#1 SPRUCE UP YOUR LANDSCAPING AND CURB APPEAL
This is the time to bring back the color to your yard. The winter can be harsh on trees and grass. Plant flowers in your beds. Rake leaves and add mulch. You only get one chance to make a nice first impression, make it count!
#2 TOUCH UP PAINT INSIDE AND OUT
Touch up the paint inside and out. If you notice chipped and cracked paint, so will buyers. Don't forget to touch up your front door as well.
#3 COMPLETE YOUR SPRING CLEANING
Clean, clean, clean! Clean your carpets, dust everything, wash down your cabinets, wipe down your windows, make your home sparkle. You want your home to stand out compared to the competition.
If you are thinking about listing your home, request a FREE HOME EVALUATION and find out what your home is worth!
If you are thinking about listing your home, here are some valuable tips to get your home SOLD in the SPRING.
#1 SPRUCE UP YOUR LANDSCAPING AND CURB APPEAL
This is the time to bring back the color to your yard. The winter can be harsh on trees and grass. Plant flowers in your beds. Rake leaves and add mulch. You only get one chance to make a nice first impression, make it count!
#2 TOUCH UP PAINT INSIDE AND OUT
Touch up the paint inside and out. If you notice chipped and cracked paint, so will buyers. Don't forget to touch up your front door as well.
#3 COMPLETE YOUR SPRING CLEANING
Clean, clean, clean! Clean your carpets, dust everything, wash down your cabinets, wipe down your windows, make your home sparkle. You want your home to stand out compared to the competition.
If you are thinking about listing your home, request a FREE HOME EVALUATION and find out what your home is worth!
Are you thinking about a career in real estate? Or looking for a change with your current brokerage? TEXAS CAPITAL PROPERTIES may be the place for you. Contact our BROKER for more information.
Real estate is a challenging but rewarding career that has no limits of what you can achieve or earn. If you are hard working, goal-oriented, self-motivated, and ambitious, real estate may provide the success you strive for. Our broker is a member of the following Realtor boards in Texas: Houston, Austin, San Antonio, Dallas, and Corpus Christi.
Make 2010 an incredible year by making the change!
www.TexasCapitalProperties.com
Real estate is a challenging but rewarding career that has no limits of what you can achieve or earn. If you are hard working, goal-oriented, self-motivated, and ambitious, real estate may provide the success you strive for. Our broker is a member of the following Realtor boards in Texas: Houston, Austin, San Antonio, Dallas, and Corpus Christi.
Make 2010 an incredible year by making the change!
www.TexasCapitalProperties.com
Most buyers save up for down payments, but give little thought to CLOSING COSTS. When purchasing a home, buyers will need to also be prepared for closing costs as part of the cost of the mortgage.
Typically closing costs will average 3% to 5% of the loan amount. That means if you are borrowing $100,000, you can expect closing costs of between $3,000 and $5,000.
Your lender is required to provide you with a Good Faith Estimate, also called a GFE, that will estimate the cost of closing. It is an itemized list of fees you'll pay to obtain your loan.
Those fees typically include apraisals, attorney fees, taxes, survey, home insurance, title insurance, processing fees, and other expenses associated with getting a loan. You'll also see what the lender is charging you for their services.
It is important to review your GFE. Ask questions if you don't understand the fees listed. Compare two lenders if you feel like you are not getting the best deal.
www.HomeBuyingWithSamantha.com
FEATURED LISTINGS
ARCHIVE
TOOLS
View subdivision price trends for the past 13 years, and create comparative subdivision analysis reports online.
Search for information on Houston and Texas schools based on the county, district, campus and/or zip code.
Includes residential home sales statistics for residential properties and new homes listed by REALTORS®
