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Foreclosure Posting Activity - April 2009 Dallas/Fort Worth Metroplex Following Last Month's Dip in Postings, D/FW Homes Posted for the April Foreclosure Auctions Surged again & Topped 5,000 for the Second Time on Record.
The filing deadline has passed for foreclosure postings to be filed at county courthouses throughout the State of Texas for the upcoming foreclosure auctions on Tuesday, April 7th, 2009. Therefore, Foreclosure Listing Service, Inc. has completed our research of the April foreclosure postings. The following points offer a few highlights of these statistics. These quotes should be attributed to George Roddy, Sr., President of Foreclosure Listing Service, Inc. DALLAS/FORT WORTH METRO "Following last month's dip in foreclosure posting activity, postings filed on D/FW homes again surged for the April foreclosure auctions. For only the second time on record, home postings within the Metro topped 5,000."
"For the upcoming foreclosure auctions in the D/FW Metro, 5,213 postings have been filed on homes. This was a 27% hike above the 4,108 filed for the same month last year; and, compared to last month's 4,276 notices, there was a 22% increase."
"The only other month that residential postings reached above 5,000 was in February of last year when the record level was achieved with 5,315 postings filed." "For the last 18 consecutive months, D/FW's residential posting activity has exceeded 3,600 postings each month."
"So far this year, home postings were up 7% in the D/FW Metro with almost 18,500 postings filed for the first four auctions of this year."
"With the various plans announced, you would think that postings might ease; but, that is not the case. At least not yet. We will simply have to wait to see if the outlined plans actually end up helping the average American homeowner or not." |
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DENTON COUNTY
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The first quarter of 2009 will be one of the most challenging quarters since the Great Depression. Many companies have gone out of business such as mortgage companies, banks, insurance companies, real estate offices and the general moral of the economy.
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And you thought 5 percent was a good rate? After already bringing mortgage rates down near 50-year lows, Fed Chief Ben Bernanke unleashed a surprise attack on the housing slump Wednesday by announcing aggressive steps that should make home loans even more attractive. Lower rates, of course, can help push timid buyers off the sidelines so they can mop up the excess inventory that's been driving down home prices. "This is a huge step forward," Ian Shepherdson of High Frequency Economics, wrote in a report shortly after the announcement.
Here's what you need to know about the development:
1. What is the Fed doing? With the federal funds target rate--which is the Fed's conventional monetary policy weapon--already down to as low as zero percent, Bernanke has been forced to get more creative in his efforts to resolve the economic mess. To that end, the Fed announced two key steps Wednesday that should drive mortgage rates lower.
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2. Fannie Mae and Freddie Mac assets: The Fed unveiled plans to buy up to an additional $750 billion of mortgage-backed securities backed by government-controlled entities such as Fannie Mae and Freddie Mac, on top of the $500 billion it already committed to purchasing. At the same time, the agency said it would as much as double--to up to $200 billion--its purchase of Fannie and Freddie debt. The moves will help to reduce Fannie and Freddie's financing costs, which should enable them to pass savings on to consumers in the form of lower interest rates. Today's announcement represents a significant expansion of the initial initiative announced last fall, which drove mortgage rates from 6.2 percent in mid-November to 5.2 percent in the week ending March 13, according to HSH.com.
3. Long term Treasury bonds: Meanwhile, the Fed said it would buy up to $300 billion in long-term Treasury bonds over the next six months. The announcement has already helped push yields on 10-year Treasury notes--which play a key role in mortgage rates--down sharply. This could also help lower mortgage rates.
4. How low will mortgage rates go? Nigel Gault, chief U.S. economist for IHS Global Insight, says 30-year fixed mortgage rates could drop to as low as 4.5 percent. But Keith Gumbinger of HSH.com, expects a more modest decline of between a quarter and a half of a percentage point from current levels. "I don't think we are going to have a plummet, but I do think it helps to support some downward pressure on rates," Gumbinger says.
5. So what does this mean for the housing market as a whole? Before today's developments, lower mortgage rates have benefited those looking to refinance more so than home buyers, said Guy Cecala, the publisher of Inside Mortgage Finance, in an interview that took place before the announcement. Cecala said that in the fourth quarter of 2008, 51 percent of mortgage originations were for loan refinancing, while 49 percent went toward home purchases. And although it hasn't closed yet, "there is no question [the refinancing share of mortgage originations] is going to be up near 60 percent for the first quarter," Cecala said.
Today's Fed move should further boost refinancing activity. "It's a huge positive for refinancing, because it means that everyone who hasn't done it is going to come in and do it," Gault says. But its impact on the housing market will be less profound, says Richard Moody of Mission Residential. It will help "very little," he says. That's because "the overriding factor [in the housing slump] is the labor market, and consumer confidence," he says. Even with lower mortgage rates, housing won't rebound without improvement on these fronts--and Moody doesn't expect that to occur anytime soon. "You can't make the argument that mortgage rates have been the impediment to home sales over the past several months," he says.
6. How can I qualify for these low rates? As banks jack up their lending standards in the face of higher delinquencies, not all borrowers will be able to get their hands on today's lowest cost of financing. To do so, most home buyers will need to have a FICO score of roughly 720 or higher, a down payment of at least 3.5 percent--although it could be significantly higher in certain markets--and documented income verification. To refinance, borrowers will need to meet similar credit score and income documentation requirements and have minimum of 10 percent equity in their homes, Moody says.
7. What does that mean for me? Should I refinance now or hold off for a better rate? With rates poised to drop to even more attractive levels, fixed rate borrowers that meet the credit requirements should certainly consider refinancing now. (Refinancing, however, only make sense for borrowers who can obtain a large enough break in their interest rate to compensate for the fees associated with the process.) But since rates are expected to remain attractive for some time, there's no pressure to refinance immediately. Still, Moody points out that with home prices on the decline, borrowers who wait too long to refinance could find that they no longer have enough equity in their home to qualify. So you may be better off getting the process started sooner rather than later.
Likewise, homeowners with adjustable rate loans--who have likely seen their interest rate fall recently--should not feel compelled to act this very second. "There is not a gun to your head," Gumbinger says. However, borrowers with these products should keep close tabs on the market and look for an opportunity--perhaps now, perhaps in the coming months--to get into a more conservative, fixed-rate mortgage while rates remain low. "Do yourself a favor and prevent future disaster," Gumbinger says.
Now, this is not to brush aside or minimize any of last week's sobering national economic news. Consumer confidence is way down and it's a serious psychological impediment to home buying.
Rising unemployment is scary. And the fact remains, someone won't consider buying if they are afraid of losing their job.
And of course shaky banks and big losses on Wall Street are all part of the same worrisome picture.
There are, however, some genuinely positive developments out there.
Let's start with housing affordability. What will ultimately get the turnaround ball rolling will be the ability of ordinary consumers, in large numbers, to afford to buy a home with their current incomes at current mortgage rates.
And right now, the affordability equation is at its most favorable point in decades.
In local markets across the country, more households with median incomes can now afford to buy the median-priced house than at any time since 1970, when the National Association of Realtors first began its "Housing Affordability Index."
Thanks in part to rising household incomes and continuing declines in the prices of housing being sold, the index jumped by 3 points in January alone and now stands at its all-time record high.
Here's another significant trend that gets almost no media attention: Almost all economists agree that a huge obstacle standing in the way of a housing recovery is the big overhang of unsold houses in inventory in many local markets.
But inventories have been steadily declining over the past couple of months, and in January alone dropped another 3 percent to the lowest level in more than two years.
We are burning off the excess unsold supply of houses clogging local markets -- and that bodes well for stabilizing prices in the months ahead.
Add in Congress's new $8,000 nonrepayable tax credit for buyers who haven't owned a house during the past three years and you've got the potential to pull hundreds of thousands of people off the sidelines and into the market during the remainder of 2009.
Published: March 10, 2009
by Kenneth R. Harney
1. Who can get the tax credit? If you are a first-time home buyer purchasing a new home or a resale-you are eligible for the tax credit. The purchase must take place on or after January 1, 2009 and before December 1, 2009 to qualify for the tax credit. As it applies to the tax credit, the purchase date is the date when the home closes and the title to the property transfers to the home owner.
2. What is the definition of a first-time home buyer? The tax credit law defines a "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. If you are married, both spouses cannot have owned a home. For example, if you didn't own a home but your spouse did, you do not qualify. For unmarried purchasers, the credit amount can be given to any buyer who qualifies as a first-time buyer, for instance, if a parent jointly purchases a home with a son or daughter. If you owned a vacation home or rental property not used as a principal residence you are not disqualified as a first-time home buyer.
3. How do you know how much of a credit you are getting? The tax credit is 10 percent of the home's purchase price, however, there is a maximum $8,000 credit.
4. Does your income matter when claiming the tax credit? The full tax credit amount is given to buyers with a modified adjusted gross income (MAGI) of less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. For taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) the credit is reduced to zero. Taxpayers between these figures are prorated accordingly.
5. What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS.
6. If my modified adjusted gross income is above the limit, do I qualify for any tax credit? Possibly. It depends on your income.
7. Can you tell me how the partial tax credit is determined? There is a $20,000 difference between those who are eligible for a full tax credit and those where the credit is reduced to zero. If you take the amount you are over the limit by and divide it by the 20,000, this will give you the percentage that you are over the limit by. Subtract that number from 100% and then multiply it times the $8,000. That will give you your tax credit amount. For example: A married couple has a modified adjusted gross income of $165,000. Their income exceeds $150,000 by $15,000. Dividing $15,000 by $20,000 yields 0.75. This means they are over the limit by 75% and so are eligible for a tax credit of 25%. Multiplying $8,000 by 0.25 shows that the buyer is eligible for a partial tax credit of $2,000. Please remember that this is an example. You should always consult your tax advisor.
8. How is this home buyer tax credit different from last year's (2008)? The most significant difference is that this tax credit does not have to be repaid. This tax incentive is a true tax credit. But home buyers must use the residence as a principal residence for at least three years or face having to repay it. Certain exceptions apply.
9. How do I claim the tax credit? Do I need to complete a form or application? You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.
10. What types of homes will qualify for the tax credit? Any home that will be used as a principal residence qualifies for the credit. This includes single-family detached homes, attached homes (i.e. townhomes and condominiums), manufactured homes (also known as mobile homes), modular homes and houseboats. If it qualifies for the capital gains tax on a primary residence, it qualifies for this.
11. I read that the tax credit is "refundable." What does that mean? It means that the credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. For example, if you owe $6,000 in taxes and had $4,500 in taxes withheld for the year you still owe $1,500 in taxes. You would receive a check from the government for $6,500. ($8,000 - $1,500 = $6,500.)
12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead? You may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
13. I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. The "purchased" date is the date the owner first occupies the house. The date of first occupancy must be on or after January 1, 2009 and before December 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
15. I live in a district where I am already receiving a first time home buyer credit (Washington D.C.) Can I claim both credits? No. You can claim only one.
16. I am not a U.S. citizen. Can I claim the tax credit? Consult your tax accountant. If you are NOT a nonresident alien (as defined by the IRS), have not owned a principal residence in the past three years and meet the income limits you may be eligible to claim the tax credit for a qualified home purchase..
17. Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Assuming the same $8,000 tax liability from above, a taxpayer is in the 33 percent tax bracket would have their liability reduced from $8,000 to $5,360. ($8,000 minus 33%).
18. I bought a home in 2008. Do I qualify for this credit? No, but you may qualify for another tax credit if you bought your first home between April 9, 2008 and January 1, 2009.
19. Is there any way for a home buyer to get the money before they file their 2009 tax return? Yes. If you believe you will qualify for the tax credit you can reduce your withholding taxes on your paycheck by adjusting your withholding amount on your W-4 via your employer or through your quarterly estimated tax payment. You can put this saved money aside to use as a down payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Please note that if the qualified purchase does NOT occur, then you will be liable for repayment to the IRS of income tax and possible interest charges and penalties. Consult your account prior to doing this.
20. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers the opportunity to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest? Yes. You can choose the year that will give you the greatest tax credit based upon your MAGI.
2) It makes you different, and different = better- One of the marketing theories I have been espousing over many years is how important differentiation is to Realtors. Realtors do what Realtors do. Do you? Don't. Create your own marketing that is different than other Realtors and writing your own original blog sets you apart as well. You need to stand out in a crowd. Blogging will help.
3) Blogs get Read by other Realtors- and they comment. This gives you feedback, often valuable constructive feed back on your ideas. It allows you to wash your ideas through others so by the time you give your VALUED opinion to your clients. it is well thought out, and VALUABLE.
4) Traffic is good….for traffic.- A well read blog will bring more traffic to a Realtor than any "business card" type web site. You know the one. This is who I am (or was when the site was written) and this is why I am the greatest. A well written blog will receive traffic from competitors, clients, co-workers, and prospects. Traffic creates Traffic.
5) It PROVES you are an authority- What is a Realtor? An authority on Real Estate. How do I (as a prospect) know you are an authority? Well, pages and pages of posts and comments on the current market and what is going on in my neighborhood certainly helps show you are an authority.. A canned listing presentation that is pretty much the same as other Realtors? Not so much.
6) It provides third party validation- Prospects are constantly faced with Realtors telling them how good THEY are. But how often does a prospect hear from a third-party how good you are as a Realtor? I well thought out, well written blog post will receive positive comments. These comments give your prospect the "right" to decide you are a great Realtor and he/she should choose you…. because others before him have agreed.
7) It is INSTANT, when your Prospects need it- Real Estate Buyers and Sellers (read: prospects) Love up to the minute information. This type of information is not available on most Realtor (business card) type websites. A blog allows them to subscribe and receive your up to the minute, valuable information. This makes you a valuable resource to your prospects and clients.
.....What your credit rating can
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What is a credit score and a credit report?
Your credit score is simply a snapshot of your credit use. It's a brief
overview of seven years of your borrowing history. Your credit report is
the detailed rundown of your borrowing habits. Credit reports are provided
by three major credit bureaus: Equifax, Experian, and TransUnion.
How is a credit score calculated?
A credit score is a value assigned to several criteria used in making
lending decisions. Criteria include the amount you owe on non-mortgage
related accounts such as credit cards, your payment history, and credit
history. Scorers take this information from your credit report and plug it
into formulas that calculate a value representing the amount of risk you pose
to a lender. That value takes into account the track record of other
consumers with similar credit profiles. By looking at this value, or score,
lenders are able to roughly gage whether it's a good idea to extend you
credit.
What is a good score?
Your credit report score is based on a formula developed by Fair, Isaac &
Co. (FICO) or a handful of other credit reporting agencies on a scale
ranging from 300 - 850. The higher the score the better.
What can I do to improve my credit score?
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