Real Estate News

With tight inventory stifling a full housing recovery in many markets and foreclosures slowing down, builders are responding by ramping up plans to put new homes on the market, according to an analysis of U.S. Department of Housing and Urban Developm0Thu, 16 May 2013 07:00:00 GMTWith tight inventory stifling a full housing recovery in many markets and foreclosures slowing down, builders are responding by ramping up plans to put new homes on the market, according to an analysis of U.S. Department of Housing and Urban Development data by RealtyTrac. During the first quarter, single-family housing permits – approvals given by a local authority to start construction — were up 27 percent from a year ago, to the highest level since the first quarter of 2008, RealtyTrac reported. The majority of building permits issued in the first quarter — 64 percent — were for single-family homes.

Spring has sprung and home buyers are at the starting gate. But this race to buy might be different than in past years. 0Thu, 16 May 2013 07:00:00 GMTA fairly new player on the scene are institutional investors; many ready to pay with cash. The primary strategy is to turn property into rental homes. “There are many markets across the country where it makes sense to do that. The average rent will allow you to cash flow single family homes and that’s what these investors are looking at,” explained said Daren Blomquist, vice president of RealtyTrac. “You have many displaced families who still want to live in a single family home but are not qualified to buy yet. Interest rates are low and they’re getting out of the bond market and are looking for places to invest their money. Some of the best markets are showing a 10

One in every 905 U.S. homes received a foreclosure filing in April, according to the latest foreclosure data from RealtyTrac. 0Tue, 14 May 2013 07:00:00 GMTOne in every 905 U.S. homes received a foreclosure filing in April, according to the latest foreclosure data from RealtyTrac. Foreclosure filings were down 5% from March, and 23% from a year ago. While national foreclosure activity fell to a six-year low, pockets of America continued to struggle with foreclosures.

Fewer U.S. homes entered the foreclosure process or were repossessed by lenders last month, the latest indication that the nation's foreclosure woes are waning. 0Thu, 09 May 2013 07:00:00 GMT

South Florida has relinquished its ranking as the nation’s top spot for foreclosures. 0Thu, 09 May 2013 07:00:00 GMTSouth Florida has relinquished its ranking as the nation’s top spot for foreclosures.

A new report shows California home “foreclosure starts” – or the number of homes just entering the foreclosure process – were up for the third straight month in April.0Thu, 09 May 2013 07:00:00 GMTA new report shows California home “foreclosure starts” – or the number of homes just entering the foreclosure process – were up for the third straight month in April.

While the nation saw a decrease in foreclosure activity in April, Nevada’s distressed home filings increased, according to a report released by national real estate and foreclosure tracker RealtyTrac.0Thu, 09 May 2013 07:00:00 GMTWhile the nation saw a decrease in foreclosure activity in April, Nevada’s distressed home filings increased, according to a report released by national real estate and foreclosure tracker RealtyTrac.

Hurricane Sandy's helping turn Queens into foreclosure city. 0Thu, 09 May 2013 07:00:00 GMTHurricane Sandy's helping turn Queens into foreclosure city.

Ohio foreclosure activity rose in April to the third-highest level in the country, driven by a big jump in sheriff auctions and bank repossessions.0Thu, 09 May 2013 07:00:00 GMTOhio foreclosure activity rose in April to the third-highest level in the country, driven by a big jump in sheriff auctions and bank repossessions.

The Ocala area had the second-highest rate of home foreclosures in the nation during April, with Orlando ranked close behind in fourth, according to a new report.0Thu, 09 May 2013 07:00:00 GMTThe Ocala area had the second-highest rate of home foreclosures in the nation during April, with Orlando ranked close behind in fourth, according to a new report.

All of a sudden there are not enough houses for sale to meet homebuyers’ rising level of demand. Could you pull off a fast-and-dirty flip—buying low, fixing quick, and selling in a rebounding market?0Mon, 06 May 2013 07:00:00 GMTAll of a sudden there are not enough houses for sale to meet homebuyers’ rising level of demand. Could you pull off a fast-and-dirty flip—buying low, fixing quick, and selling in a rebounding market? Those who have already located the market’s sweet spot—buying low and selling within six months as prices continue to climb—are enjoying average profits of $37,375 on each property, according to RealtyTrac.

WHEN GIOVANNI “JAY” TESTA bought a small Cape in Woburn for $110,000 last summer, he knew it needed a ton of work. After all, it had been advertised as “a total rehab or tear-down.” 0Sun, 05 May 2013 07:00:00 GMTWHEN GIOVANNI “JAY” TESTA bought a small Cape in Woburn for $110,000 last summer, he knew it needed a ton of work. After all, it had been advertised as “a total rehab or tear-down.” No problem. Fixing houses, that’s what he does. On one of his first visits, Testa realized it was occupied?—?by spiders, cockroaches, silverfish, you name it. Termites, too. “It was disgusting,’’ he says, recalling the massive welts on his arms when he left the place.

The housing market numbers may have recently softened up a tad, but things in the housing market are still much better for those wanting buy and own a home compared the last five years. Many homebuyers are still financial buyers, meaning that they ar0Thu, 02 May 2013 07:00:00 GMTThe housing market numbers may have recently softened up a tad, but things in the housing market are still much better for those wanting buy and own a home compared the last five years. Many homebuyers are still financial buyers, meaning that they are buying to either resell or to rent out. RealtyTrac has recently issued its top 25 markets for flipping a house. We wanted to look closer because the average gains imply 10% in all but one of the top 25 markets and over 60% in the best of the 25 markets.

Amid reports of bidding wars are markets where the art of flipping can still be maintained. After analyzing some 600 metros in its database, RealtyTrac came up with a list of 25 markets where investors can yield the highest gross profit from flipping0Fri, 03 May 2013 07:00:00 GMTAmid reports of bidding wars are markets where the art of flipping can still be maintained. After analyzing some 600 metros in its database, RealtyTrac came up with a list of 25 markets where investors can yield the highest gross profit from flipping.

Outside in the world, Safeguard Properties was supposed to be protecting millions of homes that had slid into foreclosure, shoring up and repairing abandoned properties for the banks that were responsible for tending to all this real estate gone bad.0Mon, 29 Apr 2013 07:00:00 GMTOutside in the world, Safeguard Properties was supposed to be protecting millions of homes that had slid into foreclosure, shoring up and repairing abandoned properties for the banks that were responsible for tending to all this real estate gone bad. But inside the offices of Safeguard’s complaint department, Kevin Kubovcik says he gained a starkly different perspective on his company's pursuits as allegations of incompetence, malevolence and larceny rolled in day after day.

Joji Thomas was desperate to save his home. The San Francisco mechanical engineer sold his car, tapped into his wife’s savings and begged friends for money. In July, to stave off foreclosure, he bought a $27,777.85 cashier’s check and mailed it to Ba0Thu, 25 Apr 2013 07:00:00 GMTJoji Thomas was desperate to save his home. The San Francisco mechanical engineer sold his car, tapped into his wife’s savings and begged friends for money. In July, to stave off foreclosure, he bought a $27,777.85 cashier’s check and mailed it to Bank of America. A bank representative acknowledged receiving the check two days later, Thomas said. But the payment went missing later that week and was not applied to his mortgage.

Donald R. Mullen Jr., who helped Goldman Sachs Group Inc. (GS) profit from the U.S. housing crash, is giving the firm and its clients a way to gain from the recovery.0Mon, 22 Apr 2013 07:00:00 GMTDonald R. Mullen Jr., who helped Goldman Sachs Group Inc. (GS) profit from the U.S. housing crash, is giving the firm and its clients a way to gain from the recovery. Mullen, 54, has raised almost $1 billion to buy single- family houses to rent since leaving Goldman Sachs last year as head of global credit and mortgages, five years after overseeing the bank’s bet against the imploding subprime home-loan market. His Fundamental REO LLC has already purchased or is close to acquiring almost 2,500 properties through foreclosure auctions, government agencies and even an Arizona non-profit that promotes affordable-home ownership, property records show.

Inventory continues to be the story of the day when it comes to the housing market. In March sales of previously owned homes slipped 0.6% from a month earlier due to tight inventory levels, according to the National Association of Realtors.0Mon, 22 Apr 2013 07:00:00 GMTInventory continues to be the story of the day when it comes to the housing market. In March sales of previously owned homes slipped 0.6% from a month earlier due to tight inventory levels, according to the National Association of Realtors. “Buyer traffic is 25% above a year ago when we were already seeing notable gains in shopping activity,” said Lawrence Yun, chief economist of the National Association of Realtors, in a Monday statement. ”In the same timeframe housing inventories have trended much lower, which is continuing to pressure home prices.”

Investment fads come and go, but this much is certain: People will always need a place to live. And right now, the stars are aligned for investors who want to make a lot of money meeting that need. Mortgage rates are at historic lows, home values in 0Mon, 22 Apr 2013 07:00:00 GMTYou can make a lot of money fixing up rundown houses and selling them for a quick profit, but you need cash to venture into this business. It’s tough to get a mortgage for a property that isn’t your primary residence. You may also be competing with all-cash offers. Read more at http://www.kiplinger.com/article/real-estate/T010-C000-S002-how-to-strike-it-rich-investing-in-real-estate.html#fXlMir419lHtwLBD.99

At a time when people are clamoring to buy real estate, many homeowners remain reluctant to put their properties up for sale.0Sun, 21 Apr 2013 07:00:00 GMTRoughly 75% of Americans feel now is a better time to buy than next year will be, according to a survey of more than 2,000 respondents carried out by real estate marketplace Trulia. But despite rising prices, only 32% believe now is a good time to sell. “The unwillingness to sell does help explain the low inventory,” says Susan M. Wachter, professor of real estate and finance at The Wharton School at the University of Pennsylvania. Inventory is down by as much as 15% year-over-year, according to Realtor.com, but picked up by 2.4% in March over the previous month.