Posted: 26 May 2012 04:00 AM PDT
Sales Are Up. Prices Still Have a Way To Go.
May 15, 2012 By Leave a Comment
Posted: 15 May 2012 04:00 AM PDT
We believe the housing market is recovering. We believe that sales will be robust through the rest of the year. However, we also believe that the increase in demand will not impact prices in a big way as we think there will also be an increase in the supply of homes coming to the market. This increase in supply will offset the increase in demand. The increase in supply will be fueled by two categories of inventory:
- Foreclosures entering the market as a result of the National Mortgage Settlement
- Pent up supply of homeowners who have been unable to sell their homes over the last several years
There have been several recent headlines making strong statements about home values in the country. We must be sure to read the ENTIRE report – not just the headlines. Here are four headlines and the portion of the report that reflects the caution in their ‘cautious optimism’.
HEADLINE:
CAUTION:
“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost. As is true this month, those temporary increases were on low sales volumes – about 30 percent lower than at any point since 1998. Furthermore, the inventory of distressed homes remains high, which will continue to put a drag on prices.”
HEADLINE:
Foreclosure hotspots show signs of housing turnaround
CAUTION:
“However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed.”
HEADLINE:
Fiserv Expects Home Prices to Stabilize
CAUTION:
“On the other hand, nearly one-half of the metro areas, or 191, saw prices decrease by more than 2 percent, including double-digit losses in Atlanta (-12.8 percent), Reno, Nevada (-10.8 percent), and Tucson, Arizona (-10 percent).
In the fourth quarter of 2011, the average price of a U.S. single-family home fell four percent from the year-ago period, and Fiserv Case-Shiller projects a further decline of 0.8 percent by the end of 2012.”
HEADLINE:
Home Prices in March Show Monthly Gain: CoreLogic
CAUTION:
“Even with price gains above 5 percent for leading states and CBSAs, Capital Economics said in response to the CoreLogic report that over the year, prices are more likely to stabilize rather than make a dramatic climb.
“There are fears in some quarters, triggered by recent disappointing GDP and payrolls data, of a sharp slowdown in economic growth which could derail the fledgling improvement in the housing market,” said Paul Diggle, property economist for Capital Economics.”
Short Sales Will Increase Dramatically in 2012
May 7, 2012 By Leave a Comment
Posted: 07 May 2012 04:00 AM PDT
We believe that short sales will be a major part of the real estate market in 2012. That is why we have dedicated this entire week to posts exclusively on this subject. We hope that by the end of the week you have a better handle on the need for short sales and a better understanding of the process. – the KCM Crew
It seems that the banks have finally realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. It is for this reason we believe that 2012 will come to be known as the year of the short sale. CNN Money reported on this exact point:
“We believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.
Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.
Market Watch also addressed the short sale situation recently:
Fitch expects the increase in short sales to continue because of the potential benefits afforded to both lenders and borrowers. Some borrowers may prefer short sales because, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process.
Why Are the Banks Now Leaning Towards Short Sales?
The simple answer is that the banks lose less money when doing a short sale. The CNN Money article mentioned above explains:
Typically, banks get about 20% less for a foreclosed home. Foreclosure can also take years to unload, during which expenses, like property taxes, insurance and other expenses, mount up.
The Market Watch report breaks it down further:
Short sales…are currently getting completed 20 months after the last payment made on the loan, approximately 10 months less than the average time to foreclose. Shorter timelines reduce lenders’ carrying costs (i.e. accrued loan interest and property taxes, insurance, and maintenance) and eliminate most of the legal expenses associated with foreclosure and liquidation. As a result, loss severities tend to be considerably lower. Historically, for loans with similar attributes, short sales have severities 10%-15% less than REO sales. As the proportion of short sales increases, we expect average loss severities to improve further.
How Many Short Sales Could Be Completed?
JPMorgan has projected that over 500,000 short sales will be done this year. Also, NECN.com recently reported:
RealtyTrac estimates that if the January numbers it found hold up, there would be about 105,000 “pre-foreclosure” sales of homes, most of them short sales, during the first quarter of this year, and at that rate something like 400,000 for the year.
How Long Will Short Sales Be a Major Part of the Market?
The NECN article shows us that short sales are here to stay for some time.
According to the Mortgage Bankers Association, there are nearly 3.5 million homeowners delinquent on their mortgages by at least one month, including 1.5 million who are 90 days or more behind on paying their mortgage. And there are 12.5 million homeowners still who are “underwater,” owing more on their mortgage than their home is worth. That suggests that at the current rates, barring some spectacular economic recovery, it would take years, even decades, for short sales alone to clean up the mortgage mess that remains.
Short sales are here to stay. We must accept this fact and work hard to learn the process and apply it where it makes sense.
Prices: 1Q 2012 vs. 4Q 2011
May 4, 2012 By Leave a Comment
Posted: 04 May 2012 04:00 AM PDT
[InfoGraphic]
Short Sale Percentages by State
April 27, 2012 By Leave a Comment
Posted: 27 Apr 2012 04:00 AM PDT
InfoGraphic
Short Sale Stats
March 30, 2012 By Leave a Comment
Bank Owned Conway NH home – 384 Eaton Road – Sold Sept. 30 2011
August 15, 2011 By Leave a Comment
This foreclosed home on 1.9 acres just outside of Conway Village in the White Mountains of NH NEEDS WORK! This NH foreclosure property is an older home (1930s) with plenty of deferred maintenance issues.
Sold Sept. 30 2011!
However, it is a short drive to Crystal Lake in Eaton NH, Conway Lake, Dolloff Pond, The Saco River, Cranmore Mountain Resort and Fitness Center, King Pine Ski Area and all of the other things that make the Mt. Washington Valley a great place to call home or your vacation destination.
Listing Price: 64900
Address: 384 Eaton Rd.
City: Conway
State: NH
ZIP: 03818MLS # (if any): 4085791
Square Feet: 1425
Bedrooms: 3
Bathrooms: 1
Basement (full, 1/2, finished, unfinished): partial-unfinished
176 Echo Acres Bank Owned North Conway NH Home
June 27, 2011 By Leave a Comment
North Conway NH Real Estate – Bank Owned property
$227,900!! I have the file and offers are coming in on this North Conway NH foreclosed home. call me fast to get in on this foreclosure opportunity with a huge view! This is what you search for in North Conway NH real estate for sale.
We're sorry, but we couldn't find MLS # 4090071 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
3 Bedroom 1.5 bath home with garage and outstanding views!
Listing Price: 227900
Address: 176 Echo Acres Rd.
City: North Conway
State: NH
ZIP: 03860MLS # (if any): 4090071
Square Feet: 1733
Bedrooms: 3
Bathrooms: 1.5
Basement (full, 1/2, finished, unfinished): full unfinished
Radio Station Condo For Sale – North Conway NH
June 27, 2011 By Leave a Comment
River Front Condominium For Sale in North Conway NH real estate
#11 – A Beautiful 3 bedroom 3 bath townhouse style riverfront condo unit. 3 Levels of Living area with a garage, patio, balcony and deck.
These are tastefully designed condominiums on the Saco River in North Conway NH. Exsquisite grounds and awesome waterfront add to the beauty the property and make it a fun place to live.
Welcome to the 3rd and Final phase of the Radio Station Condominiums. Located on the former radio station site with easy access to Rt. 16 and/or Rt. 302. Listed By Theresa Bernhardt, here in my office at Badger Realty 603-356-5757.
Listing Price: 224900
Address: 115 River St.
City: Conway
State: NH
ZIP: 03818MLS # (if any): 4068170
Square Feet: 2113
Bedrooms: 3
Bathrooms: 3
Basement (full, 1/2, finished, unfinished): Full
We're sorry, but we couldn't find MLS # 4068170 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
Showing properties
1 - 10 of 26.
See more North Conway-Bartlett NH Condominiums.
(all data current as of
5/22/2013)
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$200,000 : 10b Joshua Loop Road, Jackson2 beds, 1 full, 2 part baths
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$165,000 : 28 Marsden Dr, Bartlett2 beds, 2 full, 1 part baths
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$209,900 : 121 Stonehurst Manor Road, Conway3 beds, 2 full, 1 part baths
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$79,900 : 19 Saco St, Conway2 beds, 1 full bath
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$84,000 : 19 Saco Street, Conway2 beds, 1 full bath
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$125,000 : 77 Webster Rd, Conway3 beds, 1 full, 1 part baths
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$159,900 : B-22 Ludwig Strasse, Bartlett4 beds, 2 full baths
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$195,000 : 30 Birchlea, Bartlett3 beds, 2 full baths
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3 beds, 1 full, 1 part baths
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$165,000 : 7 Marsden Dr, Bartlett2 beds, 2 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Single Women Buy North Conway NH Real Estate
February 28, 2011 By Leave a Comment
Single women buy more North Conway real estate than single males
The figures keep arriving in! Record numbers of single women are making the choice to purchase a home today. The good news for single females is that rates are low and inventory is high in the North Conway NH real estate market. Right now one can choose from a lot of housing choices in a lot of regions for the smallest price obtainable in years. As with a lot main financial investments, timing is almost everything. Now is the time to buy housing. Glimpse around the community wherever you lease, check out vacation spots like North Conway NH real estate, find a residence the place you find the value is worth the cost and buy it.
Women home buyers come from all walks of life and history. These folks are, never betrothed, divorced, children, no children, dog fans, cat people, and so on. Real females want real homes. All people has various needs and wishes they want achieved via their house. Not everyone must own a flat in Boston when they can rent in-town and own a holiday residence in the North Conway NH area, which they get away to 1 or 2 instances a month. Females are leading the initiative far more now than ever to own their piece of the world. In reality, the Joint Center for Housing Studies has documented a trend that since 08 two times as many single females are buying houses than single men. In urban and suburban markets over 1 in 5 house prospective buyers is a solitary female .
Vacation ownership is the key gem of property investing. As mentioned in the instance above, many non-traditional homeowners are taking benefit of purchasing low in a lower real estate climate. 
The advantage of use of the property increases it’s value to the home-owner while the values recuperate over the next 5 – 10 years, following the historical cycles of the property market. Proximity to city markets gives a safe advantage to 2nd residence possession for women by providing income potential for leases and short driving times from the population centers. Recreational areas have traditionally came about as they have in the Northeast U.S. regional North Conway NH real estate market, just 2 hrs. drive by car north of Boston. A lotof main metropolitan regions will also possess a similar destination, just a couple of hrs drive time away.
Regardless of whether it is a getaway home in North Conway NH, Bartlett NH or Jackson NH or if you prefer the Ossipee Lake NH region or the nearby hills of Shawnee Peak in Bridgton Maine and the beautiful slopeside log homes we offer there or nearby in Knight’s Hill,or a primary residence, condo or log home, most solitary females buying homes are using financing. Low price and low finance charges equal low cost. The unspoken hazard which lurks in the cost is the pattern of the finance rates. What seems like minor changes to extremely low rates has a direct correlation to the value. For instance, a 5% drop in the price tag of a $200,000 residence is speedily offset by a 1% increase in the interest rate. Because the rate is so low and has been for so long, a lot professionals say the only way remaining to go is “up”. So far more single women are purchasing now to benefit from the low rates AND the timing.
Single females have the access to same accomplishments as their male counterparts. This includes satisfying the dream of house ownership and the experience of control of one’s own destiny. In truth, the desires and the aims haven’t changed much. As a substitute, what has changed is the method that a solitary woman can now reach those objectives and go after her desires.
If you are interested in going after home ownership, speak to a housing agent. Ask the sponsor of this article. Regardless of whether you are looking for real estate in North Conway NH or anyplace in the world I am positive they are prepared to assist you tolocate a professional that can work for you.
