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FHA suspends 90 day Flipping rule

Posted by Tim Bateman | on Sunday, January 17th, 2010 at 3:20 pm
Category: Uncategorized.

This is some great news for those of who who love to Flip, Fix and Flip, and many other ways of investing homes.  Click on the link to learn more:

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

Also here is the link for the waiver:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

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A great article about Forecslosures.

Posted by Tim Bateman | on Saturday, November 14th, 2009 at 5:46 pm
Category: Uncategorized.

Foreclosure Activity Slows for Third Straight Month

Posted: Thu, 12 Nov 2009 17:00:37 +0000

house_1112RISMEDIA,
November 12, 2009—RealtyTrac one of the leading online marketplaces for
foreclosure properties, released its October 2009 U.S. Foreclosure
Market Report, which shows foreclosure
filings—default notices, scheduled foreclosure auctions and bank
repossessions—were reported on 332,292 U.S. properties during the
month, a decrease of 3% from the previous month but still up nearly 19%
from October 2008. The report also shows one in every 385 U.S. housing
units received a foreclosure filing in October. 

“Three consecutive monthly declines is unprecedented for our report,
and on first blush an indication that the foreclosure tide may be
turning,” said James J. Saccacio, chief executive officer of
RealtyTrac. “However, the fundamental forces driving foreclosure
activity in this housing downturn—high-risk mortgages, negative equity,
and unemployment—continue to loom over any nascent recovery. And
despite all the efforts and resources directed at helping homeowners
avoid foreclosure, we continue to see foreclosure activity levels that
are substantially higher than a year ago in most states.” 

Nevada, California, Florida post top state foreclosure rates
Despite a 26% decrease in foreclosure activity from the previous month,
Nevada continued to document the nation’s highest state foreclosure
rate—one in every 80 housing units received a foreclosure filing in
October. A total of 13,842 Nevada properties received a foreclosure
filing during the month, a 4% decrease from October 2008 and the first
ever year-over-year decrease in Nevada since RealtyTrac began
tabulating the year-over-year change in January 2006. Nevada default
notices were down 10% from October 2008, and scheduled foreclosure
auctions were down 6% from October 2008, while bank repossessions were
up 8% from October 2008. A new foreclosure mediation program
implemented by state law (AB 149) in July may be slowing the inflow of
distressed properties into the foreclosure pipeline. 

With one in every 156 housing units receiving a foreclosure filing
in October, California posted the nation’s second highest state
foreclosure rate for the second month in a row. A total of 85,420
California properties received a foreclosure filing during the month, a
decrease of 1% from the previous month but still nearly 50% above the
total reported in October 2008. The state’s default notices and
scheduled foreclosure auctions were up 120% and 73% respectively from
October 2008, when California foreclosure activity was in the midst of
a three-month trough after a law (SB 1137) requiring lenders to give
distressed homeowners extra notification before initiating foreclosure
took effect in September 2008. 

Florida posted the third highest state foreclosure rate, with one in
every 168 housing units receiving a foreclosure filing in October. A
total of 51,911 Florida properties received a foreclosure filing during
the month, a nearly 6% decrease from the previous month and a decrease
of 4% from October 2008. It was the first year-over-year decrease in
overall Florida foreclosure activity since July 2006. 

Other states with foreclosure rates ranking among the nation’s 10
highest were Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and
Utah. 

Four states account for more than 50 percent of national total
Four states accounted for 52% of the nation’s total foreclosure
activity in October: California, Florida, Illinois and Michigan. 

Illinois posted the third highest state total after California and
Florida, with 19,946 properties receiving a foreclosure filing in
October—a 56% spike from the previous month and the highest monthly
total for Illinois since RealtyTrac began issuing its report in January
2005. The state’s foreclosure rate jumped from No. 11 in September to
No. 6 in October, and it was the only state with a foreclosure rate in
the top 10 to post a monthly increase in foreclosure activity. A recent
state law (SB 2513) that gives distressed homeowners an extra grace
period to seek counseling to help avoid foreclosure may have created
some pent-up foreclosure activity in the state. After the law went into
effect in April, Illinois foreclosure activity decreased for three
straight months before beginning to climb again. 

Michigan registered the fourth highest state foreclosure activity
total despite a nearly 2% decrease from the previous month. A total of
16,468 Michigan properties received a foreclosure filing in October, an
increase of nearly 45% from October 2008. 

Other states with totals among the 10 highest in the country were
Nevada (13,842), Arizona (13,345), Georgia (12,468), Texas (11,798),
Ohio (11,646) and New Jersey (7,435). 

Three states account for all top 10 metro foreclosure rates
Despite a 27% decrease in foreclosure activity from the previous month,
Las Vegas continued to document the nation’s highest foreclosure rate
among metropolitan areas with a population of at least 200,000. One in
every 68 Las Vegas housing units received a foreclosure filing in
October—more than five times the national average. 

Seven of the top 10 metro foreclosure rates were in California, led
by Vallejo-Fairfield at No. 2 and Modesto at No. 3, both with one in
every 81 housing units receiving a foreclosure filing. Other California
cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4
(one in 83), Bakersfield at No. 6 (one in 97), Merced at No. 7 (one in
100), Stockton at No 8 (one in 116), and
Sacramento-Arden-Arcade-Roseville at No. 10 (one in 130). 

Metro areas in Florida accounted for the remaining two spots in the
top 10: Cape Coral-Fort Myers at No. 5 (one in 92) and
Orlando-Kissimmee at No. 9 (one in 117). 

For more information, visit www.realtytrac.com

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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Posted by Tim Bateman | on Saturday, November 14th, 2009 at 5:40 pm
Category: Uncategorized.

This is an Article that I found on RISMedia,

Obama Signs Homebuyer Tax Credit Extension

Posted: Sun, 08 Nov 2009 18:07:50 +0000

White_House_1109RISMEDIA, November 9, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss these top headlines on RISMedia.com:
Where Are All the REOs?
15 Billion in Credit Card Fees Charged! …and the New “Credit Card Act”

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Short Sales in South Eastern Idaho

Posted by Tim Bateman | on Saturday, October 31st, 2009 at 2:48 pm
Category: Foreclosures.
Tags: ,

I am currently working on three of my listings as short sales, two with Chase and one with Wells Fargo.  The one with Chase has had several offer’s so they are working hard on that one (it has only been roughly 45 days).   If you are being told that you need to short sale your house you need: Patience, more Patience and some more Patience.  Not just with your Realtor but with your bank.

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