Monday, January 25, 2010

Homes Sales Plunge In December 2009

Homes Sales Plunge In December 2009

According to this MSNBC article, Home sales tumble as first-time buyers back off - December's drop is largest in more than 40 years, sales of existing (previously occupied) homes declined by almost 17% in December 2009, which is the largest such drop in over 40 years. 2009 overall saw home sales increase for the first time in 4 years (about 5% over 2008 home sales figures), but this came at a cost - home prices declined by over 12% in 2009, the worst such decline since the Great Depression.  Apparently, the December 2009 sales figures are 21% higher than the sales volume bottom of December 2008, but 25% lower than the December 2005 peak.  The article goes on to state that the housing market could worsen this spring when the the Federal Reserve ends its mortgage securities purchasing program, which has been artificially keeping interest rates low.  In addition to that the home buyer tax credit expires this spring (4/30/2010 to be exact).  According to the National Association of REALTORS (NAR), first-time buyers accounted for about 50% of all home sales in November 2009, but only 43% in December 2009.  Given this information, I think the ending of the home buyer tax credit this spring is a legitimate housing market concern.  The article states "December's sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million, from an unchanged pace of 6.54 million in November, the National Association of Realtors said Monday.  Sales had been expected to fall by about 10 percent, according to economists surveyed by Thomson Reuters."  I guess the proper technical term for this would be "oops".  In addition to the end of the mortgage securities purchasing program and the home buyer tax credit the problems of ever increasing foreclosures and 10%+ unemployment practically guarantee that housing prices will decrease in 2010.

Below are a few other highlights from the article:
  • Anna Piretti, senior economist at BNP Paribas, said "The numbers clearly indicate that the rebound in housing demand observed so far has been largely supported by government programs."  I agree, but I predicted this months ago - see my blog post Our Phony Real Estate Market.
  • Paul Dales, U.S. economist with Capital Economics, said "The report places a large question mark over whether the recovery can be sustained when the extended tax credit expires."  To me there is no "question mark" - there will not be a housing recovery any time soon.
  • Lawrence Yun, chief economist of NAR, "cautioned that the (housing) recovery will depend on whether the economy starts adding jobs in the second half of the year."  Really!?  While I have always known that jobs spur housing, this is the first time I have heard Yun say this.  See my blog post Real Estate Fiction where I quote Yun as saying "With home sales heading up and inventories shrinking, prices are stabilizing. These are the key conditions needed for housing to lead the economy into growth mode. Once that happens, jobs will follow."  This does not match Yun's latest statement that the housing market depends on jobs.  Which one is it Lawrence?
  • "The inventory of unsold homes on the market fell about 7 percent to 3.3 million. That's a 7.2 month supply at the current sales pace, close to a healthy level of about six months."  While this sounds reasonably positive it does not factor in all the "shadow inventory" that is lurking in the near future.  See my blog post Experts: More Rough Times Ahead for U.S. Economy to get a better idea of what I mean.
My conclusion remains the same: housing prices will continue to decline due to poor market conditions and lots of distress sales (short sales and foreclosures). Real estate and housing are simply showing the symptoms of the real problem: debt (more specifically - too much debt).

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Friday, January 22, 2010

Tennessee Unemployment Rises Again - US Unemployment Rises Again - Housing Slumps Again

Tennessee Unemployment Rises Again - US Unemployment Rises Again - Housing Slumps Again

According to this Tennessean article, TN jobless rate rises unexpectedly, the Tennessee unemployment rate spiked to 10.9% in December 2009 from 10.2% in November 2009. During this time the US unemployment rate also increased. According to the article the GM layoffs, sluggish holiday hiring and continued losses in construction and transportation jobs were the main causes of the spike in unemployment. The article quotes Bill Fox, an economist at the University of Tennessee-Knoxville, as saying "Those are big losses in industries that had already experienced big losses. Bad weather and a weaker-than-expected housing market may explain the construction losses." This is all good information, but I fail to see how the spike in unemployment and weakening housing market were "unexpected". The economy is not recovering - there is no such thing as a "jobless recovery". There will be more foreclosures and short sales, which will be factors in pushing housing prices down further.

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

First-Time Home Buyers Fading

First-Time Home Buyers Fading

According to this Real Estate Economy Watch article, First-time Buyers Faded in Q4, the percentage share of home buyers that are first-time home buyers has been declining since the peak in October 2009. The cause of the October 2009 peak was the first-time home buyer tax credit, which got a large number of first-time home buyers off the fence. I have been saying that the extension and expansion of the tax credit would not produce the same results since most of the remaining firs-time buyers that did not buy when the original tax credit was announced either cannot buy now or won't buy now (at least without an even larger tax credit/incentive). Unfortunately, many of the first-time home buyers who purchased homes due to the tax credit will end up in foreclosure since most had little or no money for a down payment and as a result are already underwater. They thought they were getting a good deal, but were really duped into buying in the face of a declining market. This is just another case of fleeting government market propping which will ultimately fail - and result in more foreclosures and short sales. Be smart and buy only distressed properties (at a substantial discount) to guard against future price declines.

If you are a home buyer or real estate investor in Middle Tennessee who is interested in purchasing a Fannie Mae foreclosure, a Freddie Mac foreclosure, bank foreclosure or REO, a short sale, home, investmenr ptoperty, condo, or other distressed real estate in order to get a great home or investment property at an attractive price without dealing with the difficult REO/foreclosure listing agents and you want aggressive and professional buyer representation, please contact me, or visit my website Search the Middle Tennessee MLS - Find Middle TN Short Sales, Pre-foreclosures, Foreclosures & REO's so that you can find foreclosures, short sales and other distressed real estate and homes in Middle TN. I help home buyers in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Springfield TN, Gallatin TN and Mt. Juliet TN).

Wednesday, January 20, 2010

Stop Foreclosure in Nashville TN - Short Sale and Foreclosure Help In The Nashville Tennessee Metro Area

Stop Foreclosure in Nashville TN - Short Sale and Foreclosure Help In The Nashville Tennessee Metro Area


Attention Middle Tennessee Homeowners, Property Owners, Condo Owners, Real Estate Investors, Commercial Real Estate Owners, Home Builders and Real Estate Developers - Get Expert Help and Assistance from a Middle Tennessee Distressed Real Estate, Short Sale, Pre-foreclosure and Foreclosure REALTOR, Real Estate Expert & Real Estate Professional - Get Middle TN Short Sale and Loan Modification Help and Assistance


This Middle Tennessee real estate blog is focused on helping homeowners (single homes, high end homes, luxury homes, executive homes & estate homes), condo owners, property owners, real estate investors, commercial real estate owners, home builders and real estate developers in Middle Tennessee who have defaulted in their mortgage payments, know they cannot pay their mortgages, are in foreclosure, and/or who need expert help and assistance with a real estate short sale (i.e. where the property value is worth less than the mortgage debt). My website is designed to provide assistance to and help, inform and educate financially distressed real estate sellers, short sale sellers and pre-foreclosure sellers and consumers on how to best solve their Middle Tennessee real estate problems in the quickest time possible. The articles and tools throughout this website are FREE, with zero strings attached.


My name is James W. McCormack (people call me Jim McCormack). I am a Middle Tennessee Distressed Real Estate, Short Sale, Pre-foreclosure and Foreclosure REALTOR and Real Estate Expert. I am a 10+ year real estate sales veteran and full-time real estate professional who specializes in helping people and businesses solve their real estate problems. I focus on distressed real estate, short sales, pre-foreclosures, foreclosures and investment properties in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Real Estate Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, commercial real estate owners, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in and around Middle Tennessee. Reasons why you would need to do a real estate short sale include losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.


This website helps you to search for and find houses, homes and real estate in Middle Tennessee including distressed homes and listings, short sale homes and listings, pre-foreclosure homes and listings and foreclosure homes and listings in Middle Tennessee (Rutherford County Tennessee, Williamson County Tennessee, Davidson County Tennessee, Robertson County Tennessee, Maury County Tennessee, Murfreesboro Tennessee, Smyrna Tennessee, La Vergne Tennessee, Eagleville Tennessee, Lascassas Tennessee, Rockvale Tennessee, Christiana Tennessee, Brentwood Tennessee, Franklin Tennessee, Nashville Tennessee, Belle Meade Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Gallatin Tennessee, Springfield Tennessee and Mt. Juliet Tennessee).
I am a Middle Tennessee REALTOR and real estate expert who is here to help you out of your financially stressful situation. Please contact Jim to discuss your particular real estate situation or problems. Jim almost always return phone calls and emails within 1 business day.


I provide the following real estate services:

Specialty and Challenging Real Estate (Sales, Consulting & Leasing):
     1. Physically Distressed Properties (i.e. fixer uppers, rehab properties, handyman specials, etc.).
     2. Foreclosures.
     3. Pre-foreclosures (i.e. Notice of Default, etc.).
     4. Short Sales (i.e. where the sale price is not enough to pay off the mortgage(s) and other liens.).
     5. Bank Owned Real Estate (i.e. REO's).
     6. Divorce Sales.
     7. Estate Sales.
     8. Abandoned and Vacant Properties.
     9. Rental Homes and Properties (Leasing and Consulting).
    10. Lease Option/Lease Purchase Homes (Sales, Leasing & Consulting).
    11. Other Difficult Situations.


Commercial and Investment Real Estate (Sales & Leasing):
     1. Small Multifamily Properties (2-4 units).
     2. Apartment Buildings (5+ units).

I am a Tennessee Licensed Real Estate Broker, REALTOR and Real Estate Expert who will help guide you out of your difficult financial and real estate situation. Be wary of so-called "angel investors" who promise to help you by buying your home, etc. Some even promise to rent your home back to you, which is not permitted according to the terms of most lender short sale approval documents and letters. Even if you can rent your home back from the investor/buyer the terms of the lease frequently make it very difficult for you to abide by the lease terms resulting in the investor throwing you out of your home. These investors are not licensed and are not bound by any ethical rules. Their goal is to buy your home (cash or terms) for as little as possible and get the best deal they can without any regard for your situation. They do not care about what happens to you. You can avoid this by contacing me to help solve your Middle Tennessee real estate problems. See these links below for some things to watch out for with these so called "angel investors":
Quick Links



Find Middle TN Real Estate, Houses, Homes, Townhomes, Condos, Building Lots, Farms & Land
Find Short Sales, Pre-foreclosures, Foreclosures, REO's, Bank Owned Properties, Fixer Uppers & Other Distressed Real Estate








You can find great local real estate information about homes, condos, investment properties, short sales and foreclosures in Middle TN (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). Jim helps homeowners, condo owners, property owners and commercial real estate owners who are in foreclosure or who owe more than their homes, condos, investment properties or commercial properties are worth. Jim provides the latest news on foreclosures, pre-foreclosures, short sales, loan modifications, the overall real estate market and more. Jim McCormack is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.



Middle Tennessee REALTOR Closes Short Sale in Murfreesboro TN (Rutherford County)

Middle Tennessee REALTOR Closes Short Sale in Murfreesboro TN (Rutherford County)

Jim McCormack, a Middle Tennessee REALTOR with Exit Realty Bob Lamb & Associates, recently closed a Short Sale in Murfreesboro TN (Rutherford County) for $120,000 (with the buyer paying an additional $1,000 to the 2nd mortgage owner). Jim, a short sale specialist, was brought into the sale transaction immediately after the listing REALTOR obtained an executed purchase agreement. Jim obtained short sale approval in about 3 weeks, which is very fast. The seller was very happy and relieved to be out from under this home that they could no longer afford.

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Middle Tennessee REALTOR Closes Difficult Short Sale in Mount Juliet TN (Rutherford County)

Middle Tennessee REALTOR Closes Difficult Short Sale in Mount Juliet TN (Rutherford County)

Jim McCormack, a Middle Tennessee REALTOR with Exit Realty Bob Lamb & Associates, recently closed a complex Short Sale in Mt. Juliet TN (Rutherford County) for $300,000 (with the buyer paying an additional $18,000) despite the fact that over $620,000 was owed to 3 different mortgage lenders, there was a title dispute and Fannie Mae (the loan owner) valued the property at $50,000 more than the sale price. The property was a listing of another REALTOR in the same office. Jim was brought into the sale transaction after the listing REALTOR spent 4 months trying to get the short sale approved. After Jim got involved the sale closed in about 3 months. The seller was released from all debts. The seller was very happy and relieved to be out from under this failed new construction/investment home.

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Sunday, January 17, 2010

Foreclosures Will Increase Again

Foreclosures Will Increase Again

According to this RealEstateEconomyWatch.com article, ’09 Foreclosure Binge to Produce Hangover in ‘10, despite foreclosures hitting a new record in 2009 (21% more than 2008 and 120% more than 2007), foreclosures will actually increase in 2010 and 2011 as a result of regulatory and lender delays which artificially reduced the number of foreclosures in 2009. the article states "In fact, the delay in processing foreclosures due to loan modification programs, moratoria and a system overwhelmed by the sheer volume of properties was the only reason the number of 2009 foreclosures was not greater." I guess we are going from bad to worse. No surprise here since I have been saying this for some time. Although the real estate market in 2009 was bad, it was artificially propped up and will get even worse in the next few years (see Our Phony Real Estate Market). As a result of this acceleration of the decline there will be more short sales and foreclosures in 2010-2011 and beyond.

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Thursday, January 7, 2010

FHA Loans More Difficult and Expensive

FHA Loans More Difficult and Expensive

According to this MSN Money article, Last chance for lowest-cost loans (Coming soon to FHA-backed loans: Higher FICO scores and more cash at closing. The changes are needed to help keep the agency afloat.), Federal Housing Administration (FHA) loans are about to get more expensive and more difficult to obtain due to the financial problems that the FHA is experiencing that are a result of record FHA mortgage loan default rates. Simply put, the FHA is paying more out to cover loan losses than it collects in Mortgage Insurance Premiums (MIP) from FHA borrowers and, as a result, the FHA is going bankrupt. As usual, I am ahead of the curve and told you about this in my blog posts: FHA Will Tighten Underwriting and FHA in Deep Trouble: Default Rates Skyrocketing.  The debt hot potato game continues with private debt becoming public debt.  Rest assured that the end result will be more short sales and foreclosures.

According to the article, the Obama Administration announced that there will be 4 changes to the FHA loan process that are aimed at lowering the FHA default rate. Those changes are as follows:
  • Increasing the minimum down payment required to obtain a FHA insured loan.
  • Raising the minimum credit score needed to qualify for a FHA insured loan.
  • Raising the cost of the FHA Mortgage Insurance Premium (MIP) and possibly changing how FHA mortgage insurance premiums are collected.
  • Reducing the amount of the buyer's closing costs that the seller will be allowed to pay (i.e. possibly reducing this amount from 6% to 3%).
If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Wednesday, January 6, 2010

SHORT SALE - 3BR/2BA Single Ranch in Murfreesboro TN

SHORT SALE - 3BR/2BA Single Ranch in Murfreesboro TN.  See details and more photos here.



If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Listed By:
James W. McCormack
Broker, REALTOR, e-PRO

Exit Realty Network
2656 Rideout Lane
Murfreesboro, TN 37128

Office 615-494-5963
Direct 615-796-6898

Web www.JimTheRealEstateExpert.com
Blog www.HaltingForeclosures.com

Recession 2 Coming Soon?

Recession 2 Coming Soon?

According to this BusinessWeek article, Krugman Sees 30-40% Chance of U.S. Recession in 2010 (Update1), there is a good chance that rising interest rates (caused largely by the end of the massive $1.25 trillion mortgage securities purchase program and the $175 billion Fannie Mae/Freddie Mac/Ginnie Mae mortgage securities purchasing programs in April 2010) that we could experience another recession in 2010. The article states that Paul Krugman, a Nobel Prize winning economist and economics professor at Princeton University, believes that there is about a 30% to 40% chance of a recession in the 2nd half of 2010 and that the chance of growth slowing down enough such that unemployment increases again is more than 50%. Krugman also said that mortgage rates will go up some and housing sales may decline. The real issue here (not mentioned in the article) is the entire US economy is based on debt, not income, assets and productivity. This debt is what fueled consumer spending. Now that debt is right near the ceiling there is just not much chance that massive government spending and subsidizing of interest rates will have any lasting effect. My opinion is that we will see another recession and this one will be worse than the 1st one since the government will have made things worse with all the borrowing and spending. As a result, housing will decline and there will be more short sales and foreclosures.

If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Tuesday, January 5, 2010

SHORT SALE - 2BR/1BA Condo in Town Center Homes at Lenox Village

SHORT SALE - 2BR/1BA Condo in Town Center Homes at Lenox Village. See details and more photos here.




Jim McCormack
Broker, REALTOR, e-PRO
Real Estate Consultant

Exit Realty Network
2656 Rideout Lane
Murfreesboro, TN  37128

TN Real Estate Broker
License# 320030

Office  (615) 494-5963 
Direct  (615) 796-6898

Web www.JimTheRealEstateExpert.com
Blog www.HaltingForeclosures.com
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Short Sale, Foreclosure, Distressed Real Estate and Investment Property Real Estate Service Areas in Middle Tennessee:
  • Rutherford County Tennessee
  • Williamson County Tennessee
  • Davidson County Tennessee
  • Maury County Tennessee
  • Robertson County Tennessee
  • Murfreesboro Tennessee
  • Smyrna Tennessee
  • La Vergne Tennessee
  • Eagleville Tennessee
  • Lascassas Tennessee
  • Rockvale Tennessee
  • Christiana Tennessee
  • Brentwood Tennessee
  • Franklin Tennessee
  • Nashville Tennessee
  • Belle Meade Tennessee
  • Nolensville Tennessee
  • Spring Hill Tennessee
  • Mt. Juliet Tennessee
  • Springfield Tennessee

I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Real Estate Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, commercial real estate owners, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in and around Middle Tennessee.

SHORT SALE - 3BR/3.5BA Custom Single Home in Springfield TN

SHORT SALE - 3BR/3.5BA Custom Single Home in Springfield TN. See details and more photos here.






James W. McCormack
Broker, REALTOR, e-PRO

Exit Realty Network
2656 Rideout Lane
Murfreesboro, TN 37128

Office (615) 494-5963
Direct (615) 796-6898

Web www.JimTheRealEstateExpert.com
Blog www.HaltingForeclosures.com
ActiveRain Jim McCormack on ActiveRain
Zillow Jim McCormack on Zillow
Trulia Jim McCormack on Trulia
BrokerAgentSocial Jim McCormack on BrokerAgentSocial
LinkedIn Jim McCormack on LinkedIn
Google Jim McCormack on Google
Twitter Jim McCormack on Twitter



I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Real Estate Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, commercial real estate owners, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in and around Middle Tennessee.

Fannie Mae and Freddie Mac Foreclosures Surge

Fannie Mae and Freddie Mac Foreclosures Surge

According to this Real Estate Economy Watch article, Fannie Mae’s Delinquencies Rise 163 Percent in 12 Months, Fannie Mae (the Federal National Mortgage Association, or FNMA) in October 2009, mortgage loan delinquencies rose significantly.  The percentage of "seriously delinquent mortgage loans" in Fannie Mae's portfolio increased 26 basis points for a new total of 4.98%. In September 2008, when the US Treasury took over Fannie Mae and Freddie Mac (the Federal Home Loan Mortgage Corporation, or FHLMC) and placed these government-sponsored enterprises (GSE's) into conservatorship, that same "seriously delinquent mortgage loans" figure was just 1.89%. That is an increase of 309 basis points, or 163%.  Single family mortgage loans are defined as "seriously delinquent mortgage loans" if they are 90 days or more past due, or in the foreclosure process.  Multifamily mortgage loans aredefined as "seriously delinquent" if they are are 60 days or more past due. According to the article "Seriously delinquent loans eat into the company’s capital and forced borrowing from the U.S. Treasury."  Freddie Mac’s single family mortgage loan delinquency increased to a new record of 3.54% of its portfolio.  According to the article, this was the 30th straight month in which delinquencies have increased.  This is probably why the US Treasury has removed the limit on the Fannie Mae/Freddie Mac loan guarantees - they know that the losses will far exceed the previous limit.  As I have been saying since early-mid 2006, this is only going to get worse.  Fannie Mae, Freddie Mac, Ginnie Mae (buys FHA loans) and commercial banks will all be forced to handle more short sales, or risk being deluged by an overwhelming number of foreclosures.

If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Monday, January 4, 2010

Record Mortgage Lender and Bank Failures in 2009

Record Mortgage Lender and Bank Failures in 2009

According to this Real Estate Economy Watch article, Lender Failures Set New Record, a record 225 mortgage related companies failed in 2009. This is a 36%+ increase over the previous record of 165 in 2007 and a 81%+ increase over the 124 mortgage lenders that failed on 2008. In short, things are only going to get worse. The article states "The annual surge was fueled by a spike in bank failures — which increased more than 400 percent. Banks account for most of the country’s residential originations." 2010 will be the first year of many years of massive bank failures. In my opinion, only banks and mortgage lenders that embrace short sales will have a chance of surviving the coming financial storm. There will be simply be too many delinquent homeowners for banks and mortgage companies to foreclose on even most of them and survive. Short sales will become the preferred method of dead asset disposition taking the place of REO sales.

If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.