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.

Friday, December 18, 2009

Housing Market Not Rebounding

Housing Market Not Rebounding

According to this USA Today article, Can home market bounce back without more help?, high foreclosures, high unemployment and short-term government housing stimulus programs (i.e. expanded FHA, expanded Fannie Mae and Freddie Mac, the $1.25 trillion mortgage securities buying program, the home buyer tax credit, etc.) will continue to challenge the housing market and may not be enough to turn housing prices around in the near future. While the article quotes experts on both sides of the housing market rebounding/not rebounding issue, it seems to me that those saying that the housing market is rebounding are only quoting housing market sales figures, sales prices, inventory, etc. without considering the forces behind those figures. For example, if the first home buyer tax credits are spurring 30% of all home sales (as stated in the article), then you cannot use the home sales, home prices and inventory figures as proof the housing market is rebounding since the tax credit is responsible for a significant portion of the sales activity. Given that this tax credit goes away on 4/30/2010, it is not a long term demand driver. Also, the government's $1.25 trillion mortgage securities buying program will end in April 2010 so that is another artificial stimulus that will disappear with the result of higher interest rates and lower demand. Therefore, in my opinion, this "housing market rebound" is a mirage and will disappear once these artificial stimulus actions end. See my post Our Phony Real Estate Market for more information.

Below are some interesting quotes from the real estate experts mentioned in the article:
  • Lawrence Yun, chief economist at the National Association of Realtors (NAR) - "Right now, we're not in a sustaining recovery. We're on the cusp of a self-sufficient recovery, but we're not there yet." Well, at least Lawrence got some truth into that statement even though he ended it with Realtor spin.
  • Mark Zandi, chief economist at Moody's Economy.com - "Foreclosures will be high for a long time and property values won't increase. Many (homeowners) are underwater and are at high risk of defaulting. There are a lot of foreclosed properties in the pipeline that will limit the market and depress prices."
In short, there are no positive sustainable demand forces in the housing market. The tax credits will go away and the government mortgage market propping will end resulting in higher interest rates. The only sustainable housing market forces are high foreclosures, high unemployment and too much debt. All these forces mean more problems ahead for the housing market.

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.