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.