Texas Gal Real Estate » foreclosures http://texasgalrealestate.com Residential real estate in Fort Bend TX Fri, 26 Aug 2011 13:13:24 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 HOUSTON’S MARCH HOME SALES FALL SLIGHTLY BEHIND LAST YEAR AS AVERAGE PRICE EDGES UP http://texasgalrealestate.com/houstons-march-home-sales-fall-slightly-behind-last-year-as-average-price-edges-up.html http://texasgalrealestate.com/houstons-march-home-sales-fall-slightly-behind-last-year-as-average-price-edges-up.html#comments Thu, 21 Apr 2011 13:34:50 +0000 Adminkl http://texasgalrealestate.com/?p=395

HOUSTON — (April 19, 2011) — In what reads like a carbon copy of the February housing report, local home sales fell slightly in March while the average price of those homes rose. The lower sales volume compares to sales activity in March 2010 that was driven, in part, by the federal government’s first-time home buyer tax credit incentive.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), March sales of single-family homes fell 4.4 percent versus one year earlier. As in February, the popular middle segments of the Houston housing market, consisting of homes priced between $80,000 and $250,000, experienced declining sales while the low and high ends saw an increase in number of sales. Compared to March of 2009, a year without unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 6.6 percent.

Luxury home sales boosted the average price of a single-family home for a third straight month. The average price rose 3.3 percent from March 2010 to $217,597, the highest level for a March in Houston. The March single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 1.7 percent year-over-year to $150,900.

Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 3.6 percent in March compared to one year earlier. Foreclosures comprised 23.5 percent of all property sales in March. The median price of March foreclosures fell 7.1 percent to $82,000 on a year-over-year basis.

March sales of all property types in Houston totaled 5,509, down 5.0 percent compared to March 2010. Total dollar volume for properties sold during the month declined 2.3 percent to $1.1 billion versus $1.2 billion one year earlier.

“The year-over-year March 2011-March 2010 analysis is a bit skewed in the sense that it continues to reflect a comparison to the period a year ago where the home buyer tax credit encouraged consumers to purchase a home prior to the April 30 deadline,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “It is encouraging that properties continue to go under contract at the levels we saw last year, a time when the tax credit was a huge incentive.”

March Monthly Market Comparison

The month of March brought Houston’s overall housing market largely negative results when all listing categories are compared to March of 2010. Total property sales, total dollar volume and median price declined, while average price rose on a year-over-year basis.

Month-end pending sales for March totaled 4,190, down 1.2 percent from last year. That suggests the likelihood of lower demand when the April figures are tallied. The number of available properties, or active listings, at the end of March rose 4.2 percent from March 2010 to 51,091. The growth in available housing pushed the March inventory of single-family homes to 7.6 months compared to 6.7 months one year earlier. That means that it would take 7.6 months to sell all the single-family homes on the market based on sales activity over the past year. The figure still compares favorably to the national inventory of single-family homes of 8.6 months reported by the National Association of REALTORS® (NAR).

CATEGORIES MARCH 2010 MARCH 2011 PERCENT CHANGE
Total property sales 5,800 5,509 -5.0%
Total dollar volume $1,164,162,238 $1,137,192,820 -2.3%
Total active listings 49,030 51,091 4.2%
Total pending sales 4,242 4,190 -1.2%
Single-family home sales 4,861 4,647 -4.4%
Single-family average sales price $210,642 $217,597 3.3%
Single-family median sales price $153,500 $150,900 -1.7%
Months inventory* 6.7 7.6 13.2%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

 

Single-Family Homes Update

March sales of single-family homes in Houston totaled 4,647, down 4.4 percent from March 2010. This follows a 2.5 percent decline in February and 8.2 percent jump in January, which was the first increase in seven months. When compared to March of 2009, a year in which there were no unusual real estate market influences such as Hurricane Ike in 2008 and the home buyer tax credit in 2010, single-family home sales were up 6.6 percent.

Broken out by segment, March sales of homes priced below $80,000 climbed 25.6 percent; sales of homes in the $80,000-$150,000 range dropped 11.5 percent; sales of homes between $150,000 and $250,000 declined 16.7 percent; sales of homes ranging from $250,000-$500,000 ticked up 3.1 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—rose 7.6 percent.

0411 1 HOUSTONS MARCH HOME SALES FALL SLIGHTLY BEHIND LAST YEAR AS AVERAGE PRICE EDGES UP

At $217,597, the average price of single-family homes achieved the highest levels ever for a March in Houston, up 3.3 percent compared to one year earlier. At $150,900, the median sales price for single-family homes dipped 1.7 percent versus March 2010. The national single-family median price reported by NAR is $157,000, illustrating the continued higher value and lower cost of living available to consumers in Houston.

0411 2 HOUSTONS MARCH HOME SALES FALL SLIGHTLY BEHIND LAST YEAR AS AVERAGE PRICE EDGES UP

HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In March 2011, existing home sales totaled 3,911, a 3.6 percent decrease from March 2010. The average sales price rose 2.7 percent to $201,867 compared to last year and the median sales price of $135,900 fell 4.6 percent.

Townhouse/Condominium Update

The number of townhouses and condominiums that sold in March slid 16.6 percent compared to one year earlier. In the greater Houston area, 388 units were sold last month versus 465 properties in March 2010.

The average price fell 9.8 percent to $145,206 from March 2010 to March 2011. The median price of a townhouse/condominium declined 6.5 percent to $115,000.

0411 3 HOUSTONS MARCH HOME SALES FALL SLIGHTLY BEHIND LAST YEAR AS AVERAGE PRICE EDGES UP

 

Lease Property Update

Demand for single-family home rentals soared 31.4 percent in March compared to one year earlier. Year-over-year townhouse/condominium rentals increased 24.0 percent.

Houston Real Estate Milestones in March
  • At $217,597, the average price of a single-family home reached the highest level ever recorded for a March in Houston;
  • Single-family home rentals rose 31.4 percent;
  • Townhouse/condominium rentals increased 24.0 percent;
  • 7.6 months inventory of single-family homes compares favorably to the national average of 8.6 months.

    •  

    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 26,000 REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

    The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

    The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

    Founded in 1918, the Houston Association of REALTORS® (HAR) is a 26,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.

     

    ]]>     http://texasgalrealestate.com/houstons-march-home-sales-fall-slightly-behind-last-year-as-average-price-edges-up.html/feed 0     Discussion on Foreclosures http://texasgalrealestate.com/discussion-on-foreclosures-2.html http://texasgalrealestate.com/discussion-on-foreclosures-2.html#comments Thu, 10 Mar 2011 17:52:44 +0000 Adminkl http://texasgalrealestate.com/?p=238 Insight on the real estate market across the United States, with Russel
    Haraus, Appraisal Research Counselors, and our own Steve Haines, Texas
    Real Estate Magazine, and Leslie Erickson, Prudential Georgia Realty.

    ]]>     http://texasgalrealestate.com/discussion-on-foreclosures-2.html/feed 0     Get Your Home Sold http://texasgalrealestate.com/61.html http://texasgalrealestate.com/61.html#comments Sun, 18 Jul 2010 16:31:16 +0000 Adminkl http://texasgalrealestate.com/?p=61

    Visit houselogic.com for more articles like this.

    Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

    ]]>     http://texasgalrealestate.com/61.html/feed 1     Nearly 25 Percent Of All Mortgages Delinquent, 230 Percent Increase http://texasgalrealestate.com/nearly-25-of-all-mortgages-delinquent-230-increase-2011-real-estate-market-predicitions.html http://texasgalrealestate.com/nearly-25-of-all-mortgages-delinquent-230-increase-2011-real-estate-market-predicitions.html#comments Wed, 23 Jun 2010 15:58:39 +0000 Adminkl http://texasgalrealestate.com/?p=14 So if all this is true, where is Obama getting his information from?

    Excerpts from a recent Mortgage Bankers Association Press Release….Picture 217 300x296 Nearly 25 Percent Of All Mortgages Delinquent, 230 Percent Increase

    Nearly 25% Of All Mortgages Delinquent, 230% Increase/ 2011 Real Estate Market Predictions

     

    The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter of 2010, an increase of 59 basis points from the fourth quarter of 2009, and up 94 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate decreased 106 basis points from 10.44 percent in the fourth quarter of 2009 to 9.38 percent this quarter.

    The percentage of loans on which foreclosure actions were started during the first quarter was 1.23 percent, up three basis points from last quarter but down 14 basis points from one year ago.

    The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.  The percentage of loans in the foreclosure process at the end of the first quarter was 4.63 percent, an increase of five basis points from the fourth quarter of 2009 and 78 basis points from one year ago. This represents another record high.

    The combined percentage of loans in foreclosure or at least one payment past due was 14.01 percent on a non-seasonally adjusted basis, a decline from 15.02 percent last quarter.

    The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 9.54 percent, a decrease of 13 basis points from last quarter, but an increase of 230 basis points from the first quarter of last year.

    The seasonally adjusted delinquency rate increased for all loan types with the exception of FHA loans. On a seasonally adjusted basis, the delinquency rate stood at 6.17 percent for prime fixed loans, 13.52 percent for prime ARM loans, 25.69 percent for subprime fixed loans, 29.09 percent for subprime ARM loans, 13.15 percent for FHA loans, and 7.96 percent for VA loans. On a non-seasonally adjusted basis, the delinquency rate fell for all loan types.

    The foreclosure starts rate increased for all loan types with the exception of subprime loans. The foreclosure starts rate increased six basis points for prime fixed loans to 0.69 percent, 17 basis points for prime ARM loans to 2.29 percent, 18 basis points for FHA loans to 1.46 percent, and eight basis points for VA loans to 0.89 percent. For subprime fixed loans, the rate decreased nine basis points to 2.64 percent and for subprime ARM loans the rate decreased 39 basis points to 4.32 percent.

    Change from last year (first quarter of 2009)

    Given the challenges in interpreting the true seasonal effects in these data when comparing quarter to quarter changes, it is important to highlight the year over year changes.  The non-seasonally adjusted delinquency rate increased 151 basis points for prime fixed loans, 172 basis points for prime ARM loans, 343 basis points for subprime fixed loans, and 244 basis points for subprime ARM loans from the first quarter of 2009. The delinquency rate was 48 basis points lower for FHA loans and 12 basis points for VA loans relative to the same quarter a year ago.

    The non-seasonally adjusted foreclosure starts rate increased eight basis points for prime fixed loans, 36 basis points for FHA loans and 17 basis points for VA loans compared to the first quarter of 2009. The rate decreased 22 basis points for prime ARM loans, 10 basis points for subprime fixed loans, and 259 basis points for subprime ARM loans on a year over year basis.

    About half of the states saw increases in the rate of foreclosure starts on a year over year basis, with the largest increases coming in Oregon, North Carolina and Maryland.  The largest decreases were in Florida, Rhode Island and California.  Almost all of the states saw year-over year decreases in subprime ARM foreclosure starts while almost all had increases in prime fixed-rate and FHA foreclosure starts.

    Submitted by Tim Harris on June 15, 2010 – 1:17 pm

    ]]>     http://texasgalrealestate.com/nearly-25-of-all-mortgages-delinquent-230-increase-2011-real-estate-market-predicitions.html/feed 2     Mortgage Loan Modification Re-Defaults Expected To Be 60-75 Percent http://texasgalrealestate.com/mortgage-loan-modification-re-defaults-expected-to-be-60-75.html http://texasgalrealestate.com/mortgage-loan-modification-re-defaults-expected-to-be-60-75.html#comments Tue, 22 Jun 2010 22:36:55 +0000 Adminkl http://texasgalrealestate.com/?p=7 Submitted by Tim Harris of Harris University of Real Estate on June 18, 2010 – 11:38 am

    Are loan mods the solution….well, no.

    Not if you consider the fact that its widely believed that up to 75% of all loan mods will re-default.

    Agents who are speaking with potential short sale sellers, what is one of the top reasons sellers give for not listing their home?

    “We want to try a loan modification”

    Share this article with your howeowners. Let them know that statistically very few mortgage loan modifications actually work beyond the initial period.

    What homeowners don’t understand is that they will often be required to forfeit many ‘rights’ they may have. For example, we have seen loan modifications that literally make it so if the homeowner misses (or is late)Picture 276 300x198 Mortgage Loan Modification Re Defaults Expected To Be 60 75 Percent on ONE payment during the trail mod their home is rushed into foreclosure, don’t stop at GO. Additionally, its a rare mod indeed that actually cancels out the negative equity. In other words, the mod may lower the payment temporarily but, the negative equity is still there.

    Another fun fact, most mortgage loan modification are only for 3-5 years with a balloon payment often times including ALL that they still owed including their late fees, missed payments….etc

    And don’t forget, homeowners have to qualify for a loan mod. Its treated like a fully documented loan application. Many homeowners won’t qualify for the home that they are currently living in!

    Loan Modifications are clearly not what people think. Understand what mods are and aren’t…counsel your homeowners so they know what they are signing themselves up for.

    Its no wonder why, up to 70% of all loan mods fail…..

    Source: SNL.com

    Economists and analysts predict redefaults will severely plague loan modifications, including one projection that 70% of all modifications will fail.

    In a recent report projecting the level of shadow inventory in the housing market, Standard & Poor’s analysts noted that they assumed a 70% redefault rate on loan modifications in the study.

    Diane Westerback, S&P’s managing director of global surveillance analytics, told SNL that the previously reported 30% to 40% redefault rates typically only count borrowers after two or three months of payments. A year after the modification, Westerback expects redefaults to hit between 60% and 70%.

    See Above comments for just a few of the reasons why loan mods fail…

    “I’ve always taken the position that if a guy pays for a year, he’s really made it. If he makes a few payments, you don’t really know,” she said.

    Fitch Ratings on June 16 issued similar projections, albeit only for subprime and Alt-A loans in RMBS. The rating agency projects modifications on those product types to redefault at a 65% to 75% range, while prime loans in RMBS are expected to redefault at a rate of 55% to 65%.

    Fitch said the government’s Home Affordable Modification Program appears to be “falling far short” of its stated goals, with Managing Director Diane Pendley noting in a news release that changes to the program mean “final determination of the program’s ultimate effectiveness will continue to be delayed.”

    Where does all of this go….what happens to all of these failed loan modification? Millions of those homes will become short sale listings.

    Agents, are you finally ready to learn the new ways to list and sell short sales? Chances are you have learned the very basics of how to do short sales…maybe, you have even successfully closed a few short sales. Its obvious that helping homeowners avoid foreclosure by selling their home as a short sale is one of this markets greatest opportunities.

    The most recent mortgage metrics performance report released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision showed stronger performance as of the 2009 fourth quarter than Fitch and S&P expect. Redefaults three months after modification have fallen to 14.7% for modifications completed in the 2009 third quarter from 35.1% for 2008 third-quarter modifications.

    The report posted two redefault rates for a year after modification: 60.7% for 2008 third-quarter modifications and 57.9% for 2008 fourth-quarter ones.

    A spokesman for the Office of Thrift Supervision told SNL that a new mortgage metrics report will be released in the next week or two, with the agency shooting for a June 23 release date.

    A pair of economists told SNL that they do not consider a 70% redefault rate on loan modifications outlandish.

    James Hamilton, a professor of economics at the University of California, San Diego, told SNL that concerted efforts to keep unsustainable loans out of foreclosure will translate to high redefault rates over the near term.

    “I think I would rather err on the side of using too big a number,” Hamilton said.

    In fact, Hamilton might be more pessimistic than Westerback, whose expectation of an up to 70% redefault rate is based on historical trends. “To the extent that we were modifying loans that historically you would have just given up on, that would make you suspect that the ultimate failure rate on those modifications would be higher than the historical rate,” Hamilton said.

    Dean Baker, co-director of the Center for Economic and Policy Research, is not any sunnier on the outlook for loan modifications. On the 70% redefault projection, Baker told SNL that “it certainly doesn’t strike me as an absurd number. It’s certainly a very high number, but it’s not obviously unreasonable.”

    Rather than historical trends, Baker attributes his pessimism on loan modifications to a naggingly high unemployment rate and chronic negative equity exacerbated by a renewal in falling prices.

    Even on permanent HAMP modifications, Baker said, “I think you’re still going to be at a high redefault rate. Again, it’s both the weakness of the economy and you have so many people who are going to be underwater on their mortgages. You have limited incentive to struggle and pay your mortgage if you’re underwater. And that’s the situation a lot of people are going to be in.”

    ]]>     http://texasgalrealestate.com/mortgage-loan-modification-re-defaults-expected-to-be-60-75.html/feed 146     About http://texasgalrealestate.com/about http://texasgalrealestate.com/about#comments Fri, 11 Jun 2010 20:01:05 +0000 Adminkl http://texasgalrealestate.com/?page_id=2 I am a full time Professional REALTOR so when you need me I will be there for you.
    I trained to help Homeowners out of crisis situations like foreclosures, pre-foreclosures or impending situations where mortgage payments may start to be a problem. Don’t let them have your house without talking to me first!
    I have trained to sell HUD homes, so if you are thinking about getting into the HUD auctions I can help.
    I have especially enjoyed working with first time home buyers and have trained to be able to point out buying resources, identify beneficial programs and guide you through the home loan process.
    I have trained as a stager and marketer to get your house sold, showing buyers its true potential.
    As a QSC, Quality Service Certification, I have promised to increase my service value for you, my clients and always to provide a win-win situation.
    My Professional Associations include Houston Association of REALTORS®, Texas Association of REALTORS® and National Association of REALTORS®.
    I have a degree in Business and a background in Sales and purchasing. I’m a trained negotiator, have great people skills, energy, intelligence and heart! I am willing to work long and tirelessly for you to get your dreams realized, whether it’s selling your house or buying a new one! I will go the extra distance you need.
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