Foreclosures fall in 62% of U.S. cities

Foreclosures fell in nearly two-thirds of the nation's largest metro areas during the third quarter, according to RealtyTrac Thursday.

With 62% of the nation's 212 largest markets seeing foreclosure activity shrink during the latest quarter, the ongoing decline is yet another sign that the housing market is starting to stabilize.

During September, foreclosure activity in 58% of the major metro markets had even dropped below September 2007 levels.

The numbers indicate that "most of the nation's housing markets are past the worst of the foreclosure problem," Daren Blomquist, RealtyTrac's vice president said in the report.

Major cities like San Francisco, Detroit, Los Angeles, Phoenix and San Diego saw foreclosures fall by double-digit percentages of 26% or more.

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Stockton, Calif., which saw a 21% decline in foreclosures, still managed to claim the nation's highest foreclosure rate, however. "That foreclosures there are still the highest in the country speaks to how severe the problem was," said Blomquist.

Other California cities in the top 10, Riverside, Vallejo, Modesto,Merced, Bakersfield and Sacramento, all posted year-over-year declines of between 22% and 34%.

Yet, there are still some trouble spots, particularly in Florida.

In Miami, which had the 10th highest foreclosure rate, filings rose 11%. InJacksonville, foreclosures were up 32%, Palm Bay saw a 64% increase,Tampa was up 43% and Orlando notched a 15% jump.

Blomquist attributed Florida's problems to the after effects of the robo-signing scandal. Florida is a "judicial state," where foreclosures get processed through the courts. Lenders hesitated to bring foreclosure cases before a judge until they were confident their paperwork would stand up to the stepped-up scrutiny that followed the scandal. But now that new rules have been put in place through the $25 billion mortgage settlement, they are playing catch-up.

Of the metro areas with the 20 highest foreclosure rates, all are still in California, Arizona, Nevada and Florida, with two notable exceptions.Chicago saw a 34% jump from a year-ago, and had the ninth highest foreclosure rate. Atlanta had the 15th highest rate. The good news there: Foreclosures fell 20% year-over-year.

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In Las Vegas, filings fell dramatically -- 71% -- because of state legislation passed last year that requires lenders to file affidavits vouching for their paperwork and their foreclosure action against a borrower, Blomquist said.

Many lenders now bypass the foreclosure process entirely in Nevada, working with troubled borrowers to arrange short sales even before filing notices of default. That's not all good news, however. "[For cities like Las Vegas,] it's a shift in the way the distress is handled rather than the distress evaporating," said Blomquist

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Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

Mortgage rates at record low again

Mortgage rates fell to record low levels once again last week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future helped bring lending costs down for home buyers and owners.

Mortgage finance backer Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49% from 3.55% the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77%, down from 2.85% a week earlier.

The Fed announced last Thursday that it would be buying $40 billion in mortgage-backed securities each month for the foreseeable future. The idea of the purchases, popularly know as QE3, is to spur economic activity buy pumping more cash into the economy and driving down rates. Those taking out new home loans, either to purchase or refinance, will be among the first beneficiaries of the Fed's policy.

Keith Gumbinger, vice president of HSH.com, a provider of mortgage information and analysis, said he would expect rates will likely go about 0.2 percentage point lower in the coming weeks as the market reacts to the Fed's mortgage bond purchases.

"I don't think you've seen the full effect of the Fed's influence in the market yet," he said. "I think we'll have to see a slowdown in mortgage applications, working through some of the volume in the pipeline."

The low rates can help the economy even beyond the effect it has on the housing market, by putting more money in the pockets of homeowners who refinance. Someone who bought a house a year ago by borrowing $200,000 at the 4.09% 30-year rate a year ago can still reduce their payments by more than $1,000 a year by refinancing at the current rates. Savings are larger if they borrowed more money or paid higher rates.

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Ken Keegan Real Estate Broker
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What your home is really worth!

When it comes to assessing a home's value, real estate agents and homeowners tend to be an optimistic bunch.

In the post-bust world, appraisers are a different story. They have to predict a realistic value for your home that the bank can use to extend credit to a borrower -- and that number can make or break your sale or refinance.

Appraisers say the following five areas are where homeowners often misjudge the worth of their abode.

1. The outside

The appraiser sees: Overgrown bushes and chipped paint.

What he does: Slices as much as 3% off the value of an average-size home.

Why: Curb appeal is primo. And an unkempt yard is a sign that there may be other issues.

"A good-looking lawn and bushes imply that you also take care of the internal systems in the house," says Jonathan Miller, president and CEO of a New York City-based appraisal firm that works throughout the tri-state area.

Moreover, the more meticulous your neighbors are about grooming, the more your appraiser will downgrade the value of your home.

"If a lot of the nearby properties are professionally maintained, the one that sticks out like a sore thumb will get a harder adjustment than in a subdivision where there's more variation," says San Diego appraiser Armando Ortiz.

2. Basic systems

The appraiser sees: A brand-new roof.

What he does: Nothing.

Why: Just as a knee replacement won't make you look 20 years younger, a new roof, furnace, or boiler isn't considered an improvement to your home.

That said, if your roof is in disrepair, replace it: Signs of leaks or discoloration can knock a significant amount off the home's value.

Related: Become a millionaire real estate mogul

"When people buy a home, they expect the roof to be working," says Columbus appraiser Mike Armentrout. "So while a new one isn't an added feature, it will help your chances of a sale."

3. The basement

The appraiser sees: A recently finished basement with a half bath.

What he does: Adds about 2% to the value of the home.

Why: Yes, your finished basement adds value -- but don't expect it to count like first-floor space.

The addition of a bedroom and quarter bath on the ground floor could increase your home's value by up to 20%, especially if you've got only one other bathroom.

"A below-ground basement normally isn't included in the square footage of the house," says Miller.

The same rule applies to outbuildings like a pool-house casita, painting shed, or studio.

4. The market

The appraiser hears: Two nearby homes just went into contract above their asking prices.

What he does: Nothing.

Why: While a broker might pump up a home's asking price based on the sense that the market is "hot," by and large, appraisers are bound by the data of recent comparable sales.

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What if prices are suddenly up in your area, and you're nervous that your house won't appraise for contract price? In that case, you might want to delay your appraisal until one of those recently contracted sales closes.

5. A remodel

The appraiser sees: An expensive, custom-made, built-in entertainment center.

What he does: Makes a negative adjustment to the valuation.

Why: "Cost doesn't equal value," says Miller.

Renovations that are at all trendy -- or not in keeping with the historical period of the home -- will be assessed at the cost of ripping them out.

Timeless improvements, on the other hand, such as a deep sink or new wooden cabinets in the kitchen, will add value.

So if you're thinking of remodeling, ask a local real estate agent to tell you what's on the wish list of today's buyers.

Original Article From CNN Real Estate

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

Lawn care: How to mow like a pro!

Great Article From CNN Real Estate

I'm one of the last guys on the block still mowing his own lawn. This saves about $1,500 a year and, I'd like to think, shows that I'm handy, youthful, earthy, and well attuned to my small property.

As I zig and zag, I can spot a thirsty hydrangea, a wasps' nest, or a loose porch screen. Plus, since I so often write about yard care, it's important to actually do yard care.

Witness these time -- and money -- saving tricks learned in the Saturday morning sun.

Treat your gas. The secret to getting power equipment to start on the first pull isn't hauling it in for $50 to $90 tune-ups. It's all about the gas, which begins to degrade as soon as you pump it.

After a couple of months (never mind a whole winter), it will gum up the carburetor, and you could shred a rotator cuff trying to start your mower.

See also: 4 ways to save on landscaping

There's a simple solution: a few drops of fuel stabilizer. One $6 bottle of Sta-bil has kept my tools purring like lions for two years and counting.

Don't bag clippings. Every turf scientist and workaday landscaper I've questioned recommends forgoing the collection bag and setting the mower to mulch. That pulverizes the clippings and recycles them into the soil, saving water and fertilizer costs. It also keeps me honest.

With the bag, I might get lazy and let the lawn reach meadow height before finally chopping it down (bad news since removing more than a third of their height harms the plants), but the mower can't effectively mulch that much material. And my better half won't abide the clumps of hay it leaves behind. So unless I want to rake, I have to mow often.

Let the pros fertilize. Passing joggers and dog walkers may think I'm some sort of grass whisperer, but fertilizer is beyond me. I can't interpret the back-of-bag chart, and I once applied a weed-and-feed mix when the temperature was over 80° F and burned out the backyard. Now I hire a crew to fertilize (and aerate in the fall), for around $600 a year.

See also: Low-cost ways to put off pricey home repairs

Edge twice. It's easy to get lazy about edging, which is really a two-step job -- a horizontal cut anywhere the mower can't go, then a vertical one to slice a line wherever the lawn meets beds and walks.

Trouble is, this eats up trimmer string. So I attach extra precut pieces to the wand with Velcro tape. I can pop in replacements quickly, and I'm back inside for lunch.

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

Year-To-Date St. James Real Estate Stats

Active Listings: Single Family Homes
Active Listings: 143
Average List Price: $409,134
Average Days On Market: 225
Minimum List Price: $124,900
Maximum List Price: $1,125,000

Sold Listings: Single Family Homes
Sold Listings: 45
Average Sale Price: $339,531
Average Days On Market: 360
Minimum Sale Price: $111,500
Maximum Sale Price: $675,000


Ken Keegan Real Estate Broker
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www.KenKeegan.com
Click here for more information on Brunswick, County Real Estate
St. James Plantation

Coldwell Banker Sea Coast Advantage Makes Rankings Jump Among Nation’s Top Real Estate Companies

Rankings in the recently-released 2012 REAL Trends 500 report make it very evident that the merger of Coldwell Banker Sea Coast Realty and Coldwell Banker Advantage earlier this year has created a regional real estate powerhouse and reflect a continued upturn in to real estate market.
The REAL Trends 500 report is released annually by REAL Trends, Inc., the residential real estate industry’s leading source of analysis and information. The REAL Trends 500 report ranks the country’s top residential real estate companies by closed transactions and by sales volume.
In 2011, Coldwell Banker Sea Coast Advantage closed 6,757 sales, a 4.8% increase over Coldwell Banker Sea Coast Realty and Coldwell Banker Advantage’s sales figures from 2010. This year, the company ranked No. 55 in the list of “The 500 Largest Brokers in the U.S.” ranked by closed transactions. Last year, Sea Coast Realty ranked No. 120 and Advantage ranked No. 129.
Coldwell Banker Sea Coast Advantage closed $1,267,352,456 in sales volume in 2011, propelling the company to No. 83 in the list of “The 500 Largest Brokers in the U.S.” ranked by sales volume. Last year, Sea Coast Realty ranked No. 140 and Advantage ranked No. 145.
Coldwell Banker Sea Coast Advantage ranked #5 out of more than 1,000 Coldwell Banker affiliated companies in the United States. Last year, Sea Coast Realty ranked No. 16 and Advantage ranked No. 17.
Coldwell Banker was ranked as the country’s #1 real estate franchise this year, closing more than $117 billion in sales and more than twice as many sales transactions as the next leading real estate franchise.
Locally, Coldwell Banker Sea Coast Advantage performed similarly well. In 2011, it closed more than 2.5 times as many sales as the next leading company. Sea Coast Realty has claimed the title as southeastern North Carolina’s top selling real estate company for 12 years in a row.
"We are extremely proud of our entire organization for the continued success,” said Sea Coast Advantage president Tim Milam. “Our firm continues to outperform the current market conditions and competitors, plus 2011 was a phenomenal year. We are fortunate to have professional sales associates, staff, and managers who maintain a high level of service to our customers and clients."

Ken Keegan Real Estate Broker
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www.KenKeegan.com
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St. James Plantation

30-year mortgage rate hits record low

The interest rate on a 30-year, fixed-rate mortgage reached a new low this week, falling to an average of 3.66%, according to a weekly survey of rates from Freddie Mac.

That was 0.01 percentage point below the previous record set two weeks ago. The rate for a 15-year, fixed dropped to 2.95%, a tick above the record low. The lows mirror bond yield performance.

"Treasury bond yields eased somewhat this week on some worsening economic indicators, bringing mortgage rates back into record low territory," said Frank Nothaft, chief economist for Freddie Mac (FRE). (Most affordable U.S. cities to buy a home)

He noted declines in industrial production, consumer sentiment andhiring as indicators that the economic recovery had slowed.

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Homebuyers can't complain. The drop over the past year saves them $48 a month in mortgage payments for every $100,000 borrowed, compared with what they would have paid 12 months ago, when rates averaged 4.5%. 

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Ken Keegan Real Estate Broker
(910) 523-0903 mobile
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www.KenKeegan.com
Click here for more information on Brunswick, County Real Estate
St. James Plantation