Omaha Houses Blog

Federal Reserve Calling For More Action To Improve Housing

2012-01-05T09:50:00.000-06:00

(The Hill) The Federal Reserve is turning its attention to reviving the ailing housing market, calling on policymakers to provide a boost to the sector and lift the broader economy.

The Fed on Wednesday sent a 26-page white paper to Congress, providing a framework — including several steps that are already in the works within the Obama administration — designed to provide greater stability for the sector and the overall economy.

(read the article here)

Foreclosures Down 14% Over This Period Last Year

2011-12-20T09:42:00.000-06:00

November Foreclosures Down 14 Percent from 2010

By Steve Cook

RISMEDIA, Tuesday, December 20, 2011— Foreclosure filings decreased 3 percent from October, and 14 percent from November 2010.

Default notices were filed for the first time on a total of 71,730 U.S. properties in November, an 8 percent decrease from the previous month, and down 9 percent from November 2010.

Foreclosure auctions were scheduled on 96,540 U.S. properties in November, up 13 percent from October, but still down 17 percent from November 2010.

Scheduled foreclosure auctions increased more than 35 percent on a monthly basis in several states, including California (up 63 percent), Washington (up 56 percent), Ohio (up 53 percent), New Jersey (up 44 percent), and New York (up 38 percent).

Lenders repossessed (REO) a total of 56,124 U.S. properties in November, a 17 percent decrease from October and also a 17 percent decrease from November 2010. REO activity in November was at its lowest level since March 2008, a 44-month low.

Nevada posted the nation’s highest foreclosure rate for the 59th straight month in November despite artificially low foreclosure activity caused by a new state law that took effect in October (AB 284) that alters the foreclosure process in the state. A total of 6,512 Nevada properties received a foreclosure filing in November, up 3 percent from a 45-month low in October, but still down 43 percent from November 2010. One in every 175 Nevada housing units had a foreclosure filing in November, more than three times the national average.

Scheduled trustee’s sales in California hit a 10-month high in November, helping the state maintain the nation’s second highest foreclosure rate: one in every 211 properties with a foreclosure filing during the month. A total of 26,509 trustee’s sales were scheduled in California in November, up 14 percent from November 2010—the first year-over-year increase in scheduled foreclosure auctions in California since March 2010.

Arizona foreclosure activity increased on a year-over-year basis in November for the first time since October 2010, and the state posted the nation’s third highest foreclosure rate for the fifth month in a row. One in every 256 Arizona properties had a foreclosure filing in November, more than twice the national average.

Substantial monthly increases in foreclosure activity in Utah and Georgia lifted those states’ foreclosure rates into the nation’s top five in November. Utah’s foreclosure rate of one in every 290 housing units with a foreclosure filing ranked No. 4 thanks to a 74 percent monthly increase in foreclosure activity, and Georgia’s foreclosure rate of one in every 330 housing units with a foreclosure filing ranked No. 5 thanks to a 23 percent monthly increase in foreclosure activity.

Other states with foreclosure rates ranking among the top 10 were Michigan, Florida, Illinois, Ohio and South Carolina. There were a total of 63,689 California properties with foreclosure filings in November, the most of any state and 28 percent of the national total. Florida foreclosure activity in November decreased 25 percent from a 13-month high in October, but the state still had 24,739 properties with foreclosure filings during the month—the nation’s second highest total. There were a total of 13,777 Michigan properties with foreclosure filings in November, the nation’s third highest state total despite a 14 percent decrease from October. Illinois documented the fourth highest state foreclosure activity total in November, 12,398 properties with foreclosure filings, and Georgia documented the fifth highest state foreclosure activity total, 12,327 properties with foreclosure filings during the month.

California cities account for nine of top 10 metro foreclosure rates. Nine out of the nation’s 10 highest foreclosure rates among metropolitan areas with a population of 200,000 or more were in California. The only exception was Las Vegas, which ranked No. 6 with one in every 150 housing units with a foreclosure filing in November. With one in every 120 housing units with a foreclosure filing during the month, Stockton, Calif., posted the nation’s highest metro foreclosure rate for the second month in a row.

There were a total of 1,913 Stockton properties with a foreclosure filing in November, up 20 percent from the previous month and up 9 percent from November 2010. The increase in Stockton was driven largely by a 65 percent month-over-month increase in scheduled foreclosure auctions. The eight other California cities with foreclosure rates ranking among the top 10 all posted double-digit percentage increases in scheduled foreclosure auctions in November, ranging from a 37 percent month-over-month increase in Modesto to a 100 percent month-over-month increase in Fresno.

U.S. Will Remain a Nation of Homeowners

2011-11-17T09:16:00.000-06:00

(RIS Media) The U.S. will not become a nation of renters; there are just too many benefits, both financial and otherwise, to own versus rent. That’s according to the combined findings of several recent studies presented during the “Buyer or Renter Nation?” session held at the 2011 REALTORS® Conference & Expo last week.

An analysis over a 31-year period across 23 metropolitan areas compared the ownership benefits in terms of appreciation and interest deductibility and the costs homeowners incur with down payment, taxes, insurance and maintenance. When it was assumed that renters reinvested any savings in rent (versus a higher monthly mortgage payment), maintenance and down payment, renters had a greater portfolio than buyers in 91 percent of the areas examined. However, when the model allowed renters to spend any savings rather than reinvest those savings, 84 percent of buyers came out ahead.

(read the rest here)

Homeownership Rate Rises After Two Years of Decline

2011-11-08T09:36:00.000-06:00

From DSNews.com: After falling to a 13-year low during the second quarter, the homeownership rate posted a highly unexpected rise in the third quarter, according to a Census Bureau report released Wednesday.

With foreclosures forcing homeowners out of their homes and buyers waiting on the sidelines as home values declined, the homeownership rate has been on the decline for quite some time. In fact, according to Bloomberg, the third quarter rise is the first in two years.

Read the entire article here.

Property Taxes on the Rise

2011-11-04T09:26:00.000-05:00

RISMEDIA, Friday, November 04, 2011— Get ready for record property tax rate increases next year, as cities and counties across the nation cut their budgets and scramble for every tax dollar they can find.

The huge 20 or 30 percent declines in property values that took place in 2006 and 2007 took a long time to make an impact on homeowners’ bills because of the way local governments assess properties. But those big drops are finally being felt, and local governments are complaining.

It stands to reason that those local governments that can raise property taxes are quietly preparing boosts in their tax rates to make up some of the difference. Many cities are precluded from raising rates by local and state laws like California’s Prop 13 that make it difficult to increase property tax rates.

However, this year 20 percent of cities increased their property taxes, according to a National League of Cities survey, which will be felt in next year’s tax bills. Next year the outlook is that another 20 percent will raise tax rates

According to the survey released last month by the National League of Cities, city revenues are continuing to fall 2.3 percent by the end of this year, making 2011 the fifth straight year of declines in revenue with probable further declines in 2012. The revenue decline is mainly due to the fall off in property tax revenues, which are expected to decline by 3.7 percent with further declines likely in 2012 and 2013.

Cities are responding by cutting personnel (72 percent), delaying infrastructure projects (60 percent) and increasing service fees (41 percent). One in three (36 percent) cities report modifications to employee health care benefits.

“The cuts in personnel and the delaying of infrastructure projects are prudent and responsible actions by local officials,” said Donald J. Borut, Executive Director of NLC. He continues, “City officials are a making difficult decisions and are working hard to find innovative solutions to reenergize their communities. But without more resources and more cooperation, the outlook will continue to be challenging.”

Newsletter #2 Available Now - FREE!

2011-11-02T09:41:00.000-05:00

The second edition of the team's e-newsletter, The Bobbi and Cathy Chronicles, has just been sent out. If you'd like to read it, please click on the above picture. You can sign up for future editions - totally free! - there, as well. Or just sign up below:

Joke of the Day

2011-10-28T11:41:00.000-05:00

Two blondes were sipping their Starbucks when a truck went past loaded up with rolls of sod. "I'm going to do that when I win the lottery," announced Blonde #1.

"Do what?" asked Blonde #2.

"Send my lawn out to be mowed."

Fed To Keep Interest Rates Low For Next Two Years

2011-08-09T16:10:00.000-05:00

The Board of Governors of the Federal Reserve released a statement today that read, in part, "The Committee currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013."

Translation: interest rates to remain low through 2013!

The Impact of Short Sales and Foreclosures on Credit Reports

2011-04-21T10:45:00.000-05:00

Please take a few minutes to read this article about what effects a short sale or foreclosure could have on your credit score.

Money quote: "FHA adopted guidelines in 2010 that say a seller who is current and does a short sale may qualify to immediately buy another home. Lenders aren't so quick to follow those guidelines. However, Flagstar Bank gave an Elk Grove short sale seller a new loan within 2 months of closing his short sale, and that seller was current at the time."

Unique Ranch on Over 10 Acres!

2011-04-20T10:37:00.000-05:00

18612 18 Street, Plattsmouth, NE - $224,900
3 bedroom, 2 bath Ranch in Plattsmouth
For more information go to: Omahahouses.com/18612

Our Big Announcement!

2011-04-19T16:06:00.000-05:00

click to enlarge

Just in case you haven't already heard the big news, we decided to blog about it for you. Bobbi Leibowitz and Cathy Blackman, two of Prudential Ambassador's top agents, have combined into one team...The Omaha Houses Team.

The team not only features Bobbi and Cathy, but it also boasts four buyer agents (Dee Caniglia, Janet Cooper, Nicki Matthews, and Chip Gamerl), and two full-time staff members. Here is a picture of the new team:


Top: David, Dee, Nicki, Janet, Wendy, Chip. Bottom: Bobbi and Cathy

New Website Look

2011-04-05T11:06:00.000-05:00

The "new" OmahaHouses.com

We are about to make a big announcement regarding the team. You can get a glimpse of the news by checking out the new splash page at OmahaHouses.com.

New Bobbi Interview

2011-02-17T09:10:00.002-06:00

Here is a video of Bobbi being interviewed by Jeremy Wilhelm of the Private Mortgage Group. In the interview, she discusses the current state of the real estate market, as well as recounting some stories from her many years in the business.

Interest Rates on the Rise

2010-12-21T10:03:00.002-06:00

If you are thinking about buying a home - and you should be if you do not presently own one - interest rates are on the rise.
Now is the time to maximize your buying strength with a rate that is between 4 3/4 and 5 %.
Don't wait til you've missed "the parade."

Never again for interest rates

2010-12-01T14:03:00.002-06:00

I wanted to reach out to you before it's too late. You may have heard that home loan rates reached record lows in October.

But – and this is an important but – it is more important than ever to act now.

Over the last week, rates have started rising again due to a combination of good economic news and the Fed's latest Treasury Security purchasing plan. In fact, over the last week rates have risen 0.25%! That's right – 0.25%!

While some people say good things come to those who wait, others say to strike while the iron is hot. In this case, the "iron is still hot" with rates at exceptionally low levels, but it's starting to turn, and quickly. And we will quite likely never see home loan rates this low again.

Buying a House Has Changed

2010-11-17T10:36:00.003-06:00

Five years ago, a buyer spent 3-4 weeks looking for a home and saw 15-20 homes. But, today, it is taking alot longer due to the increased inventory. So here is some advice on how to speed up the process:
Do enough looking to get to know our local market. Adjust your expectations - meaning be sure what you are looking for exists in our market.
Let your emotions help you. By only looking at price and condition, you may feel that a "better deal is out there" and keep on looking. However, it is the place where you and your family will be living. Bring the feelings into the decision. Is this a good place for us to ...raise our kids, etc.
Decide if a distressed property is really right for you. Foreclosures and short sales offer buyers great value when it comes to price per square foot, but they often have their own limitations. Foreclosures often have serious condition issues and are almost always sold "as is," meaning the seller will make no repairs. Then, you, the buyer, may need to carry out extensive repairs after the purchase. Short sales, generally with better conditions, can take months to close. And many times, the transactions fall apart because the lender, seller and buyer can't agree.
Don't focus too heavily on price. By price concentation, you may fail to consider the other benefits of buying - the tax deductions you'll get when you own rather than rent, the amazingly low interest rates now available and the benefits of living in a home and community that fit your family.
Be ready to negotiate. Make an offer that you are comfortable with. At worst the seller won't negotiate. But in this market, that is unlikely. Sellers do not want a viable buyer to walk away. In this market, the sellers have been doing the most compromising.
Don't let negative comments about the housing market scare you off. Don't lose sight of the many positives in the current market - the fact that home affordability is at its highest in decades and investors are flocking into the market to snap up bargains in all-cash purchases. Keep your eyes on the numbers that directly impact you - property prices, interest rates and how that translate into monthly payments.

10 Reasons You Should Buy a Home Now

2010-10-19T09:14:00.001-05:00

From MSN/Wall Street Journal: 10 Reasons You Should Buy a Home Now:

1)You can get a good deal
You can get a house at a bargain price now -- especially if you play hardball. This is a buyer's market. Most of the other buyers have vanished since the tax credits on purchases expired.

We're four to five years into the biggest housing bust in modern U.S. history. And prices have come down a long way -- about 30% from their peak, according to the S&P/Case-Shiller Indices, which track home prices in cities across the country. Yes, it's mixed. New York's prices are down only 20%. Arizona's have been halved.

Will prices fall further? Sure, they could. You probably won't catch the bottom, but it doesn't really matter so much in the long haul.

(Read the rest here)

Fewer Buyers

2010-10-16T11:02:00.002-05:00

If you are a buyer of real estate right now, you are in a great position! Interest rates are SPECTACULARLY LOW. And alot of other buyers are staying out of the market.

Nearly 2/3 of Americans (63%) say they are less likely to purchase a new home because of concerns about the economy, according to a survey by Findlaw.com, a division of Thomson Reuters.

In particular, economic conditions appear to be driving lower-income families out of the housing market. Families with annual incomes of less than $50,000, were more likely to say they are less inclined to buy a house than people with higher incomes. Strict lending requirements are making it more difficult for many people to obtain mortgages, the survey says, and high unemployment rates are raising concerns about housing appreciation, affordability and foreclosures.

Given all that, I'll say again. Now is the time to buy for the best prices, more choices and best interest. Go for it! Call my team today!

Looking To Start a New Career? Try Omaha

2010-10-07T10:08:00.001-05:00

In a new article at The Daily Beast, Omaha was ranked as the #2 city in America to re-start your career.

"Bottom line: When it comes to starting a second career, lots of factors come into play, but one thing is certain, it matters where you live. The place you pick is vital to your financial future. You might even change jobs again. It's okay to have third and fourth acts, too. So, you want to live where you can get traction in your new career and admittedly, have some back up if you change course again down the road."

Omaha was rated higher than places like Seattle, Dallas, Pittsburgh, and Washington, DC.

Did You Know?

2010-10-05T15:41:00.000-05:00

The Federal Trade Commission has amended rules governing free credit report offers in an effort to prevent deceptive marketing practices. Effective April 1, 2010, any advertising for a "free credit report" must include a disclosure statement notifying consumers that they have a right to a free credit report from AnnualCreditReport.com or by calling 877.322.8228, the only authorized services under federal law.

Three New Listings!!

2010-09-29T10:01:00.000-05:00

Swanson Towers Condo

This fantastic 2 bedroom, 2 bath condo in Swanson Towers has loads of new and is available for sale or lease! The Kitchen features recessed lites, a tile floor, a pantry, broom closet, new hardware, and a new refrigerator. The Living Room has recessed lites, opens to the Balcony and has a wetbar with a granite counter and stainless sink. The Master Bedroom has 2 large walk-in closets, a sliding door to the balcony and a Full Master Bath with granite counters, tile floor and a soaking tub. Bedroom Two has 2 closets and a door that leads to the 3/4 Bath with granite counters, make-up counters and built-ins. The Covered Balcony features a tile floor. New paint and carpet! 24 hour security, a pool, tennis courts, exercise room, and entertaining room, and underground heated parking are just a few of the amenities at Swanson Towers.

Totally Remodeled!

Loads of updates in this 3 bedroom, 2 Bath 1.5 story "arts & crafts" style home. The Kitchen has been completely remodeled (2010) and features a new stove, oven, dishwasher, microwave, counters, cabinets, window, and pantry. The Great Room has a ceiling fan and window coverings, while the Dining Room offers wood floors and crown molding. The Master Bedroom features wood floors, a walk-in closet, and a Sitting Room with bookcases. The Main Floor Office boasts wood floors, crown molding, and a sliding door to the large deck and huge fenced yard. The main floor bath has been remodeled with new tile, new tub/shower, new cabinets and a linen closet. Bedrooms Two and Three are on the 2nd level: Bedroom Two has a walk-in closet. The Loft has bookcases and new windows. The 2nd Floor Full Bath has also been remodeled with a new tub, new pedestal sink, new cabinets and wainscoting. Downstairs you’ll find a Family Room with trac lites and bookcases, Laundry Room with sink and lots of storage plus a 2nd Office. Other amenities include: 7” Baseboards throughout 1st floor, new exterior paint (2010), a fenced backyard with mature trees, plus central Air and Heat.

Take a Closer Look

Charming 3 bedroom, 3 bathroom Tri-Level in Elk Creek Crossing. The Kitchen features a vaulted ceiling with trac lites, a wood floor, and a tile backsplash. The Living Room boasts a vaulted ceiling and bay window. The Family Room includes a ceiling fan, wood floor, a tile fireplace with gas log and an atrium door to the patio. The Master Bedroom features a ceiling fan, crown molding, a walk-in closet and a 3/4 Master Bath with double sinks and a linen closet. Bedrooms Two and Three both have a ceiling fan, bookcase and are located on the 3rd floor along a Full Bath that has a vaulted ceiling with a skylite and Laundry Room with a hanging bar. Downstairs you’ll find a Rec Room that includes a fireplace with a gas log, a bar with a tile counter and floor and recessed lites. As for updates, the home has a new roof and exterior paint from 2008. There are built-in speakers throughout the house and exterior. There is also a nice patio and a sprinkler system outside, plus a security system.

For more detailed information on these listings and others, please go to OmahaHouses.com.

Take Inventory of Your Home

2010-09-23T09:58:00.000-05:00

You may not realize the value of your belongings. There is now free software that can keep track of everything that fills your home - from artwork and furnishings to jewelry - and quickly see how much it would cost to replace.

Once you download the free What You Own software onto your computer, you can create a room-by-room inventory that serves as a record that's helpful for determining how much insurance to purchase and when settling insurance claims. You can even add images and receipts.

Go to: whatyouown.org

ABC's of Home Ownership

2010-08-24T14:05:00.001-05:00

Found this humorous post entitled "The ABC's of Home Ownership" and thought I'd share:

A) Alarm systems are expensive, loud, and impossible to remember to shutoff every time you leave your home. Have a cup of coffee ready for the poor officer that gets sent out to your home.

B) Basements are an amazing place for storage until you get an inch of standing water in it from the first heavy rain and learn how to operate a wet/dry vac.

C) Concrete cracks, apparently pretty easily (in the garage, in the driveway, and even the sidewalk which YOU actually are responsible for).

Read the rest here.

JD Powers Select Prudential Real Estate Again!

2010-08-05T09:40:00.002-05:00

Prudential Real Estate & Relocation Services once again ranks highest for Seller Satisfaction in JD Powers 2010 Home Buyer/Seller study.

This is the second time in 3 years that Prudential has been ranked in that position. The study includes 3,096 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010. Overall satisfaction is determined by examining four factors for the home selling experience: agent (44%); marketing (30%); office (15%); and services (11%).

This latest honor comes just weeks after Prudential earned the distinction of having the highest average sales price in the nation, according to the 2010 Real Trends 500 study. The claim is based on analysis of transaction sides and sales volume data of the largest independently-owned brokers in the U.S. for franchise networks recording at least 25,000 closed transaction sides in 2009.

Low low interest rates

2010-08-03T05:45:00.002-05:00

Interest rates are at an amazingly low rate of 4.5%.

This is a fantastic time to buy a home - your dollar buys so much more. And the housing market values are still down. Add all that together and it is a true WOW!