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March 2011

Short Sale FAQs

isus. Nam sodales luctus nibh. Integer sodales tincidunt libero. Ut a lacus et ante vestibulum sollicitudin. Sed How will Sed the Short Sale affect credit? pulvinar. fermentum diam atmylorem. Pellentesque habitant morbi tristique senectus et netus et malesuada Short still a relatively concept. massa Banks have famesSales ac areturpis egestas. new Vivamus nisl, the option of submitting the short sale to the credit bureau condimentum et, semper sed, varius eget, elit. as "Paid in Full" or "Settled for tellus. less than full sit balance". As Vestibulum interdum sem eu Nunc amet nisi. far as your credit score is concerned, there is no evidence Maecenas pede sem, feugiat vitae, tincidunt et, ultricies whatsoever non, risus. to support that a short sale will lower your credit score. Some have the idea that this is like a Integer volutpat turpis id arcu. Pellentesque consectetuer, bankruptcy or a foreclosure. That's far from the truth! In a ante sale, eu tincidunt ligula loremyou pulvinar massa, short the lenderornare, is simply allowing to pay less eget you tempus than owe!elit mi sit amet leo. Aliquam fringilla, neque sed semper molestie, tellus pede rutrum augue, tincidunt massa ante ut on neque. Integer pellentesque. Ifaliquam you are currently behind your mortgage or facing Aenean ipsum neque, semper quis, vulputate at, hendrerit foreclosure, the short sale will actually help your credit! in, orci. Duis once malesuada at libero. How? Because you areelit approved for Praesent the short mollis, sale, all orci eget activity interdumwill mollis, nibhwill pellentesque orci, collection STOPnunc and you avoid quis suscipit elit purus vel enim. Suspendisse egestas orci foreclosure! in enim. Pellentesque nec dui. Aenean sem nisi, dignissim id, venenatis ut, interdum ut, nibh. Nulla imperdiet, urna eu porttitor commodo, nisi lectus imperdiet dolor, ac bibendum odio lectus at orci. Nulla et sem.

Distressed Properties Year to Date Stats

habitasse platea dictumst. Vivamus mollis. Integer mollis www.foreclosure.com erat non purus. Praesent massa. Phasellus vestibulum

County Info . Updated: 03/14/11

State Info 7:02 PM

Updated: 03/14/11

7:02 PM

Preforeclosures: Short Sales:

41 12

Preforeclosures: Short Sales:

13,337 2,636

Sheriff Sales: Foreclosures:

20 104

Sheriff Sales: Foreclosures:

77 19,483

Bankruptcies: Rent to Own:

95 0

Bankruptcies: Rent to Own:

17,266 117

QuickSaleâ„ : Auctions:

0

QuickSaleâ„ : Auctions:

5

1

82

Short Sale News Underwater Mortgages Increase as Home Prices Fall

At the end of 2010 the number of Americans who owed more on their mortgages than their homes are worth increased, preventing many people from selling their homes in an already weak housing market. Approximately 23.1 percent of all mortgaged homes were underwater in the fourth quarter last year according to report released by housing data firm CoreLogic. That's up from 22.5 percent in the third quarter of 2010. More than 11 million households are underwater and another 2.4 million homeowners are nearing that point. Underwater mortgages typically increase when home prices fall. In December, home prices hit their lowest point since the housing bust in 11 of 20 major U.S. metro areas. In a healthy housing market only about 5 percent of homeowners are underwater. When a mortgage is underwater, the homeowner often can't qualify for refinance and have no alternative but to continue making payments with the hope that the property eventually regains its value. The downfall in home prices began stabilizing last year but prices are expected to continue decreasing in many markets due to high rates of foreclosure and unemployment. This means homes purchased at the height of the real estate boom are unlikely to recover the lost property value for years.


March 2011

Buyers and Sellers

This Month in Real Estate

Sellers Preparing your home for sale in a buyer’s market can seem daunting, but these five tips will help you get the best price in the least amount of time. •Organizing and cleaning is crucial when prepping a home for sale. Potential home buyers have a more positive reaction to homes that are clutter-free and give them the feeling that the home is “move-in ready.” •Presale home inspection can inform you of any trouble areas within your home that can stand out to potential buyers. An inspection can also help you make any repairs necessary before future open houses. •Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers to make informed decisions. •Have your warranties ready – especially for all those home appliances that will stay within the home after the sale. •Curb appeal is a crucial factor because it determines first impressions. A negative first impression can cloud their entire opinion about the home.

Buyers GREAT REASONS TO BUY A HOME 1. Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors. 2. Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours. 3. Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.

Click the above image to view “This Month in Real Estate”

Home Prices Home prices softened in January with median home prices decreasing slightly to $158,800 - 3.7% below the year-ago level. Contributing to this is a larger share of distressed homes sales, which accounted for 37% of sales in January compared to 30%-35% throughout much of 2010. Prices and mortgage rates remain favorable for buyers.

Interest Rates Mortgage rates jumped above 5% for the first time since April 2009 in January. While rates dipped back to just below 5%, they are expected to continue an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

Type 30 year fixed

4.87%

15 year fixed

4.15%

5/1-year ARM

3.23%

Historical Average

8.9%

4. Historically low interest rates – around 5 percent in the U.S. gives better purchasing power to those who qualify.

5.

Rate

Source: Freddie Mac, Rates as of Mar 3.

Appreciation potential – your home The in Compass investment can grow value. Group – Keller Williams Realty

Stephanie Grantham – (806)549-1298 Mahurin – (806)777-1299 6. Equity buildup and debtLandon pay down – 4747 S. Loop 289 Suite #110 homeowners enjoy an average net worth of Lubbock, TX 79424

approximately $184,000 vs. $4,000 for renters.

WWW.COMPASSKW.COM Each office independently owned and operated

March 2011 Newsletter  

The Compass Group Newsletter

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