As the real estate market continues its recovery with rising prices and lowering foreclosure filings, it is difficult to ignore the impact of the last few years. A recent report found that foreclosures in 2012 resulted in a loss of $192.6 billion for American homeowners, a number that averages to about $1,700 per household for 114.7 million households nationwhide.
Zillow released the findings from its latest Mortgage Marketplace Survey Thursday, and the results show that nearly one-third of respondents aren't clear on basic practices regarding home mortgages. Given the record low mortgage rates and the increased interest in home buying on the market right now, it's more important than ever that all parties are as familiar with the mortgage process as possible to ensure the smoothest transactions.
We’re really excited, although not surprised, to see the latest results as reported in the 2013 REAL Trends 500! REAL Trends 500, an independent ranking of the 500 largest U.S. brokerages, found that RE/MAX brokerages meet the strict qualifications of the survey more than any other competitor. That’s huge!
I'm often asked about what steps should be taken when buying a home for the first time. It is, after all, not an exageration to say that it's a huge decision that will have an impact on the rest of your life. There are a great number of factors to consider when buying a home, but there are some ways that you can help streamline the process and prepare yourself.
The total number of foreclosures on the market saw a sharp decline in the fourth quarter of 2012, precipitated by a recovering market and efforts on the part of Fannie Mae and Freddie Mac to prevent them.
Yes, believe it or not, it's that time again. Winter has passed, and it's time to open up the windows, break out the brooms, step outside, and start cleaning up our seasonal burrows. We know it's not the funnest activity in the world, but it's important! Remember, your home is your investment, and going through an annual cleaning/maintenance check can not only increase its value, but can also save you future headaches in the long run.
Housing inventory continues to decline as less and less foreclosures are appearing on the market. This is having a stabilizing effect on real estate, with prices creeping back up to healthy levels and reducing the chances of a bottoming out.
Short Sales made up a total of 22 percent of the real estate market in 2012, signaling their importance to the stabilizing of the industry and the willingness of banks and lenders to utilize them.
There have been 1.15 million short sales in the U.S. since 2009, with 372,168 taking place in 2011 and 422,605 in 2012. It's not surprising to see this number going up year-over-year as banks continue to streamline the process and make it easier than ever for homeowners to apply. The realization is setting in that short sales are simply a better alternative to foreclosure for all parties involved.