RISMEDIA, August 26, 2010—Home sales statistics are likely to paint a picture of a weakening market through the end of 2010 and the first half of 2011. While it’s tempting to attribute the bleak numbers to a deteriorating housing market, an economist with the Real Estate Center at Texas A&M University said that doesn’t tell the whole story.
“The year-over-year decline in existing home sales will be the result of comparing months when there was no tax credit with those from a year earlier, when the tax credit was artificially increasing sales,” said Dr. Mark Dotzour, the Center’s chief economist. (More …)
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RISMEDIA, July 23, 2010—(MCT)—Shrugging off investors’ fears of a double-dip recession and punishing deflation, Federal Reserve Chairman Ben Bernanke predicted that a moderate U.S. economic expansion is likely to continue despite numerous threats to growth.
Testifying before the Senate Banking Committee, Bernanke acknowledged that European debt problems are slowing U.S. growth, as is the protracted slump in the U.S. housing sector. He said mounting federal budget deficits must be addressed, but added that government spending is warranted given the lack of private-sector demand for goods and services.
Bernanke shot down suggestions that his Fed is out of bullets should the economy slide back toward contraction.
“If the recovery seems to be faltering, then we at least need to review our options. We need to think about possibilities. But, broadly speaking, there are a number of things we could consider,” he said. (More …) Print This Post
“Today’s buyer is more educated than ever before.”
These statements echo throughout the real estate sector as agents attempt to adapt their marketing strategies to an ever-evolving consumer.
It’s fitting then, that REBAC debuted a new course this spring, designed to help agents market themselves where consumers are already interacting: online and through social media.
Real Estate Marketing Reboot is a one-day course that expands on marketing fundamentals, teaching students everything from branding and relationship marketing to social media technologies and practical business-building tips. (More …) Print This Post
by The KCM Crew on July 8, 2010
More millionaires were created as a result of the Great Depression than at any time in the nation’s history. Noted rich-guy John D. Rockefeller has said, “The way to make money is to BUY when blood is in the streets.” Another noted rich-guy, Warren Buffet, believes you should “be fearful when others are greedy and to be greedy only when others are fearful.” Huge success comes to those who see confusion as an opportunity. Today, there is a significant opportunity.
With interest rates at historic lows and home values where they are (the Housing Affordability Index is as favorable as it has ever been) I have one question… “Why hasn’t everyone jumped into the market?” Housing is still one of the most basic of needs (food, clothing, and SHELTER). (More …) Print This Post
Published: February 4, 2009
WASHINGTON — The Senate on Wednesday voted to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000, a provision championed by Republicans as addressing a root cause of the recession.
The vote to add the tax credit, at a cost of about $18.5 billion, came as Senate leaders seemed to be nearing completion of negotiations. The majority leader, Senator Harry Reid of Nevada, suggested that a final vote on the stimulus plan could come on Thursday.
Moderate lawmakers in both parties are pushing to reduce the overall cost of the measure and to focus it more tightly on provisions that will quickly spur spending and create jobs. The vote came as President Obama met with centrist lawmakers to address concerns about the package.
Mr. Obama, while expressing willingness to compromise, also issued a warning to some Republican critics who have said they will press for major changes to the bill, including the removal of many spending programs in favor of wider tax cuts. (More …) Print This Post
Home-selling Strategies by Chris Kaucnik
RISMEDIA, July 1, 2010—Measuring the success of your marketing efforts is always critical, but some media is built to be measured in the short term, while others are more structured for brand building, to be measured long term.
This is the case with social media. It is being utilized successfully today to augment the building of powerful brands of any size. The effect of regular, brand-building posts and interaction can create more transparency between you and your potential clients, and give them a feel for what you are all about. One of the beauties of this media is that you can use it to help build a local business brand or an international one.
When used properly, social media will accelerate the buying process, the speed at which you can go from awareness to sale. However, it’s more difficult to track and measure this type of benefit on your own. One way is to watch where new referrals are coming from. You may find a pattern of more referrals from those you engage with on social media. (More …) Print This Post
RISMEDIA, June 29, 2010—United States real estate broker and agent forward-looking confidence edged higher in Point2 Technologies’ monthly Real Estate Confidence Index (RECI) survey in June 2010, rising 0.70% to 5.76 on the RECI scale of 1-10, versus last month. Relatively strong long-term optimism sent the Index’s 12-18 month optimism/pessimism variable higher by three percentage points and was the key catalyst behind the upside.
Current Sentiment, one of the three key Index components that tracks survey respondent views of existing market conditions, dropped by 1.92%, to 5.12 on the 1-10 RECI scale (10 being “Good” and 1 being “Bad”).
The Short-Term (3-6 months) optimism/pessimism variable rose marginally, by 0.53%, to 5.64. (More …) Print This Post
by Steve Harney on June 4, 2010
There is no longer any question that luxury homes are beginning to sell. The high-net-worth client has marked 2010 as the year to again start purchasing real estate and their desire is turning into sales. Financing is beginning to open up in the ‘jumbo’ market and prices are starting to reflect true values as upper end foreclosures are starting to mount. What does this market have in store for us as we move forward in 2010? That will be determined by supply and demand.
Obviously, demand is increasing. The Wall street Journal reported:
“After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more-realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation’s most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $2 million to $5 million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic.” (More …) Print This Post
RISMEDIA, June 9, 2010—Integrated Asset Services®, LLC (IAS®), a leader in default management and residential collateral valuations, has released the latest IAS360® House Price Index (HPI). Based upon the timeliest and most granular data available in the industry, the benchmark for national house prices gained 0.9% in April.
Three of the four U.S. census regions registered respectable gains for the month, with the Midwest adding 1.9%, the South, primarily on strength along its central corridor, 1.8%, and the West 1.1%. Only the Northeast, with a 0.7% decline—the region’s eighth in a row—lost ground for the month. Boston and New York, the Northeast’s leading metropolitan areas, also reported negative months, their eighth straight as well.
With April’s gain, the IAS360, which fell 0.2% for the same period in 2009, is down 23.9% from its high set in July of 2007. (More …) Print This Post
by Paul Owers
RISMEDIA, June 8, 2010—(MCT)—Before Larry Thomas unloaded his Pompano Beach, Fla., home last fall for a fraction of what he paid, he cut a deal that will keep him from worrying about a huge debt hanging over his head.
Thomas insisted that his lender, American Home Mortgage Servicing, agree not to come after him for the estimated $174,000 he still owed on his two mortgages. “I feel incredible relief,” the restaurant manager said recently.
Others may not be as fortunate. Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to recoup losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, real estate and legal analysts say. “It will be a dramatic problem because the borrowers will not know it’s coming,” said Frank Alexander, a law professor at Emory University in Atlanta.
Laws vary from state to state. In Florida, banks have five years from the date of the sale to file for so-called deficiency judgments and up to 20 years to collect. Lenders can garnish wages or make claims on borrowers’ assets. (More …)