http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Mon, 30 Apr 2012 22:27:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://jefftung.net/2011/02/17/foreclosures-are-up/ http://jefftung.net/2011/02/17/foreclosures-are-up/#comments Fri, 18 Feb 2011 01:28:14 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=419 Lenders have foreclosed on 78,133 properties in January, which is up by 12% from the previous month but it is 11% less then a year ago.  Although there has been an increase in default notices, auctions, and bank repossessions in January, it is encouraging to know that the increase is 17% less then a year ago. 

5 states are responsible for more then 50% of the nation’s total foreclosure activity; California, Florida, Michigan, Arizona and Illinois.  Nevada was the hardest hit state with the highest foreclosure rate in the nation.  Bank repossessions increased 16% from December which is more then  5 times the national average.  Even though we are seeing more foreclosures, they are less then what it was a year ago.  Let’s hope that this is a good sign that we might be on the right track to recovery.   

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• Mortgage default notices slow sharply in January (seattletimes.nwsource.com)
• U.S. home foreclosures rise in January (reuters.com)
• Foreclosure sales activity back up in Fresno (fresnobeehive.com)
• U.S. home foreclosures rise in Jan, more seen (reuters.com)
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• US DATA: MBA Q4 mtgs in foreclosure were 4.63%, vs… (forexlive.com)
• U.S. foreclosures still rising (theglobeandmail.com)
• January Foreclosure Notices Drop to 3 Year Low (cbsnews.com)
• Foreclosure Volume SOARS 50% In California And Arizona, As The Moratorium Ends (businessinsider.com)
• Housing Seizures Rise (theatlantic.com)
• Monthly foreclosures start climbing again (ftalphaville.ft.com)

]]> http://jefftung.net/2011/02/17/foreclosures-are-up/feed/ 0 http://jefftung.net/2011/01/28/whats-ahead-for-2011/ http://jefftung.net/2011/01/28/whats-ahead-for-2011/#comments Sat, 29 Jan 2011 01:57:50 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=407 Wow!!  It’s almost the end of January and boy did it fly by.  Since the beginning of the year, the rates have been going up.  In November of 2010, the 30 year fixed loans were at a 40 year low of 4.17% the 15 year rate was 3.57%.  Now it’s at 4.8% and the 15 year rate is 4.09%.  I don’t think we will ever see the November rates ever again.  There will probably be less borrowing, in 2011, due to the economic conditions.

So what do you think prices of homes will do?  Well, most of the country will continue to see declines or stablize in prices except for 10 cities.   Unfortunately, Florida and parts of the Western parts of the US will see the largest drops in home values. 

Related articles

• Foreclosures Poised to Rise in 2011 (time.com)
• 2011 to top 2010 record of 1 million foreclosures (thenewstribune.com)
• Over 1 million Americans seen losing homes in 2011 (boston.com)
• Happy 2011! (penn-olson.com)
• Tough Times Ahead for Florida (unreasonablefaith.com)
• 1 million homes repossessed in 2010 — 2011 will be worse (thegrio.com)
• What’s Ahead in B2B Selling for 2011? (davesteinsblog.esresearch.com)
• House prices continue to drop (lv.com)

]]> http://jefftung.net/2011/01/28/whats-ahead-for-2011/feed/ 0 http://jefftung.net/2011/01/13/things-cant-get-any-worst-or-can-they/ http://jefftung.net/2011/01/13/things-cant-get-any-worst-or-can-they/#comments Thu, 13 Jan 2011 22:55:43 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=396 Home prices dropped 4.1% annually, in 2010.  Although there was an increase in prices, overall  70% of the major market prices experienced a decline and 8 had double digit declines.  There were 6 markets in California that managed to have some price gain. 

Unfortunately, 2011 will probably be the same, unless unemployment and distressed homes decrease.   Until there are more jobs and less people loosing their homes, we will not see too many price gains.

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• Banks Repossess 1 Million Homes in 2010 (time.com)
• 2011 to top 2010 record of 1 million foreclosures(thenewstribune.com)
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• November Home Prices Down 5%, More Downside Expected(bloggingstocks.com)
• 1 million homes repossessed in 2010 — 2011 will be worse(thegrio.com)

]]> http://jefftung.net/2011/01/13/things-cant-get-any-worst-or-can-they/feed/ 0 http://jefftung.net/2010/08/26/6-reasons-to-shop-around-for-the-best-interest-rate-available/ http://jefftung.net/2010/08/26/6-reasons-to-shop-around-for-the-best-interest-rate-available/#comments Thu, 26 Aug 2010 22:30:09 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=281 Everybody has gone shopping for one thing or another so this should apply to mortgage loans too.  By taking the time to shop around for the best rates available, you could be saving thousands of dollars during the life time of the loan.  So it pays to be aware of the cost associated in obtaining a loan.  Not to mention, you will be more confident about affording and purchasing that home that says “buy me”. 

After all, purchasing a property could be the most expensive thing you buy in your life time.  Why not take the plunge now?  With the lowest interest rates ever available and lots of homes to choose from, plus slow economic recovery of the market, this is the best time to do so.

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