selling kansas city real estate

Short sale fraud is a rising crime that begins to gain its momentum. Analytics firm CoreLogic stated that 1.9% of all U.S. short sales, or 1 out of every 53 deals, over the past two years (approximately 15,000nationwide) are fraudulent. Short sale scams have a great impact on the society; victims that end up homeless, cheated lenders, damage to values of neighborhood properties. Since there is minimal enforcement against short sale and prosecution to suspects is difficult, many criminally minded people take the risk and fraud short sales.

Not all short sales are bad, though. A short sale may be the solution to your home foreclosure problem when you do the time to scrutinize your agency or real estate agent that suggests a short sale to help you get out of a mortgage situation. Keep in mind that despite the faster pace and less expense of a short sale compared to a foreclosure, it doesn’t necessarily absolve the remaining balance.

A growth of Wells Fargo & Co.’s portfolio of active and completed mortgage modifications was seen, from 733,180 at the end of January to 740,359 in late February.

The figures stated take account of all active and completed modifications stated at the bank within the time period of January 2009 to February 2012. Wells stated that 84% or 623,737 of those modification efforts were completed through the bank’s proprietary programs, while 116,622 were settled through the Home Affordable Modification Program (HAMP) of the government.

Wells Fargo succeeded in encouraging 80% of its seriously delinquent customers to ask for assistance. According to the bank’s report, approximately 7 out of 10 seriously delinquent customers avoided foreclosure.

Furthermore, Wells Fargo & Co. helped 5.6 million customers that have obtained low-rate loans for purchases and refinancing over the previous three years.

Wells Fargo wrote in a statement, “As a result of that success and the fact that more than 92% of Wells Fargo’s home loan customers remained current on their mortgage payments as of the fourth quarter of 2011, fewer than 2% of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months… Wells Fargo also has helped nearly 5.6 million customers secure new low-rate loans for home purchases or to refinance existing mortgages between January 2009 and February 2012.”

As compared with the first quarter last year, Missouri and Kansas anticipate a dramatic decline in the number of foreclosures for the same period this year as per the report released on April 12, 2012.

RealtyTrac Inc. presented data reflecting 25.6 percent drop in Kansas’ home foreclosure actions for the quarter, while dropping 22.4 percent in Missouri.

There were 2,677 homes in Kansas drawn in foreclosures, approximately one in every 461 households, making the state 32^nd in the country’s overall foreclosure filings, as reported by RealtyTrac Inc. On the other hand, 6,813 homes in foreclosure were reported in Missouri in the first three months of 2012, approximately 1 in every 298 households, making it to rank 23 in the country’s overall foreclosure filing.

Drops in foreclosure actions in Kansas and Missouri were also seen on the one-month data for March.

According to RealtyTrac Inc., although there was a drop in the number of foreclosures in Kansas since 2011’s fourth quarter, Missouri’s activity in the first quarter showed 11.6 percent higher than last year’s final quarter.

The national foreclosure activity dropped 2 percent for the first three months of the current year in contrast with 2011’s last quarter. From the first quarter of 2011, foreclosure activity fell 16 percent.

More homes were drawn into the foreclosure process nationwide in March, possibly giving chance to increases in properties repossessed by lenders in 2012.

In March, there was a 7 percent increase in the number of homes that received foreclosure notices the first time from the previous month, as per RealtyTrac Inc. report, marking the third consecutive monthly surge in 2012. It also shows the banks’ stepped-up efforts in taking action against homeowners who failed to sustain with mortgage payments.

Daren Blomquist, vice president at RealtyTrac Inc. commented, “We’re not out of the woods yet with foreclosures… There are more batches of foreclosures coming through the pipeline.”

As measured by the number of properties receiving notices of default, scheduled for auction or repossessed by lenders, the overall foreclosure activity dramatically dropped in March to an all time low since July 2007. There are a total of 198,853 homes that received a foreclosure notice in the month of March, down 4 percent from the month of February, and down 17 percent from March 2011.

A Berkshire Hathaway affiliate, HomeServices of America, Inc., has made public the acquisition of Prudential Connecticut Reality, which is one of Connecticut’s biggest and most respected residential real estate brokerage firms.
Prudential Connecticut, headquartered in Wallingford, Connecticut, serves the whole state, with no less than 1,400 sales associates in not less than 50 offices situated in major markets across the state. Prudential Rhode Island Realty, which is a division of Prudential Connecticut Realty, has its two offices that serve the Westerly and Watch Hill communities.

Prudential Connecticut Reality had $2.5 billion in sales in the year 2011. Prudential Connecticut Reality, under its new structure, preserves its name and retains a flagship franchisee of Prudential Real Estate’s U.S. network.

Peter Helie, the chairman of the institution, is known for his excellent professional contributions and far-reaching philanthropic activities within his community. Helie will pursue in his function as chairman and CEO, and Candace Adams will go on as president, managing the day-to-day operations along with sales management and executive leadership teams.

HomeServices is considered as the second-biggest, full-service independent residential real estate brokerage firm, and the biggest brokerage-owned settlement services provider in the United States. The acquisition embodies the initial entry of HomeServices into Connecticut and the Northeast region. With this deal, HomeServices has 26 brands, and no less than 16,000 real estate professionals that operate in 20 states. HomeServices’ growth strategy centers on pointing out market-leading companies that have founded deep and lasting reputations within their community and old traditions for excellence.

Ron Peltier, chairman and CEO od HomeServices said, “Prudential Connecticut is among the leading real estate companies in the U.S. and closely aligns with our corporate vision, our culture of integrity, and our emphasis on customer value and results… Peter and Candace are highly regarded for their leadership skills, real estate experience and acumen, and unwavering commitment to delivering an exceptional customer experience.”

Helie added, “This transaction makes one of the premier firms in Connecticut an even stronger organization… By joining forces with HomeServices, we will b unmatched in our ability to serve the real estate and corporate relocation needs of new and existing clients throughout Connecticut and Rhode Island.”

Adams commented, “We are proud to be a part of HomeServices of America… We are joining an organization known for its strength and stability; one that is consistent with our high standards of service and integrity, making this a win/win for our customers and our brokers.”

Peltier said, “I am delighted that HomeServices is establishing a presence in Connecticut… I look forward to having Peter, Candace and their teams join the HomeServices network of companies.”

The housing market seems to need some help in boosting up its growth, since it is still burdened with a huge overhang of distressed properties and monotonous demand.

The Latino buyers seems to be bringing this needed help, according to a study released this month, as they are anticipated to provide a huge amount of interest on housing, such as condos, starter homes, and trade-up homes, over the next decade.

Gray Acosta, co-founder and acting executive director of the National Association of Hispanic Real Estate Professionals said, “The demographic trends all line up for Hispanics to be a prime demographic for homeownership… We’re seeing very strong indicators that Hispanics are going to be 40 to 50 percent of all new homebuyers for the foreseeable future.”

Acosta and other industry experts’ insights were based on some factors. One of which is the fact that Hispanics have been providing the most population growth over the past decade, and over the next decade they’re projected to comprise the 40 percent of the approximated 12 million net new U.S. households, a huge predictor of future housing demand.

Also, the report attested that Hispanics have the highest rate of labor force participation in the nation, with almost two thirds of all Latinos in the working-age employed.

A cruise can be tough when you have kids with you. Below are tips to enjoy your cruise with your children, based on a Royal Caribbean’s Voyager of the Seas experience. Bear in mind that cruises differ with each other so make sure to research on them before you go and set sail.

• Instead of two adjoining staterooms try booking a family suite. Suites come with expedited boarding (and disembark); special menus; reserved pool-deck and theater seating; and other promos to be able to make your travel with kids painless.
• Sign up your kids in at least one children activity offered by the cruise to give them chances on making friends that they have as company all throughout the trip. This will also give you some adult time while they indulge in these activities.
• Discuss briefly the safety precautions of the ship and basic stranger danger precautions on the first day.
• Setting limits and ground rules should be given in advance.
• Consider the formal nights to be spent on the ship, and plan for their overalls. Also, discuss briefly some dining etiquette. Exposing your kids with this can give them introduction on fine dining and dress ups.
• Pack books, games, and DVDs for your kids to give them some calm and quiet time at night after the long day of fun and activities in the cruise. Although some cruises have libraries, there may not be a lot of books for children so bring your own.
• Do not forget your sunscreen and bug spray to keep the children’s comfort.
• Consider bringing a white board for directions and meeting times for the family, especially the kids since you’ll be going to different parts of the ship.
• Expose your kids to tours around the ship if one is offered to let your kids explore. They may even grow interest in navigation, the hospitality industry or travel in general.
• Arrange for a parent’s night out to indulge in and discuss them with your kids. Older kids can be left independent for a cruise ship is relatively safe, while baby-sitting or kids’ clubs are offered for the younger kids.

According to the National Association of Realtors, there was an upsurge of investment and vacation home sales in  2011 due to more investors with cash on hand jumping into the market to obtain distressed and affordable properties.

As NAR reported that the combined share of investment and vacation home sales of 2011 was at its highest level since 2005, their study demonstrate a growth of 64.5% to 1.23 million in 2011, compared to 2010’s 749,000.
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A soar of 7% to 502,000 in vacation-home sales were also seen last year, as compared to 2010’s 469,000. The vacation purchases accounted 11% of all transactions in 2011 in total; compared to 2010’s 10%

27% of 2011 transactions were investment sales, compared to 2010’s 17%. Lawrence Yun, chief economist for NAR stated that the number of investors have been rising

Investment sales made up 27% of 2011 transactions, compared to 17% in 2010. Lawrence Yun, chief economist for NAR, said more investors with cash on hand jump into the market to obtain distressed and affordable properties, as prices drop to affordable levels alongside the low interest rates.

Yun said, “During the past year, investors have been swooping into the market to take advantage of bargain home prices… Rising rental income easily beat cash sitting in banks as an added inducement. In addition, 41% of investment buyers purchased more than one property.”

49% of investment buyers and 42% of vacation-homebuyers paid with cash last year.

Distressed homes comprise about half of the investment homes obtained, as compared 39% of vacation homes.

A Real Estate Consensus Forecast was made public by Urban Land Institute on March 28, 2012 predicting wide improvements for the economy according to 38 real estate economists and analysts surveyed.

With the signs improvements in the housing sector coming on the surface, participants anticipate seeing housing starts almost double by the year 2014 and predict the rise of home prices by 2013.

Average home prices decreased somewhere between 1.8 percent and 4.1 percent for each year in the past three years as per FHFA data. Average home prices are expected to stabilize in 2012; increase by 2 percent in 2013; and increase by 3.5 percent in 2014.

The 428,600 single-family housing starts in 2011 is expected to rise to 500,000 in 2012, and soar an 800,000 starts in 2014.

By 2012, a drop to 8 percent in the unemployment rate is expected; down to 7.5 percent by 2013’s end; and continue falling to 6.9 percent by 2014’s end.

In 2012, a 2.5 percent growth of GDP is expected, and a 3.2 percent growth by 2014.

Despite the signs of the economy’s progress, there is inflation and higher interest rates, increasing cost for investors. The survey’s participants aren’t expecting substantial increases in real estate capitalization rates for institutional-quality investments (NCREIF cap rates), which are anticipated to stand still at 6 percent in 2012 and rise to 6.2 percent in 2014.

In 2012, total returns of Council of Real Estate Investment Fiduciaries (NCREIF) by property type are anticipated to be 12.1 percent for apartments, making it the strongest; 11.5 percent for industrial; 10.8 percent for office; and 10 percent for retail.

By 2014, however, the office returns are expected to be strongest, with 10 percent; industrial with 10 percent; apartments with 8.8 percent; and retail with 8.5 percent

It was recommended by ULI CEO Patrick L. Phillips that although ULIForecast proposed that growth of economy will be steady, it must be viewed within the risk factors content: enduring impact of Europe’s debt crisis; the impact of the imminent presidential election in the U.S. and major elections abroad; and the difficulties of tighter financial systems in the U.S. and overseas.

Phillips said, “While geopolitical and global economic events could change the forecast going forward, what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years.”

The non-housing sector growth conducted from February 23 to March 12, 2012, according to the ULIForecast:

- Year-end vacancy rates for the apartment sector are anticipated to drop further to 5 percent in 2012, and then climb to 5.1 percent in 2013 and to 5.3 percent in 2014

-Apartments are anticipated to reflect strong growth on rental rate, growing 5 percent in 2012, then slowing down to 4 percent in 2013, and 3.8 percent in 2014.

- An increase of issuance of commercial mortgage-backed securities (CMBS) from $33 billion in 2011 to $40 billion in 2012 is expected, $58 billion in 2013, and $75 billion in 2014.

- An increase of the ten-year treasury rates to 2.4 percent by 2012’s end is expected, 3.1 percent for 2013, and 3.8 percent for 2014.

- An anticipated rise in future equity REIT returns to 10 percent in 2012 is expected, then plunging to 9 percent in 2013, and 8 percent in 2014.

-  A drop to 11 percent in returns for institutional-quality direct real estate investments is expected in 2012, 9.5 percent in 2013, and 8.5 percent in 2014.

- A projected increase of hotel occupancy rates to 57 percent by 2012 is expected, 58.2 percent by 2013, and 59.2 percent by 2014.

- Vacancy rates for the industrial/warehouse sector are anticipated to plunge steadily over the succeeding three years to 12.8 percent by 2012’s end, 12.1 percent in 2013, and 11.5 percent by the end of 2014.