Ellenton Real Estate News

IRVINE, Calif. – Oct. 12, 2017 – ATTOM Data Solutions' Q3 2017 U.S. Foreclosure Market Report finds a total of 191,824 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions. That's down 13 percent from the previous quarter and 35 percent from a year ago.

It's the lowest level of foreclosures since Q2 2006 – a more than 11-year low.

Foreclosures have not just dropped to their "normal" level before the foreclosure crisis, they've actually dropped lower than what was considered normal before the recession. It was 31 percent below the pre-recession average, and it was the fourth consecutive quarter where it has done so.

Posted in:General
Posted by Peter J. Poe on October 13th, 2017 8:50 AM

ORLANDO, Fla. – Oct. 10, 2017 – Before you begin to rebuild your Florida home, there may be a National Flood Insurance Program (NFIP) term you need understand: "substantial damage."

It's common to think that substantially damaged merely describes a structure that has sustained a large amount of damage by a flood, fire, tornado or earthquake.

In reality, substantial damage is a specific term that applies to a damaged structure in a Special Flood Hazard Area – or floodplain – for which the total cost of repairs is 50 percent or more of the structure's market value before the disaster occurred. For example, if a structure's market value before the damage was $200,000 and repairs are estimated to cost $120,000, that structure is "substantially damaged." Land value is excluded from the determination.

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Posted in:General
Posted by Peter J. Poe on October 11th, 2017 8:12 AM

NEW YORK – Oct. 9, 2017 – Bitcoin, the best-known of the upstart digital currencies, is still a mystery to many Americans.

If you've heard about Bitcoin, it's mainly from startling headlines about its 400 percent price gain earlier this year, or its surge to nearly $5,000 last month, making it the most-valuable player in the mushrooming space for so-called cryptocurrencies. Or because Wall Street skeptics call it a "fad," a "fraud" and a "speculative bubble."

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Posted in:General
Posted by Peter J. Poe on October 10th, 2017 7:46 AM

FSBO's net less money than when using a Realtor

 

NEW YORK – Aug. 21, 2017 – For-sale-by-owners (FSBOs) tend to sell their homes for lower prices than homes sold through traditional agents via the MLS, and in many cases below the average differential represented by the prevailing commission rate, according to a new study by Collateral Analytics. The study examined the price differences between homes sold through traditional agents versus those sold by FSBOs from 2016 to the first half of 2017.

Some homeowners attempting to avoid commission costs attempt to sell their home on their own – but that can backfire and turn into a much lower sales price, the study found.

Even successful FSBO sellers achieve prices "significantly below" those from similar properties sold more traditionally via Realtors®, the study found. A FSBO sale, on average, nets nearly a 6 percent lower price than an MLS sale for a similar property, the study found.

Overall, the authors found that the differential in selling prices between FSBOs and MLS sales is "remarkably close to average commission rates."

"Assuming that both buyers and sellers pay the commission, one might have expected something less than this average," the researchers note. "It appears that many sellers are avoiding commissions while netting home prices less than they would with an agent-represented MLS sale."

Source: "Saving Real Estate Commissions at Any Price," Collateral Analytics Research (Aug. 16, 2017)

Posted in:General
Posted by Peter J. Poe on August 22nd, 2017 6:52 AM

Fannie, Freddie postpone new credit scoring models

 

WASHINGTON – Aug. 11, 2017 – If you've been waiting for the long-anticipated news that the two dominant players in the home mortgage arena – Fannie Mae and Freddie Mac – finally have decided to overhaul their outdated credit scoring systems to expand homeownership opportunities for a broader range of consumers, sorry. Your wait just got a lot longer.

There will be no modernization of the mortgage giants' controversial scoring systems before mid-2019 at the earliest, according to Fannie's and Freddie's top government regulator.
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Posted in:General
Posted by Peter J. Poe on August 14th, 2017 10:54 AM

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