Existing home sales are slightly up in several metropolitan areas. Do these sales represent a positive turnaround in the market or are buyers just scraping the bottom of the foreclosure barrel? Scott Wurtzbacher looks at the numbers, focusing on the sale of foreclosures and how they are affecting the market. Peter Zelewski has more somber news for us as he reports the FDIC is shutting down two more banks.

Are Foreclosures Keeping Existing Home Sales Alive?
By Scott Wurtzbacher
“The results that I found show that roughly 20% of all home sales in Mecklenburg County in October were foreclosure related sales. Specifically, my search of MLS identified 114 obvious foreclosure sales in Mecklenburg County out of 627 sales total.  That is compared to 124 foreclosures (or 12%) out of 1056 total during October 2007.”

Failures Keep Coming As Regulators Shut 2 More Banks
By Peter Zelewski
“The two most recent failures are estimated to cost the FDIC’s insurance fund between $1.6 billion and $1.8 billion. The 19 bank failures to date are expected to cost the insurance fund between $7.9 billion and $12.3 billion, according to the FDIC. In anticipation of the two planned seizures, the FDIC negotiated ‘purchase and assumption’ agreements beforehand for the assets of both failed financial institutions to be absorbed immediately by existing banks in hopes that customers would not be hindered.”

The latest housing numbers aren’t pretty. Foreclosures and inflation are rising and Paulson says buying up bad mortgages is not going to help the economy. Is it all doom and gloom? Keith Vermilyea’s economic update does have a silver lining. Mortgage applications are up and so are refinances and purchase volume. Liza King’s optimism is contagious and she wants everyone to think positively and to keep in mind the media paints a darker picture than what is really going on. If kind words aren’t enough, Sonya Loose shares with us how she’s taking advantage of this housing slump and having a good time while doing it.

Economic Update
By Keith Vermilyea
“The nation’s foreclosure rate increased 25% from October 2007, according to a report by RealtyTrac. In October 2008, one in every 452 homes, or 279,561 properties, received at least one foreclosure-related notice. More than 84,000 homes were repossessed last month. Mortgage application volume rose 11.9% for the week ending November 7, according to the Mortgage Bankers Association’s weekly survey. Refinances increased 16.1% and purchase volume increased 9%.”

Is It Really That Bad?
By Liza King
“My personal opinion is, NOT! If you take a look at the overall picture, it’s not as bad as the media wants you to believe it is. I don’t really blame the media for everyone being so gloom, but can we once in a while hear how great we have it in San Antonio? My personal belief is that if you keep saying it over and over to yourself, you are going to get so depressed that it really is going to be bad - for YOU! Maybe I’m just too optimistic or naive, but my attitude is it’s only as bad as you want it to be for you.” 

Addicted to Selling Houses…To Myself!
By Sonya Loose
“It is very satisfying to sell a ‘home’ to a family you have been working with when you know it’s a good fit for them and that you have helped them get a good deal. I always wish them many years of happy memories there. But, it is so fun and incredibly exciting to sell ‘houses’ to myself. Yes, a ‘house,’ one that is ugly right now. It needs someone to love it, bring it back to life, see its potential and find it a happy family to make it their ‘home’! I don’t consider myself a house ‘flipper’ because this is not something that I accomplish in a very short period of time nor do I make HUGE profits on them either.”

Yesterday the Federal Housing Finance Agency announced the details of the mortgage rescue plan. Proponents of the plan see it as a way to get Freddie Mac and Fannie Mae back on their feet as well as giving homeowners the support they desperately need. Critics are quick to point out that the majority of foreclosures are not with Fannie and Freddie and ask “Who is this plan really rescuing?” Hollie Pakulla and Joane Owens give us more details of the rescue plan and Daniel Maloney lets us know he isn’t falling for what he calls Paulson’s “bait and switch.”

Statement of FHFA Director James D. Lockhart
By Hollie Pakulla

“This plan encourages Fannie Mae and Freddie Mac, as well as private mortgage holders, to modify mortgages held by borrowers who are in financial trouble and on the verge of foreclosure. In order to be eligible for a potential loan modification, a borrower must be at least 90 days behind in their payments, the property must be a primary residence, and the new/modified payment must not exceed 38% of the borrower’s monthly income.”

It’s Just Magic
By Daniel Maloney

“I didn’t know that the Treasury Department had a magic show, did you? Mr Paulson sold the congress one plan and with some “misdirection” enacted a different one.  Rather than buying the bad mortgages, like he told congress the bail out money would be used for, he decided on something different, to invest in the banks.”

Rescue Me
By Joanne Owens

“Imagine renegotiating loans so that people can afford to stay in their homes instead of going through the all the expense of foreclosing on them. What a novel idea for the lending world.Well this may be good news for homeowners, I tip my hat to them for sticking in there while the lenders finally came to their senses.On the other hand for my investors and clients looking for a steal of a deal we’re going to have to get our running shoes on.”  

First-time home buyer and seller mistakes are easy to make when you’re a novice in the world of Real Estate. Maybe that’s why most people choose to use a Real Estate professional. Whether you’re a first time buyer or a soon-to-be retired seller, letting someone else handle the transaction could save you hassles down the line. John Wirsing and Fernando Rivera point out some common mistakes that both buyers and sellers make that should make one think twice about taking your real estate needs into your own hands.  

Common Selling Mistakes That You Should Avoid
By John Wirsing 

“Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select a Realtor® who is a good match for you. Experienced real estate agents often cost the same as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles. Take your time when selecting a real estate agent”  

Common First-Time Home Buyer Mistakes 
By Fernando Rivera

“1. They don’t ask enough questions of their lender and end up missing out on the best deal.     

 2. They don’t act quickly enough to make a decision and someone else buys the house.    

 3. They don’t find the right agent who’s willing to help them through the home buying process.”

REALTORS® from across the country headed to Orlando this week for the 2008 REALTORS® Conference and Expo. The first day saw reactions to President-elect Barack Obama and there was a lot of positive feeling about the future of the Real Estate Market. Wendy Cole shares her thoughts about Thursday’s presentation.

NAR Prospects Coming Up Roses
By Wendy Cole

“At Thursday’s Member and Director Update at the Peabody Hotel, Chief Lobbyist Jerry Giovaniello noted that Obama has long been an advocate for property tax and fought predatory lending. Obama also supported the NAR-backed economic stimulus plan, which boosted loan limits in high-cost areas. The presentation was a powerful reminder that homeownership is far more than a financial transaction: It’s also deeply emotional…”

With the election over, REALTORS® are eager to get back in the saddle. Paul Renton see’s the Real Estate industry as central to the country’s economic recovery and plans on working hard to unite and move forward. Sean Moore knows that old fashion hard work coupled with new ideas is what makes a successful business. He’s attending this years NAR convention in Orlando, Florida to learn more about building a successful business.

Time For Change- Time For No Excuses and Get to Work!
By Paul Renton

“Real Estate can be the saving grace and the downfall of our nation and it will be felt worldwide good or bad. Now more than ever I am proud to be a Realtor and to help my clients through this. It is hard, and telling the truth is not always easy when facing the backlash from the homeowner or bank everyday. It is our duty to educate, price and present right.”

The Election is Over…Get Back to Work!
By Sean Moore

“So getting back to work…it’s time for The National Association of REALTORS Annual Convention 2008! Although I’ve only been a licensed agent for 4 years, I go to convention every year. The list of reasons why is exhausting but I will give a few. There is so much to see and do that I focus on certain things each visit.”

With a message of hope and change, yesterday Barack Obama became the first African-American President of the United States. For many, the economy was the deciding factor so choosing Obama was easy. Skeptics, however, were concerned about the perceived lack of experience of the President-elect and worry that the “changes” coming might not be all positive. Realtors may be split politically but are united in their desire to see the housing industry and the rest of the economy get back on its feet. Will new leadership bring about the changes the voters have mandated? Both Frank Hanson and Joshua Hanoud have opinions on what we can expect in the coming months and share how they see the Real Estate market being affected by the election.

How Will the Real Estate Market Be Affected by Tuesday’s Election?
By Frank Hanson

“With the Presidential election will come new leadership. While both candidates recognize the need to boost the housing market, I believe it will take months for either man to rebuild the confidence of the American home buyer. Americans need to be assured that buying a home is still a sound investment for the future. When the Administration is able to restore that confidence, the real estate market will see a positive impact.”

How Will the Real Estate Market Be Affected by Tuesday’s Election?
By Joshua Hanoud

“Well…I have to say I don’t think the real estate market will change much at all…at least not in any major way. People don’t buy houses because there’s a new president…they buy houses because they want a home to live in and/or a sound investment for their future that will always appreciate over time (for those that have lost money in the current housing market…the key words are “over time”…real estate always goes back up…you just have to wait for it).”

The long awaited, heavily debated 2008 Presidential Election is finally upon us. A victory for either party marks a first for our county with the possibility of the first female Vice President on the McCain-Palin ticket or the first African-American President, should Barack Obama take home the necessary 270 electoral college votes. Bill Mews and Alan Price share their support and encourage all to vote!

Vote Tuesday- Its Your Right and Privilege!
By Alan Price

“Voting, like home ownership is one of the benefits and privileges of being an American citizen. It is unfortunate that it takes such an historical election such as this one this Tuesday to finally get people registered and motivated to vote. That being said, vote your heart, vote in a non partisan way (if that’s possible) and exercise one of your rights that our soldiers, airmen, naval forces, and marines have fought to protect for over 200 years.”

Election Day 2008
By Bill Mews

“Well, I don’t know about you, but I’m sure glad this day is finally here. Not because we get to vote but because we finally get an end to all the political commercials, phone calls, etc… We have a luxury here in the United States that gives us the right to vote and we need to do it. So do your part and get out today and cast your vote in what might be the most hotly contested Presidential elections of your lifetime!”

The next President takes over the Oval Office with an uphill battle ahead of him. It’s going to take a lot of work to regain consumer confidence and bring stability back to our economy. Regardless of who you think is best suited for the job, just get out there and vote! It’s your right and privilege as a citizen of this great nation. You could sit at home and be “shredded paper waste” as Chad Lariscy refers to it or you could make your voice heard tomorrow.

Will You Vote on Tuesday?
By Lee Dworshak

“Although Barack Obama leads John McCain by almost 30 points among 18 to 29 year-old registered voters, these younger voters are still less likely to vote than older voters this year according to recent studies. Obama is clearly the favored candidate with younger voters, but Obama and McCain are more competitive among the older age groups.”

Get Out and Vote. At Least You Are Not Shredded Waste.
By Chad Lariscy

“Let me introduce myself, my name is Chad and I am nothing more than mere shredded paper waste by definition. I was created by holes left in paper, and I became famous in the 2000 United States Presidential Election. Now it is my understanding that there are many forms of chads, there is the pregnant chad, the dimpled chad, and one of my favorites and probably the most famous….the hanging chad.”

Thinking of moving your investments from stocks and bonds to a shoe box under your mattress? While you won’t be gaining any interest on your money, at least you’ll know it’s not evaporating with the falling stock market. If “buy low and sell high” is your motto, then maybe investing in real estate is the best way to get your money to work for you. For the investor looking to build a Real Estate portfolio with stability, taking advantage of foreclosures and REOs will be the best way to maximize returns. Anthony Bolling lets us in on the secrets of investing in commercial Real Estate while Erin Attardi keeps us from falling into the pitfalls of bank-owned property disclosures.

Sound Advice for the Small Investors Looking to Build a Commercial Real Estate Portfolio
By Anthony Bolling

“There’s a tremendous range of commercial properties available for the small investor to consider. Each type of property presents its own potential for returns, management responsibilities and, of course, levels of risk. However, a property that is well-managed and properly financed can yield significant returns over the long term.Investors making a first-time foray into investment real estate should keep the following in mind before closing on a commercial property.”

When I Buy a Bank-Owned Property, What Disclosures Will I Receive?
By Erin Attardi

“In an REO transaction, the seller is required to provide you with an Hazard Zone Disclosure, Smoke Detector and Water Heater Statement of Compliance, Lead-Based Paint Disclosure, Megan’s Law Disclosure, and Tax Withholding (FIRTPA). Other forms, such as the Transfer Disclosure Statement, Seller Property Questionnaire, Supplemental Statutory and Contractual Disclosure, etc. are probably required by your agent’s firm as a formality to complete the file on his/her end, however the bank itself is not required to provide you with one.”