Chance Gates' Blog » Foreclosure

In The News

Chance Gates — Mon, 24 Oct 2011 15:40:19 +0000

The combined construction of new single-family homes and apartments in September jumped 15% to a seasonally adjusted annual rate of 658,000 units. Single-family starts increased 1.7%. Multifamily starts rose 53%. Applications for new building permits, seen as an indicator of future activity, fell 5% to an annual rate of 594,000 units.

Industrial production at the nation’s factories, mines and utilities rose 0.2% in September. Compared to a year ago, industrial production is up 3.2%. Capacity utilization rose to 77.4% in September from a revised 77.3% in August.

The producer price index, which tracks wholesale price inflation, rose 0.8% in September after a flat reading in August. For the year, seasonally adjusted wholesale prices are up 6.9%. Core prices — excluding food and fuel — rose 0.2% in September.

The National Association of Home Builders/Wells Fargo monthly housing market index rose four points in October to 18. The reading was the highest level since April 2010. An index reading below 50 indicates negative sentiment about the housing market.

Existing home sales fell 3% in September to a seasonally adjusted annual rate of 4.91 million units from an upwardly revised 5.06 million units in August. The inventory of unsold homes on the market decreased to 3.48 million, an 8.5-month supply at the current sales pace, up from an 8.4-month supply in August.

Initial claims for unemployment benefits fell by 6,000 to 403,000 for the week ending October 15. Continuing claims for the week ending October 8 rose by 25,000 to 3.7 million.

Upcoming on the economic calendar are reports on the housing price index on October 25, new home sales on October 26 and pending home sales on October 27.

Thanks to my friends at Prospect Mtg for this report. Visit them at www.myprospectmortgage.com/yfoster

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . To checkout some of my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Law to help Tenants Whose Landlords Goes in Foreclosure

Chance Gates — Sun, 02 Oct 2011 19:54:24 +0000

A new law passed by Congress and signed yesterday by the President provides protections for tenants whose landlords fall into foreclosure. Under the Helping Families Save Their Homes Act, tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. The protections go into effect immediately and expire at the end of 2012. The new federal protections do not preempt city and state laws which remain in full force.

It is highly advise you consult with an attorney to answer any legal questions.

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As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or to request a modification. If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Beware Legal Pitfalls With Foreclosures, Short Sales

Chance Gates — Thu, 29 Sep 2011 18:39:42 +0000

Daily Real Estate News | Monday, September 26, 2011

http://realtormag.realtor.org/daily-news/2011/09/26/beware-legal-pitfalls-foreclosures-short-sales?cid=WR09292011:30262&ed_rid=1698691

Short sale and foreclosure transactions can be fraught with potential legal problems for real estate professionals. And as the number of these transactions continues to skyrocket, agents need to be careful, Stella Ling, managing senior counsel of the California Association of REALTORS®, told a crowd at CAR’s REALTOR® Expo last week.

Short sales success rate is only about 50 percent, Ling said, so “the best thing to do is to prescreen the short-sale listings.” For example, she encouraged agents to look for home owners who have refinanced in the mid-2000s and to avoid listings where a second trustee lender can come back for a deficiency through a judicial foreclosure or might not agree to a short sale. Ling also recommends checking to see if the seller has considered a bankruptcy.

Another danger she points to is “reverse staging.” With reverse staging, sellers trash the property in order to devalue the property. Ling says real estate professionals should ensure sellers don’t do any damage and if they suspect any, they should reconsider proceeding with the transaction.

“If a seller does reverse staging, destroying their own home, what else are they going to do? What other misrepresentations are they going to make?” Ling told the crowd of real estate professionals.

Ling also suggests when handling REO transactions that real estate professionals read the REO addendum carefully that lenders often add to the purchase contracts. Oftentimes, these addendums make buyers give up a lot of their rights, she notes.

Source: “Avoiding the Legal Pitfalls of Distressed Real Estate,” Inman News (Sept. 23, 2011)

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From the Old Farmers Almanac Cut Cost of Cold Snaps

Chance Gates — Tue, 20 Sep 2011 16:23:07 +0000

http://www.almanac.com

During the chilly months of winter, no matter what heat source you use—oil, gas, electricity, or wood—you can cut costs by adopting temporary measures to keep the thermostat turned down. Here are some money-saving tips for cutting the cost of cold snaps.

Temporarily close off heat to some rooms by shutting doors. (This requires a heating system that can be controlled room by room.) Shut the doors to unheated closets, the pantry, and the basement and attic.
Hang blankets over the windows at night. Tape or thumbtack the sides and bottom of blankets to the walls or windowsills to maximize the insulation value. (Press the tacks or tape under the bottom of the sill and over the top of the frame to hide any damage to the finish.) Remove the coverings on the south side of the house during the day.
Cover cracks around doors and windowsills with rugs, newspaper, towels, or other insulation.
Use electric space heaters in living or work areas. These are more efficient than the furnace for localized heating, and they will allow you to set the thermostat lower for the whole house.
Put on a sweater.
Cook a hot meal.

What do you do to save money on heat in your house during the winter? Comment and let us know!

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Wednesday Quotes: Al Capp 1909-1979

Chance Gates — Wed, 14 Sep 2011 15:52:25 +0000

Image via Wikipedia

http://www.brainyquote.com/quotes/authors/a/al_capp.html

Any place that anyone can learn something useful from someone with experience is an educational institution.
Al Capp

Anyone who can walk to the welfare office can walk to work.
Al Capp

Like all New York hotel lady cashiers she had red hair and had been disappointed in her first husband.
Al Capp

My work is being destroyed almost as soon as it is printed. One day it is being read; the next day someone’s wrapping fish in it.
Al Capp

Success is following the pattern of life one enjoys most.
Al Capp

The public is like a piano. You just have to know what keys to poke.
Al Capp

The secret of how to live without resentment or embarrassment in a world in which I was different from everyone else. was to be indifferent to that difference.
Al Capp

Today’s younger generation is no worse than my own. We were just as ignorant and repulsive as they are, but nobody listened to us.
Al Capp

Young people should be helped, sheltered, ignored, and clubbed of necessary.
Al Capp

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Guiness Book of World Records: Most Cosmetic Prodcedures

Chance Gates — Sat, 03 Sep 2011 21:45:50 +0000

http://www.guinnessworldrecords.com/most-cosmetic-procedures/

Cindy Jackson (USA) has spent $99,600 (£53,148) on 47 cosmetic procedures, including nine full-scale surgical operations since 1988. These have included three full facelifts, two nose operations, two eye lifts, liposuction, knees, waist, abdomen, thigh and jawline surgery, lip and cheek implants, chemical peels, chin bone reduction and semi-permanent make-up

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Banks Agree to More Short Sales

Chance Gates — Thu, 01 Sep 2011 21:41:31 +0000

Daily Real Estate News | Friday, August 26, 2011

source Bloomberg News 8/24/11

http://realtormag.realtor.org/daily-news/2011/08/26/banks-agree-more-short-sales?cid=WR08312011:27896&ed_rid=1698691

Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.

“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”

During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.

What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.

Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount–or an average sales price of $192,129–compared to the sales price of non-distressed homes.

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Wednesday Quotes: Walt Kelly 1913-1973

Chance Gates — Wed, 31 Aug 2011 17:07:07 +0000

Every burden is a blessing.

Image via Wikipedia

Walt Kelly

In like a dimwit, out like a light.
Walt Kelly

It is not good enough for things to be planned – they still have to be done; for the intention to become a reality, energy has to be launched into operation.
Walt Kelly

We are confronted with insurmountable opportunities.
Walt Kelly

We have met the enemy and he is us.
Walt Kelly

Women aren’t as mere as they used to be.
Walt Kelly

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From The Old Farmer Almanac: When the Power is Out

Chance Gates — Tue, 23 Aug 2011 16:24:53 +0000

http://www.almanac.com by Mare-Anne Jarvela

Being in a power outage can be very frustrating. Here is some advice that may help you the next time there is a storm and you lose power for a few or more days.

To avoid darkness:

Attach a strip of glow-in-the-dark tape to your flashlights to make them easy to find.
Invest in headlamps. You will have your hands free and can even read a book in bed while wearing one.
Stock up on kerosene lamps (visit secondhand stores and flea markets), lamp oil, and wicks before the next storm.
Buy candles when they are on sale (after-Christmas sales are great!). It doesn’t matter if they are all red!

To stay warm:

As soon as the power goes out, drape all windows with blankets or whatever you have. Uncover south-facing windows during the day to let in the Sun’s warmth.
Select one room in which people—and pets—can spend most of their time together. Close off the doorway and try to let the collective body heat accumulate in that room.
Call shelters and hotels to see if they will allow pets, in case you need to leave your home and bring your pets.

Cooking and eating:

Have potluck dinners with your neighbors and take turns hosting. You’ll be eating better and getting to know your neighbors at the same time.
Use your outdoor grill for cooking, but only outdoors. Never use one indoors. Look for great recipes in our database.

To avoid damage:

Protect water pipes from freezing by wrapping them with layers of newspapers and then plastic wrap.
To avoid damage from falling branches, don’t park your cars under trees.
Open your refrigerator or freezer door only when absolutely necessary. Plan ahead to minimize the time the door is open.
Fill clean plastic milk jugs with water and put outside to freeze solid (if the weather is cold enough). Put these jugs into coolers, which can serve as temporary refrigerators.
Take your houseplants to your workplace or a friend’s house.

For folks who lose their water when the power goes out:

Fill up your bathtub with water when a storm threatens (for washing and flushing).
Pack snow in buckets and bring indoors to melt.

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Saturday’s Guinness World Record:Most people playing checkers underwater

Chance Gates — Sat, 20 Aug 2011 16:17:57 +0000

http://community.guinnessworldrecords.com/_Most-people-playing-checkers-underwater-/photo/14604416/7691.html

Uploaded By: GuinnessWorldRecords
3 weeks ago

Level: Gold
Points: 14817

United Kingdom

Description:The most people playing checkers underwater is 52 at an event organised by Martti Raavel and Diver Inside Estonia at Valtu Sportshouse in Kaerepere, Estonia, on 16 January 2011.

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