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January 24, 2008

Comments

Bob

Visited Cleveland last month, and parts of the community are quite devastated. A major problem that's now looming is that property values will be reassessed downwards, lowering property taxes, leaving city budgets with even less money for services.

These sorts of images are becoming more and more common in Cleveland:

http://pirancafe.wordpress.com/2008/01/06/400-down/

Foreclosure Expert

Hitting The Foreclosure Jackpot

If you’re browsing foreclosure listings, you’re hoping for a foreclosure jackpot. There are quite a few deals out there that seem hard to believe.

Most people who lose their homes do so due to financial hardship and as a result, the home could be sold for a fraction of its worth and could exist in a neighborhood that’s a prime area for growth and appreciation. This is a foreclosure jackpot.

You want a home in good repair in a neighborhood that’s not considered a distressed neighborhood and if you find the right place, you can make a mint on it when you sell it OR it could be that you’ve found yourself your dream home and are saving thousands off the typical sell price of a home of that caliber.

This is why so many people pay for foreclosure listing services; so they can find a great home at a great price!

Debt Expert

Should You Hire a Financial Planner?

If you want to grow your wealth through investment products, you might think about hiring a financial planner.

What does a financial planner do?

A financial planner works for one or more companies and will help you make investments. Be aware that a financial planner is a sales person. They will sell you financial products and they make a commission off their efforts. This doesn’t mean you cannot trust them but what it does mean is that they may aggressively push you towards spending more than you are comfortable with.

If you are willing to research you could come up with your own financial plan but having a professional who is trained and has a positive track record, you could save time and increase the value of your financial portfolio.

David W. Boswell

Have cash, would like to purchase
property you just purchased at foreclosure sale.
address 1628 Alexander Ave.
Owensboro, KY. 42303
Civil Action No. 07-CI-01135
If interested call me at
270-316-3166

Dan

Definitely a reflection of the economy as a whole. Not only housing prices drop but the collapse of the credit markets. Eventually we will ride out this problem, but if you have cash now there are some bargains to be had.

http://gewdir.com the bad credit loans blog

Gary T. Balfe

I recently purchased a Duetsch Bank foreclosure and resold it. I am a realtor in Monroe N.C. How can I get some of these homes in our area to list for sale through my company which is Prudential Carolinas Realty???

John Beck

This Is a very informative blog , I am really pleased to post my comment on this blog . It helped me with ocean of knowledge so I really belive you will do much better in the future . Good job web master .
http://www.taxforeclosurecurrentevents.com

Oengus

I believe the actual tax floats every three years, since it is not legal to raise taxes on property without a vote in OHIO. That is done with reduction factors resulting in an effective rate or the actual rate. Your taxes in dollars should not change! What should we call this thought of city coffers dwindling away because of this? A fallacy, a myth perhaps just sensationalism?

The losses in the coffers is because of pasts due taxes, which never ever get forgiven. They accrue like a big pot of money and then finally get paid, that’s done by the banks. If the bank takes the property in final foreclosure then they own it and all the liens, which include taxes against it.

Cities should be more proactive, getting on top of it and working with banks to expedite the transfers. They don’t they cry and complain, like babies.

It's all very stinky if you ask me, the taxes are not supposed to float on the market value, if a home increases 25% in one year and they can, the taxes can’t be allowed to also be raised on that variable. The lack of understanding of that and the State law is astounding! You are protected from unvoted increases in taxes by Ohio legislation known as House Bill 920. Passed in 1976, HB 920 reduces your rate as property values in your district increase during triennial reappraisals and updates.

People are not very smart, add a couple of percentages and decimals to a calculation and they are basically lost. The municipalities are loosing money because the taxes are not being paid, it has nothing to do with the depreciation. The have a reduction factor that will also adjust, every three years on the appraisals. But then again since relatively 99.9% of the population does not know this…they can do whatever they want.

Nearly all the TARP money will also come back to the federal government, they funded reserves, they funded required reserves.

People are still over paying for homes, the government may have instigated this to force the bubble to pop? The only way to get people to look and think, then they must be amazed by how reactive people and the market are, actually over reacting to the first TARP. It was to cover the required reserves, not to set it all in motion which is what it did, was that a GW goodbye kiss? What would he care. He is set for the rest of his life?



Oengus

The problem is that of the over valued assets, playing with DTI’s the market is artificially high? The 10% down and PMI still exists, that problematic like kicking the can down the street.

A good measure of value is the median household incomes, what you may see as a bargain may be actually closer to were it should be. They also have been throwing out a value for median family household incomes. I am not sure were they derive that? If the Median household is 50K then thats a bell shaped curve, with 34% either above or below. If they say the median family income is 75K it makes me wonder were do they get that it's outside of the curve? I can only rationalize that as a smaller percentage of two income homes that represent a curve in itself. That would be dispersed over the smaller 16% higher end end of the market.

Then if the median incomes meet the median prices as they need to in a healthy market we have 150K as median price. The median price for the nation was 190K in 2007. It's not to say all markets are off, but if they are it is like gravity forcing them down. The 10% down is so risky with many markets being 20% or more over valued.

If the homes are mostly 300K and the foreclosure is 200K, its not a bargain it actually priced correctly. If it's within a median household income of 50K then it at 200K is on the high end of average, anything over that can and would be competing for the smaller 16% population. The decreased interest rates temper that, but the fact is the high risk no cash for a down payment buyer is not there. But you can be sure the banks are still offering variable rates, and taking less than 10% down. But do not expect to turn the property it will not happen. But then again delusional worth is very powerful, people will deny the loss in value. That's because so many are over invested, they refuse to let go of it.

You still really have to know the market, what is the best in the area and what is not anything more than average. If it four bedrooms and 2.5 baths with an open floor plan and stainless steel appliances with granite counters. That’s not that uncommon these days, the prices of new all hover around $100.00 per square foot. That’s what the builders costs are not including land.

Keep them honest, if you’re a buyer. If you are a seller good luck, you need it.

Ray Sabb

Well I am loosing my house to Deutsche Bank et al / WAMU.
I just don't seem to understand how a bank I never made payments to is suing me for my house. I am going to ask them to produce the original note. Lets see how long that takes.

David

Ray,

Good luck, and make 'em produce the note!

Sharla

As you may be purchasing a foreclosure or just buying a new home....link to www.wecompareinsurance.com to get great competitive insurance rates for home insurance.

Google

http://search.live.com
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Jody Monahan

Deutsche bank owns the loan on our house (Wamu/Chase is the Servicer).I just got turned down for a loan modification (HAMP)after 8 months on a trial modification in which we paid on time each month and sent in all papers they requested;they kept loosing the papers, time and time again. Then just like that! denied our modification application due to "2 pages missing". They closed the books on us, said there was nothing they could do and now they want 16,000. dollars that we got behind in the 8 months of paying their suggested trial payments! I was told by a HUD employee that they (Chase & Deutsche) never intended on giving us a modification- they scammed us!

DC

Deutsche bank is worse than Bin Laden-- they have A Grennspan bought off and are intent on foreclosing-- SUE THE BASTARDS!

Trina Sonnenberg

They took my house

David

bastards!

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