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Short Sales getting easier?

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639 Silverton St.

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25310 Oak Knot Dr

Houston is the workplace for many hospitals and medical research facilities along with the oil and gas industry and Space center facilities.

I take pride in the area I live in and will be glad to assist you with information regarding Houston, Spring, The Woodlands, Lake Conroe.  Please feel free to email or call.

Patti

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Relocating? Need help looking for a home to Lease or Purchase?

In order to establish a realistic listing price, the first goal is to prepare a “Competitive Market Analysis”

What this does is to get a sense of what is going on in that particular area that the Seller’s home is in.  This will let us know what other comparable houses are for sale, what they sold for or what variables, such as foreclosures, are effecting the price of the Seller’s home.

If you think you need  ”Competitive Market Analysis”  or “CMA” let me know and I will provide one at no charge.

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The Importance of the Listing Price

One of the scariest and most important things to many people, who are preparing to relocate, is deciding on a subdivision, you may ask yourself  “how do I keep from moving into a bad neighborhood?”, or,  “how do I get my kids into a good school?” among many other things, so use the tools, do some research, and contact one of our local agents for assistance.

Relocation to North Houston, Spring, Humble, Atascocita, or surrounding areas can be stress free, and the agents of Fellwock Real Estate Group, specialize in these areas, just give our specialists a call, we can answer your questions, and, help you find that perfect home!

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Looking for a Real Estate Agent to help you Relocate to the North Houston or Spring Texas area?

The measure is expected to be an integral part of the Homeowner Affordability and Stability Plan of President Barack Obama.

The Bishop-supported bill will focus on providing ways to address foreclosure homes problem and boost the availability of mortgage credit by allowing bankruptcy judges to modify loans for distressed homeowners who filed for bankruptcy protection.

The measure is expected to boost mortgage refinancing to stop foreclosure homes increase by giving flexibility on loan modifications, reducing fees and providing incentives to mortgage lenders who choose to refinance instead of adding to the growing list of foreclosure homes.

According to the Mortgage Bankers Association’s (MBA) National Delinquency Report, mortgage delinquencies and filings for foreclosure homes posted an 11 percent increase during the fourth quarter of 2008.

The number of mortgage loans at least one month behind in payments but not yet in the foreclosure process jumped by 8 percent, representing a 13 percent increase from the previous quarter.

The MBA data also showed that the number of foreclosure homes increased by 3.3 percent during the fourth quarter of 2008, representing a 1.26 percent jump from the previous year.

Meanwhile, data from Bishop’s office showed that housing prices declined 18 percent during the fourth quarter of 2008 and over 14 million troubled homeowners owe more mortgages than the fair market value of their distressed properties.

Bishop said that stabilizing and strengthening the housing industry is crucial to the recovery of the U.S. economy. He pointed out that foreclosed homes reduced the value of neighboring properties by almost 9 percent and every American will suffer if house prices will continue its rapid decline.

He added that the bill does not require spending federal money to be able to help thousands of distressed homeowners who are facing the threat of losing their homes to foreclosure.

The Homeowner Affordability and Stability Plan includes measures to reduce mortgage payments for an estimated 9 million struggling homeowners and expand the role of Federal Home Loan Mortgage Corp. and Federal National Mortgage Association in stopping foreclosures.

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Another Stopgap for Flood of Foreclosure Homes

The program will provide emergency assistance of $53 million to non-profit organizations, developers and the local government to acquire, rehabilitate or resell abandoned and vacant foreclosure homes that become eyesores within communities.

IDHS has partnered with the Illinois Department of Commerce and Economic Opportunity (DCEO), Illinois Housing Development Authority (IHDA) and affordable housing advocacy groups to rehabilitate neighborhoods and assist in the housing needs to reduce the number of foreclosure homes that have caused communities to deteriorate.

Illinois is the sole state that will use as much as 40 percent of the allocated HUD grant for neighborhood developments to provide affordable housing for low-income families and accessible homes to persons with disabilities.

Under the program, IDHS will allocate funds to neighborhoods with high number of foreclosure homes, provide rental housing units that are affordable and opportunity for low-income families and those with disabilities to own properties.

The program is part of a federal campaign to rehabilitate communities showing signs of deterioration due to the surge of foreclosure homes by providing opportunities to rent or own affordable homes.

The IHDA is tasked to provide mortgage finance and housing development expertise and will work with IDHS to start rehabilitating foreclosure homes to be used by low-income families and people with disabilities.

According to Carol L. AdamsSta, IDHS secretary, foreclosure has a way of wreaking havoc to homeowners and communities and caused the rapid deterioration of areas affected.

She added that IDHS and other state agencies will start taking measures to address the problems brought about by foreclosure properties by providing the needed resources to help neighborhoods recover from the foreclosure crisis.

The program, made possible by the Housing and Economic Recovery Act of 2008, will also allow grant recipients to develop financing products to assist homebuyers in low and moderate income levels to acquire foreclosed homes. Qualified homebuyers are those with 120 percent area median income established by HUD.

Illinois is currently accepting proposals for the federal program. It will also host several workshops to promote awareness of the program and assist potential applicants.

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Aid for Illinois Neighborhoods to Address Foreclosure Homes

The anti-foreclosure homes plan was welcomed with much hope by the housing industry and millions of distressed borrowers, but not by some troubled homeowners in Washington who regard the program as too late the hero.

As of December 8, 2008, there were 172 homeowners in King County, Washington who received foreclosure homes notices. These figures indicated that the flood of foreclosures is continuing its destruction across the country despite various campaigns to stop its assault on the lives of millions of Americans.

A typical distressed homeowner in Washington may receive a trustee sale notice even if he just had $4,868 overdue mortgage.

Washington State Department of Financial Institutions director Scott Jarvis said that once distressed homeowners received foreclosure homes notices, it is already late to help them pull back their properties away from foreclosures.

On a positive note, Washington still fares better than other states with the number of foreclosure homes lower than the national rate and way below the foreclosure rates of Arizona, California, Florida and Nevada.

However, even if the number of foreclosure homes in Washington is not that remarkable compared with other states, the figures are still unprecedented in the area. Data from the Mortgage Bankers Association showed that the number of distressed properties in Washington reached 1.19 percent from July to September 2008, twice the historic 0.61 percent foreclosure rate in the state.

On the other hand, foreclosures created a flood of low-priced houses in Puget Sound Area, Washington. The average mortgage loan is about $262,500 and two out of three mortgages are for houses $350,000 and below.

Back in King County, one in every five distressed borrowers owe back payments of not more than $10,000 and foreclosures affect 28 out of 39 cities in the county.

Some communities with the most number of repossessed homes are Maple Valley and Tukwila with 8 each, followed by Federal Way and Kent with 7 each.

Meanwhile, some homeowners in the state who remain current on their mortgages but are struggling to make payments are putting their hopes on Obama’s foreclosure prevention program which will provide $75 billion for loan modifications.

They hope that the program would rescue them from their current dire situation and help them remain in their properties.

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Anti-Foreclosure Homes Plan Too Late for Some Families

According to the MBA report, the percentage of homeowners who are behind on their loan payments for at least a month increased by 8 percent during the last quarter of 2008. The figures are the highest recorded by MBA since it started monitoring foreclosure homes rate in 1972. The last quarter data represented a 13 percent rise from the third quarter.

MBA chief economist Jay Brinkmann explained that subprime adjustable-rate mortgage loans and prime adjustable-rate mortgage loans still accounted for majority of loans on default and the increasing foreclosure homes rate.

He added that across the country, 48 percent of subprime adjustable-rate mortgages were one payment behind, while in Florida, 60 percent of subprime loans were on default for a month.

Meanwhile, the number of foreclosure homes filings increased to 3.3 percent, representing about 1.5 million houses at risk of falling into foreclosures.

The 3.3 percent increase in the number of foreclosure homes filings during the last quarter of the previous year represented a 0.33 percent increase from the previous quarter and 1.26 rise from 2007.

On the other hand, Brinkmann noted that the number of troubled loans languishing on the foreclosure market has remained significantly high because of the moratorium on foreclosure sales in several states, the suspension on foreclosure sales by Federal Home Loan Mortgage Corp. and Federal National Mortgage Association and reluctance of mortgage services to evict owners of foreclosure homes.

He pointed out that because of the foreclosure moratorium, the number of mortgage loans due 90 days and more increased to 3 percent in the last quarter from 2.2 percent the preceding quarter.

If there was no moratorium, these troubled mortgages would have been dealt with immediately by lenders by completing the process of foreclosure.

Harvard University’s director of Joint Center for Housing Studies Nicholas Retsinas said that the MBA report reinforced what industry experts have been asking for a long time now, a foreclosure relief plan that will successfully streamline the number of foreclosure homes and stabilize the housing market.

Industry experts viewed Obama’s foreclosure prevention plan as another attempt to decelerate the foreclosure rate but doubted if it will ever solve the housing crisis.

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1.5 Million Houses on the Brink of Foreclosure