Under new Treasury Department rules that take effecton April 5, short sales will be presented as the next possible step for homeowners who are not applicable for the federal Home Affordable Modification Program (HAMP).

By offering this option, the administration is acknowledging that the current mortgage modification effort "can't solve the foreclosure problem by itself," says RealtyTrac chief economist, Rick Sharga. He sees positive points in the new guidelines, such as easier, standardized paperwork, financial incentives for both homeowners and mortgage servicers, and limited payouts for second lineholders.

Short sales are not widely used. According to the National Association of Realtors, in January 2010, only 14% of home transactions were short sales. The new program is doubtful to make the short sale transaction any easier, and while it may increase the number of these transactions, some are saying it won't "live up to the hype."

Read more from RISMedia.

Posted in Real Estate Market Conditions, Foreclosure, Real Estate Industry, National News

Selling expired listings may not be for everyone, but Realty Times' Dirk Zeller offers some great advice on how to prospect expired listings, saying it can be the core of any real estate professional's business.

Everyday, there are new expired listings, a streaming source of leads that are easy to find. While some of the sellers of these listings may be tired from trying to sell, they still ultimately want to sell, and a great majority of these are looking for or need an agent--you!

The key to sealing the deal on expired listings is the CAP method: consistency, attitude, and most critically, persistence. By focusing on the CAP system daily, you can follow up effectively to prospect these leads.

Read more at Realty Times.

Posted in Traditional Marketing, Real Estate Industry, Lead Generation

More and more, people are turning to social media to try and build connections and even business. But does it work and does it raise your level of SEO on the web?

By using social media, you're able to push out your links and information through the wider World Wide Web as it is syndicated to a larger audience, in turn, increasing your online traffic. Branding yourself with something like a Facebook page offers transparency and growth based on your fans and communications. By connecting with people geniunely, your links and content is more likely to be shared, which builds actual link relevance that Google and other search engines need to actually increase your SEO level.

Building link relevance comes down to building reputation among the social channels you have and who is following you.

But does it really increase your SEO? Houseblogger's Real Estate Marketing SEO Blog says that, at best, it gives you a link. You can read more here.

Posted in Internet Marketing, Real Estate Industry, Technology And YOU, Web 2.0 Marketing

HomeGain has released the results of their survey regarding the marketing preferences and plans for real estate professionals, the complete results of which are listed below.

The leading effective marketing strategy, referrals, is also the one in which most are devoting their time and plans for 2010. While social media is becoming more popular and used, traditional mailers and email campaigns are holding more weight.

The results are based on two surveys, conducted in December 2009 and February 2010, with responses from about 1,300 real estate agents and brokers. Respondents also indicated that they will be less likely to invest their marketing dollars and time on Twitter (3.4), outdoor advertising (2.7), banner ads (2.5), pay-per-click advertising (2.5) and MySpace (2.5).

Top 10 Effective Marketing Strategies for Realtors
(Cumulative Average Scores, 1 = Least Effective / 10 = Most Effective)

• Referrals (8.7)
• Featured Listings (4.8)
• Email Campaigns (4.7)
• Postcards/Mailers (4.6)
• Blogging (4.1)
• Online Lead Generation Services (4.0)
• Facebook (4.0) * LinkedIn (3.6)
• Outdoor Ads (3.6)
• Print Ads (3.6)

Top 10 Marketing Objectives for Realtors in 2010
(Cumulative Average Scores, 1 = Least Likely to Use / 10 = Most Likely to Use)

• Referrals (8.9)
• Email Campaigns (5.7)
• Postcards/Mailers (5.4)
• Featured Listings (5.2)
• Facebook (4.9)
• Print Ads (4.3)
• Blogging (4.2)
• LinkedIn (4.1)
• Online Lead Generation Services (4.0)
• YouTube (3.5)

Read more on the HomeGain Blog and Inman News.

Posted in Internet Marketing, Traditional Marketing, Blogging, Real Estate Industry, Real Estate Industry Trends, Lead Generation, Web 2.0 Marketing, National News

The FHA is tightening its belt when it comes to mortgage loans, on the heels of an investigation into 15 FHA lenders whose FHA mortgage insurance claims were markedly high.

Myriad notices and comments about the impending qualification changes have been announced, but will take effect this spring, including raising mortgage insurance fees that borrowers must pay, capping the amount of cash that sellers can contribute for closing costs and requiring higher down payments for  borrowers with poor credit scores.

With foreclosure rates tapering off in February compared to January, there is hope on the horizon, albeit rates are still higher than that of the previous year. The FHA is insuring as many as 50% of all purchase loans, as compared to 3% before the collapse of the subprime market.

With the tighter restrictions on FHA loans, the options for seeking other financing simply don't exist, making some wonder if this will add fuel to the fire to the weakened housing market.

Read more at Realty Times.

Posted in Mortgage, Real Estate Market Conditions, Foreclosure, Real Estate Industry