BrokerIPTV.com Real Estate News Reel September 2008

Hello and welcome to the BrokerIPTV.com Real Estate News reel, I'm Jacquie Palisi with the latest.

Colorado is one of four in the top ten foreclosure problem states where foreclosure filings finally seems to be slowing. According to RealtyTrac, filings were up 27 percent since last year, but this has barely been seen in recent months. Factors contributing to this seem to be state legislation giving borrowers more time before foreclosure proceedings as well as the encouragement of alternative short sales. However, in many cases these measures may only delay foreclosures.

Denver Homes for sale decline

The number of homes for sale in Denver is down 4 percent since last month, and 20 percent since august of last year. Mike Cox of RE/Max says "the gap between inventory levels and the amount of product being sold is not widening. it's closing, which is showing signs of recovery." Even the price of a single family home is down nearly 2 percent since last month, and 12 and a half percent since last year. It may be time for both sellers and buyers to take a deep breath and believe the market is improving.

National Association of Realtors sees drop in sales prices for 2008

Good news from the National Association of Realtors. Resale home sales are expected to drop 11.4 percent this year. This number is larger than the forecasted 8.9 percent in July, and the earlier expected 6 percent in June. Buyers can also expect new homes to drop about 34 percent this year, and the 30-year fixed rate mortgage is expected to average just over 6 and a quarter percent. The real estate market is finally picking up.

FHA government-backed loans are now the buyer's choice.

Buyers seeking to refinance out of adjustable rate mortgages are now looking to the Federal Housing Administration. According to the Mortgage Bankers Association, FHA loans typically have a lower down-payment than Freddie Mac and Fannie Mae. The incentive for these loans has only increased as Congress and the Bush Administration expand guarantee programs, and help people to refinance into more affordable loans. Applications for these loans have risen 317 percent since July of last year.

Discount Brokerage 'Help-U-Sell'Files For Protection

Chapter 11 bankruptcy has again darkened real estate franchise Help-U-Sell. It first went bankrupt in the 1980's under its buy-out company Metropolitan Benefit Life. But after being acquired in 1997 by American Pacific Financial, Help-U-Sell became one of the fastest growing real-estate franchises. Ashton Asensio, the chief operations officer blames the real estate market itself as the prime cause of bankruptcy, but some speculate that Help-U-Sell's business model failed to take into account the cyclical nature of the real estate market.

Local Real Estate Brokerage Sold

Fuller Towne and Country has now been bought by Sotheby's International. Fuller Towne and country recorded more than 1500 real estate transactions last year, amounting to nearly $1.1 billion in sales. However, everyone seems to win in this transaction. All original founders will remain at the company, while the addition of the Sotheby's name will enhance advertising and bring a larger, international audience to view their homes.

That's the news for now on BrokerIPTV.com, scroll through the channels to the right for more great information.

I'm Jacquie Palisi for the Brokeriptv.com news reel

Posted on September 18, 2008 11:57:07 by Blog Author