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Hello
and welcome to the BrokerIPTV.com Real Estate News reel, I'm Jacquie Palisi with the
latest.
Foreclosures Slow
Nationwide
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  Mark.Eibner
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awards will be announced in San Francisco in August during the Inman 
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