Hello Everyone:
Oct existing sales are up! However, when you break down the numbers what does it really tell us? According to CNBC : 33% of existing home sales are attributed to first time home buyers, 50% to real estate investors and the remaining 17% to normal market buying.
So what does this all mean? On face value it looks like great news, but when you put it together with last weeks news of : 10% of American home loans are either in default or 30 days or more behind! Could this be budding proof of my prediction of a 3rd wave of foreclosures on the horizon? Only time will tell...
Until next time be well.
James Gage
Monday, November 23, 2009
Tuesday, November 17, 2009
Breaking Real Estate News: Foreclosures
Just when you thought it was just about over...
For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.
For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.
Thursday, November 12, 2009
Real Estate Investing: Short Sale Time Lines
Hello Everyone:
I was asked a question yesterday and I thought I would share it with you. I was asked:"How long do short sales take to complete?" Wow! That's a loaded question...
But the answer is at least 3 months! I know that's not what you wanted to hear, but that's the truth! Be prepared to be in it for the long haul; that's why it is so important to have multiple deals in progress. If you count on one transaction to put food on the table, you might be losing a few pounds; if you have several deals in the pipe you will have a better chance of consistent cash flow.
Remember, you should always keep the lease option strategy in the back of your mind when dealing with pre-foreclosures...
Until next time be well.
James Gage
I was asked a question yesterday and I thought I would share it with you. I was asked:"How long do short sales take to complete?" Wow! That's a loaded question...
But the answer is at least 3 months! I know that's not what you wanted to hear, but that's the truth! Be prepared to be in it for the long haul; that's why it is so important to have multiple deals in progress. If you count on one transaction to put food on the table, you might be losing a few pounds; if you have several deals in the pipe you will have a better chance of consistent cash flow.
Remember, you should always keep the lease option strategy in the back of your mind when dealing with pre-foreclosures...
Until next time be well.
James Gage
Friday, November 6, 2009
Real Estate News: Foreclosures
You can't make this stuff up :Fannie Mae program to turn homeowners into renters!
Can you believe this? So much for being a landlord! Just another job/business the government is killing. Read the full article here:
http://cn.reuters.com/article/companyNewsEng/idCNN0513498420091105
Can you believe this? So much for being a landlord! Just another job/business the government is killing. Read the full article here:
http://cn.reuters.com/article/companyNewsEng/idCNN0513498420091105
Thursday, November 5, 2009
Breaking Real Estate News: 8K Tax Credit
President Obama will sign an extension measure at the end of the week that will effect the housing market. The measure will also extend through April 30 a popular $8,000 first-time homebuyer tax credit, while creating a new $6,500 credit for homebuyer's who have been in their current residence for the last five years or more. The credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
Monday, October 26, 2009
Real Estate Tip: New Flooring Product
Hello Everyone:
My friend Ann Belemy just sent me this E-Mail, so I thought I would pass it along to you for your review.
Be well.
James A. Gage
Update on the new product below!
One of my customers read last month's newsletter and tried the new flooring product I mentioned. He said it went down extremely easily and was great! In case you missed it, I've included the tip below. Thanks, Brandon, for the feedback!!
New product might make a landlord's life a little easier
Hey, I have no stake in this, but I saw a new product the other day that I thought looked awesome. It is similar to laminate flooring, like Pergo, but has a lot more pluses.
It's called Allure, and it is a solid vinyl, somewhat flexible flooring in planks that are oblivious to moisture, wear like iron, look much better than most laminate, and are cost effective for the longer term. The planks adhere to each other with a double faced adhesive strip that can be lifted and replaced at will. The floor can get soaked without any effect other than having to clean it or get the moisture up from under it.
So you can install it in a rental without worrying about moisture causing the seams to swell and buckle. No underlayment is needed.
I haven't tried it yet, but the flooring guy at Home Depot loves it. It is in stock at $1.79 per SF, and you score it with a utility knife and snap it when you are installing it.
My friend Ann Belemy just sent me this E-Mail, so I thought I would pass it along to you for your review.
Be well.
James A. Gage
Update on the new product below!
One of my customers read last month's newsletter and tried the new flooring product I mentioned. He said it went down extremely easily and was great! In case you missed it, I've included the tip below. Thanks, Brandon, for the feedback!!
New product might make a landlord's life a little easier
Hey, I have no stake in this, but I saw a new product the other day that I thought looked awesome. It is similar to laminate flooring, like Pergo, but has a lot more pluses.
It's called Allure, and it is a solid vinyl, somewhat flexible flooring in planks that are oblivious to moisture, wear like iron, look much better than most laminate, and are cost effective for the longer term. The planks adhere to each other with a double faced adhesive strip that can be lifted and replaced at will. The floor can get soaked without any effect other than having to clean it or get the moisture up from under it.
So you can install it in a rental without worrying about moisture causing the seams to swell and buckle. No underlayment is needed.
I haven't tried it yet, but the flooring guy at Home Depot loves it. It is in stock at $1.79 per SF, and you score it with a utility knife and snap it when you are installing it.
Thursday, October 22, 2009
Breaking Real Estate News: Foreclosures
Breaking Real Estate News....
Wall Street Journal is now reporting that a 3rd wave of foreclosures are poised to flood the housing market as early as the end of the month!
As I have been saying over the last few months this 3 rd wave of foreclosures will drive housing prices down again, but in turn will open up unbelievable opportunities for creative real estate investors.
Stay tuned for more info as I mull through it...
Be well.
James Gage
Wall Street Journal is now reporting that a 3rd wave of foreclosures are poised to flood the housing market as early as the end of the month!
As I have been saying over the last few months this 3 rd wave of foreclosures will drive housing prices down again, but in turn will open up unbelievable opportunities for creative real estate investors.
Stay tuned for more info as I mull through it...
Be well.
James Gage
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