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Tax credits for deadline-driven home buyers spark sales increase in April 2010

June 2, 2010 By Leave a Comment

The race to meet the $8,000 tax credit for first-time homebuyers, as well as the $6,500 incentive for existing owners, ended on April 30, 2010.

And according to a report released today by the National Association of REALTORS®, a rush of buyers made a mad dash to the finish line and crossed it at the last possible moment.

Sales of pre-existing homes rose 6 percent in April 2010, making it the third consecutive month-over-month increase and the highest level since Oct. 2009.

Lawrence Yun, NAR chief economist, talks about the power of the tax credits:

“There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales…. The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure.”

All told, more than 2.6 million households took advantage of the tax credit as of April 2010, according to the Internal Revenue Service, at a cost of $18.7 billion. Those numbers will likely rise in the near future — homebuyers who have signed sales contracts (as of April 30, 2010) still have until the end of this month (June) to finalize their deals and qualify for the credits.

Did you miss the deadline?

The good news, for buyers/investors, is that mortgage interest rates and home prices are still at all-time lows. Feel free to search for foreclosed home for sale in your area right here.

Filed Under: 6500 tax credit, 8000 tax credit, Foreclosure Deals, Foreclosure Investment Opportunities, Foreclosure Tax Credit, Real Estate Investing, Tax Credits

How to find your dream house with foreclosures

May 31, 2010 By 1 Comment

It’s no secret: Foreclosed homes for sale often offer buyers and investors tremendous value. On the flip side, distressed real estate can be a tricky, and costly, investment if you fail to dot all your “i’s” and cross all your “t’s.”

Get an in-depth look into what it takes to find, finance and buy the home of your dreams for half-price with help and direction from Foreclosure.com Director of Education, Linda Yates.

Linda is going to show you how to land a “money-maker” and avoid a “money pit” in this complimentary Webinar presentation. She’s going to outline the first six steps of the 12-step process behind finding a money foreclosure, while steering clear of any potential “red flags” or “pitfalls” that can turn your dream into a nightmare

Register for “How to find dream foreclosures in your area (Part 1 of 2)” before it’s too late. Click here. This FREE educational session is available to watch LIVE online during an information-packed presentation scheduled for Thursday, June 10, at 4 p.m. ET.

Here are the first six steps that she will cover in-depth:

  • Getting your credit in order
  • Deciding whether to rent or own
  • Shopping for mortgages
  • Searching neighborhoods
  • Finding the right agent
  • House hunting

    The market is ripe for the picking right now — foreclosure inventory is piling up just about everywhere. With the right approach and knowledge, it will be simple for you to differentiate the good deals from the bad.

    Register for “How to find dream foreclosures in your area (Part 1 of 2)” right now — it’s FREE! Spots are limited and filling up FAST! CLICK HERE.

    Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

    Filed Under: Foreclosed Homes for Sale, Foreclosure Advice, Foreclosure Deals, Foreclosure Investment Opportunities, Foreclosure Training, Foreclosure training workshops, Foreclosure Webinar, Foreclosure Webinars, Investing, Real Estate Investing, Real Estate School

    Real estate foreclosure auctions ‘booming’

    May 26, 2010 By Leave a Comment

    Real estate auction sales have climbed 10 percent year-over-year since 2000, according to CNNMoney.com report, and the numbers continue to rise (14 percent in the first quarter of 2010) as the housing inventory keeps piling up.

    It’s a billion dollar business … $17 billion in 2007 alone, to be precise. And that figure, too, will likely rise soon if it hasn’t already.

    That’s because auctioneers are holding two or more auctions per day throughout the nation to keep pace. REDC, which is among the biggest companies in the real estate auction space, is on pace to exceed 520 such sales in 2010 — a 50 percent increase compared to just last year.

    What’s the reason for the staggering across-the-board increases?

    Les Christie explains:

    “The biggest auction advantage is speed, of course: From first marketing to closing can be less than 10 weeks … There is such a huge volume of REOs on the market — 92,000 homes were seized in April alone — that banks are anxious to turn the properties over quickly. Rather than waiting for the local housing market, they turn to auctioneers.”

    To check out the homes for sale at upcoming foreclosure auctions near you click here (REDC) and here (RealtyBid).

    Filed Under: Foreclosed Homes for Sale, Foreclosure Auction, Foreclosure Auctions, Foreclosure Deals, Foreclosure Investment Opportunities, Free Online Foreclosure Auctions, How Foreclosure Auctions Work, Investing, Online Real Estate Auction, Real Estate Investing, REO Deals, REO Properties, Tips for buying a foreclosed home

    Foreclosed homes in Los Angeles no longer allowed to fall into disrepair (Video)

    May 21, 2010 By Leave a Comment

    Filed Under: Bank-owned homes, California Foreclosure Homes, Foreclosed Homes for Sale, Foreclosure Deals, Foreclosure Evictions, Foreclosure Listings

    Foreclosure market a ‘feeding frenzy’ for flipping houses

    May 17, 2010 By Leave a Comment

    So says Colorado Springs, Colo., real estate agent Shawn Jardine in a recent article from the Christian Science Monitor:

    “It’s a feeding frenzy right now. On one property listed for $65,000, I had 15 offers. The best offer won at $20,000 over asking price.”

    Wholesalers, which are basically investors with lots of money who can buy in bulk, are “snapping up” a healthy chunk of the best distressed property deals currently available on the market.

    It’s common these days for wholesalers to swoop in and make all-cash offers, making it difficult for first-time homebuyers and other “small-time” investors to land their deals.

    With the nationwide housing market riddled with bargains, and a volatile stock market, wholesalers are literally banking on the notion that the market will eventually rebound. Perhaps not to pre-collapse levels anytime soon, but nonetheless, it’s bound to happen.

    When and where is still a huge question mark. In the meantime, opportunistic wholesalers have the ability to buy low now, renovate their homes (if necessary) and then hang onto them for however long it takes to rent or re-sell at later time for huge profits.

    To beat wholeslaers, investors and other buyers to the punch, we always recommend that you consider our FREE email alerts. We send you the hottest deals in your area the moment they hit the market.

    Timing is everything … now more than ever!

    Filed Under: Bank-owned homes, Bulk REO Auctions, Bulk REO sales, Colorado Foreclosure Homes, Flipping Houses, Foreclosed Homes for Sale, Foreclosure Auction, Foreclosure Auctions, Foreclosure Deals, Foreclosure Flip Tips, Foreclosure Quick Tips, Investing, Preforeclosure Investing, Real Estate Investing, Real Estate Trends, Tips for buying a foreclosed home, Wholesale Houses
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