Are foreclosures dragging home prices down? According to most economist the answer is a definitive YES. Economist, Mark Zandi predicts with growing unemployment, home prices will likely continue to fall another 10% in the next 12 months. By his estimates another 2 million homes will be in foreclosure in 2011.

Currently about 2 million single family homes are in foreclosure or REO.  Talk about transfer of wealth. The El Paso - Fort Bliss area has not been exempt for the foreclosure story. But not because of unemployment as Zandi predicts will continue to contribute to the increase of bank-owned properties. No, it is predatory lending practices that prevailed during the 2005 - 2006 housing boom. Making homes affordable for people with enuse credit or transitory employment was a huge mistake for El Paso. Unfortunately, the only one left holding the bag was the home owner.  The silver lining, if you can call it that, in El Paso is that for the first time since labor records have been recorded here, unemployment is lagging behind the national rate of 10.2%.

Zandi predicts a one point increase mortgage rates will increase after the first quarter of this year as government programs like First time home buyers tax credit expire. Although other economist predict a sharper increase in mortgage rate well above 30Y  Tbills.

Download the pdf to see the housing picture for 2010 provided by Economy.com. As you will notice some states will fare better than others. According to Zandi we are nearing the end of the housing crash.
2010_national_housing.pdf
File Size: 23 kb
File Type: pdf
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As a Buyer’s Agent and REALTOR I have access to any property in the El Paso, Taxas, Fort Bliss and  Horizon area no matter who listed the property. So even if the house is a foreclosure a Buyer's Agent  can get you in to see the home.

When searching for a home it’s important to be independently represented. If you contact the selling agent a/k/a the LA you are talking to the agent that represents the seller ONLY. The LA may get you to sign with him/her and may or may not tell you that they will act as an Intermediary. As you may know the Seller’s Agent does not owe you any duty to protect your interest. But when he says he will represent both seller and buyer he must not disclose any confidential information to you about the seller and vice-versa and he must disclose material information to you and vice versa. It gets pretty sticky when, as a seller’s agent, you already know so much about your seller and now must act as an impartial party to the transaction.

I have never and will never act as a intermediary because of the possible conflict of interest this presents. This is the only licensure that allows dual agency. As you can see I feel passionate about this subject because home buyers are not aware of the fiduciary duty owed to them by agents. It’s like appearing in court with the same attorney as your opponent. I use this analogy because I was in the legal field for 20 years.
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According to Washington based CQ Press El Paso is the 2nd safest city in the nation. Economically, if your want to know what is really happening
in El Paso, read the IPED economic impact report (dry but good info). With the influx of 30K military personnel relocating to El Paso plus the new medical school we haven't really felt the recession yet. Actually, El Paso is generally insulated from national economic conditions. Additionally we have a thriving housing sector.

$24.5 Million in bond money is now available through the El Paso Housing Finance Corporation plus USDA funding for certain areas of El Paso- Horizon.  As you may have read in the El Paso Times Horizon city, "the Tierras" has been in the news due to a flood of foreclosures. Not because of the economy but because of subprime loans resetting.  This area was flooded with no-doc, stated income type loans that led to the housing collapse. This is unfortunate for some but a goldmine for others. These properties are 10-20% below market and in near new condition. As you can probably tell my undergrad degree is in Economics and I'm a Realtor but I also love this town.
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PCS El PasoWhen your move is just around the corner, gather the paperwork and recordsyou’ll need to take with you. To get started, review the following Paperwork Checklist.

Paperwork Checklist

  • Military Orders and Identification: Make sure you know what papers you need to bring with you and which will be forwarded to your next duty station.


  • Vehicle Information: Include title or lien papers, lease agreements, inspection papers, vehicle registration, driver’s licenses, and insurance paperwork.


  • Personal Family and Medical Information: Include marriage license or divorce decree (if applicable), birth certificates, adoption papers, passports, and medical and dental records.


  • School Information: Include school and university records, immunizations, and any certificates of completion or diplomas.


  • Legal Paperwork: Include a copy of all wills, powers of attorney for finances and health care, and trusts. (Leave the original will with the executor or a trusted friend or adviser. Never travel with the original will and never place it in a safe deposit box where it may be difficult to retrieve.)


  • Pet Paperwork: Include veterinary records, licensing documentation, and pedigree papers.


  • Financial Paperwork: Include bank or brokerage firm account information, tax information, and records of any public assistance received, such as Women, Infants, and Children (WIC) benefits.


  • Moving Receipts: Keep all receipts related to your move. Put them in a central place, such as a separate file folder or even a shoe box. You’ll need these receipts to qualify for reimbursements or tax deductions.


    • Managing Your Military Travel Card

    When you receive PCS orders, you probably will be issued a military travel card. This card—similar to a credit card—comes in handy when paying for moving expenses, but it also must be used wisely to avoid running up extra expenses. Follow these steps to manage your travel card:

    • Use your card only for authorized move-related purchases. Pay for personal items with your own moving fund.


    • Keep the receipts for any items purchased with the travel card. You will need this paperwork when filing for your reimbursement check.


    • File for reimbursement promptly so the money will be there when the travel card bill arrives.

    If you have any questions about how the military travel card works, ask your chain of command or travel card monitor.



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1. Budget  the amount of money which will be required to make the many repairs.
2, Don't buy sight unseen
3. Evaluate the neighborhood
4. How long has the property be vacant? The longer it has been siting unoccupied the more likely there will be extensive repairs
5. Was it winterized
6. Get it inspected
7. Consider both bank owed repos and HUD homes. HUD homes go on the market 6 months after foreclosure
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Mortgage Deals 01/08/2010
 
Obtaining a mortgage is a very easy way to buy your dream house. Getting a mortgage deal is not very difficult. A search on the Internet will help you come across many websites who specialize in giving proper guidance in how to get appreciable mortgage deals through lenders or lending companies, strong in credibility. You will get contact information of multiple lenders. But you have to act with wisdom and patience. Think well before you take the plunge. Calculate and compare mortgage rates of the different lenders. You may employ the online mortgage calculators to evaluate the approximate rates of interest feasible to be charged on your loan amount keeping in mind the prevalent market conditions.

Market conditions refer to the current market status, strategy, and statistics. It means you have to keep yourself updated with all the information that is posted on the net day to day. You must also have good knowledge about the lenders’ margin, their principles and offers. Each individual mortgage lender has its own terms and conditions. One should always be very careful when going for a mortgage deal. Bearing in mind all these, you need to work out well and compare mortgage rates. By putting in just a little effort as well as time in this aspect will bring you benefits in the long term.

The online calculators will also help you evaluate the repayment amount which can be monthly, bi-monthly or even weekly and thus the expected closing costs. Your aim should be to maintain your credibility and in fact, improve your credit score. This can be achieved when you are regular in making your repayments on time and exactly equivalent to your dues. This again depends on your rates of interest, so do not at all forget to compare mortgage rates of prospective lenders that will at last benefit you. In order to avoid paying more than necessary it is very important on your part to understand every aspect of your mortgage deal, compare mortgage rates and then finalize your deal.

You may even have an open discussion with your financial experts or counselors. They will explain you why it is important to compare mortgage rates offered by multiple lenders. They will very well understand your existing financial position and advice you accordingly. You will also be informed about the modifications possible on your deal in future. If incase you already have a mortgage deal, which is taxing you heavy on your pockets, you might even take suggestions from them to refinance your existing deal. For remortgage also it is advisable to compare mortgage rates for refinancing. You can check the Internet for the different types of mortgage deals and the varied interest structure too. All three types of mortgage, namely, open, closed ad convertible are available with fixed or variable interest rates. It is totally on your choice and situation what would suit you the most. But do not forget to compare mortgage rates, no matter what deal you enter into.

source: isnare, author Marie Mardeko
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With over 2 years of SEO and SEM training and education and now a REALTOR I've managed to come up with the following tools every new agent must have to have any measure of success in todays tech savvy world:

  • Blackberry: I use the storm but i've also found the you get greater reception with Blackberry's older model, the Curve. Great when you are showing a house in a suburb (far from cell towers).
  • Laptop: I have had a Sony for years and it's one of the best investments I've ever made.
  • Social Media: Twitter which will act as your radio broadcaster. Blog: I use wordpress where I offer real estate news, how to info and lots of first time homebuyer / seller education. I do not sell anything on this page. This is similar to a newspaper where you provide your professional advise.
  • Marketing: Invest in Trulia or Zillow  profile and advertising. They will generate tremendous traffic your website if you set it up right.
  • Continuing Education: Keep your real estate knowledge growing everyday to provide the best service you can. I'm not talking about designations although some of them are worth the money. I'm talking about real estate courses that will keep you up to date in areas you are weakest such as mortgages, current lending practices... etc.
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FSBO pitfalls 01/01/2010
 
Some homeowners are attracted to selling their home on their own due to the  potential savings in real estate commissions. Unfortunately most don’t succeed and this is where step in to represent your interest to execute a sale.

 According to national real estate statistics,  homes sold by owners only account for less than 18% of all homes sold today. Why such a low success rate?  Well, as experience real estate agents we know there are many pitfalls that FSBOs face including disclosure laws, contacts,  negotiating the offer, dealing with buyer’s agents who are experienced with all the ins and out of the real estate industry and many other major real estate consequences that arise during the transaction. Another important statistic homeowners should be aware of is the NAR study that indicates over 85% of homebuyers initiate their home search on the internet.  Russell-Realtor has a network of internet marketing sites to effectively market your home  and syndicates your home on the MLS and other sites,

Finally and most importantly, the #1 reason a FSBO house doesn't sell quickly is incorrect pricing. You need to know what your property is worth so you don't price yourself out of the market. A real estate agent understands the current market and what the market value of your home is.

As you can see, selling a house is a complicated process and we are trained and licensed to comply with all local and state mandated real estate laws that govern the selling and buying of homes. Additionally, our marketing plan can give your home much more exposure then traditional advertising.

 The Russell-Realtor team understands the difficulties FSBOs face and is ready to assist you by providing the services you need to sell your home.  We are a full service real estate team whose goal is to see a successful end to every real estate transaction.
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