Sounds far-fetched, I know, but then these social media sites are always evolving. It also seems to be a shocking case of this already happening to a homeowner in Australia!
A couple living in Australia defaulted on their loan and could not be located by physical address or email. So the lender’s attorneys got creative and located them on Facebook. They verified the couple’s identities by matching their names, birthdays, and the fact they’d connected with each other on the site. So the homeowners were sent a foreclosure notice via Facebook.
How embarrassing! Especially if it ever ended up in the public area of one’s Facebook page! Perhaps even more amazing is that the Australian courts actually upheld the lender’s right to send foreclosure notices through Facebook. The court pointed out the fact that the couple had not enabled privacy protections on their Facebook accounts and that they visited the site frequently enough to “reasonably receive notice as a result.”
Legal experts believe it is just a matter of time before lenders earn the right to serve foreclosure documents through social networks like Facebook. You might want to change those privacy settings on Facebook now to avoid issues of this or any other legal kind in the future on your Facebook page!
This blog post was written by Managing Director of Housing Research, Danielle Hale, and Data Analyst, Hua Zhong.
You probably know that home listings go up most often on Thursdays and Fridays. Here is the data to back up your intuition:
As we start the New Year, this is a good time to take a look and recap the year behind us to see what insights 2014 holds for 2015. While December 2015 is still preliminary, we can get a good sense of the year by looking at the data we currently have for the past 12 months. In our first posts, we looked at popular and least common closing dates. Here, we’ll take a look at listings.
Below, we see the most popular listing days of 2015. Note the strong preponderance of spring dates and obvious lack of weekends.
The biggest months for new listings are April, May, and June, followed by March and July. These months alone accounted for roughly half of all new listings in this analysis.
While not devoid of new listings, the weekends are obviously not popular days to list. Among weekdays, Fridays and Thursdays are the most common days for new listings to go up, with Mondays and Wednesdays trailing a bit and Tuesdays not too far behind. Tuesdays and weekends are the only days of the week absent in the top 25 days for listings.
While home closings exhibit a strong tendency to get done at the end of the month, listings are much steadier throughout the course of the month with a slight tendency to be posted earlier rather than later.
 This analysis considers data from January 1, 2015 to December 31, 2015.
Don’t miss out on this prime listing times!! Get your home listed with Greg Peterson early! Call me at 970-331-1333 to get your home listed.
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The foreclosure process is certainly one that bears a lot of attention in Eagle County, and as of the end of the year 2012, there has been a noticeable drop in those numbers. Over the past year there were 309 foreclosure sales compared to 338 in 2011. More significantly, in 2012 there were 446 initial flilings compared to 615 in the previous year, a 28% drop. What those numbers mean can vary widely since the process itself can take quite a bit of time, sometimes over a year to complete.
In addition to the pain and anquish caused by a foreclosure for a homeowner, the Brokerage community is also affected by the negative impact of those foreclosures as well. However, with the above mentioned numbers in mind, there is new optimism that we may soon a recovery from the dark years of 2008 to 2011. The economy has stabilized in Eagle County, which could mean more and better jobs could be around the corner. Also, a lot of homeowners who have been affected by dropping values have chosen to go through the Short Sale process and sell their homes for less than the mortgage amount, with the permission of their bank. The end result of this process is that homes are now moving through the system faster than in the past, and this increase in 'velocity' has meant that real estate sales have picked up, which always helps the overall market. One should also be reminded that interest rates continue to be the lowest in history, which will always make for an increase in applications.
Resort areas such as Vail and the surrounding areas are what we call 'lagging' indicators, meaning it took a lot longer for our economy to be hit originally, but it also means it will take a lot longer for a 'recovery' to take place. It is still a Buyers Market, but we at Gateway are always available to help you fins that 'special' deal that makes the most sense for interested buyers.
One of the most important decisions that consumers face today is whether to buy or to rent. So for starters, take a look at what has transpired since the housing crisis of 2008. Home prices are starting to rebound from their lows and prices have risen 2.3% from last year, but rents have been rising even faster at 4.7%.Secondly, mortgage rates are at an all time low and have been as low as 3.5%. Therefore when looking at rents and home prices in the summer of 2012, if you plan to stay in your home for 7 years(the average occupany period) you can save $771.00 per month by purchasing your home rather than renting.
Trulia has done a comparison of the 100 largest metro areas in the country and then broken down the costs of owning and compared that to renting the same property. With a 20% down payment and with a mortgage rate of 3.5% and, assuming the Owner prepares his tax return by itemizing his deductions, there is a huge difference in the two choices. One caveat here is that every market has different values so the city comparison is not always the same. in cities such as NY, Los Angeles. San Diego the difference in buying is anywhere from 24% to 31%, but take some other cities like Detroit, Toledo, Memphis the benefits of buying over renting can be 60% to 70%. However, even though the percentage is different, the annual dollar savings are bigger because the absolute rents and home prices are so much higher. Always remember that itemizing your deductions lets you subtract your mortgage payments and your property taxes from your pre-tax income, which lowers your tax burden by owning.
These are all true facts that can be proven when looking for your home, so please call and let me help you find the right opportunity before you make an decisions.
This week has seen an incredible change in the the U.S. economy starting with the new GOP majority in the House of Representatives. There is no doubt that a lot of the Democratic spending bills will soon see new restraints by the House, thus reducing the possibility of more deficit spending, ?and that is good news for Wall Street. The Dow Jones Index soared more than 220 points yesterday(Nov. 4) based on positive expectations out of Washington and also because the Federal Reserve pumped $600 Billion into the financial markets.? Long term interest sank and again, that is good news for future mortgage rates and the impetus for more home buying incentives. In addtiion, other good economic news this week was that Retailers reported higher sales in October which many feel will indicate a stronger holiday selling season. All this is a leading indicator for the real estate market to base its resurgence on.
On the other hand, pending home sales saw a drop of 1.8 percent in the month of September. The National Association of Realtors said that its index, which started in 2001 with a base of 100, had dropped to 25 percent lower than its high of 107.8 in September of 2009.? A year ago, first time home buyers were rushing to take advantage of the ‘first time homebuyers’ tax credit. The Realtors economist, Lawrence Yun, felt that some of the weakness may reflect the moratorium on foreclosures that have been imposed on most sectors of the country. The inventory of distressed properties in the housing market is expected to grow because of foreclosure stoppages related to legal problems.
My prediction is that the foreclosure stoppages will slow down soon and the inventory of distressed and short sale properties will stimulate a surge in home closings in the coming year. We have not seen this type of market in Vail before, but now is the time to start a renewed search for bargains in this area as we have some of the best insights of any brokerage firm around to help you find the best deals. Call me, Judd Babcock, at 970-376-3230 for updates on bargain prices in our area.
The Vail Daily Staff Report on September 2 quoted the Land Title Monthly Housing Report which showed there were 92 completed real estate transactions in July. This number was far above the 75 transactions a year previously. For most of this year, we have seen other monthly increases over 2009. The fact remains that 2009 was probably the largest declining market I have seen in all my years selling real estate here in Vail(20 years). From the perspective of the Gateway Land office, there is no question that we have seen a lot more activity this year than last. However, there are several reasons for this activity.
First, because prices finally dropped when the market went south means that a lot of savy real estate investors have swooped in to buy up distressed properties at bargain prices. Secondly, many of the ‘low end’ deals were driven by tax incentives that are no longer in effect today. This fact is backed up by the fact that 75% of the transactions were below $1 million.
But now look at the other side. According to realtytrac.com there were 339 homes and properties under foreclosure in Eagle County on September 5. The recently improved sales figures amount to only 27% of total foreclosures assuming no one else defaults. When you add other homes on the market, there is almost a one year backlog of property on the market. Sure there are wealthy investors out there who can afford the super expensive homes that are being offered by the likes of Ritz Carlton, Four Seasons, Solaris, etc. but, while dollar volume rises, actual number of transactions continue to drop.
One of the biggest reasons for concern is the bank situation, not only in this valley, but across the country. Non performing assets are filling up the portfolios of our local banks and the possibility of dissolution for many is close by. How can we sell real estate when the biggest contingency for a sale is bank financing and the banks only loan to people who do not need a loan?