A look back and a view forward into the Phoenix real estate market!
Through the Eyes of Real Estate Experts, with over
100 years of experience and over 2 billion dollars in closed Sales. Plus, Mike Orr with the Cromford Report will be on hand to deliver the most up to date data trends for 2010.
Separating fact and fiction of where we are today and where we are going. Plus, a great Q&A session where the audience will get to “Ask the Experts”.
Current Relevant Topics to Include:
Short Sales, Top Banks’ Perspective, REO's
Education and data you can take with you
and apply to your every day transactions.
Panelists to include:
Sandra Wilken, Sandra Wilken Properties
Don Matheson, Scottsdale Arizona Golf Homes
Lester Cox, The Cox Team
Curtis Johnson, Curtis Johnson Realty
Kenny Klaus, The Kenny Klaus Team
Scott Gibson, Gibson Laughton Group
Mark Parris, Parris Homes, RE/MAX Renaissance Realty
Mark Monson, Branch Manager, Bank of America
Top Local Bank Representative
Reginald Givens, Arizona Department of Housing Program Coordinator
Cost will be $10 of which a portion of the proceeds will go to Habitat For Humanity.
Space is limited, Sign Up Today!
Contact: Jean Clements
Email: jean.clements@fnf.com
Phone: 480-214-4540
Location Details
Tempe Arts Center
700 W. Rio Salado Parkway
Tempe AZ 85281
Monday, December 28, 2009
Monday, December 21, 2009
The Anti-Deficiency Laws In Arizona Make It A Great Place To Invest
Arizona is one of a few states that have an Anti-Deficiency Statute on the books. As a result, it may be a good place for investors to consider buying property. As a whole, the market in Arizona has taken a huge hit. That may be bad for owners, but for investors it creates the perfect niche to investigate when attempting to purchase rental properties or simply build up a real estate portfolio.
Many homeowners have gone into foreclosure or are listing their homes as short sales, and banks are beginning to let these properties go for a significant amount less than is owed. The homeowners losing their properties generally have protection under our Anti-Deficiency statute, and cannot be pursued for the debt if their property was utilized as a single or two family dwelling, and on 2.5 acres or less. That means they are not on the hook for the debt in most cases and are now in the market to rent.
That’s where the investment comes in to play. Not only can an investor pick up properties for less than is owed or valued, he can also benefit from the protection that the statute provides in the case that he himself loses the property. The statute does not qualify any property as a primary residence in order to get protection from creditor, it simply must be utilized as a single or two family dwelling. That can include a rental property being rented out.
Not that anyone in the state wants to add to the foreclosure rates, but this information may make Arizona an attractive state for investors. An investor just may want to know that in the end, if he has to let the property go, he will be protected for now from the obligation of debt.
Mary Frances Coleman, JD
AVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway 11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
www.fntarizona.com
Many homeowners have gone into foreclosure or are listing their homes as short sales, and banks are beginning to let these properties go for a significant amount less than is owed. The homeowners losing their properties generally have protection under our Anti-Deficiency statute, and cannot be pursued for the debt if their property was utilized as a single or two family dwelling, and on 2.5 acres or less. That means they are not on the hook for the debt in most cases and are now in the market to rent.
That’s where the investment comes in to play. Not only can an investor pick up properties for less than is owed or valued, he can also benefit from the protection that the statute provides in the case that he himself loses the property. The statute does not qualify any property as a primary residence in order to get protection from creditor, it simply must be utilized as a single or two family dwelling. That can include a rental property being rented out.
Not that anyone in the state wants to add to the foreclosure rates, but this information may make Arizona an attractive state for investors. An investor just may want to know that in the end, if he has to let the property go, he will be protected for now from the obligation of debt.
Mary Frances Coleman, JD
AVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway 11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
www.fntarizona.com
Monday, December 7, 2009
2010 From A Banker’s Perspective
Currently in our market, quite a few of the business decisions being made in our real estate market are occurring out of state. Why is that? It is because so many of the properties in are market are owned by out of state banks; REO’s and Foreclosures are the front end of the transaction.
Our believe at Fidelity National Title is that 2010 will be the “Year of The Realtor”, putting Realtors in front of the transaction again. This will be transitioned through the new banking focus of Short Sales. When a bank sells a property as a Short Sale rather than an REO, Wachovia for example has saved $39,000 on average per property by going the Short Sale Route, rather than the REO route.
Short Sales will be 2010. Using Wachovia as another example, other banks will follow, they have also put in place a cash for keys program giving the seller $2500-$5000 in cash for doing a short sale rather than letting their property lapse into Foreclosure.
Banks do not want to pay a 3rd party negotiator or asset manager to handle the sale anymore. Remember, banks are new to this process and will needed some time to figure out how to get the properties going into foreclosure off of their books, hence, the year of the Realtor.
Tips for working with banks-
-BofA is a 60-90 Day turnaround time for an offer
-Wachovia is 42 days
-Wells Fargo will be soon to following
-When speaking with a bank, ask quick yes or no answers.
-Use your resources, at Fidelity, we have relationships with the top national banks.
-75%-85% of Trustee Sales are postponed
-Banks 1 year ago did about 6% of their business as Short Sales and now it is up to 24% and growing
For more information on Short Sale education, Short Sale Tools and Lead Lists call 480-214-4500 and ask for the Marketing Department or go to www.fntarizona.com and look for the Elite Short Sale Division link.
Our believe at Fidelity National Title is that 2010 will be the “Year of The Realtor”, putting Realtors in front of the transaction again. This will be transitioned through the new banking focus of Short Sales. When a bank sells a property as a Short Sale rather than an REO, Wachovia for example has saved $39,000 on average per property by going the Short Sale Route, rather than the REO route.
Short Sales will be 2010. Using Wachovia as another example, other banks will follow, they have also put in place a cash for keys program giving the seller $2500-$5000 in cash for doing a short sale rather than letting their property lapse into Foreclosure.
Banks do not want to pay a 3rd party negotiator or asset manager to handle the sale anymore. Remember, banks are new to this process and will needed some time to figure out how to get the properties going into foreclosure off of their books, hence, the year of the Realtor.
Tips for working with banks-
-BofA is a 60-90 Day turnaround time for an offer
-Wachovia is 42 days
-Wells Fargo will be soon to following
-When speaking with a bank, ask quick yes or no answers.
-Use your resources, at Fidelity, we have relationships with the top national banks.
-75%-85% of Trustee Sales are postponed
-Banks 1 year ago did about 6% of their business as Short Sales and now it is up to 24% and growing
For more information on Short Sale education, Short Sale Tools and Lead Lists call 480-214-4500 and ask for the Marketing Department or go to www.fntarizona.com and look for the Elite Short Sale Division link.
Monday, November 30, 2009
2010—The Year of the Realtor!
I can see more clearly now than ever, that next year will be the year of the Realtor in Real Estate here in Arizona. I have had the unique opportunity to speak to a number of the Stakeholders in our real estate transactions and in each case it was made clear that, more than ever, the Realtor is a central focus for everyone’s plans going forward.
The Asset Manager’s I have spoken with have said that during this moratorium, they had the chance to go through in detail their Realtor network, and what they found was that a number of the early Realtors that got into their REO group, were not the right ones and they were not only re-evaluating but literally getting new Realtors who have the ability to best service their housing portfolio’s.
7 of the 10 Banks we met with were initiating short sale programs, with the emphasis being on communication and quicker turn times on answers for Realtors when making offers on their properties.
The banks we have spoken with have clearly learned that this housing challenge CANNOT be solved through just an REO outlet, we need a strong short sale program, with quality realtors involved and engaged in the program, with communication being the focal point. The Banks that don’t make this a priority will see many of their listings, NOT EVEN SHOWN, by top Realtors in the market as they can’t get answers for their buyers, and wait weeks to even hear a “NO” from a Bank.
Lastly, the Government programs, which offer assistance to consumers for purchasing or fixing up homes, need the Realtors to educate their clients on the programs, in order for the 30 plus million dollars, allocated throughout Maricopa County to be spent, the Realtor will need to be an educator and a promoter of the government programs, or else our State will not have the funding dollars renewed.
No matter which way you look at it, the Realtor is getting back to the front of the Transaction and will be critical to the success of this housing market and for markets across the US.
Steve de Laveaga
SVP Sales and Marketing
Fidelity National Title
steve.delaveaga@fnf.com
The Asset Manager’s I have spoken with have said that during this moratorium, they had the chance to go through in detail their Realtor network, and what they found was that a number of the early Realtors that got into their REO group, were not the right ones and they were not only re-evaluating but literally getting new Realtors who have the ability to best service their housing portfolio’s.
7 of the 10 Banks we met with were initiating short sale programs, with the emphasis being on communication and quicker turn times on answers for Realtors when making offers on their properties.
The banks we have spoken with have clearly learned that this housing challenge CANNOT be solved through just an REO outlet, we need a strong short sale program, with quality realtors involved and engaged in the program, with communication being the focal point. The Banks that don’t make this a priority will see many of their listings, NOT EVEN SHOWN, by top Realtors in the market as they can’t get answers for their buyers, and wait weeks to even hear a “NO” from a Bank.
Lastly, the Government programs, which offer assistance to consumers for purchasing or fixing up homes, need the Realtors to educate their clients on the programs, in order for the 30 plus million dollars, allocated throughout Maricopa County to be spent, the Realtor will need to be an educator and a promoter of the government programs, or else our State will not have the funding dollars renewed.
No matter which way you look at it, the Realtor is getting back to the front of the Transaction and will be critical to the success of this housing market and for markets across the US.
Steve de Laveaga
SVP Sales and Marketing
Fidelity National Title
steve.delaveaga@fnf.com
Monday, November 16, 2009
Great web site for Home Buyers Tax Credit Information!
Here is a good site to direct your clients to for general information on the new Tax Credits for both 1st time home buyers and move up repeat buyers.
www.federalhousingtaxcredit.com
Jason Servais
Bank of America
www.federalhousingtaxcredit.com
Jason Servais
Bank of America
Tuesday, November 10, 2009
Win The Paperless Fight Contest!
Fidelity National Title of Maricopa County is proud to announce their new Green Initiative. Historically speaking, the Title Industry has been amongst some of the worst offenders in the over use of paper and printing. Fidelity will be launching the program Win The Paperless Fight November 11, 2009.
The launch of this program comes in conjunction with Fidelity joining Phoenix’s Green Chamber of Commerce.
With the launch of Win The Paperless Fight, Fidelity will be hosting a contest for Real Estate Professionals with the prize being a one year individual membership to the Phoenix Green Chamber of Commerce.
Here are the contest details:
· Enter by sending an email fidelity@winthepaperlessfight.com with details of how you, as a real estate professional, have cut paper usage in your business.
· The most unique and submission with the best environmental outcome will win.
· The judging panel will include but may not be limited to: Mara DeFilippis, founder of the Phoenix Green Chamber; Jean Clements, Marketing Director for Fidelity National Title; and Carrie Morgan, KWPR PR and Web 2.0 Strategist. All judges will be members of the AGCC.
· Contest submissions close at 5pm on December 31, 2009, and the winner will be notified January 31st, with membership for the Green Chamber.
· The winner must meet the Chamber’s basic prerequisites and comply with all normal chamber membership application processes. Submission of an entry for this contest grants Fidelity to use the information in any manner deemed appropriate, including media visibility. The winner may be requested to talk with local media as a part of public relations efforts.
If you have any questions please send an email to fidelity@winthepaperlessfight.com
SUBMIT YOUR ENTRY TODAY!
The launch of this program comes in conjunction with Fidelity joining Phoenix’s Green Chamber of Commerce.
With the launch of Win The Paperless Fight, Fidelity will be hosting a contest for Real Estate Professionals with the prize being a one year individual membership to the Phoenix Green Chamber of Commerce.
Here are the contest details:
· Enter by sending an email fidelity@winthepaperlessfight.com with details of how you, as a real estate professional, have cut paper usage in your business.
· The most unique and submission with the best environmental outcome will win.
· The judging panel will include but may not be limited to: Mara DeFilippis, founder of the Phoenix Green Chamber; Jean Clements, Marketing Director for Fidelity National Title; and Carrie Morgan, KWPR PR and Web 2.0 Strategist. All judges will be members of the AGCC.
· Contest submissions close at 5pm on December 31, 2009, and the winner will be notified January 31st, with membership for the Green Chamber.
· The winner must meet the Chamber’s basic prerequisites and comply with all normal chamber membership application processes. Submission of an entry for this contest grants Fidelity to use the information in any manner deemed appropriate, including media visibility. The winner may be requested to talk with local media as a part of public relations efforts.
If you have any questions please send an email to fidelity@winthepaperlessfight.com
SUBMIT YOUR ENTRY TODAY!
Wednesday, October 21, 2009
Report: Phoenix home prices to drop another 23%
Yesterday, we unveiled our Short Sale Lead Generation program for our Fidelity Elite Short Sale Agent Group, and we handed out 18,000 leads throughout the state of Arizona and it is clear, that the Agents and Lenders, that get in front of this problem now, before the next wave of REO comes out, will get a better return for both consumers and banks. Below is some very sobering forecasts on Arizona and what is still to come in terms of the housing decline in values…..Steve de Laveaga, Senior Vice President of Sales and Marketing with Fidelity National Title
Report: Phoenix home prices to drop another 23%
Reported by: Tim Vetscher
PHOENIX -- Valley homeowners, brace yourselves for more bad news.
A new report indicates home prices will continue to shrink nationwide, with an especially sharp decline here in Phoenix.
"That's real scary," said Tempe resident and homeowner Linda Weinberg. "I hope that's not conceivable. It's pretty scary."
According to Fiserv, a financial information and analysis firm, home prices in Phoenix are expected to lose another 23.4 percent by June of next year.
"Such is the state of the market," said Chandler resident and homeowner Mark Siebel. "Just like anything it can go up or it can go down. It's unfortunate if it would go down another 23 percent."
One bright spot in the report is that Fiserv expects the losses to be less than 5 percent the following year compared to other markets where the declines will continue to be steep into 2011.
Fiserv estimates home values have already collapsed by 54 percent here in the Valley.
"(The report) means I consider going into foreclosure or short sale," said Gilbert resident and homeowner Bruce English. "Or being stuck with a home for 15 years before reaching break even to sell it."
Report: Phoenix home prices to drop another 23%
Reported by: Tim Vetscher
PHOENIX -- Valley homeowners, brace yourselves for more bad news.
A new report indicates home prices will continue to shrink nationwide, with an especially sharp decline here in Phoenix.
"That's real scary," said Tempe resident and homeowner Linda Weinberg. "I hope that's not conceivable. It's pretty scary."
According to Fiserv, a financial information and analysis firm, home prices in Phoenix are expected to lose another 23.4 percent by June of next year.
"Such is the state of the market," said Chandler resident and homeowner Mark Siebel. "Just like anything it can go up or it can go down. It's unfortunate if it would go down another 23 percent."
One bright spot in the report is that Fiserv expects the losses to be less than 5 percent the following year compared to other markets where the declines will continue to be steep into 2011.
Fiserv estimates home values have already collapsed by 54 percent here in the Valley.
"(The report) means I consider going into foreclosure or short sale," said Gilbert resident and homeowner Bruce English. "Or being stuck with a home for 15 years before reaching break even to sell it."
Monday, October 12, 2009
Short Sale... A Dignified Solution to a Homeowner's Financial Crisis
Short sale: mentioned a lot, but not fully understood by many. A short sale is a traditional sale between a Seller, the owner of record, and a Buyer, with a third party contingency requiring approval from the Seller’s lender to sell the property “short” of the debt due to decreasing values and documented hardship by the seller.
A short sale happens when a homeowner NEEDS to sell their home, but cannot because the value has dropped below what they owe. The “needs-to-sell” determines who qualifies for a short sale. In the eyes of the lender, this “need” is a circumstance or series of events that has made it impossible for the homeowner to continue to pay the monthly mortgage payments. Also called hardships, these circumstances could be a reduction in income as a result of a pay cut or loss of commissionable income, a job loss, a divorce, a job transfer or new hire out of the area forcing a move, the death of a family member, prolonged illness, any serious family medical condition causing a forced move, increase in medical bills, sustained medical leave of absence from the work force or disability. In many situations there is a combination of factors that when compounded, the probability of a homeowner losing his/her home increases.
A short sale may be the solution after the homeowner has tried the other options available to ease his/her financial crunch: Seeking advice, from the lender, for a possible refinance, loan modification or forbearance are possible ways to stay in the home while reducing monthly financial obligation. Visit www.makinghomeaffordable.gov to research the viability of these programs for each situation. If those avenues don’t produce successful results, a short sale may be the best alternative.
To read the rest of the article Click Here
By: Gayle Henderson, CDPE Advanced, RE/MAX Excalibur Realty, www.azavoidforeclosurenow.com
A short sale happens when a homeowner NEEDS to sell their home, but cannot because the value has dropped below what they owe. The “needs-to-sell” determines who qualifies for a short sale. In the eyes of the lender, this “need” is a circumstance or series of events that has made it impossible for the homeowner to continue to pay the monthly mortgage payments. Also called hardships, these circumstances could be a reduction in income as a result of a pay cut or loss of commissionable income, a job loss, a divorce, a job transfer or new hire out of the area forcing a move, the death of a family member, prolonged illness, any serious family medical condition causing a forced move, increase in medical bills, sustained medical leave of absence from the work force or disability. In many situations there is a combination of factors that when compounded, the probability of a homeowner losing his/her home increases.
A short sale may be the solution after the homeowner has tried the other options available to ease his/her financial crunch: Seeking advice, from the lender, for a possible refinance, loan modification or forbearance are possible ways to stay in the home while reducing monthly financial obligation. Visit www.makinghomeaffordable.gov to research the viability of these programs for each situation. If those avenues don’t produce successful results, a short sale may be the best alternative.
To read the rest of the article Click Here
By: Gayle Henderson, CDPE Advanced, RE/MAX Excalibur Realty, www.azavoidforeclosurenow.com
Wednesday, October 7, 2009
Sell a house in 43 days – in this market?
Direct Listing URL's are the newest way, according to Go Daddy, that Realtors and Home Owners are advertising their properties and, the properties are selling!
See how Go Daddy tracked this and how other Realtors are using this tool:
Direct Listing URL Article
To order a Direct Listing URL from Fidelity National Title, CLICK HERE, they are only $19 per listing for 1 year!
See how Go Daddy tracked this and how other Realtors are using this tool:
Direct Listing URL Article
To order a Direct Listing URL from Fidelity National Title, CLICK HERE, they are only $19 per listing for 1 year!
Wednesday, September 30, 2009
Short Sales - Real Estate Agents Need to Know the Facts
As many people know, Fidelity Title of Maricopa County in Tempe hosts an invitation-only monthly Short Sale Mastermind Group, loaded with the Valley's top talent when it comes to handling distressed properties.
This month's presenter was Desiree Montgomery from Realty Executives. Her overall message was that real estate agents can't wing it when it comes to short sales, it is critical to have established processes for consistent success.
Here is a rundown on her key points that you might be interested in:
· When it comes to negotiating a short sale with the lender, don't stop at the loss mitigation level. Find out who the decision makers are, and bring them into the mix. Their 10k public documents can be helpful.
· When you have a first and a second mortgage on a short sale home, work both of them at the same time.
· If both liens are not serviced by the same bank, the first does NOT have the right to dictate what the second can negotiate to mitigate their loss, according to the Office of Controller of Administration for National Banking.
· Have your seller keep making payments, even if they are partials. Lenders want to mitigate their loss, but are hesitant to offer an unsecured note to sellers that don't show effort and responsibility for their situation.
· Anything related to taxes, credit reports and legal issues are not an agents area. Don't advise them - pass them through to experts in these areas. Anything else puts the agent at risk of losing their license. There are many issues that will impact the seller long after the closing, and selling that house is the ONLY thing the agent is responsible for.
· 52% of sellers do not do a short sale after discussing their options with legal counsel experienced in real estate law. It is not always the best solution.
· To protect yourself, surround yourself with professionals with a deep understanding of banking and real estate law. Referral your clients to them repeatedly in writing.
Thanks for the GREAT advice, Desiree!
Monday, September 28, 2009
First to market, will win this race….
The First Lender, Bank or Servicer to utilize their EXISTING strategic relationships in the local market, will be the leader in property disposition and will get a higher price for their assets, and will move significantly more assets than any of their competitors. The reality is, for a Bank or for an asset management firm, to try to hire another 1,000 employees to handle the volume of properties needing to be disposed of is a recipe for failure, too much expense, too little expertise and too slow to move. The group that leverages their local strategic resources, the Right Realtors, who already know and understand the market, who will market the properties and price them right for maximum return, the right closing Title partner who has the ability to staff up and down based on openings and closings and the right local touch with a mortgage Lender partner, who will want to have an LSR submitted with every offer, as most of these folks will be eligible for a loan again in 2-3 years!! First to the local market wins, it will be a fun race!!!
Steve de Laveaga
Senior Vice President
Fidelity National Title-Maricopa County
www.fntarizona.com
steve.delaveaga@fnf.com
480-214-4500
Steve de Laveaga
Senior Vice President
Fidelity National Title-Maricopa County
www.fntarizona.com
steve.delaveaga@fnf.com
480-214-4500
Tuesday, September 22, 2009
Fidelity Offers CE Credits and General Trainings To Help Digest The Real Estate Market!
- Decoding The Marketplace- 3 General Credit Hours, Date: Wednesday, September 30, 2009
- ANTI-DEFICIENCY LAWS IN ARIZONA ~ 3 hours credit ~ LEGAL ISSUES Date: Thursday, October 1, 2009
- How to Work the Distressed Property Market- 3 Credit Hours, Date: Friday, October 9, 2009
- Fair Housing History & Court Rulings, 3 hrs.Date: Tuesday, October 13, 2009
- Short Sale Mastermind Group, Date: Wednesday, October 21, 2009
Friday, September 4, 2009
ECONOMY DEMANDS SHORT SALE EXPERTISE FROM REAL ESTATE AGENTS -
These classes are intended for real estate professionals only and are not open to the public
Tempe, Ariz. – Sept. 2, 2009 – While the real estate market in Arizona has begun to show signs of life via increasing home prices and reduced bank-owned home inventory, demand is strong for real estate agents with short sale expertise on both the seller and buyer side of the transaction. The world's largest title company and a leader in real estate continuing education, Fidelity National Title, offers the following classes to help real estate professionals located in Arizona enhance their knowledge on short sales and other topics critical for today's
market-
Click Here For Distressed Property Classes and More!
Tempe, Ariz. – Sept. 2, 2009 – While the real estate market in Arizona has begun to show signs of life via increasing home prices and reduced bank-owned home inventory, demand is strong for real estate agents with short sale expertise on both the seller and buyer side of the transaction. The world's largest title company and a leader in real estate continuing education, Fidelity National Title, offers the following classes to help real estate professionals located in Arizona enhance their knowledge on short sales and other topics critical for today's
market-
Click Here For Distressed Property Classes and More!
Tuesday, August 18, 2009
Short Sale Tip!
We have seen a steady rise in Short sale closings over the last 90 days. This last month in July, we had the number of Short sale closings be within 1 percent of traditional closings. So what that is saying is that you are now seeing as many Short Sale closings as traditional closings. This tells us that the Banks and Lender Servicers that have these listings are getting more realistic and focused on moving their assets.
Banks such as Wachovia have committed to 14 day response on any Short sale answer which in turn gives the consumer confidence in making that offer. The one thing we have learned in Title, as we have done over 14,000 Transactions YTD, a long illness is a sure death, time kills all deals. So if you want to get transactions done, commit to a response time for answers and then live up to the expectation you set!!
Steve de Laveaga
Sr. VP Sales and Marketing
Fidelity National Title Arizona
Email: steve.delaveaga@fnf.com
Tuesday, August 11, 2009
Short Sales and Seller Frustrations-How Realtors Can Help.
Although it is true that short sales are complicated transactions and often times fall apart at the end of the transaction, there is a positive light to be shed on this.
It is proven time and time again, packages that are complete, accurate and concise are being accepted at an overwhelming rate. It is imperative to find a professional real estate agent that is an expert in distressed properties. Throughout the country agents are being educated by a company that gives certification know as “certified distressed property experts”, CDPE. Bank executives consistently have said that these packages are put at the top of the pile.
Being part of the solution In being as educated as possible is the first step to resolving our housing crisis.
This Comment Is Follow Up For the USA Today Piece Regarding Home Sellers and Their Frustrations with Short Sales- Click Here To Read More.
AVP/Director Of Sales
Fidelity National Title
60 E. Rio Salado Parkway
Tempe, AZ 85281
melissa.shapiro@fnf.com
Wednesday, August 5, 2009
“With residential foreclosure filings still trending upward, the market should also be prepared for default on a number of commercial properties. It isn’t limited to the neighborhood strip mall or small retail shopping center, even large developments are falling at an rising pace.
The question is who sees this as a travesty, and who sees this as an opportunity! Banks and lenders are less inclined to approve a short sale on a commercial property, and even more reluctant to enter into a loan modification. However, they will certainly entertain the foreclosure process since the anti-deficiency judgment statute in Arizona will allow for recovery of the debt.
Now may be the time to learn how to bid at an auction on the courthouse steps, since the number of retail and commercial properties available at sale will only grow. Fidelity has classes designed to teach investors how to gather information on the foreclosure process, evaluate a property potential, and successfully bid on them at auction.
Feel free to contact Mary Frances Coleman, attorney and Manager of the Default Services Division at 480.214.4500 for more information.”
Click Here For More Information On This Topic!
Mary Frances Coleman
JDAVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway
11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
The question is who sees this as a travesty, and who sees this as an opportunity! Banks and lenders are less inclined to approve a short sale on a commercial property, and even more reluctant to enter into a loan modification. However, they will certainly entertain the foreclosure process since the anti-deficiency judgment statute in Arizona will allow for recovery of the debt.
Now may be the time to learn how to bid at an auction on the courthouse steps, since the number of retail and commercial properties available at sale will only grow. Fidelity has classes designed to teach investors how to gather information on the foreclosure process, evaluate a property potential, and successfully bid on them at auction.
Feel free to contact Mary Frances Coleman, attorney and Manager of the Default Services Division at 480.214.4500 for more information.”
Click Here For More Information On This Topic!
Mary Frances Coleman
JDAVP/Default Services Division Manager
Fidelity National Title Insurance Company
60 East Rio Salado Parkway
11th Floor
Tempe, Arizona 85281
480.214.4559 (Direct)
mfcoleman@fnf.com
Monday, August 3, 2009
Fidelity Releases Metro Phoenix Real Estate Trends and Predictions
Market causes increased demand for real estate agents to have
CDPE designation and short sale expertise
Phoenix, Ariz., Aug. 3, 2009 – Fidelity National Title, one of Arizona's largest title insurance and escrow service companies, today announced that in June, 2009, the median home resale price increased for the first time since 2007, which is a direct result of increasing trends of multiple offers on properties and a large reduction in active listing inventory, especially bank-owned (REO) properties. Overall pricing in Greater Phoenix ceased its sharp decline in April, and continued to rise through the rest of second quarter.
According to MIchael Orr, founder of The Cromford Report, several sectors are still seeing price declines, including properties over $350,000, condominiums and mobile homes. To date, recovery is strongest in Avondale, Glendale, Maricopa, South Phoenix, West Phoenix and Queen Creek - areas most dominated by the 2008 glut of lender-owned homes that also suffered the most severe price declines. Scottsdale differs from Metro Phoenix in that it has seen only a moderate increase in demand and prices continue to fall. It has a predominance of luxury homes and condos, which are both sectors with excess supply and are not yet in a recovery phase.
Foreclosures have not slowed as unemployment and economic uncertainties are still impacting homeowners' ability to make payments. There are a large number of consumers behind on their payments and seeking short sales or loan modifications. June and July has seen a solid increase in the number of short sales as consumers, real estate agents and lenders begin to realize the benefits over foreclosure. Short sale activity has increased substantially as consumers are learning how to prevent foreclosure, and as lenders and banks recognize the benefits of short sales to mitigate their losses.
The largest constraint on sales volume has been the availability of obtaining finance, which has constrained many buyers' ability to purchase the homes they want. Credit approval guidelines are stricter than at any time in recent history. The lack of attractive finance for homes above $400,000 is a critical factor prohibiting recovery of the high end of the market. As a result, cash buyers dominate sales– which heavily favors investors when competing for the most attractively priced homes.
(more)
The Genworth Mortgage Corporation Metropolitan Statistical Areas Declining/Distressed Markets Update from July 15, 2009, reflects that 14 states are considered distressed or declining in their entirety: Arizona, California, Connecticut, Florida, Hawaii, Maryland, Michigan, Nevada, New Hampshire, New Jersey, Oregon, Rhode Island, Utah and Vermont. Arizona is the first to show signs of stabilization.
"We have a large amount of property that has yet to find its way into the marketplace," stated Fidelity Senior Vice President Steve de Laveaga. "We believe that there will be 3 primary avenues of property distribution from the distressed side: REO, short sale and investor-based trust sales."
The Market's Impact on Real Estate Agents
As the market continues to wildly fluctuate from month to month, lenders, realtors and title companies struggle to adequately maintain service and staff levels.
Also, consumers have become hungrier to learn ways in which to save themselves from foreclosure, and buyers are more actively seeking short sale purchase opportunities. Therefore, the demand has increased sharply for real estate agents with short sale expertise on both the seller and buyer side of the transaction.
The Certified Distressed Property Expert (CDPE) designation is rapidly becoming an important credential for real estate professionals to have, due to increasing demand for this expertise from consumers, banks and lenders.
This information is released in partnership The Cromford Report, a daily report tracking the residential real estate trends of the Metropolitan Phoenix area.
About Fidelity National Title Insurance Company of Maricopa and Pinal Counties
Fidelity National Title of Maricopa and Pinal Counties was established in 1981 and is one of Arizona's largest providers of title insurance and escrow services. It has maintained a steady physical and financial base in Arizona for almost thirty years, remaining rock solid through decades of market swings. It is protected under the umbrella of Fidelity National Title Group, which holds over $2.8 billion in reserves.
Fidelity is one of Arizona's leading resources for real estate agent continued training. For a full calendar of upcoming events for real estate agents, please visit the website at http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.fntarizona.com. Fidelity also offers a new real estate blog, Fidelity Big Mouth - a resource aimed at helping real estate agents and lenders digest the current real estate market. To subscribe, visit http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.BIGmouthrealestateblog.com.
Fidelity National Title Group
Founded in 1848, Fidelity National Title is the world's largest title insurance company, issuing insurance policies and escrow services throughout the US, Canada, Mexico and 50 countries. It is also one of the nation's largest providers of title insurance and escrow services, issuing approximately HALF of the residential and commercial title insurance policies in the United States, and is one of the foremost experts in the area of HUD, short sale, REO and foreclosed properties.
Fidelity National Title Group is ranked at #264 on the Fortune 500, an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations. Fidelity National Title Group is a subsidiary of holding company Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services. For more information, visit http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.fnf.com.
CDPE designation and short sale expertise
Phoenix, Ariz., Aug. 3, 2009 – Fidelity National Title, one of Arizona's largest title insurance and escrow service companies, today announced that in June, 2009, the median home resale price increased for the first time since 2007, which is a direct result of increasing trends of multiple offers on properties and a large reduction in active listing inventory, especially bank-owned (REO) properties. Overall pricing in Greater Phoenix ceased its sharp decline in April, and continued to rise through the rest of second quarter.
According to MIchael Orr, founder of The Cromford Report, several sectors are still seeing price declines, including properties over $350,000, condominiums and mobile homes. To date, recovery is strongest in Avondale, Glendale, Maricopa, South Phoenix, West Phoenix and Queen Creek - areas most dominated by the 2008 glut of lender-owned homes that also suffered the most severe price declines. Scottsdale differs from Metro Phoenix in that it has seen only a moderate increase in demand and prices continue to fall. It has a predominance of luxury homes and condos, which are both sectors with excess supply and are not yet in a recovery phase.
Foreclosures have not slowed as unemployment and economic uncertainties are still impacting homeowners' ability to make payments. There are a large number of consumers behind on their payments and seeking short sales or loan modifications. June and July has seen a solid increase in the number of short sales as consumers, real estate agents and lenders begin to realize the benefits over foreclosure. Short sale activity has increased substantially as consumers are learning how to prevent foreclosure, and as lenders and banks recognize the benefits of short sales to mitigate their losses.
The largest constraint on sales volume has been the availability of obtaining finance, which has constrained many buyers' ability to purchase the homes they want. Credit approval guidelines are stricter than at any time in recent history. The lack of attractive finance for homes above $400,000 is a critical factor prohibiting recovery of the high end of the market. As a result, cash buyers dominate sales– which heavily favors investors when competing for the most attractively priced homes.
(more)
The Genworth Mortgage Corporation Metropolitan Statistical Areas Declining/Distressed Markets Update from July 15, 2009, reflects that 14 states are considered distressed or declining in their entirety: Arizona, California, Connecticut, Florida, Hawaii, Maryland, Michigan, Nevada, New Hampshire, New Jersey, Oregon, Rhode Island, Utah and Vermont. Arizona is the first to show signs of stabilization.
"We have a large amount of property that has yet to find its way into the marketplace," stated Fidelity Senior Vice President Steve de Laveaga. "We believe that there will be 3 primary avenues of property distribution from the distressed side: REO, short sale and investor-based trust sales."
The Market's Impact on Real Estate Agents
As the market continues to wildly fluctuate from month to month, lenders, realtors and title companies struggle to adequately maintain service and staff levels.
Also, consumers have become hungrier to learn ways in which to save themselves from foreclosure, and buyers are more actively seeking short sale purchase opportunities. Therefore, the demand has increased sharply for real estate agents with short sale expertise on both the seller and buyer side of the transaction.
The Certified Distressed Property Expert (CDPE) designation is rapidly becoming an important credential for real estate professionals to have, due to increasing demand for this expertise from consumers, banks and lenders.
This information is released in partnership The Cromford Report, a daily report tracking the residential real estate trends of the Metropolitan Phoenix area.
About Fidelity National Title Insurance Company of Maricopa and Pinal Counties
Fidelity National Title of Maricopa and Pinal Counties was established in 1981 and is one of Arizona's largest providers of title insurance and escrow services. It has maintained a steady physical and financial base in Arizona for almost thirty years, remaining rock solid through decades of market swings. It is protected under the umbrella of Fidelity National Title Group, which holds over $2.8 billion in reserves.
Fidelity is one of Arizona's leading resources for real estate agent continued training. For a full calendar of upcoming events for real estate agents, please visit the website at http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.fntarizona.com. Fidelity also offers a new real estate blog, Fidelity Big Mouth - a resource aimed at helping real estate agents and lenders digest the current real estate market. To subscribe, visit http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.BIGmouthrealestateblog.com.
Fidelity National Title Group
Founded in 1848, Fidelity National Title is the world's largest title insurance company, issuing insurance policies and escrow services throughout the US, Canada, Mexico and 50 countries. It is also one of the nation's largest providers of title insurance and escrow services, issuing approximately HALF of the residential and commercial title insurance policies in the United States, and is one of the foremost experts in the area of HUD, short sale, REO and foreclosed properties.
Fidelity National Title Group is ranked at #264 on the Fortune 500, an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations. Fidelity National Title Group is a subsidiary of holding company Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services. For more information, visit http://www.blogger.com/Users/Carrie/AppData/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/Z8HLXU18/www.fnf.com.
Wednesday, July 22, 2009
Metro Phoenix home sales, prices climb in June
"We all know that sales volume in the Phoenix market has been solid, but according to this article, for the first time since late ’07 the median home price has inched north! An increase in median home prices for the first time in over a year!!! That’s an important snippet of news for our market and a bright spot to pay close attention to! While it will take time to see home values rise significantly and I’m sure we have many months of topsy-turvy trends to observe; I hope this is the beginnings of a positive market trend for Arizona homeowners. Plus, this article provides a great snapshot of the most recent pre-foreclosure, foreclosure and notice of trustee’s sales data as well as current inventory status." Said Bernadette Espinosa, Fidelity National Title with regards to the following article.
Here are some more positive signs from metropolitan Phoenix's housing market, which may not be recovering but doesn't appear to be deteriorating any more. Home sales climbed again in June to reach 9,614, according to the Information Market/Cromford Report survey. That's an 11 percent increase from May's home sales. June is the sixth straight month home sales have climbed in the Valley.
The median Valley resale home price also climbed in June, the first monthly price increase since late 2007. Last month, the median ticked up to $125,000 from $122,000 in May.
Foreclosures also climbed in June after dropping off for a few months. There were 5,149 trustee sales or foreclosures in the Valley, compared to 3,809 in May. Pre-foreclosures, or notice of trustee sales, continue to hover around 8,700.
But so far the additional foreclosures aren't creating an oversupply problem for the housing market.
Mike Orr, publisher of the Cromford Report, said the number of lender-owned properties listed for sale in the Arizona Regional Multiple Listing Service fell to 5,150 in June, from 5,475 in May.
“So the supply was huge, but the demand was even greater,” said Orr about Valley foreclosure homes.
Also, the average price-per-square-foot of foreclosures sold by lenders during June climbed to $65.64 in June, from $63.77 in May.
Tuesday, July 7, 2009 at 03:13 PM
http://www.azcentral.com/members/Blog/CatherineReagor/57175
Bernadette Espinosa
Business Development
602-448-9907 Cell
Bernadette.Espinosa@fnf.com
www.BernadetteEspinosaFNT.com
"I'm now a CDPE!" -- Certified Distressed Property Expert, www.cdpenow.com.
Here are some more positive signs from metropolitan Phoenix's housing market, which may not be recovering but doesn't appear to be deteriorating any more. Home sales climbed again in June to reach 9,614, according to the Information Market/Cromford Report survey. That's an 11 percent increase from May's home sales. June is the sixth straight month home sales have climbed in the Valley.
The median Valley resale home price also climbed in June, the first monthly price increase since late 2007. Last month, the median ticked up to $125,000 from $122,000 in May.
Foreclosures also climbed in June after dropping off for a few months. There were 5,149 trustee sales or foreclosures in the Valley, compared to 3,809 in May. Pre-foreclosures, or notice of trustee sales, continue to hover around 8,700.
But so far the additional foreclosures aren't creating an oversupply problem for the housing market.
Mike Orr, publisher of the Cromford Report, said the number of lender-owned properties listed for sale in the Arizona Regional Multiple Listing Service fell to 5,150 in June, from 5,475 in May.
“So the supply was huge, but the demand was even greater,” said Orr about Valley foreclosure homes.
Also, the average price-per-square-foot of foreclosures sold by lenders during June climbed to $65.64 in June, from $63.77 in May.
Tuesday, July 7, 2009 at 03:13 PM
http://www.azcentral.com/members/Blog/CatherineReagor/57175
Bernadette Espinosa
Business Development
602-448-9907 Cell
Bernadette.Espinosa@fnf.com
www.BernadetteEspinosaFNT.com
"I'm now a CDPE!" -- Certified Distressed Property Expert, www.cdpenow.com.
Tuesday, June 23, 2009
REO PROPERTY UPDATE
Active Listings Distressed (% of total) REO Only (% of Distressed)
Valley Wide- 32,852 12,311 or 37% 4,564 or 37%
Scottsdale- 4,606 955 or 21% 270 or 29%
Paradise Valley- 562 61 or 11% 12 or 20%
We are seeing a dwindling of inventory, and a varying way of how the Lenders/Servicers and Banks are now distributing the property. The reality is, even if 25,000 REO homes below 250K came on the market next week, we would have that inventory absorbed in the next 90 days. We are seeing multiple offers on every decently priced REO property and we are seeing buyers become frustrated, as they are willing, have cash offers and made offers above or at asking price and still can’t get a home. What we need is transparency, this issue CANNOT be solved by Banks or Government working in isolation, but rather Banks and Government in partnership with the community and citizens to make sure we can indeed solve the issues of the increasing delinquencies.
Steve de Laveaga
SVP Sales and Marketing FNT Maricopa
Office Ph. 480-214-4500
Fax: 480-214-1743
email: steve.delaveaga@fnf.com
www.fidelityphoenix.com
Valley Wide- 32,852 12,311 or 37% 4,564 or 37%
Scottsdale- 4,606 955 or 21% 270 or 29%
Paradise Valley- 562 61 or 11% 12 or 20%
We are seeing a dwindling of inventory, and a varying way of how the Lenders/Servicers and Banks are now distributing the property. The reality is, even if 25,000 REO homes below 250K came on the market next week, we would have that inventory absorbed in the next 90 days. We are seeing multiple offers on every decently priced REO property and we are seeing buyers become frustrated, as they are willing, have cash offers and made offers above or at asking price and still can’t get a home. What we need is transparency, this issue CANNOT be solved by Banks or Government working in isolation, but rather Banks and Government in partnership with the community and citizens to make sure we can indeed solve the issues of the increasing delinquencies.
Steve de Laveaga
SVP Sales and Marketing FNT Maricopa
Office Ph. 480-214-4500
Fax: 480-214-1743
email: steve.delaveaga@fnf.com
www.fidelityphoenix.com
Thursday, June 18, 2009
Good news on the horizon!
The press has finally run out of bad news to report!
Inventory still at an all time low – multiple offers on properties which our raising values creating neighborhood stabilization.
Read in good health!
Noted Melissa Shapiro, VP of Sales with Fidelity National Title, melissa.shapiro@fnf.com
Phoenix-area Home Prices Have “Reached a Turning Point”ASU Study:
TEMPE, Ariz. (June 15, 2009) — Phoenix-area homeowners can take some comfort from a new Arizona State University study that indicates the Valley housing market is finally starting to turn around.
Source:W. P. CAREY SCHOOL OF BUSINESSThe W. P. Carey School of Business at Arizona State University is one of the top-ranked and largest business schools in the United States. The school is internationally regarded for its research productivity and its distinguished faculty members, including a Nobel Prize winner. Students come from 75 countries and include more than 60 National Merit Scholars. For more information please visit wpcarey.asu.edu andhttp://knowledge.wpcarey.asu.edu/
Inventory still at an all time low – multiple offers on properties which our raising values creating neighborhood stabilization.
Read in good health!
Noted Melissa Shapiro, VP of Sales with Fidelity National Title, melissa.shapiro@fnf.com
Phoenix-area Home Prices Have “Reached a Turning Point”ASU Study:
Estimates Show Third Month of Slowing Declines
TEMPE, Ariz. (June 15, 2009) — Phoenix-area homeowners can take some comfort from a new Arizona State University study that indicates the Valley housing market is finally starting to turn around.
The Arizona State University-Repeat Sales Index (ASU-RSI) measures changes in average Phoenix-area home prices from year to year. The latest report shows a record 37-percent drop in the index from March 2008 to March 2009. However, that’s stagnant from the same 37-percent fall noted from February 2008 to February 2009. It’s also followed by preliminary estimates of a lesser 35-percent drop for April 2008 to April 2009, and a 33-percent dip from May 2008 to May 2009.
“If they hold up, the April and May figures would be the first evidence that the housing market has reached a turning point,” says Karl Guntermann, the Fred E. Taylor Professor of Real Estate at the W. P. Carey School of Business at Arizona State University, who calculates the ASU-RSI with research associate Adam Nowak. “This indicates the rate of decline is slowing, and even though actual home prices continue to drop, they’re falling by much smaller amounts than they typically have during the past 18 months.”
The index has now declined for 25 months in a row, the longest drop in Valley history. From March 2008 to March 2009, Glendale experienced the worst fall of any local city at 40 percent. Tempe saw the mildest decline in the index at 18 percent.
Preliminary estimates show the median Phoenix-area home price at $115,000 in May. That would put prices back at the same level as October 1998.
“The large number of foreclosed properties being sold at distressed price levels suggests that the median price is unlikely to increase significantly in the near future,” says Guntermann, who points out the positive, that this makes homes in the area more affordable.
The ASU-RSI is based on repeat sales, the most reliable way to estimate price changes in the housing market. Repeat sales compare the prices of a single house against itself at different points in time, instead of comparing different homes with different quality factors.
The ASU-RSI is produced through the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.
The current report and archived reports are available at the Division of Real Estate – Repeat Sales Reports. Further ASU-RSI analysis is available at http://knowledge.wpcarey.asu.edu.
Source:W. P. CAREY SCHOOL OF BUSINESSThe W. P. Carey School of Business at Arizona State University is one of the top-ranked and largest business schools in the United States. The school is internationally regarded for its research productivity and its distinguished faculty members, including a Nobel Prize winner. Students come from 75 countries and include more than 60 National Merit Scholars. For more information please visit wpcarey.asu.edu andhttp://knowledge.wpcarey.asu.edu/
Monday, June 8, 2009
Distressed Properties...A Quick Note:
As you can see, we continue to have over 70% of the properties that close in Distress, the interesting thing about this months numbers is that Short Sales have seen a huge increase, in closings, which means the banks are getting closer to understanding this problem needs to be solved upstream.
I am certain you will see the short sale closings increase, as well as the Homes being sold at the Courthouse steps through Drop Bid, as again, solving this problem upstream will help keep prices, either stable or increasing slightly, as it will limit the large amount of Inventory flooding the market.
· Sold – 9,313
· Short Sale – 1,055
· REO – 5,828
· Around 70% of all properties in the MLS from May 2009 were distressed properties.
Note Provided By:
Steve de Laveaga, VP of Sales and Marketing
Fidelity National Title, Maricopa and Pinal Counties
60 E. Rio Salado Parkway, 11th Floor
Tempe, AZ 85281
480-214-4500
Thursday, May 28, 2009
Banks Are Making Headway
The reality is we do have more challenge to go through, we do have more property that will be returned to our Banks here and more write offs will occur. The good news is, there are investors out there purchasing property, homes, land, our transactions are WAY up over the first quarter of 09 as compared to 08. The Banks that get in front of this, that get a strong property distribution partner, either through a qualified Realtor base or Asset Management firm, will be able to get to the bottom and through the bad news, and start to move the needle north again faster. The longer Financial institutions wait, or don’t react to the market, the longer the challenge and pain will be.
For More Information On Banks Making Headway Read Today's AZ Central Article: http://www.azcentral.com/arizonarepublic/business/articles/2009/05/28/20090528biz-AZBanking0528.html
Steve de Laveaga
SVP Sales and Marketing FNT Maricopa
www.fntarizona.com
Tuesday, May 19, 2009
Networking Tips!
- Avoid hard sells or pitches that come across as desperate.
- Be ready with referrals and recommendations to improve credibility.
- Try to build personal rapport and trust.
- Offer mutual benefits.
- Don't expect an immediate sale or employment opportunity from first meetings.
- Stay positive and upbeat.
- Recognize the venue and attendees, and determine how best to pitch yourself or your product.
Thursday, May 7, 2009
How Green is TransactionPoint?
Statistics:
Based on about 27,000 pages per day faxed to TransactionPoint and 255 business days per year, that's 6,885,000 pages or 13,770 reams of paper (68,850 pounds) per year saved if just one user looks at every document without printing it. In the printing world, it is estimated that one ream of paper uses about 6% of a tree. That adds up to 826 trees - a virtual TransactionPoint forest!
There are many estimates of the results of not using paper. Besides the tree itself, the manufacturing process generates greenhouse gases, as do the trucks that move the paper from factory to suppliers and to the end user.
The 'Global Cooling Campaign' estimates that planting one tree compensates for the effect of driving (or flying) 2,000 miles or using 1,000 kilowatt hours of electricity. Based on their figures, 826 trees is the equivalent of not driving 1,652,000 miles or saving 826,000 kilowatt hours of electricity - enough to power 184 homes in San Francisco for an entire year.
Fidelity will soon be launching its Transaction Connect Services utilizing the TransactionPoint system. By utilizing these services along with TransactionPoint you will be saving your time, your files and the planet.
For more information contact info-fntarizona@fnf.com
Based on about 27,000 pages per day faxed to TransactionPoint and 255 business days per year, that's 6,885,000 pages or 13,770 reams of paper (68,850 pounds) per year saved if just one user looks at every document without printing it. In the printing world, it is estimated that one ream of paper uses about 6% of a tree. That adds up to 826 trees - a virtual TransactionPoint forest!
There are many estimates of the results of not using paper. Besides the tree itself, the manufacturing process generates greenhouse gases, as do the trucks that move the paper from factory to suppliers and to the end user.
The 'Global Cooling Campaign' estimates that planting one tree compensates for the effect of driving (or flying) 2,000 miles or using 1,000 kilowatt hours of electricity. Based on their figures, 826 trees is the equivalent of not driving 1,652,000 miles or saving 826,000 kilowatt hours of electricity - enough to power 184 homes in San Francisco for an entire year.
Fidelity will soon be launching its Transaction Connect Services utilizing the TransactionPoint system. By utilizing these services along with TransactionPoint you will be saving your time, your files and the planet.
For more information contact info-fntarizona@fnf.com
Friday, May 1, 2009
The Road To Recovery
by Jeff Lucas, Hunt Real Estate ERA
For an accurate assessment, the "health" of Phoenix residential real estate market must be analyzed in price-point "segments".
The data indicates that the residential market at FHA loan levels ($326, 250) and below is moving into balance with active inventories from 3-6 months throughout most of metropolitan Phoenix- a balanced market is 3-5 months inventory. FHA loans, which enable a buyer to buy with as little as 3.5% down payment and allow a seller contribution of up to 6% of purchase price toward buyer's loan and closing costs, are largely responsible for dramatically reducing inventory at the $350,000 price point and below from more than 20 months two years ago to the current 3-5 month levels.
The stringent underwriting requirements of commercial banks for conforming conventional loans, under $417,000., and Jumbo loans, above $417,000., have stymied inventory absorption above FHA loan limits. The result is that inventory of unsold homes increases as the price of homes increases. Economics 101 teaches us that when supply exceeds demand, prices will continue to decline.
Therefore, based on the data below, the Phoenix residential Market will recover from the bottom up. Properly priced homes at the $350,000 level and below have "bottomed out" and are approaching "bottom".
Mid-Market homes priced above $350,000 to $500,000 have substantially higher unsold inventories and likely will continue to experience price declines for the next 18-24 months, unless commercial banks relax underwriting guidelines substantially.
Homes priced from $500,000 and higher into the "luxury market" currently have unsold inventories ranging from 27 months to more than five years. Absent greater mortgage liquidity for "Jumbo" loan programs, the prices for homes priced in these ranges face further substantial declines and the inventory is not likely to move into balance for three or more years.
Price Range of Homes/ Months Inventory Supply
(active inventory divided by monthly sales)
$00-$350,000/ 3.6
$350,001-$500,000 /16.6
$500,001-$750,000/ 27.6
$750,001-$$1,000,000/ 51.4
$1,000,0001 +/ 64.7
Hunt Real Estate ERA
480-603-3310
http://www.huntrealestate.com/
by Jeff Lucas, Hunt Real Estate ERA
For an accurate assessment, the "health" of Phoenix residential real estate market must be analyzed in price-point "segments".
The data indicates that the residential market at FHA loan levels ($326, 250) and below is moving into balance with active inventories from 3-6 months throughout most of metropolitan Phoenix- a balanced market is 3-5 months inventory. FHA loans, which enable a buyer to buy with as little as 3.5% down payment and allow a seller contribution of up to 6% of purchase price toward buyer's loan and closing costs, are largely responsible for dramatically reducing inventory at the $350,000 price point and below from more than 20 months two years ago to the current 3-5 month levels.
The stringent underwriting requirements of commercial banks for conforming conventional loans, under $417,000., and Jumbo loans, above $417,000., have stymied inventory absorption above FHA loan limits. The result is that inventory of unsold homes increases as the price of homes increases. Economics 101 teaches us that when supply exceeds demand, prices will continue to decline.
Therefore, based on the data below, the Phoenix residential Market will recover from the bottom up. Properly priced homes at the $350,000 level and below have "bottomed out" and are approaching "bottom".
Mid-Market homes priced above $350,000 to $500,000 have substantially higher unsold inventories and likely will continue to experience price declines for the next 18-24 months, unless commercial banks relax underwriting guidelines substantially.
Homes priced from $500,000 and higher into the "luxury market" currently have unsold inventories ranging from 27 months to more than five years. Absent greater mortgage liquidity for "Jumbo" loan programs, the prices for homes priced in these ranges face further substantial declines and the inventory is not likely to move into balance for three or more years.
Price Range of Homes/ Months Inventory Supply
(active inventory divided by monthly sales)
$00-$350,000/ 3.6
$350,001-$500,000 /16.6
$500,001-$750,000/ 27.6
$750,001-$$1,000,000/ 51.4
$1,000,0001 +/ 64.7
Hunt Real Estate ERA
480-603-3310
http://www.huntrealestate.com/
Monday, April 6, 2009
It Is Easy Being Green!
Is Your Real Estate Business Eco-Friendly?
Here at Fidelity we are on board with the Green Movement! We are working on tools and partnerships that decrease our carbon footprint.
We are making these changes through a few simple ideas and innovations:
Here at Fidelity we are on board with the Green Movement! We are working on tools and partnerships that decrease our carbon footprint.
We are making these changes through a few simple ideas and innovations:
- Transaction Point- No longer do we have to print the same contract over and over. Contracts through this program can be signed and emailed online without having to print and fax. For more information email pati.conover@fnf.com
- A Dashboard Program-This is another online piece that allows a realtor to view their contracts and transaction progress by logging onto an online dashboard with a username and password to view the status of their transaction, without having to print a thing. For more information email mailto:pati.conover@fnf.com
- http://www.fntarizona.com/ - All marketing tools, leads and company information are available online and marketing materials are printed.
- Soon to come "Green Fees" through Fidelity, a first of it's kind!
Here are some recommendations on how you can make your business more green (Some Ideas from John West's article in the Phoenix Business Journal 3/27/2009):
- For internal documents and communication, use the backside of already printed piece of paper.
- Recycle at your office, recycle shredded paper.
- Send E-Birthday Cards and Holiday Cards.
- Re-Use File Folders
- Put in place or utilize Fidelity's Electronic Document Storage Services
- Recycle Cell Phones and Lap Tops
There are just a few simple ways to make a difference. Plus, making steps towards going paperless, WILL SAVE YOU $$$$ TOO!
Have a great week!
Friday, March 27, 2009
ARMLS Radio 1510 KFNN - Listen to "Real Estate from A to Z" this Saturday, March 28, at 9:00am
Topics will include:
• The NEW MLS Rules and Regulations coming May1
• TECHNOPALOOZA - a tech fair for ARMLS Subscribers on April 22
• Housing Statistics - When will the Valley recover?
• Short Sales - How do I handle the commission?
If you miss the program live on Saturday, a podcast replay will be available on the official Website,
http://refromatoz.com/
• The NEW MLS Rules and Regulations coming May1
• TECHNOPALOOZA - a tech fair for ARMLS Subscribers on April 22
• Housing Statistics - When will the Valley recover?
• Short Sales - How do I handle the commission?
If you miss the program live on Saturday, a podcast replay will be available on the official Website,
http://refromatoz.com/
Wednesday, March 25, 2009
Treasury to buy up to $1 trillion in toxic assets
I believe we may just have a program that will indeed help infuse the Housing market and in turn start the economic recovery we know is ahead of us. I was left with renewed enthusiasm regarding this program as it involves Government, Banking and the Private Sector partnership, with each group becoming a Stakeholder in the “Toxic Asset” pool, to ensure it creates a true sense of partnership, with each group taking ownership and stakeholdership in the solution. The process is listed below, look forward to our thoughts…Steve de Laveaga, Vice President of Sales and Marketing, Fidelity National Title
| Treasury to buy up to $1 trillion in toxic assets |
|
|
|
|
|
|
| Under the plan, the government and private investors will invest together to buy up between $500 billion and $1 trillion worth of real estate-related loans and securities from banks in hopes banks will resume lending money once the toxic assets are off their books. |
| (3/23/2009) |
| |
|
|
| The U.S. Treasury Department on Monday detailed a plan designed to help investors purchase as much as $1 trillion in toxic assets that remain on bank balance sheets. The Treasury Department said it would use $75 billion to $100 billion in Troubled Asset Relief Program funds and capital from private investors. The government said the Public-Private Investment Program will generate the $500 billion and the Federal Reserve and the Federal Deposit Insurance Corp. will provide the financing for the deals. Under the plan, the government and private investors will invest together to buy up between $500 billion and $1 trillion worth of real estate-related loans and securities from banks. The hope is that instead of hoarding cash in case those assets continue to lose value, the banks instead will be able to resume lending money once the toxic assets are off their books. The government and private investors, meanwhile, will hold the assets for the long term, and stand to either make or lose money depending on how the economy does. "The goal of this program is to restart the market for legacy securities, allowing banks and other financial institutions to free up capital and stimulate the extension of new credit," the Treasury said in a news release. Treasury said the plan was designed "to make the most of taxpayer resources." Many experts say that the government should set up a "bad bank" and purchase the toxic securities alone. “This approach is superior to the alternatives of either hoping for banks to gradually work these assets off their books or of the government purchasing the assets directly,” according to a statement from the Treasury. Under the Treasury plan, private-sector participants will compete to establish a price. Treasury said that it expected a "broad array" of investors to participate in the program, including insurance firms. How the plan would work: Step 1: If a bank has a pool of residential mortgages with $100 face value that it is seeking to divest, the bank would approach the FDIC. Step 2: The FDIC would determine, according to the above process, that they would be willing to leverage the pool at a 6-to-1 debt-to-equity ratio. Step 3: The pool would then be auctioned by the FDIC, with several private sector bidders submitting bids. The highest bid from the private sector — in this example, $84 — would be the winner and would form a Public-Private Investment Fund to purchase the pool of mortgages. Step 4: Of this $84 purchase price, the FDIC would provide guarantees for $72 of financing, leaving $12 of equity. Step 5: The Treasury would then provide 50 percent of the equity funding required on a side-by-side basis with the investor. In this example, Treasury would invest approximately $6, with the private investor contributing $6. Step 6: The private investor would then manage the servicing of the asset pool and the timing of its disposition on an ongoing basis — using asset managers approved and subject to oversight by the FDIC. |
Monday, March 16, 2009
Traditional Real Estate Is Not Enough
If you are an experienced agent that has been in the market for 5+ years, you know that it is essential to constantly reinvent yourself and adjust with the changing times. For example, high end, luxury properties are almost non-existent and loan programs are not available to support them. Instead, the luxury home market has been replaced with the Short Sale and REO market. The Short Sale and REO market IS the here and now and its only going to grow. If you don’t have a branch of your business with these types of listings ACT FAST!
For Short Sales, get systems in place. Know your market and treat the transaction with compassion. Remember, there is always a family involved and with a Short Sales and/or REO deal a lot of compassion is needed. To put the right marketing in place and to get started, click here or call your Fidelity National Title Sales Representative and ask them about the tools that will help you with marketing and closing Short Sale properties.
In order to add REO's to your portfolio of properties, reach out to asset managers at large REO companies. Be prepared with a detailed and robust resume that isn’t limited to, but should include a copy of your E&O insurance, dept of RE license and list of your partners. The asset managers want to know that you have a turnkey solution to moving their assets. Also, go in knowing you will need to bankroll about $3K per property for a period of time. You will get all of this reimbursed but you will need to front the money ahead of time for repairs, changed locks, maintenance etc.
All of this may be overwhelming…. Don’t go at it alone. We at Fidelity National Title are experts in the Real Estate Industry and can help you succeed. Please don’t’ hesitate to ask.
Melissa Shapiro
Director of Business Development
Fidelity National Title
60 E. Rio Salado Parkway
11th Floor
Tempe, AZ 85281
melissa.shapiro@fnf.com
480-688-7617
For Short Sales, get systems in place. Know your market and treat the transaction with compassion. Remember, there is always a family involved and with a Short Sales and/or REO deal a lot of compassion is needed. To put the right marketing in place and to get started, click here or call your Fidelity National Title Sales Representative and ask them about the tools that will help you with marketing and closing Short Sale properties.
In order to add REO's to your portfolio of properties, reach out to asset managers at large REO companies. Be prepared with a detailed and robust resume that isn’t limited to, but should include a copy of your E&O insurance, dept of RE license and list of your partners. The asset managers want to know that you have a turnkey solution to moving their assets. Also, go in knowing you will need to bankroll about $3K per property for a period of time. You will get all of this reimbursed but you will need to front the money ahead of time for repairs, changed locks, maintenance etc.
All of this may be overwhelming…. Don’t go at it alone. We at Fidelity National Title are experts in the Real Estate Industry and can help you succeed. Please don’t’ hesitate to ask.
Melissa Shapiro
Director of Business Development
Fidelity National Title
60 E. Rio Salado Parkway
11th Floor
Tempe, AZ 85281
melissa.shapiro@fnf.com
480-688-7617
Subscribe to:
Posts (Atom)
Posts
