August 2013

30197 Beavertail

Sold1Mostly level lot, with slope at northern edge. Walking distance to the beautiful Beavertail Pond with boat and fishing access. Seller did apply for septic approval and received it but decided not to build. Currently fenced on the east and north sides of the lot, seller had future plans to fence remaining two sides. Access has been across adjacent lot at the gate.

 

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Controversy Continues Over Rising Home Prices

Once again lending practices have eased up. The Federal Reserve in a recent survey of Senior loan officers showed: an average of 4.6 percent of lenders surveyed acknowledged easing lending standards for prime residential loans and 16 percent of lenders surveyed reported an increase in demand for loans to subprime borrowers

The 2013 numbers on housing and the economy look eerily similar to 2005, the year before the housing bubble burst brought the economy down with it. While some of the 2013 numbers look better than 2005, other coincidental indicators are reason for concern. The falloff at furniture and appliance stores suggests homeowners may be stretched to make monthly mortgage payments–even in an era, until recently, of low mortgage rates. » Read More

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Finally Some Good News For Those Who Have Had A Foreclosure

Logo of the Federal Housing Administration.
Logo of the Federal Housing Administration. (Photo credit: Wikipedia)

Finally, someone in Washington is recognizing that the vast majority of homeowners hit with this housing foreclosure/short sale crisis were the victims in all of this. Yes they defaulted on their payments, but almost always there were extenuating circumstances.  More often than not they were sold a loan that the lender knew was the wrong product but sold it anyway and when anything when financially wrong – health, job, divorce even death – they were in trouble.

I am glad to see that they will allow those that re-establish their credit scores can re-apply for homeownership after 12 months.

The Federal Housing Administration (FHA) is allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to reenter the market in as little as 12 months, according to a mortgage letter released Friday.


 

Borrowers who experienced a foreclosure must wait at least three years before getting a chance to get approved for an FHA loan, but with the new guideline, certain borrowers who lost their home as a result of an economic hardship may be considered even earlier.

For borrowers who went through recession-related financial event, FHA stated it realizes “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

In order to be eligible for the more lenient approval process, provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond their control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

Transunion Credit Score
Transunion Credit Score (Photo credit: i am real estate photographer)

According to the letter, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

The new guidance is for case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.

 

 

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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How Does Housing Inventory Affect Value?

From –The KCM Blog – House Pricing is Still about Supply and Demand

 


Depending on where you live, housing markets today, can be very different. Reading the news headlines can be very confusing.  Some say inventory is down and home values rising rapidly while others are talking about the influx of REO (Real Estate Owned properties by Banks), and still others indicate that the market is beginning to balance.

One thing is clear, markets are very regional and can be very different. Florida continues to be plagued by Foreclosures while many other states have leveled out. The eastern sections are seeing more REOs because they are judicial states that had/have more red tape involved with the foreclosure process.

But through it all, as the KCM Blog states – the market is still about supply and demand.

 

 

iStock_000009109354XSmallKnowing how much inventory is for sale is crucial to determining where home values are headed. Pricing of any item is determined by supply and demand: how many items are available in relationship to how many want to buy that item. The reasons for the strong year-over-year home appreciation numbers we have been seeing is simple to explain: demand for housing is up and the supply of homes for sale has been at historic lows. But that is beginning to change.

 

The months’ supply of available housing inventory, as reported by the National Association of Realtors, has increased from 4.3 months this past January to the current number of 5.2 months. And it seems inventory will continue to increase as we move forward.

 

Last week, Realtor.com released their National Housing Trend Report which looked at the movement in inventory levels of homes for sale across the country. Here are two major findings of the report:

 

1.) Dramatic year-over-year inventory declines have evaporated.

 

Nationally inventories in July are only 5.24 percent below the level of a year ago compared to being down 16.47 percent year-over-year in January.

 

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2.) Inventory declines decrease in local markets.

 

The number of markets with decreases in year-over-year inventory declined from 125 in June to 118 in July. This suggests that fall inventories in some markets may return to levels of a year ago.

 

In the report, Steve Berkowitz, CEO of Move, Inc. explains the impact of these findings on home values:

 

The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets. Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers’ choices and helping to moderate price increases.

 

Don’t get carried away with recent news headlines when pricing your home. Let a real estate professional explain what the above information means to the current value of your house.

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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