ezREOHomes.com

Housing inventory down 22% nationwide

Caijun — Thu, 26 Jan 2012 10:10:46 +0000

WASHINGTON – Jan. 24, 2012 – Housing inventory slid to 1.89 million homes in December – down 6 percent from the previous month and 22.3 percent from the prior year, according to Realtor.com.

In the 145 markets tracked by Realtor.com, only Springfield, Ill., registered a year-over-year increase. Inventories plunged 49.7 percent in Miami, 49.1 percent in Phoenix, and 46.6 percent in Bakersfield, Calif.

Meanwhile, the national median price edged up 5 percent year-over-year.

Asking prices – the amount sellers include on a Realtor.com listing – climbed 32.5 percent in Miami, 21.7 percent in Naples, 21.5 percent in Fort Myers-Cape Coral, and 19.4 percent in Punta Gorda, according to Realtor.com.

However, asking prices were down 11 percent in Detroit, 10 percent in Chicago, 7.6 percent in Las Vegas, and 7 percent in Sacramento.

Source: “Housing Inventory Ends Year Down 22 Percent,” Wall Street Journal (01/19/12)

Weston for sales

Caijun — Thu, 26 Jan 2012 09:45:14 +0000

Weston homes on the market.

Showing properties 1 - 5 of 31. See more city of Weston real estate.
(all data current as of 2/22/2012)

$345,000 : MLS # A1605459 in Weston

4 beds, 2 full, 1 part baths

Home size: 1,866 sq ft

Lot size: 6,282 sq ft

Year built: 1998

Parking spots: 2

Days on market: 8
$339,000 : MLS # A1604833 in Weston

4 beds, 2 full, 1 part baths

Home size: 1,782 sq ft

Lot size: 4,276 sq ft

Year built: 1998

Parking spots: 2

Days on market: 9
$370,000 : MLS # A1603641 in Weston

3 beds, 2 full baths

Home size: 2,210 sq ft

Lot size: 4,630 sq ft

Year built: 1997

Parking spots: 2

Days on market: 14
$399,000 : 861 GARNET CR, Weston

4 beds, 2 full, 1 part baths

Home size: 1,800 sq ft

Lot size: 4,912 sq ft

Year built: 1993

Parking spots: 2

Days on market: 14

Walk Score®: 31
$399,000 : MLS # A1603192 in Weston

4 beds, 2 full baths

Home size: 2,276 sq ft

Lot size: 7,461 sq ft

Year built: 1996

Parking spots: 2

Days on market: 14

Listing information deemed reliable but not guaranteed. Read full disclaimer.

What does REO mean?

Tiger — Tue, 27 Dec 2011 06:04:11 +0000

So what exactly does REO mean? Well “REO” stands for “Real Estate Owned” and it’s an internal term used by lenders to describe foreclosed properties that they have acquired. They are also called “Bank Owned Homes” and “Foreclosure Properties”. Essentially, our surplus of bank owned homes in today’s market is caused by the housing bust of 2006, 2007, and 2008. Since than, REO properties have stayed under bank ownership for quite some time as the banks themselves stopped lending and people stopped buying, scared that the market may degrade even further. There is still a huge inventory of REO properties to this day and that is a very good thing.

But why are REO deals good? Well simply because they are cheap. You see, banks are in the business of lending and they are very good at lending (although recently not so much). They are not real estate companies and don’t know much about making the most profit our of real estate. That being said, because of this, they are more willing to sell REO properties below market value in exchange for freeing up some of their debt and re-cooperating their losses faster.

These deals are so good that when the shortly after the housing crash, investors were able to purchase REO properties pennies on the dollar. The lenders weren’t properly prepared to handle such as massive influx of defaults and as a result mismanaged the selling of many of their initial properties. But now its the new decade and with the new pump of cash the government provided the banks, they have some support and knowledge about getting a slightly better deal for their properties. That being said, although today it’s not impossible to find incredible pennies-on-the-dollar REO deals, it is more feasible to find REO homes and properties priced %10-%30 below market value, which is still a substantial savings.

So if you are going to buy, buy now. It’s a great market for buyers as prices are low and inventory is high. Just remember that all of these foreclosure properties won’t last forever. After all, they just don’t make land anymore like they used to.

Making Land

Our Loan Calculator Tool

Tiger — Wed, 04 Aug 2010 14:22:37 +0000

An incredibly powerful Loan Calculator is available for you to use as part of our website. Just simply fill in the fields requested and it will create an easy to read pie-chart and table for you. It is available on the main page on the right and on the left hand sidebar throughout the website.

Just select the amount you need a loan for, enter in your data, and when you are ready, press calculate. If you click the left and right arrows in the results, you will get payment break-down on a monthly and yearly time-scale.

As a note, PMI stands for Private Mortgage Insurance, and is typically applied if the loan is over 80% of the homes value.

Any extra known monthly fee can also be taken into consideration.

You can even get a full amortization schedule by clicking on the “Amortization Schedule” link below the pie chart which will give you the in-depth break down of payments made throughout the time-frame of the loan.