February 2011
Content
February 2011 Volume 4 Issue 2
Pam Wilhelm, Realtor;
Short Sale Specialist New Home Specialist Transinternational Referral Certification
Tampa Bay International Council
(727)237-4288
Email: [email protected]
Web: http://www.pwilhelm.prudentialtropical.com
4 Predictions for Mortgage Industry in 2011
.By Brian Summerfield, Realtor Magazine– One of the biggest obstacles for a recovery in housing has been– and will continue to be– mortgage lending. Although rates fell to historic levels in 2010 and will likely remain relatively low through a good portion of this year, credit still isn’t easy to come by, even for many borrowers who would be considered safe in a normal market. With that in Mind, here are a few predictions for 2011: 1. Several proposals wil be made to reform and reconstitute Fannie Mae and Freddie Mac, but no new plan will be implemented this year. 2.FHA will continue to be the prime mover in the secondary mortgage market. 3. Refinances will go down, purchases will go up. Wind expects U.S. mortgage lending activity to be way down in 2011, due almost entirely to a severe drop in refinances. But the silver lining here is with favorable affordability conditions, mortgages for homes will likely go up. 4. Jumbo loans will remain hard to come by. Although Wind sees private investors and financial instutions easing back into jumbo .mortgage loans, there’s still substantial concern about high-end homes holding their value over next couple of years. He predicts this will be the last strata of
Inside this issue:
4 Predictions Banks Lose Case
Why don’t my scores match? Housing Starts Climb Vacation Homes Hot Market
1 1 2 3 3 2 4
mortgage loans to recover. “For a healthy jumbo market, we need a healthy housing market first.”
Just for Laughs Property of the Month
Banks Lose Pivotal Foreclosure Case
Associated Press(Jan 7,2011) A recent decision by the Massachusetts Supreme Judicial Court is expected to have sweeping implications for the nation’s banking industry when it comes to how they’ve approved foreclosures and may even invalidate thousands of foreclosures across the country. The court, in affirming a lower courts ruling,. Invalidated two mortgage foreclosure sales because the banks failed to prove the homeowners actually owed the mortgages at the time of foreclosure.. The court found that the banks-who were not the original mortgagesfailed to show that they held the mortgages at the time of the foreclosurs. Attorney Paul Collier III, who represents one of the homeowners, said this ruling stands to affect thousands of mortgages.
Page 2
V olum e 4 I ssue 2
Why don’t My Credit Scores Match?
By Jeff Mandel and Marlin Brandt– Purhaps you have decided that now is a great time to buy, and your agent has advised you to purchase a credit report from a reputable credit report provider. However, while the score they saw was a 920, the score the lender pulls up is an 810– what happened? What Happened? First you need to understand a little about credit scores. Your credit score is a three digit number that helps lending institutions assess their risk associated with lending you money. However, it doesn’t end there. Your score may also be considered for non-lending purposes, such as new utility services, cell phone providers, new job. Credit scores are calculated based on computer “predictability” models. These models are designed to compare and analyze credit information and credit utilization patterns from your credit report compared to thousands of other consumers. In 2006 , Vantage Score was created by the 3 bureaus. It provides a formula to create a score based on the three major bureaus. This score will be different from the lenders if the lender only orders a report from one of the bureaus. The Vantage Score should be more consistant across all bureaus.
Just for Laughs
A Man wakes up in the hospital bandaged from head to foot. A doctor comes in and says,”Ah, I see you’ve regained consciousness. Now you probably won’t remember, but you were in a huge pile up on the freeway. You’re going to be ok, you’ll walk again and everything, but your penis was severed in the accident and we couldn’t find it. The man groans, but the doctor goes on. You’ve got $9000 in insurance compensation coming and we now have the technology to build a new penis. They work great but they don’t come cheap. It’s roughly $1000 an inch. The Man perks up
Now is the time to pursue the American Dream. Call Pam today to set up an appointment (727) 237-4288
“So”, the doctor says, “You must decide how many inches you want. But, I understand that you have been married for over thirty years and this is something you should discuss with your wife. If you had a five incher before, and get a nine incher now she might be a bit put out. It’s important that she plays a role in helping you make the decision. The man agrees to talk it over with wife The Doctor comes back next day, “So have you spoken to your wife?” “Yes I have,” says the man. “And has she helped you make a decision?” “Yes” says the man. “What is the decision?” asks the doctor .” “We’re getting granite countertops.”
Thought for the Day
If you obey all the rules, you’ll miss all the fun.— Katharine Hepburn
V olum e 4 I ssue 2
Page 3
Vacation Homes Emerge As Hot Market
Vacation Communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been seen since the days of the housing boom. The Wall Street Journal reports. The increase is driven by deep discounts and cash purchases, analyst say. We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough,” says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract. National Association of REALTORS Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
Housing Starts Expected to Climb in 2011
Erica Christoffer, REALTOR Magazine– During an economic update at the Association of Home Builders, in Orlando on Wednesday, David Crowe projected single-family housing starts to rise by 21 percent in 2011, reaching 575,000 units. An even more conservative projection of 492,000 housing usits in 2011 was released by Edward Sullivan, PCA chief economist. He does not expect significant increases until 2012 due to tight lending standards, a high home inventory count, and unstable housing prices. He also said that new home construction will vary considerably by region. Credit is another factor. Lending remains tight, bjut if it opens u with safe underwriting standards for creditworthy buyers , there will be a bigger boost to the housing market with spillover effects for the broader economy, says Lawrence Yun chief economist for the National Association of Realtors.
Need to Move Up? Now is the time to buy! Call today for list of available homes (727)2374288
Prudential to Expand into 2011
Prudential has had a busy 2010. After purchasing numerous offices throughout Pinellas; Fruits Realty in Tarpon Springs, and Indians Rocks,they also purchased Gulfside Realty in Spring Hill. They have positioned themselves as the major player on the West Coast of Florida. And having partnered with 26 major builders in the local area, to join forces with a new website discussed in the January issue, that will to be kicked off later this month. Prudential has gone another step further. They have purchased additional internet marketing sites and are offering a class to its agents called” 100 days to greatness” . These steps continue to help maintain the quality of service that Prudential Tropical has provided over the years taking it to the next level. Stop by the mall today to find out more!
“Prudential’s Gulfview Mall Kiosk”
Pam Wilhelm
Are you tired of waiting for your house to sell? Are you tired of agents not keeping their promises? What if I could tell you that “
9108 US Hwy 19 Port Richey, FL 34667 Cell: (727) 237-4288 Fax: (727) 378-5244 E-mail: [email protected]
I can sell your house for more money And in less time With no hassles Call today for your personal home evaluation. Let me show you how we can get the most for your biggest investment.
Check out : www.pwilhelm.prudentialtropical.com
Delivering A World Class Experience ….One Client At A Time
Call Pam today at (727) 237-4288
Just Listed $325,000
County living at its best. Located on about 1 acre, close to the Suncoast Parkway, you can be home in no time from Tampa to enjoy your 3/2 4 car garage home Plenty of room to roam. Bring the animals!
Living Room
Back yard
11625 Minnieola Call me today for showing! (727)237-4288 Master Bedroom
Lanai
Detached Garage
Pam Wilhelm, Realtor;
Short Sale Specialist New Home Specialist Transinternational Referral Certification
Tampa Bay International Council
(727)237-4288
Email: [email protected]
Web: http://www.pwilhelm.prudentialtropical.com
4 Predictions for Mortgage Industry in 2011
.By Brian Summerfield, Realtor Magazine– One of the biggest obstacles for a recovery in housing has been– and will continue to be– mortgage lending. Although rates fell to historic levels in 2010 and will likely remain relatively low through a good portion of this year, credit still isn’t easy to come by, even for many borrowers who would be considered safe in a normal market. With that in Mind, here are a few predictions for 2011: 1. Several proposals wil be made to reform and reconstitute Fannie Mae and Freddie Mac, but no new plan will be implemented this year. 2.FHA will continue to be the prime mover in the secondary mortgage market. 3. Refinances will go down, purchases will go up. Wind expects U.S. mortgage lending activity to be way down in 2011, due almost entirely to a severe drop in refinances. But the silver lining here is with favorable affordability conditions, mortgages for homes will likely go up. 4. Jumbo loans will remain hard to come by. Although Wind sees private investors and financial instutions easing back into jumbo .mortgage loans, there’s still substantial concern about high-end homes holding their value over next couple of years. He predicts this will be the last strata of
Inside this issue:
4 Predictions Banks Lose Case
Why don’t my scores match? Housing Starts Climb Vacation Homes Hot Market
1 1 2 3 3 2 4
mortgage loans to recover. “For a healthy jumbo market, we need a healthy housing market first.”
Just for Laughs Property of the Month
Banks Lose Pivotal Foreclosure Case
Associated Press(Jan 7,2011) A recent decision by the Massachusetts Supreme Judicial Court is expected to have sweeping implications for the nation’s banking industry when it comes to how they’ve approved foreclosures and may even invalidate thousands of foreclosures across the country. The court, in affirming a lower courts ruling,. Invalidated two mortgage foreclosure sales because the banks failed to prove the homeowners actually owed the mortgages at the time of foreclosure.. The court found that the banks-who were not the original mortgagesfailed to show that they held the mortgages at the time of the foreclosurs. Attorney Paul Collier III, who represents one of the homeowners, said this ruling stands to affect thousands of mortgages.
Page 2
V olum e 4 I ssue 2
Why don’t My Credit Scores Match?
By Jeff Mandel and Marlin Brandt– Purhaps you have decided that now is a great time to buy, and your agent has advised you to purchase a credit report from a reputable credit report provider. However, while the score they saw was a 920, the score the lender pulls up is an 810– what happened? What Happened? First you need to understand a little about credit scores. Your credit score is a three digit number that helps lending institutions assess their risk associated with lending you money. However, it doesn’t end there. Your score may also be considered for non-lending purposes, such as new utility services, cell phone providers, new job. Credit scores are calculated based on computer “predictability” models. These models are designed to compare and analyze credit information and credit utilization patterns from your credit report compared to thousands of other consumers. In 2006 , Vantage Score was created by the 3 bureaus. It provides a formula to create a score based on the three major bureaus. This score will be different from the lenders if the lender only orders a report from one of the bureaus. The Vantage Score should be more consistant across all bureaus.
Just for Laughs
A Man wakes up in the hospital bandaged from head to foot. A doctor comes in and says,”Ah, I see you’ve regained consciousness. Now you probably won’t remember, but you were in a huge pile up on the freeway. You’re going to be ok, you’ll walk again and everything, but your penis was severed in the accident and we couldn’t find it. The man groans, but the doctor goes on. You’ve got $9000 in insurance compensation coming and we now have the technology to build a new penis. They work great but they don’t come cheap. It’s roughly $1000 an inch. The Man perks up
Now is the time to pursue the American Dream. Call Pam today to set up an appointment (727) 237-4288
“So”, the doctor says, “You must decide how many inches you want. But, I understand that you have been married for over thirty years and this is something you should discuss with your wife. If you had a five incher before, and get a nine incher now she might be a bit put out. It’s important that she plays a role in helping you make the decision. The man agrees to talk it over with wife The Doctor comes back next day, “So have you spoken to your wife?” “Yes I have,” says the man. “And has she helped you make a decision?” “Yes” says the man. “What is the decision?” asks the doctor .” “We’re getting granite countertops.”
Thought for the Day
If you obey all the rules, you’ll miss all the fun.— Katharine Hepburn
V olum e 4 I ssue 2
Page 3
Vacation Homes Emerge As Hot Market
Vacation Communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been seen since the days of the housing boom. The Wall Street Journal reports. The increase is driven by deep discounts and cash purchases, analyst say. We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough,” says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract. National Association of REALTORS Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
Housing Starts Expected to Climb in 2011
Erica Christoffer, REALTOR Magazine– During an economic update at the Association of Home Builders, in Orlando on Wednesday, David Crowe projected single-family housing starts to rise by 21 percent in 2011, reaching 575,000 units. An even more conservative projection of 492,000 housing usits in 2011 was released by Edward Sullivan, PCA chief economist. He does not expect significant increases until 2012 due to tight lending standards, a high home inventory count, and unstable housing prices. He also said that new home construction will vary considerably by region. Credit is another factor. Lending remains tight, bjut if it opens u with safe underwriting standards for creditworthy buyers , there will be a bigger boost to the housing market with spillover effects for the broader economy, says Lawrence Yun chief economist for the National Association of Realtors.
Need to Move Up? Now is the time to buy! Call today for list of available homes (727)2374288
Prudential to Expand into 2011
Prudential has had a busy 2010. After purchasing numerous offices throughout Pinellas; Fruits Realty in Tarpon Springs, and Indians Rocks,they also purchased Gulfside Realty in Spring Hill. They have positioned themselves as the major player on the West Coast of Florida. And having partnered with 26 major builders in the local area, to join forces with a new website discussed in the January issue, that will to be kicked off later this month. Prudential has gone another step further. They have purchased additional internet marketing sites and are offering a class to its agents called” 100 days to greatness” . These steps continue to help maintain the quality of service that Prudential Tropical has provided over the years taking it to the next level. Stop by the mall today to find out more!
“Prudential’s Gulfview Mall Kiosk”
Pam Wilhelm
Are you tired of waiting for your house to sell? Are you tired of agents not keeping their promises? What if I could tell you that “
9108 US Hwy 19 Port Richey, FL 34667 Cell: (727) 237-4288 Fax: (727) 378-5244 E-mail: [email protected]
I can sell your house for more money And in less time With no hassles Call today for your personal home evaluation. Let me show you how we can get the most for your biggest investment.
Check out : www.pwilhelm.prudentialtropical.com
Delivering A World Class Experience ….One Client At A Time
Call Pam today at (727) 237-4288
Just Listed $325,000
County living at its best. Located on about 1 acre, close to the Suncoast Parkway, you can be home in no time from Tampa to enjoy your 3/2 4 car garage home Plenty of room to roam. Bring the animals!
Living Room
Back yard
11625 Minnieola Call me today for showing! (727)237-4288 Master Bedroom
Lanai
Detached Garage
