Archive for the ‘Foreclosures’ Category

DALLAS (Dallas Morning News) – The Dallas housing market has seen its largest boost in more than two years.

According to the latest index by S&P/Case-Shiller, the price of existing single-family homes in the Dallas area increased by 3.8 percent in May over the same month last year. It was one of the largest increases in the group’s comparison of 20 major U.S. housing markets.

Other markets showing year-over-year gains in May include Phoenix (11.5 percent) and Minneapolis (4.7 percent).

Dallas-area home prices remain about 6 percent below their peak in mid-2007. However, David Brown of Metrostudy Inc. believes shrinking supply and increased demand will continue to push prices upward.

Dallas is the only Texas city included in the Case-Shiller index.

http://activerain.com/blogsview/2924266/have-you-ever-heard-of-an-investor-open-house

The most significant thing we’ve learned in the past year about capturing and servicing the residential investor market is how easy it is. It turns out that most of the things that work to build a book of business of home buyers and sellers also work when you apply them to build a book of investor clients. Those tried-and-true methods that our industry has perfected over the years produce great results with investors. You don’t need to learn any new marketing and sales techniques, just apply your existing skills toward a new audience.

I am going to dedicate this space over the next few weeks to highlighting different methods and how they work. First up? The Investor Open House.

Is there anything more fundamental in our business than the Open House? Everyone has done them at some point in their career. Why? Because they work! Open Houses are a rejection-free way to meet new buyers. Many top producers don’t bother with them anymore, but I’ve never met anyone who denies that a good open house will attract visitors.

But have you ever heard of an Investor Open House?? Almost no one has until recently but they work like a charm

Investors like open houses just like home buyers do, and for the same reasons. No appointment necessary, just drop in and look around, leave whenever you want. Here are the three keys to make an Investor Open House work:

First, advertise it like this: “Investment Property Open House – Positive Cash Flow” (If you are not comfortable with calculating cash flow, we can help).

Second, the house must be presented as an investment and not a home. Think of it as merchandising. You need a new property flyer.

Third, create investment property flyers for 5 other listings and say “Would you like to see any of these?”

It’s that simple. Investors show up. They are delighted by what you hand them, and many are inclined to see more houses with you because you teased them with the report. This is the easiest way to create more transactions in this market.

Let me conclude by clarifying an important point – I want you to capture the best investor clients, not the “get rich quick”, “find me a foreclosure at half price!” types. If your experience with investors has been negative in the past, chances are it’s because you crossed paths with the wrong ones. There are people out there with realistic expectations, plenty of money, and a genuine need for help from a professional. Finding them is easier than your think. Stay tuned.

To learn more about the OwnAmerica training and tools, click here. We’d love to help you make money with with investors this year.

Great Video with Powerful information

DFW Home Construction Up 19 Percent

DALLAS (Dallas Business Journal) – New home construction is up in Dallas-Fort Worth, signaling a strong housing recovery in the area.

According to Residential Strategies Inc. the Metroplex had 4,538 housing starts during the second quarter, a 19 percent jump from the 3,804 starts during second quarter 2011.

Ted Wilson of Residential Strategies said the growth has been concentrated in the northern suburbs and in higher price brackets.

DFW real estate recovery may have legs this time | Mitchell Schnurman | Dallas Business,….

More Evidence of Texas’ Housing Market Strength

In a previous post, I talked about how the residential real estate market in Texas has appeared to have formed a bottom and is beginning to recover. The following chart shows that the dollar volume of home sales in Texas has recovered. Total sales of nearly $40 billion were reported to the Real Estate Center in 2011, very similar to 2004 before sales spurted in 2005-07 because of greatly relaxed underwriting standards.

As I look at this chart, it appears to me that sales volume has stabilized around $40 billion for the past three years. Early results indicate that 2012 will show a substantial increase.

The inventory of homes for sale is another indication of stabilization in the residential market. If there is an excessive amount of homes for sale, the risk of price declines is higher. When inventory gets lower, prices start to rise.

The next chart shows the number of listings for sale in Texas as reported to the Center. The first thing you see from this chart is that the amount of homes for sale is predictably seasonal. Lots of houses are put up for sale in the spring and summer months. There are fewer homes for sale in the fall and winter every year.

The second thing you can see is a downward trend in the inventory after the historic peak of 31,431 in June 2006. Five years later, the number of listings in June 2011 was 21,771. The number of houses for sale had declined by 31 percent. The June 2012 inventory numbers will come out in the next 60 days.

Another way to look at inventory is the number of “month’s inventory.” This is a theoretically simple calculation. If you have ten homes on the market and you sell two each month, then you have five months of inventory. Previous Center research has estimated that in Texas a balanced market is about 6.5 months of inventory.

What we have observed in the past 15 years is that if inventory levels are below 6.5 months, prices rise more quickly. When inventory levels get above 6.5 months, price appreciation begins to moderate. The danger of falling prices comes into play when inventory gets into nine to 11 month range.

What you can see from the chart above is that inventory of Texas homes for sale was below 6.5 months for the first eight years of the 21st century. Home prices in Texas were increasing consistently during this period.

This indicator of residential market conditions rose above 6.5 months in May 2008 and stayed above that level through November 2011. Since then, the inventory has been hovering around 6.0 months. This is a clear sign of relative strength in the price of houses in the Texas market.

Keep in mind that home price trends can vary dramatically from one city to the next in any state). In fact, price trends can vary widely between neighborhoods in the same city.

So it’s possible that prices could continue to be soft in pockets around the state. But the economic foundation of a recovery in residential real estate is being laid.

DALLAS (Dallas Morning News) – The Dallas area had the second lowest foreclosure rate in the country in May, according to CoreLogic Inc.

The California-based housing and finance analysts found that about 1.6 percent of Dallas-area homes with mortgages were in foreclosure in May. Only Denver had a lower foreclosure rate, at 1.5 percent.

Nationwide, 3.4 percent of homes with loans were in the foreclosure inventory. At less than 2 percent, Texas is among the states with the lowest inventory of foreclosures.