I would like to point out, Oklahoma is not mentioned as havinmg a significant foreclosure problem. I think we are doing better than the national news would have you believe. Oklahoma, and Tulsa in particular, have a good housing market. Contact  me to find your new home or investment.

Good Thing You’re In Tulsa!!

08/12/2010 PRESS RELEASE

IRVINE, Calif. (Aug. 12, 2010) RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report? for July 2010, which shows that foreclosure filings  (default notices, scheduled auctions and bank repossessions) were reported on 325,229 properties in July, a nearly 4 percent increase from the previous month but a nearly 10 percent decrease from July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

“July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000,”  said James J. Saccacio, chief executive officer of RealtyTrac. “Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month.”

Foreclosure Activity by Type

A total of 97,123 U.S. properties received default notices (NOD, LIS) in July, a 1 percent increase from the previous month but a 28 percent decrease from July 2009. Default notices in July were down 32 percent from their peak of 142,064 in April 2009.

Foreclosure auctions (NTS, NFS) were scheduled for the first time on a total of 135,248 U.S. properties in July, an increase of 2 percent from the previous month but a decrease of 2 percent from July 2009. Scheduled auctions in July were down 14 percent from their peak of 158,105 in March 2010.

Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009. July?s bank repossession (REO) total was the second highest monthly total since RealtyTrac began tracking REO activity in April 2005 and was 1 percent below the monthly REO activity peak of 93,777 in May 2010.

Nevada, Arizona, Florida post top state foreclosure rates in July

With one in every 82 housing units receiving a foreclosure filing in July, Nevada continued to document the nation’s highest foreclosure rate for the 43rd straight month. A total of 13,727 Nevada properties received a foreclosure filing in July, a nearly 7 percent increase from the previous month but a nearly 30 percent decrease from July 2009. July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis.

Arizona foreclosure activity decreased on a year-over-year basis for the sixth straight month, but the state still posted the nation?s second highest state foreclosure rate. One in every 167 Arizona housing units received a foreclosure filing during the month ? more than twice the national average.

One in every 171 Florida housing units received a foreclosure filing in July, the nation?s third highest foreclosure rate, and one in every 200 California housing units received a foreclosure filing in July, the fourth highest state foreclosure rate.

Foreclosure activity in Idaho increased nearly 19 percent from the previous month, boosting the state’s foreclosure rate to fifth highest among all the states. One in every 240 Idaho housing units received a foreclosure filing in July.

Other states with foreclosure rates ranking among the top 10 in July were Michigan, Utah, Illinois, Georgia and Maryland.

Five states account for more than 50 percent of national total

California alone accounted for 21 percent of the national total in July, with 66,910 properties receiving a foreclosure filing during the month ? down 3 percent from the previous month and down 38 percent from July 2009.

With 51,557 properties receiving a foreclosure filing during the month, Florida accounted for 16 percent of the national total in July despite a nearly 9 percent decrease in foreclosure activity from July 2009.

Illinois foreclosure activity increased 33 percent from the previous month ? the biggest monthly increase among states with top 10 foreclosure rates. A total of 19,602 Illinois properties received a foreclosure filing in July, the third highest state total and accounting for 6 percent of the national total.

Michigan accounted for just under 6 percent of the national total, with 18,833 properties receiving a foreclosure filing in July, and Arizona accounted for 5 percent of the national total, with 16,298 properties receiving a foreclosure filing in July.

Other states with foreclosure activity totals among the nation?s 10 highest in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961).

Metro foreclosure hot spots show bumpy downward trend

All 10 metro areas with the nation?s highest foreclosure rates in July posted year-over-year decreases in foreclosure activity, but five of the top 10 posted increases from the previous month. The two biggest monthly increases were in No. 2 Cape Coral-Fort Myers, Fla., where foreclosure activity was up 21 percent from the previous month, and in No. 9 Phoenix-Mesa-Scottsdale, Ariz., where foreclosure activity was up 19 percent from the previous month.

Foreclosure activity increased nearly 9 percent from the previous month in the Las Vegas-Paradise, Nev., metro area, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average.

Other metro foreclosure rates in the top 10 were Modesto, Calif., at No. 3 (one in every 102 housing units receiving a foreclosure filing); Merced, Calif., at No. 4 (one in every 111); Riverside-San Bernardino-Ontario, Calif., at No. 5 (one in 112); Stockton, Calif., at No. 6 (one in 115); Bakersfield, Calif., at No. 7 (one in 118); Orlando-Kissimmee, Fla., at No. 8 (one in 129); and Vallejo-Fairfield, Calif., at No. 10 (one in 136).

Report methodology:

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default ” Notice of Default (NOD) and Lis Pendens (LIS); Auction ” Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

By: Real Estate Advisor

Women are working more, earning more and buying more than they ever did. Consequently, they have a significant influence on the American economy in general, and the real estate industry in particular. The collective buying power of US women accounts for about 85 % of all consumer purchases. When it comes to purchasing patterns, women are estimated to make 94 % of home furnishings decisions, 91 % of new homes purchase decisions, and 89 % of travel decisions. Women’s earnings have accelerated over the last few years and they have emerged as the Chief Purchasing Officers in their households.

According to IRS data, women constitute 39 % of the top wealth holders in the country. This means about 2.5 million women possess a wealth of $4.2 trillion put together. Notably, the IRS estimates that by 2050, 42 % of these women will be single or widowed. The IRS further estimates that more wealth is bound to be accumulated among women.

Another growing trend that emerged in a December 2006 study by the National Association of Realtors (NAR) was that about 22 % of homes purchased between July 2005 and June 2006 were by single women who were in the 25 to 34 age range. Women accounted for a record number of 1.76 million home purchases (1 in every 5 homes), a significant increase from 14 % a decade ago.

Women’s growing success in their careers, higher education, financial independence and a desire to build an early nest on their own, are some of the reasons that have spearheaded this home buying trend. Among the vast demographic spectrum in the real estate industry, women have become a force to reckon with. Real estate agents are increasingly taking note of their female clients and the power they wield in home buying decisions. By the influence that they bring into play in home buying decisions, women form a significant and growing market that simply cannot be ignored.

If you are considering buying a home, condo, or any other real estate, be sure to seek out the services of a local real estate agent to guide you through this complex process.

About the author: San Diego Condos, Sabre Springs Real Estate and Scripps Rancho Condos

Are you ready to find your new home?

Call Wayne at 918-645-1470
or by email.

What to know about this non-traditional way of financing a home purchase

By Lisa Rogak, FrontDoor.com

With credit tight, the housing market glutted, sellers desperate and bargains to be had, more homebuyers and sellers are considering the idea of having all or part of the purchase price of a house financed by the owner. There are pros and cons for buyers and sellers, so here’s the scoop.

Why Seller Financing Now?

“Changes in the market make seller financing very attractive for both buyers and sellers,” says Todd Huettner, a Denver-based mortgage broker. “Many buyers can no longer qualify for an affordable loan, and sellers can be more competitive in a crowded market by offering buyers the option.”

As the economic downturn continues, owner financing will only increase, says Elizabeth Weintraub, homebuying columnist at About.com and a Sacramento real estate agent. “Without a good credit score, buyers are locked out of a mortgage, and many conventional loans now require a down payment of 20 percent of the purchase price,” she says, adding that when interest rates reached 18 percent in the late 1970s and early 1980s, owner financing was often the only game in town.

Advantages of Seller Financing

For buyers:

• It helps alleviate the need for jumbo loans that can hamstring a buyer, says Jamie Katz of J. Edward Company, a real estate firm in St. Paul, Minn.;
• Seller financing can also cover closing costs, which require ready cash that some buyers lack;
• It allows a buyer to purchase a house when there are no other financing options.

For sellers:

• Owners can move a property more quickly;
• A seller can often get a better return on his/her investment than other assets would generate;
• A house becomes more attractive to buyers if they don’t have to worry about obtaining financing.

For everyone involved in a home sale, and the market as a whole:

• The deal can close more quickly;
• A sale means one less vacant house in the neighborhood, which enhances the value of the home and the neighborhood;
• It keeps a house out of foreclosure, which is expensive and can take up to a year to complete.

Disadvantages of Seller Financing

For buyers:

• The seller may not report to the credit bureaus, meaning that timely payments don’t necessarily improve a buyer’s credit score.

For sellers:

• Money is still tied up in real estate;
• The seller is paid over the length of the mortgage instead of in one lump sum;
• If the buyer defaults, the seller is left holding the bag.

Firsthand Experience

Thomas Mirabella decided to offer seller financing in July 2003 to a buyer for his home in Long Island, N.Y. He wanted to diversify his investment portfolio and produce monthly income over a period of time. “Assuming you have a qualified mortgagee, the return is better than interest in a money market or high-yield savings account or a CD,” he said. Mirabella and the buyer agreed to a 30-year fixed-rate mortgage (similar to bank terms)and he has generally been pleased with the results.

When Michael Soon Lee of Dublin, Calif., decided to buy a house in the mid-1990s, he could have gone to a bank, but instead he opted for owner financing. He received an interest rate that was 2 percent below the standard rate at the time for a seven-year, interest-only loan, and he didn’t have to pay any bank fees, which would have cost him an additional $7,200 on top of the loan amount. “It was much faster than going to a conventional lender,” Lee said, adding that he probably would not have qualified for a conventional loan since he owned too many investment properties at the time.

Is Seller Financing Right for You?

There’s no question that the seller assumes more of a risk than the buyer when it comes to owner financing. If you want to sell your home and are thinking about offering financing to a potential buyer, but you’re nervous about the prospect, consider your circumstances.

“Some sellers go for owner financing if they have equity in a house but need to sell because they can no longer afford to keep it,” says Kerry Gelbard, a senior loan consultant with L.A. Mortgage in Encino, Calif. Although it may be risky (after all, even creditworthy owners are defaulting these days), it may be better to run the risk of holding a defaulted loan than losing your home and remaining equity to foreclosure. “Don’t make the loan unless it is a property that you want to own,” he cautions.

Whether you’re a buyer or seller, have an experienced real estate attorney review all documents. As is the case with everything, especially with something as sizable as a real estate investment, proceed with eyes wide open and know the ramifications of your decision before you sign on the dotted line.

Your credit score is going to be one of the first issues you face. You can and should check your score once a year. Your mortgage lender is going to be looking for a score of at least 620. The higher your score, the better your chances at the best interest rate.

The Federal Trade Commission says AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies ­ Experian, Equifax, and TransUnion ­ every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn’t get it without paying fees or buying other services. TV ads, email offers, or online search results may tout “free” credit reports, but there is only one authorized source for a truly free credit report.

The abbreviation REO (Real Estate Owned) is commonly used to refer to a property that has been foreclosed and taken back by the mortgage lender. Contrary to popular belief, an REO and a foreclosure don’t represent the same process. In fact, an REO is the byproduct of an unsuccesful foreclosure, and therefore the mortgage holder takes back the property to sell it on their own. In regards to which is “better” to purchase, the answer is relative. Choosing between an REO property or a foreclosure property depends greatly on an individual’s preferences, because each has particular benefits. In either case, the expertise of a Realtor cannot be over emphasized.

REO properties may have a negative stigma attached to them due to the fact they failed the foreclosure process. However, this fact shouldn’t cause home buyers to hesitate. It simply shows there was a problem with the property owner, not the property itself. Most often, there is nothing inherently wrong with an REO property beyond the fact that its owner couldn’t make the proper payments.

REO properties are often recommended to new homebuyers, for a good reason. Purchasing an REO is generally safe and there’s no real risk for the buyer and statistics show that REO purchases have become one of the most popular choices for first time home buyers. Add the fact that banks want to sell these homes as quickly as possible and you can see what leads to a great opportunity for the potential buyer.

Contact Wayne for help with foreclosed and REO properties. If you are outside the Tulsa area, Wayne has a national network of experts who can prove their value in a real estate purchase.

There are currently 10,324 active properties on the Tulsa area MLS. Of that, 1,550 are under contract (Pending Sales) which leaves 8,774 properties from which to choose your dream home.

A guest article by William Hunt, Wilmington, NC Realtor

If you are a single woman who wants to invest in real estate, then you’ve probably thought about what this could mean for you in the future, should there be a major change in your life that will cause you to make a huge decision, like getting married. Some women have the wrong idea that buying a home is like committing semi-permanently to a location only to uproot themselves afterwards. Some even see this as a big hindrance to getting married. There are some things that single women should know about investing in real estate which can help them make better decisions about buying a house in the future.

Can you afford the mortgage?
One of the things that you should take into consideration is the question of whether you can afford a mortgage on a single income. Remember that the mortgage cost will take away a huge chunk of your disposable income. You may want to consider looking at an amount which you will be comfortable to put away without affecting your life as a single person. Find housing options which will be workable for you. For example, if your target city is Wilmington and you’re hoping to buy Wilmington real estate, then it would be more advisable for you to find Wilmington homes for sale that have a smaller house on a big lot. This may be cheaper and would give you more options to expand the building later. Opportunities like these could make it easier for you to afford a house of your choice. People who have dual income generally have more flexibility regarding the amount of money they can put together to raise for the down payment and mortgage. Depending on financial situation, finding property that fits your budget as a single person may be a challenge.

Since you will essentially have to deal with the mortgage on a single income, you may want to hire a mortgage broker to help you out with finding a mortgage suitable for your means. You should also look out for mortgages that will impose a fine or penalty should you decide to sell your house within three years. If you want as much flexibility on your investment as possible, you have to be prepared for these things.

Will your new house be amenable to your current lifestyle?
As a single person, you may want to research things that you can do in a neighborhood or community before you buy one. Taking a holistic point of view on your first real estate investment will be useful in the future. You don’t just want to be in a good-looking house, you want that house to be in a location which will let you live the kind of life that you want. Examine the lifestyle that you prefer and see if the location you want to live in will accommodate that. For example, if you’re a film enthusiast, Wilmington is a great place to live because of the many film festivals held there yearly. If you like performing arts, there’s also several theaters for you to enjoy watching productions on. If you like sports, find a community with sports complexes that you can enjoy. If you want to be near family and friends, then find a place closer or more accessible to them.

Will your new house be in a safe location?
It’s a well-known fact that women are usually the target of criminal acts. It’s very important that you move into a place where you feel safe. Research about a place’s crime rate and find out whether it’s a good place for a single woman to move in to. Drive around the neighborhood and see if you feel at ease in it. Check out the house you want to buy and see if it has safety features to keep you protected. You may even want to check whether there are family or friends living nearby.

Buying a house certainly defines a lot of things in your life, although it shouldn’t be viewed as a hindrance to change. As a matter of fact, you can think of it as having more to offer your future family. You can invest in a house which can either accommodate your future family or which has a potential for high resell value in the future, should you want to sell it and move to a different location.

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

Several new restrictions apply to homes purchased after Nov. 6, 2009.

• Purchasers must attach a properly executed settlement statement to their return.
• No credit is available if the purchase price of the home exceeds $800,000.
• The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
• A dependent is not eligible for the credit.
• The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.

Note: This is the section that applies to military.

Additionally, there are new benefits for members of the military and certain other federal employees:

• Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy,a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

• In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Question and Answer

Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?

A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.