Kirk & Terry Rick

Price Reduced on 640 9th St in Clearwater

Kirk & Terry Rick — Fri, 19 Mar 2010 12:41:00 GMT

Clearwater, Wright County - Announcing a price reduction on 640 9th St, a 1,794 sq. ft., 2 bath, 3 bdrm 2 story split. Now MLS® $112,900 - Beautifully Decorated.

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Open House in North St. Cloud on Saturday

Kirk & Terry Rick — Tue, 16 Mar 2010 13:57:00 GMT

North St. Cloud, St. Cloud - We invite everyone to visit our open house at 822 7th Ave N on March 20 from 1:00 PM to 3:00 PM.

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Single Story For Sale in South St. Cloud

Kirk & Terry Rick — Tue, 16 Mar 2010 13:56:00 GMT

Beautiful Throughout

• 2,890 sq. ft., 3 bath, 3 bdrm single story - MLS® $269,900 - Lower Level Family Room

South St. Cloud, St. Cloud - This is a beautifully finished home. Main floor offers Large kitchen wtih beautiful cabintry and granite counter tops, dining and living area along with two bedrooms, full bath, Main floor laundry and a master suite. The entry area is tiled and has vaulted ceilings to really open up this living space. The master bedroom has a huge walk through dressing/closet area along with a master bath with a seperate shower with a corner jetted tub. The lower level is all finished with a HUGE family room area. There is another large bedroom with a large walkin closet. The lower level is a walkout to the backyard and patio area also. This is truly a remarkable home!

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Price Reduced on 549 Brook Lane in South St. Cloud

Kirk & Terry Rick — Tue, 16 Mar 2010 13:56:00 GMT

South St. Cloud, St. Cloud - Announcing a price reduction on 549 Brook Lane, a 2,890 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $269,900 - Lower Level Family Room.

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Housing Experts Say Real Estate is Recovering

Kirk & Terry Rick — Mon, 15 Mar 2010 18:14:00 GMT

Housing Experts Say Real Estate is Recovering Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry. Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital. “I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College. “The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co. Source: Bloomberg, Kathleen M. Howley and Rich Miller (03/15/2010)

Price Reduced on 822 7th Ave N in North St. Cloud

Kirk & Terry Rick — Mon, 15 Mar 2010 12:37:00 GMT

North St. Cloud, St. Cloud - Announcing a price reduction on 822 7th Ave N, a 1,600 sq. ft., 2 bath, 3 bdrm 1 3/4 story. Now MLS® $164,900 - Beautifully Updated Home.

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Mortgage Fraud Investigations Are Climbing

Kirk & Terry Rick — Tue, 09 Mar 2010 16:52:00 GMT

Mortgage Fraud Investigations Are Climbing
State and federal investigators are cracking down on mortgage scammers, pushing arrests and civil actions to record levels.

MortgageDaily.comtracked 134 mortgage-related lawsuits in the fourth quarter of 2009, an increase of 76 cases compared to the third quarter. There were 46 cases in fourth quarter 2008.

"The upward trend in related fraud litigation is likely to continue," predicted Patrick McManemin, a partner in Patton Boggs, a law firm that specializes in mortgage litigation, because more states are aggressively enforcing related laws.

Source: MortgageDaily.com (03/08/2010)

Fewer Sellers Are Cutting Prices

Kirk & Terry Rick — Tue, 09 Mar 2010 16:51:00 GMT

Fewer Sellers Are Cutting Prices The prices on 19 percent of homes for sale as of March 1st have been reduced at least once, the lowest percentage in the last year, according to Trulia.com. In October and November, when the market was feeling the effect of the tax credit, 26 percent of sellers cut their asking prices. “Better pricing is leading to less time on the market, less price reduction, and in a lot of markets we're starting to see bidding wars on lower end properties," said Ken Shuman, spokesperson for Trulia. Trulia calculates that these U.S. cities experienced the biggest decline in price reductions from Feb. 1, 2010 to March 1, 2010: Charlotte, N.C. Colorado Springs, Colo. Houston Raleigh, N.C. Jacksonville, Fla. Albuquerque, N.M. Tucson Omaha, Neb. San Antonio, Texas Source: Trulia.com (03/09/2010)

Foreclosure Bargains Getting Harder to Find

Kirk & Terry Rick — Tue, 23 Feb 2010 21:11:00 GMT

Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking. The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital. Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures. Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

IRS Clarifies What's Needed to Claim Tax Credit

Kirk & Terry Rick — Mon, 22 Feb 2010 17:06:00 GMT

Daily Real Estate News | February 22, 2010 | Share The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit. While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.” For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements. Source: Washington Post (02/20/2010)

Foreclosure Prevention Has Aided 116,000

Kirk & Terry Rick — Thu, 18 Feb 2010 19:12:00 GMT

The federal foreclosure prevention program has helped about 12 percent of borrowers who applied for help since the plans were announced a year ago, the Treasury Department says.

About 1 million borrowers initiated the application process, and as of January, about 116,000 home owners--12 percent--had their loans modified. But administration officials say another 76,000 applications have been approved and are awaiting signatures.

Another 830,500 home owners are currently in a trial modification review period during which banks make sure payments are feasible for the borrower and ensure the qualifications of the assistance program are met.

For those who qualify, the Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners' pre-tax income.

Nearly 60,500 people have been denied permanent modifications.

Source: CNNMoney, Tami Luhby (02/17/2010) and USA TODAY, Stephanie Armour (02/17/2010)

Strong year for home builders

Kirk & Terry Rick — Wed, 17 Feb 2010 12:42:00 GMT

Credit Suisse home-building analyst Dan Oppenheim predicts in a note to clients that 2010 will be a strong year for home builders, but also points out these threats to the business:

Expiring tax credits: Oppenheim writes, “Pulled-forward demand will likely lead to subsequent slowing starting in May. The concern is what happens after that.”
Rising mortgage rates.
Continuing foreclosures: “The continued supply of foreclosures will mute any improvement in demand,” Oppenheim wrote.
Tightened FHA standards: Oppenheim wrote that this would cut demand for new homes by 5 percent to 10 percent.
Unemployment: "People without jobs don’t buy homes," Oppenheim wrote.

Source: The Wall Street Journal, Dawn Wotapka (02/12/2010)

Secure a Lender Quickly for Tax Credit

Kirk & Terry Rick — Wed, 17 Feb 2010 12:40:00 GMT

Home buyers who are eager to close the deal before the tax credit expires should be prepared to deal only with lenders who will respond to the need for speed.

Even buyers without A-plus credit should be able to get a loan. "If you go to enough lenders, you can typically get a loan even with a low credit score. The terms, of course, are not as attractive," says Spencer Rascoff, chief operating officer of Zillow.com.

Another possibility is to propose a lease-purchase deal or land contract to the seller. If the deal is structured properly, both buyer and seller could walk away winners.

Vacant Lots Become Hot Property

Kirk & Terry Rick — Fri, 12 Feb 2010 18:35:00 GMT

Vacant residential lots are looking better and better to real estate investors.

The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.

"The country needs 1.2 million new units for the next 10 years just because of population growth," says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. "[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant."

Strong gains in existing-home sales

Kirk & Terry Rick — Thu, 11 Feb 2010 16:10:00 GMT

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate ¹ of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

In the fourth quarter, 67 out of 151 metropolitan statistical areas ² reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun said.

“Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable,” Yun said.

NAR President Vicki Cox Golder , owner of Vicki L. Cox & Associates in Tucson, Ariz., said near-term market conditions will remain favorable. “Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying home prices and favorable inventory in most areas, especially in the higher price ranges,” she said.

“The biggest issue is for repeat buyers, who will have to accelerate their buying plans if they want the expanded tax credit. Since you must have a contract in place by the end of April, the best advice is to consult a Realtor ® now about qualification criteria and options in your area,” Golder said.

Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

In the condo sector, metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008. Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines; in the third quarter only four metros experienced annual price gains.

Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun said markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he said.

In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun said.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

The National Association of Realtors ® , “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate