Big Banks and Congress' impending legislation Part IV

Is 3 times the charm for Congress and the House of Reps to finally get their point across that national banks should be barred from taking over local real estate related businesses which in their view would result in overall loss of consumer protections? There is already a precedence for this with consolidation occurring in the insurance as well as securities industries. On behalf of the real estate communities throughout the U.S. the NAR President is urging lawmakers to take appropriate measures and pass the Community Choice in Real Estate Act.

 

 

 

Big Banks and Congress' impending legislation Part III

History repeats itself. For 3 years, Congress has denied banking conglomerates request to manage and sell realty under the 1999 Gramm-Leach-Bliley Act. In a nutshell this act serves to protect the financial privacy of consumers. However there is a fear that if banks were allowed to continue offering a full suite of services– including real estate services, would result in a conflict of interest for the consumer who would then be more likely to take out high risk, interest-only loans. This consolidation of services would cause a net loss in consumer protections but Congress is certainly taking an active stance against this. It remains to be seen how these new rulings will affect bank foreclosed homes for sale in the future.

Big Banks and Congress' impending legislation Part II

According to realtor.org, it’s been 4 years runnings where the house of Reps have cosponsored new rules that would forever change the face of big banking and their real estate property management and brokerage activities. In other words, the big banks and conglomerates would be prohibited from touching those two functions. Already 231 House members and 22 United States Senators have signed the Community Choice in Real Estate Act. Who knows if this will actually come into effect, but when it does it may spell the end of the days of the free foreclosure bank list.

 

 

Bank Owned Homes, Not Like They Used to Be?

It seems like Congress is trying to pull the brakes on banks selling foreclosure homes to the public. The banks defense? Real estate is just another financial activity under an umbrella of other financial management services. Will Congress buy it? Well the picture doesn’t seem too rosy nowadays. It remains to be seen whether bank owned homes will still be another venue for the home shopper or investor to use.

Milwaukee Investment Properties Soaring, Other Counties in Wi doing well.

If you live in Wisconsin, chances are you are seeing a dramatic increase in Milwaukee investment property activity in the surrounding areas. People are scrambling to grab up the latest piece of foreclosure or investment property and the demand seems to be outstripping the supply at least for the moment. There are some interesting statistics presented by the MLS, and all across the board there are big increases in resale real estate properties. Of course for the rest of you who don’t live in Milwaukee, Wi, there are other quality investment properties available to you as well if you do your homework. We’ll keep you up to date as the information comes up.

 

More foreclosure 'Rescue' Scams

I came upon this article today, and let me tell you, it seems like whenever something has to do with money, nothing in this world is sacred. Knowing full well that with stagnating salaries, and rising real estate costs nationwide, one little shift in a homeowner’s life such as divorce or bankruptcy, etc, can lead to foreclosure. These scams range from simple to complex involving multiple parties teaming up effectively to scam the desperate homeowner into losing their homes completely. There are several anecdotal stories of specific scenarios of real estate foreclosure scams that you should take a look at. The most compelling in my opinion was the part that mentions that “the key is to get everything in writing, and keep talking to your lender and possibly a bankruptcy attorney, even if your friendly ‘salesman’ (scammer) insists you don’t.” This is useful knowledge folks, and may be something you want to pass around to your friends and family who may be facing financial difficulties or are even borderline on the foreclosure process. The most important thing at this juncture is to be proactive and talk to you lender and attorney.

Foreclosure rates are surging across the U.S.

The successive presidential administrations have pushed hard for home ownership. However even though the intent has been well-meaning, it may be somehow related to the increasing real estate foreclosure statistics looming by several housing survey accounts in the United States. Many individuals who may not be ready for home ownership have been encouraged by the government and are now realizing this fact when it may be too late. According to a popular foreclosure listing service, 47 states have experienced an increase in foreclosure rates, with Florida, Texas, and Colorado holding on to the dubious distinction of having twice as many as the national average.

 

 

CP Homebuyers Shows Consumers How to Sell Their House in as Little as Five Days

Facing foreclosure? Sell Off Your House in As Little as 5 Days

CPHomebuyers.com offers relief to those facing foreclosure on their homes. They are currently selling an informational packet at their site that claims to help you sell your home extremely quickly. Instead of losing your home and having your credit devastated from foreclosure, the the site says that you can prevent those worst case scenarios and even have the opportunity to move into a “downsized” house instead. Perhaps it is a good idea to review their site to see if they offer anything of real value. If you are on the other side of the spectrum and are looking to invest in foreclosure properties, then you might want to contact the owner of CP Home Buyers, Chris Puddy for a potential partnership. His contact information can be found through his website.

Here is the link to the press release announcing this service:

Here is the link to cphomebuyers.com.

 

The Game Is Virtual. The Profit Is Real. - New York Times

Paying off your mortgage– by playing video games?

This isn’t an article about foreclosures per se, but it did catch my interest. A gentleman by the name of Jason Ainsworth plays an online game called Second Life where he is runs a virtual real estate development business. The bottom line from this? He makes about $1,800 per month after taxes from 4 hours a day on this game everyday. Apparently that’s enough to pay those annoying mortgage bills on his home in Las Vegas.

Mr. Ainsworth isn’t the only one making money off of Second Life, there are hundreds of others like him who are seeking to gain a partial income while others take it as a full time job. Ailin Graef for instance is on par to make $100,000 (real money, not digital) as a virtual real estate magnate. Who says games are a waste of time? But seriously, this isn’t for everyone, and not all want to play a game to make real profit. You notice how the word “Real Estate” keeps cropping up, except in this case it’s all virtual. So maybe for the resourceful and avante garde of the investors out there may gain some ideas from this. But I wouldn’t quit my day job as a real estate foreclosure investor just yet. Check out the following (FREE registration required) New York Times article for fun details .