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July 2009
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September 2009

August 2009

How's the market? Some answers from the blogosphere...

As usual, there are a couple of good posts on the Altos Research blog this week.

  • "It's up.  For now." looks at the overall market nationally and latest Case Shiller numbers.  The Altos data is highly correlated with Case Shiller but leads it.  This means that they can typically see where Case Shiller and the market is headed before we get there.
  • "Forbes 500 Luxury Real Estate Markets" takes a peek at the trends within luxury markets around the country.

Also member Laura Duggan has a really good market update post on her blog The Heart of  Austin.  Her market update for July shows a break-down of home sales by price band, plus she's added the month's of inventory and color coded them to indicate what these inventory levels mean given the current levels of demand:

July

This is exactly the sort of information and market insight that buyers and sellers expect to receive from their agents.


Institute Launches Center for Asset Preservation (CAP)

Everything you need to know about the Making Home Affordable Program and the mandatory process, rules and paperwork for Short Sales...


The ILHM Center for Asset Preservation (CAP) announces new training specific to the Making Home Affordable Program (MHA).  The central focus of our CAP training is doing Short Sales using the new mandatory process, guidelines, and required paperwork.  The training also provides an overview of other MHA foreclosure avoidance options, as well as key information on the Mortgage Debt Forgiveness Act -- all of the key things agents must know for successful short sales under the new rules. 

We created CAP and began developing this Short Sale training for our ILHM members, but when we discovered that no one was offering training covering Making Home Affordable, we decided to open the training to all agents. 

This information is ‘must have’ information for agents hoping to help homeowners avoid foreclosure and, it is essential for completing successful short sales for borrowers who must sell. 

Be sure to watch the “MHA Myths” video above if you’re hearing that Making Home Affordable isn’t important!

At ILHM, we believe strongly that all of America’s REALTORS® must get involved, get trained and get to work to help homeowners in their battle to avoid foreclosure and minimize the negative credit and tax consequences they are facing.  As an industry, Realtors are key to helping get American households back on their feet and the economy back to good health.  

CAP training will soon be available online.

A live event, the Short Sale Success Summit 2009 is scheduled for October 7 and 8 in Houston (TX).

For agents who have taken short sale training in the past or even earned a distressed property designation, the CAP course is ongoing Making Home Affordable resource your must have.

Making Home Affordable covers almost nine out of ten home loans and changes almost everything about how Short Sales are done.  CAP’s new up-to-date training reflects the new processes, rules, guidelines and standardized paperwork which are now required. In fact, we challenge agents to take the quick quiz about Short Sales on our CAP website.  We think most agents will be surprised by the correct answers.

Agents completing CAP training online or at live events will earn a CAP Short Sale Achievement Certificate.  Texas agents will earn 15 hours of continuing education credit for the live CAP training event in Houston which will be held at the Hilton Post Oak Hotel near the Galleria Shopping complex.

In addition to the Making Home Affordable training, The Short Sale Success Summit 2009 will include panels and presentations featuring government officials, loss mitigators, and real estate agents specializing in Short Sales. 

A special module on the impact of MHA and the Debt Forgiveness act on luxury properties will be included. There will also be special networking opportunities.  Call or email us with your questions. 

We’ll hope to see YOU in Houston at The Short Sale Success Summit 2009.

CAP Website

CAP Blog


August Webinar: New Rules for Short Sale Success

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Based on Deutsche Bank analysis, 14 million U.S. homeowners had negative equity at the end of the first quarter 2009, that's about 27% of owners with a mortgage. 

According to a story yesterday in MarketWatch Deutsche Bank estimates that 25 million homeowners, or 48% of those with mortgages, will owe more on the loan than the house is worth by the first quarter of 2011.  

This summer the Obama administration has announced new rules and procedures that change the way loan modification, short sales, deeds-in-lieu-of-foreclosure, and foreclosures are handled by the banks and their servicers. 

These new rules are just beginning to be implemented.  In fact earlier this week the Treasury publicly reprimanded a handful of banks for their lack of action in implementing some aspects of the plan.  The government is also having Freddie Mac develop a "second look" process to audit MHA modification applications that have been declined on an ongoing basis. 

Also, day before yesterday, Treasury published the first of its monthly Servicer Performance Reports, which track loan modification activity at the individual servicer level.

Bottom line?

Forget what you know.  The rules are changing  and its a whole new ball game when it comes short sales.  We'll be covering the New Rules for Short Sale Success in our webinar for members on August 20th. 

Invitations went out by email today.  If you are a member and didn't receive one, drop us a line


Business and pleasure on Facebook

In our July webinar for members, "Web and Social Media Tools for Real Estate" Aaron Wheeler and Dustin Luther shared some great tips and tricks on variety of topics (members can access the recording here.)  Honestly there was so much to cover an hour just wasn't enough.  We hope to bring each of them back to dig a little deeper. 

Many of the questions about Facebook centered around how to separate one's WORK and PERSONAL worlds on Facebook.  Dustin talked about using Facebook business PAGES to connect with business associates and keeping your Facebook Friends personal. 

This is easy on a going forward basis, but since Facebook Pages are relatively new and most of us have both business associates and personal contacts as our Facebook Friends, figuring out how to effectively deal with the existing mix might seem tricky.  Regrettably we ran out of time before we could explore this issue in more depth.

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Well, this morning I stuumbled across this post by Mike Mueller on his Trulia blog that talks in more detail about ways to handle this.  It is worth checking out if you are struggling with "business and pleasure" on Facebook.


Struggling with Facebook and Facebook Pages in general? 
Check out Dustin's post Are there 5 reasons you do NOT want to create a Facebook Business Page?