RISMEDIA, August 11, 2008-(MCT)-The number of troubled homeowners able to sell their houses for less than their debt on the property is increasing.
It’s called short selling and comes as lenders, overwhelmed with foreclosures, are more willing to make deals, and as real estate agents become more skilled in navigating the complicated transactions.

The number of houses sold in July in Fresno and Clovis through short sales-where a lender accepts less than what is owed on the loan-totaled 30, up from 19 in June. Short sales in just those two months topped the 46 in all of 2007, said Don Scordino, president of the Fresno Association of Realtors.

The story is similar in Visalia, where real estate broker Nancy Riggs said many banks are organizing short-sale divisions to handle the soaring number of requests.

A short sale is often treated as an option to avoid foreclosure. A homeowner can no longer afford the mortgage for whatever reason-perhaps the interest reset because it was one of many variable-interest mortgages approved by lenders-so he or she decides to negotiate with the bank to sell the property before foreclosure occurs.

The seller accepts an offer subject to bank approval and requests a short-sale package from the lender. That package consists of paperwork required from the seller that points to financial hardship. If accepted, the bank writes off the loss-assuming the homeowner owes more than what the house sells for-at the close of escrow as a cost of doing business.

Riggs estimated that 17% of the 800 houses for sale in Visalia are potential short sales.

Whether those homes close as short sales remains to be seen. Real estate agents say the process can be difficult, time-consuming and frustrating. By some estimates, fewer than 10% of all short-sale attempts succeed, although Realtors expect that percentage to increase.

“There is nothing short about a short sale,” said Ken Neufeld, a London Properties agent who is spending a large chunk of time trying to close two of them.

A typical short sale often includes real estate agents representing buyer and seller, a negotiator who decides the price and a third agent who presents an independent value.

And because banks are often under-staffed and overworked, paperwork is sometimes lost or directed to the wrong person. “In the two I’m working, the bank lost the offers twice,” Neufeld said. “Then they have to input it into the system and that can take three to four weeks. Then they have to appoint a negotiator,” which may not happen for a month into the process.

Buyers often get frustrated and buy another property.

That said, more lenders are willing to consider short sales to avoid any more losses. “Banks are finally getting religion and maybe catching onto the program,” Neufeld said.

A short sale often is not a lender’s first choice. “We have seen an increase in requests for short sales, but we don’t think it should be the first option for someone who intends to stay in their home,” said Dave Bradley, a Bank of America spokesman.

A bank often would rather work with homeowners in structuring some kind of workout or loan modification. Bradley said Bank of America, which recently acquired troubled lender Countrywide Financial, has committed almost 4,000 employees to help troubled borrowers and hopes to modify at least $40 billion in problem loans over the next two years.

Bradley said many customers who request a short sale don’t realize other options could be available, even though the bank attempts to contact homeowners an average of 17 times between the first late payment and foreclosure proceedings.

But workouts only succeed if the borrower has a reasonable chance of recovery.

“If there is lost income and they can’t make any type of reasonable payment, there is no conversation to be had,” said Martha Lucey, president of ByDesign Financial Solutions in Fresno, a nonprofit financial counseling service.

Thus, a short sale may be the best solution. The seller lessens the damage to his or her credit.

In addition, banks don’t have to carry an asset that is continuing to lose value, said Patrick Prince of Westland Realty & Investment in Fresno.

Prince is one of the leaders in the area when it comes to short sales, completing almost 50% of those he attempts on behalf of sellers and buyers. “It’s changing, but I don’t know if it is for better or worse,” he said. “Some banks get it and some absolutely don’t.”

He is pursuing eight short sales. He’s been trying to close one deal since March where lenders have a first and second loan, and where the mortgage insurer wants the seller, his client, to keep making payments on a $30,000 note for the next 20 years before it releases the lien.

That means the sellers would be paying $125 per month for a house they don’t live in. “They either take that or it’s foreclosure,” Prince said, uncertain what the outcome will be.

“It’s totally ridiculous, but then I’ve also had an instance where I had approval in two days from the time the package got to the right person,” he said.

Scordino said more agents are getting trained in short sales, so that will help more deals close.

Prince said a key is to price the property according to its value, not the loan amount.

“If the house is worth $300,000 and the loan is $450,000, the bank only cares about the appraisal,” he said.

Copyright © 2008, The Fresno Bee, Calif.
Distributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Related articles:

Top Three Short Sale Trends
When it’s Time to Turn to Short Sales
Are You Short Sale Savvy?

“This panel is a great opportunity for me to share what I’ve learned as a successful team leader,” says Witz, a senior real estate specialist and the senior director of The Fillmore Fusion Team, which was formed when Fillmore purchased the listings of a bankrupt Foxtons. “Creating a team takes time and patience,” he notes. “The presentation will show brokers how to build a strong team and what pitfalls to avoid.” 

For additional information on “The ABCs of Forming a Winning Agent Team” or to register, visit http://www.rismedia.com/events/leadership-conference. 

For more information, visit http://www.fillmore.com/.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

“This will be the first multi-unit ‘LEED for HOME’ project in Canada,” says Alex Joseph, EnerVision’s executive director. According to the company, Enervision is committed to helping the residential development industry build energy efficient and environmentally sustainable housing.

LEED For Homes (Leadership in Energy and Environmental Design) is a North American designation for high-performance, sustainable homes that create less waste and use less energy, water and natural resources.

Administered by the U.S. Green Building Council, the certification process is based on rigorous criteria including innovation and design, sustainability, as well as energy sources and materials, among others.

“Innovative residential projects like OceanVillas are setting the standard for achieving superior energy efficiency and environmental performance in a luxury setting,” says Joseph. “We are pleased to be part of such a worthy undertaking and tip our hat to the project developer Dan Behune.”

The 1850 square feet west coast contemporary units feature two bedrooms, a den/media room, a great room with a gourmet kitchen and a double-sided fireplace on the large oceanfront balcony with sweeping sunset views across the Saanich Inlet, Canada’s most southerly fjord. The OceanVillas’ owners will have direct access to resort amenities, including the spa, fitness club, and a private 40-foot boat slip in its full-service marina.

Some of the green features in the construction of the OceanVillas include the use of natural stone quarried from Vancouver Island and “FSC” certified hardwood floors, private garages with a “green” roof, HVAC systems that reduce energy consumption, healthy indoor air and drought-tolerant gardens.

“We are pleased to be working with Enervision and the rest of our talented consulting team to design these spectacular resort residences to the highest standards” says Dan Behune, president of the award-winning Brentwood Bay Lodge & Spa.

Brentwood Bay Lodge & Spa is one of Victoria’s top rated culinary and spa destinations and has 33 luxuriously appointed OceanSuites, an award-winning wine cellar, SeaGrille & Pub, spa with a heated outdoor pool and hot tub, executive conference facilities and Marina & Eco-Adventure Centre.

Set on a pristine inlet at the southern tip of Vancouver Island, Brentwood Bay Lodge & Spa is located across the bay from Butchart Gardens and just 20 minutes to downtown Victoria, the scenic capital BC. The resort has convenient access by land, air and sea just ten minutes from Victoria International Airport and BC Ferries terminal.

For more information, contact Lisa Williams, Century 21, Royal Victoria Realty Ltd. by calling 250-514-1966, e-mailing lisa@lisawilliams.com, or visiting http://www.brentwoodbaylodge.com/.

To submit your Featured Listing, send 300-500 words on the property, surrounding area, and how you’re marketing it to Kayla@RISMedia.com. Don’t forget to submit photos and an accompanying URL!

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

To read other Featured Listings on RISMedia.com, see:

Scenic Orange County Bungalow
Sumptuous European Details with Serene Privacy
Kemick Homes in St. Johns Forest

Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range. “The vacillation of data from one month to the next indicates a housing market in transition,” he said. “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”

The PHSI in the South jumped 9.3% to 92.4 in June but is 16.6% below June 2007. In the West, the index rose 4.6% to 101.0 in June but remains 1.7% below a year ago. The index in the Northeast increased 3.4% to 79.6 but is 15.4% below June 2007. In the Midwest, the index rose 1.3% in June to 79.6 but is 13.3% below a year ago.

Sales gains have been consistently strong in recent months in Sacramento, Calif.; Las Vegas; and Ft. Myers, Fla., where affordability conditions have greatly improved.² The pickup in contract signings appears to be broadening with many affordable markets in mid-America now showing year-over-year gains, including Columbus, Ohio; Charleston, W.V.; Oklahoma City; and Colorado Springs, Colo. Pending sales have fallen significantly in Texas markets and in the Pacific Northwest - two regions with very strong local economies.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the housing stimulus package will provide long-term relief. “Provisions to stem foreclosures are helpful, but a greater lift to the economy should come from higher mortgage limits, enhancements to the FHA loan program and the first-time home buyer tax credit,” he said.

“These are excellent tools that will help buyers get into the market to take advantage of the unprecedented drop in home prices in many areas, as well as a wide selection of inventory, to make an investment in their future,” Gaylord said.

With roughly 2.5 million first-time home buyers taking advantage of the temporary tax credit, existing-home sales are likely to rise 7.0% to 5.51 million in 2009 from a expected total of 5.15 million this year.

Yun said home prices did not fall as much as anticipated in the second quarter.

“Buyers entering the hardest-hit markets, in some cases with multiple-bid offers, may have put a floor on prices,” he said. ” In addition, rising commodity prices and higher construction costs have resulted in a very unusual market today with existing-home prices being less than replacement building costs in some areas. Home prices are projected to increase 3 to 6 percent in 2009.”

“Builders need to further cut production to help trim inventory. However, new-home sales are expected to bottom around the second quarter of next year with slight gains in the second half of 2009,” Yun said. New-home sales are forecast to drop 8.8% to 464,000 in 2009 from 509,000 this year. Housing starts, including multifamily units, should fall 8.8% next year to 795,000 from 960,000 in 2008.

The 30-year fixed-rate mortgage, which also has been vacillating, is likely to trend up to 6.5% by the end of 2008, and then hold at that level for most of next year. NAR’s housing affordability index is forecast to remain favorable this year, averaging 13 percentage points higher than in 2007.

Growth in the U.S. gross domestic product (GDP) is expected to be 1.7% this year and 1.5% in 2009. The unemployment rate is projected to average 5.5% in 2008 and 6.0% next year.

Inflation, as measured by the Consumer Price Index, is seen at 4.1% in 2008 and 2.6% next year. Inflation-adjusted disposable personal income is estimated to grow 1.7% this year and 1.1% in 2009.

For more information, visit www.Realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

Tips for Making the Most of Your Open House
The Majority of U.S. Homeowners Thinks Their Home Is Insulated from the Housing Crisis
Direct Vs. Indirect Communication in the Multicultural Markets

“Our entrance into Brazil is exciting and continues to illustrate our determination to grow our franchise internationally through talented and entrepreneurial local professionals,” said Tom Kunz, president and CEO of Century 21 Real Estate LLC. “We are honored to welcome Antonio, David and Robert into our global network and to work with these three entrepreneurs to build the Century 21 brand in Brazil.”The agreement with Century 21 Brazil represents a further expansion into South America for the brand. Century 21 Real Estate LLC established master franchises to create Century 21 Colombia in 2003, and Century 21 Venezuela in 1999.

“Having already entered many markets similar to the Brazilian market with much success, we are pleased to be joining such a vastly connected network of real estate professionals and to bring the Century 21 name to our country,” said executive Antonio R. Martinez, who has lived and conducted business in Brazil for 20 years. “The Century 21 System is connected by the synergy surrounding fiscally independent agencies, but more importantly, by common values and work ethics.”

For more information, visit www.c21brasil.com.br and www.century21.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate headlines, see:

10 Steps to a Successful, Profitable Website
Do You Know Who You’re Selling To?
How to Lead Through Listening

RISMEDIA, August 8, 2008-(MCT)-The materials used to construct a house aren’t rare-wood, steel, concrete, shingles, copper. Like all commodities, their prices fluctuate.Especially lately. The Association of General Contractors of America reported in June that prices for steel products rose 8.1%, asphalt, 6.7%, and diesel fuel, used to transport those materials, was up 5.7% over the past 12 months.

Construction materials and components were up 13.2% for the six months that ended in June, according to the Bureau of Labor Statistics.

Fluctuating materials’ prices don’t matter if your house is already built. But if you’re considering building or remodeling, or if you’re in the middle of a project, the last thing you want is a stream of price increases from your contractor. Tactics for minimizing mid-project surprises include setting limits on price increases in the contract, considering alternative materials and collaborating with the lender even after you land a construction loan.

Often, buyers are so caught up in the choices of a lot, floor plan and finishes that they pay little or no attention to the contract until they’re emotionally invested in the house, says Roy Wagner, a partner with the law firm von Briesen & Roper and chair of the Wisconsin construction section of the state Bar Association.

“They find a lot, they look at the design, they go through many months of what they’re buying, without looking at the contractor’s proposed business terms,” he says. “Then the contractor pulls out the contract and says, ‘Sign here.’ By then the consumer has lost their leverage, they’re so invested in the process.”

Head this off by asking for a “template contract” at the start, along with the contractor’s references. Review the contract to see the clauses that address price escalation or surcharges on materials. And get a lawyer to advise you on this, the biggest purchase you’re likely to ever make.

Labor costs aren’t usually included in legal language that lets a contractor raise prices midstream. The Association of General Contractors estimates that hourly earnings for construction workers rose about 3.7% in the 12 months that ended in May-not quite in the league with materials.

Negotiate a fixed-price agreement in the contract, Wagner adds. That puts the responsibility on the contractor to hold down materials costs, which he can do by buying materials at good prices and storing them at the job site.

“There’s a natural tension for the homeowner to wonder if (the contractor will) cheapen the project in ways they don’t see because his profit is being eroded,” Wagner says. Add the requirement that you are allowed to review receipts and the actual cost for materials purchased for the project each time the builder applies to withdraw money from the construction account. Keep track of materials prices so you have a point of reference, and ask for data that proves that the materials the contractor paid for are for your project.

Performance and payment bonds are two additional tools, typically used in government and commercial contracts, that can reduce the risk to homeowners when there are material price increases with a fixed-price contract.

Performance bonds essentially provide project completion protection to cover the cost of finishing the project if the builder abandons it rather than finish-sometimes a scenario prompted by spiraling materials costs.

Payment bonds ensure that material suppliers get paid, especially when project costs increase beyond the contractor’s budget.

Wagner says that these bonds can also indicate the financial health of your contractor; to get them, the contractor has to have enough business assets to qualify, or must make a personal guarantee to the bonding company. If the contractor doesn’t qualify, it may indicate that the company doesn’t have enough assets for your project.

The bonds aren’t cheap, though, and typically the homeowner covers the cost.

There are some materials you have to have: shingles, piping and plywood. But others may be more optional than you think.

Bielinski Homes, based in Waukesha, Wis., offers a guaranteed price contract to reassure buyers that they won’t get hit with sticker shock, says chief operating officer Paul Bielinski. “‘I don’t really know what it will cost’ is a scary thing,” he says.

Some house layouts are easier on materials than others. Bielinski has tweaked some designs to eliminate walls, offering a more open layout. It is also starting to offer laminate floors instead of hardwood floors-one example of how costs can be held down by changes in finish materials.

Paying for all this has gotten more complicated, too.

Lenders say construction loans have been hit by the same kinds of credit complications as other types of mortgages.

“If their scores are not optimal, customers are feeling that in the wallet a little bit,” says Doug Gray, a mortgage loan officer with Kenosha, Wis.-based Southport Bank.

Bridge loans, which are used when an owner is building a house while living in the old one, “are significantly more challenging than they used to be,” he adds.

Instead of commissioning a new house and crossing their fingers that the old one will sell quickly, many homeowners are first selling, and then breaking ground.

When it’s finally time to build, expect to review your construction contract with your lender.

“Yes, we do look at the escalation and cost clauses,” says Jeff Cumminford, a vice president and field manager for mortgage lending for Racine, Wis.-based Johnson Bank.

If the cushion in the construction account is consumed by extra costs, “the only solution is to ask the customer to come up with more cash or refinance the construction loan when the project is done, or you make a separate second mortgage or lien of credit to cover the extra cost,” he explains.

Of course, getting the loan to begin with assumes that the market value of the finished house is in line with its new neighborhood.

“Cost is not always equal to value,” says Leslie Sellers, vice president of the Appraisal Institute, based in Chicago.

“You wouldn’t want to build something that’s too customized, or a home that’s twice the size of others in the neighborhood,” he says. “With the market as it is, you won’t get any of that value back.”

Keeping Track

You can track material prices by watching the Producer Price Index (PPI), compiled by the Bureau of Labor Statistics. It shows the change in the cost of producing finished goods, excluding food and energy.

© 2008, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

RISMEDIA, August 7, 2008-RE/MAX Allegiance Realty in Woodbridge, Virginia, has a competitive edge when it comes to a start-to-finish relationship with customers: Bank of America has full-time on-site loan officers in more than 20 of its offices.This streamlines the mortgage process and RE/MAX Allegiance associates get fast answers on rates, loan products and updates on customer loans already in the mortgage pipeline.

“It is more important than ever that RE/MAX brokers provide its associates with competitive products and services. It is comforting to know that with Bank of America, our associates are with the best,” says Charlie Austin, chairman of RE/MAX Allegiance. The combination of the brands brings both great credibility and assurance to home buyers in a trying real estate environment, according to Austin.

RE/MAX Allegiance and Bank of America already had a mortgage relationship before the firms became an alliance relationship. Michael Bradshaw, leader of Realtor/Builder Mortgage Services for Bank of America, says the bank’s aim is to “offer RE/MAX Allegiance a seamless end-to-end mortgage solution that starts with the right products and ends with loans closed on time. That’s a simple process and it works very well.”

The ability to qualify buyers takes on more significance in today’s market reality.

“Our associates know that qualified consumers can get a great loan for their needs from Bank of America,” says Judy Austin, RE/MAX Allegiance president. “When others are reducing their loan products, Bank of America is aggressively meeting the needs of our buyers.”

Among those loan products is No Fee Mortgage PLUS, which eliminates thousands of dollars of closing fees. That’s coupled with a Close-On-Time Service Guarantee that the loan will close within 25 days of the application.

“In tough times, consumers look for stability and people they can trust. The Bank of America name is synonymous with performance and market leadership,” says Davidson Lunger, division president for RE/MAX Allegiance.

The relationship has worked well from an operational standpoint as well.

“We could not be more pleased with the support we’ve seen from the Bank of America team (headed by Keith Stiles),” says John Blount, RE/MAX Allegiance’s CFO. “We’re not new to this (finance) world, and we’ve worked with lots of companies. Never have we seen this much value. We just see a very capable team of people from Bank of America that has created real enthusiasm on both sides.”

And the sense of value and a visible hard work ethic by the mortgage team has cascaded down to the office level.

“The key to success in this operation is quality products, competitive prices and quality loan officers, and real estate brokers who believe in working together. It has to be a team endeavor, and it is,” says Blount.

For more information, please visit www.bankofamerica.com.

Bank of America is an Equal Housing Lender

This information is intended for use by real estate professionals only and should not be distributed or shown to customers or any other third party.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

10 Steps to a Successful, Profitable Website http://rismedia.com/wp/2008-08-05/10-steps-to-a-successful-profitable-website/
Things I Think I Think - Real Estate in a Nutshell http://rismedia.com/wp/2008-08-05/things-i-think-i-think-real-estate-in-a-nutshell/
How to Qualify Your Prospects before Working with Them http://rismedia.com/wp/2008-08-05/how-to-qualify-your-prospects-before-working-with-them/

‘Not My House!’ Sentiment Showcases Wide Homeowner Perception-Reality Gap

Nearly two out of three (62%) homeowners think their home value has increased or remained the same in the past year. Unfortunately, the reality of the market is not quite as bright; in fact, it’s getting worse. Seventy-seven percent of U.S. homes lost value in the past 12 months, according to preliminary analysis of Zillow’s Q2 Real Estate Market Reports, due to be released August 12, while only 19 percent increased and 5 percent remained the same. Whether it’s apathy, confusion or just plain denial, homeowners seem to believe the housing crisis affects every other home but “not my house,” underscoring a wide gap between homeowners’ inflated perception of their home values and the gloomy market reality. According to the company, to monitor this perception-reality gap over time, Zillow has created the Home Value Misperception Index, which is the difference between the adjusted percentage of homeowners who believe their home value increased over the past year and the adjusted percentage of homes that have increased in value. Nationwide, the Q2 Home Value Misperception Index is 32, reflecting this broad gap. Those in the West, which has the highest proportion of homes (88%) that declined in value during the quarter, seem to have the best grasp on reality with a Misperception Index of 23, while those in the South have the widest gap at 36.

More Optimism for Own Home vs. Neighbors’ Homes in the Short-Term

Homeowner short-term outlook is even more optimistic than current perception as three out of four (75%) homeowners expect their home value will increase or stay the same over the next six months, with 25 percent expecting a decline. The same level of optimism doesn’t extend to neighboring homes, however, as 42 percent expect values in their local market to drop and 58 percent think values will increase or remain the same.

More Foreclosures Expected yet Half Oppose Government Bailout for Those Facing Foreclosure

Four in five homeowners (82%) expect to see more or about the same amount of foreclosures in the next six months as they did in the last six. Already, more than nine out of 10 (92%) of all homeowners say there have been foreclosures in their local real estate market. Of these, 70 percent are at least somewhat concerned that foreclosures will decrease home values in their local market within the next year. Despite these concerns, nearly half of all homeowners (48%) say homeowners who are currently facing foreclosure because they took out an adjustable rate mortgage or other loan that they can no longer afford should not receive government assistance to stay in their homes. Only 28 percent support government intervention and 24 percent “don’t know.”

Two-thirds (64%) of Homeowners Planning Home-Investment Activities in Next Six Months:

- 56% are planning major (e.g. replace the roof, remodel the kitchen) and/or minor (e.g. install new garbage disposal, repaint or wallpaper a room) home improvements, with 17 percent planning major improvements and 49 percent planning minor ones. Of interest is how the perceived change in home value can impact home investment plans. Homeowners who believe their home has increased in value are significantly more likely to plan major home improvements (22%) than those who believe their home’s value has decreased (14%).

- 7% are planning home financing activity: refinance their mortgage (5%), take out a home equity line (2%), or take out a second mortgage (1%).

- 7% are planning to buy or sell a primary or secondary residence: sell their home (5%); buy a new primary or secondary residence (4%)

“Our survey reveals a wide gap between the perception homeowners have about their own home’s value and the realities of a market in which three-quarters of homes declined in value in the past year. We attribute this gap to a combination of inattention and a fair bit of denial that causes people to believe their home is insulated from the woes of the market that affect others, but not them,” said Dr. Stan Humphries, Zillow vice president of data and analytics. “This sentiment is also carried through in homeowner confidence for the short-term as more people expect their home to perform better in the next six months than the market and recent past. Although many homeowners may believe the worst is over, we think this level of optimism is out of sync with actual market performance.”

For more information, visit www.Zillow.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

On top of the Z57 Success Guarantee, real estate professionals will experience even more traffic due to Z57’s automatic listing syndication. With a large group of syndication partners, Z57 says that they greatly improve clients’ listing exposure through the Web.

“The Z57 Success Guarantee is a powerful addition to our already robust AE Premiere website solution,” says Don Gerould, president of Z57. “It not only ensures agents will receive quality website traffic, but also helps them establish and maintain a successful online marketing strategy, which is so critical in today’s market. With our money back guarantee, we are confident real estate professionals will experience the amazing results that have made our clients top performers.”

For more information, visit http://www.z57.com/guarantee-press.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

How to Qualify Your Prospects before Working with Them
When Organizing Isn’t Enough
How to Increase Your Business by 40% or more

RISMEDIA, August 7, 2008-(MCT)-Home buyers on the Grand Strand are plopping down big bucks to purchase real estate these days.The area has seen an uptick in the percentage of buyers paying for real estate up front in cash rather than the usual method of taking out a mortgage. Between January and June, 22 percent of buyers paid cash compared with 16 percent in the same period last year.

That’s the highest percentage this area has seen in a decade.

By comparison, 6 percent of home buyers in the Charleston area paid cash during the first six months of 2008, and 13 percent in the Beaufort area paid cash during the first seven months.

The national average in 2007 was 7 percent, according to the National Association of Realtors.

So, why does the Grand Strand have such a big portion of cash-payers?

Experts attribute it in part to the vast number of second-home owners.

Across the nation, people who buy vacation homes and investment properties are more apt to pay in cash, at 28 percent and 35 percent, respectively, according to Walter Molony, spokesman for NAR.

“The typical buyer is older, they have equity and they’re looking in part to diversify their portfolio, so they’re looking for places to put their money,” Molony said.

“They’ve built up equity over time so they’re in a much better position to pay cash.”

There’s a large number of baby boomers retiring to the area who have money they’ve saved, inherited or taken away from the sale of real estate in another market, said Tom Maeser, market analyst for the Coastal Carolina Association of Realtors.

Buyers in Brunswick County, N.C., don’t seem to be following the same trend, said the county’s Realtor association president Grady Watkins. He did not have data to show how people are financing their purchases, but said he hasn’t heard from other Realtors of an uptick in buyers shelling out cash.

“There are a few people that are purchasing with cash, but not astronomically higher than in the past,” he said.

Another component is the tightening in the credit markets that makes getting mortgages tougher than in recent years when credit flowed freely, Maeser said.

That’s made people who can pay cash reluctant to go through the process of getting a loan.

Paying up front means a swifter purchase and also gives the buyer more negotiating power, Maeser said.

“You can close very quickly with cash,” he said.

As a result, the percentage of people financing with a mortgage has gone down from its peak at 82 percent (or 5,494 buyers) during the first half of 2006 to 73 percent (2,341 buyers) during the first half of 2008.

That, in addition to the overall slump in sales, has cut into the number of mortgages banks are doling out.

“Anyone tied to the real estate industry right now is suffering through a little spill,” said Travis Minter, senior vice president of Crescent Bank, though he said more real estate is being sold on the Grand Strand than in most S.C. markets.

He suspects a large number of cash-payers are flocking to oceanfront, high-rise condos on the Strand, especially Canadians looking to take advantage of the relatively weak U.S. dollar.

The remaining 5 percent of buyers in the area this year financed purchases using unconventional loans such as those obtained through the Federal Housing Administration, Maeser said.

Copyright © 2008, The Sun News, Myrtle Beach, S.C.
Distributed by McClatchy-Tribune Information Services

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For related articles on RISMedia.com, see:

Adding the Human Element to Your New Home
5 Easy Design Ideas without Breaking the Bank
What’s the Best Use of Reward Credit Cards?

RISMEDIA, August 6, 2008-Catchy title isn’t it? I must confess that I saw it the other day in my HOA newsletter and the value of it hit me immediately. That’s where the similarity ends though. The rest of the content here is absolutely original.

So, what do I think? I think there should be more positive news in the papers than we have today. I think the press has focused so heavily on the negatives of the current housing/mortgage/credit recession that we are just beaten down psychologically.

I think I remember the paintings of the buffalo herds on the great plain of the western U.S. in the 1870s. You know, the ones where the dense herd moves as a single, wriggling, gigantic, black mass being driven by yelping hunters on horseback, firing arrows into the herd-the hunters skillfully driving the herd toward the rapidly approaching cliff, over which most fall to instant death. The buffalo follow one right behind the other with never a thought that blindly following the animal ahead might lead to a disastrous outcome. Instead, they run together, surging on and on until finally their simple lives end at the bottom of the cliff, becoming winter’s sustenance for the hunter tribe.

There are distinct similarities between the buffalo herd and the mentality of today’s consumer. I think we are being driven toward the cliff by the hunters and we are mindlessly following the buffalo in front of us, with never a thought of the possible outcome.

Just as the buffalo, we look to the left to see the yelping hunter and we panic. Not because the hunter is a genuine threat, but just because others in the herd are panicking. So we run toward the cliff, even though we have seen the cliff before and intuitively know that running in that direction will surely lead to disastrous results. I think we do so because we have no leadership to warn us that doing so will end our existence and we have no spine to realize the view can be so much more than the hind quarters of the animal in front. I think buffalo butt is not where I want to focus my attention.

I think I am sick and tired of hearing the endless armchair-quarterback analysis of the talking heads on TV. I think I want to scream at them to shut up and go back to work. I think those that can, do, and those that can’t go on TV and try to teach the rest of us what to think about the situation. Yet we refuse to remember where the cliff is located and persist in running blindly toward it.

I think the facts are that of the 120 million homes in the U.S., over 33% of them are completely paid for and have no mortgage. I think that 40 million of the remaining 80 million homes in the U.S. were bought before the year 2000, meaning that even in a “fire sale” the equity in those homes is at least 30%.
I think I know that 94% of all the mortgages in existence today are not behind at all. Of the 120 million homes in the entire U.S. today, only 4 million are “at risk” with less than 2% of all homes actually in foreclosure. I think Congress is about to spend $300 billion (yes, that’s billion, with a capital “B”) of your tax dollars to bail out those 2% of home buyers who made bad decisions. Yet the talking heads would have us believe that, like Chicken Little, the sky is falling and we all have to run for cover or risk getting smacked by falling houses.

But we keep looking to the right and looking to the left and looking in front and deciding that…well…everyone else is headed in this direction so it must be the right way to go. And the cliff draws nearer and nearer.

Phillip Cantrell is principal broker for Allison James Estates and Homes.

For more information, visit http://www.allisonjamesinc.com/.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Related articles:

• Which Is It - Independent Contractor or Employee?  
  Is the End in Sight for Brick and Mortar Companies? 
  How Using Technology Benefits Broker Supervision Issues-and the Planet

According to the company, it has designed an offering that provides a brokerage company with a comprehensive resource assessment and list of strategic recommendations plus assists in the execution of a resulting “inline media strategy.” The objective of this strategy is to create a unique offering targeted to attract consumers of real estate brokerage services.

“To my knowledge, Mediatise is the only company in the industry to provide this type of specialized service - one that is much needed now”, remarked Jenny, managing partner of Mediatise, LLC. “There exists a real dichotomy in our industry today. The market is very challenging while the opportunities for differentiation are readily available. Our intention is to assist a brokerage company in unlocking those opportunities and capturing a commanding share of the emerging market-something that I believe has not been capitalized on by any one force to date.”

Jenny, Cain McMurtrie and Bonfils bring an extensive amount of marketing, media, brokerage and applied technology experience to their offering. With a combined 80 years of expertise they have developed the proven ability to surface creative and competitive opportunities needed to drive efficiencies to the marketing and advertising efforts of nearly any real estate brokerage company.

“We believe that in this market it’s not how to do more with less, but how to do more with nothing,” commented Cain McMurtrie, partner with Mediatise, LLC.

“Nearly every brokerage company has made necessary cuts to their media budgets, but few have answered the real question of what to do now with what is leftover.”

According to the company, Mediatise is bullish on the market and remains extremely optimistic about the future of real estate marketing. “It is impossible for the leadership of today’s brokerage companies or their support staff to understand or stay current on the developments related to real estate media”, said Bonfils. “Market opportunities are created by new media strategies daily and that’s why it is very clear to us that tomorrow’s leaders of the real estate brokerage business will need to partner with outside resources, like Mediatise, to assure that they remain on the leading edge of the change that is occurring in today’s world of media offerings.”

“The times of annual media plans are long gone-forever more such plans need to be flexible and fluid and will change constantly,” said Jenny. “Today everything real estate, has the real potential of changing every day.”

For more information, call 949.854-9483 or e-mail services@mediatise.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

• 50 Days of Leaders: Family First  
  Real Estate Recruiting - The Unique Window of Opportunity  
  A Solid Plan for Increasing Business

The legislation, called the Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.

“This federal housing bill is a significant move in the right direction for California homeowners,” said C.A.R. President William E. Brown. “It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners.”

The bill permanently increases the conforming loan limit to $625,500. C.A.R. has long advocated for higher conforming loan limits. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.

“Although we would have liked Congress to make permanent the current $729,750 loan limit, C.A.R. is pleased with the new permanent loan limit of $625,500. It will allow California homeowners to refinance their loans into safe affordable loan products and allow first-time home buyers to enter the market,” said Brown.

The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115% of an area’s median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115% of an area’s median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.

C.A.R. also supports the following bill provisions:

. A temporary increase in mortgage revenue bonds to refinance subprime mortgages.

. New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize.

. First-time home buyer tax credit, which allows first-time home buyers to receive a tax refund worth up to 10% of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.

. Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.

. Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.

. The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.

. The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.

Other provisions in the legislation include:

. The Treasury Department’s proposal to create a federal backstop program to ensure the financial well-being of Fannie Mae and Freddie Mac.

. The FHA’s inability to insure loans that utilize a seller-funded down-payment assistance program. Down-payment assistance from family, employers and other nonprofits is still allowed.

. The Community Development Block Grant Programs’ $4 billion allotment for communities to purchase and refurbish foreclosed homes.

For more information, visit www.car.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Related articles:

• President Bush Signs Landmark Housing Bill into Law  
  Senate Approved Housing Rescue Package, Real Estate Industry Reacts

- The 10-City Composite Index was down 0.8% during July and 1.3% for the past three months. Asking prices declined in 13 markets, were flat in 3 and up in 10 of 26 markets.
- The largest monthly drop in asking prices occurred in Las Vegas with a 4.0% decline during July. Prices in Las Vegas fell by 7.5% over the past three month period for a breathtaking annualized rate of 30%.
- Prices increased in 10 of 26 markets with Detroit leading the way, up 4.8% in July.
- Cleveland also logged a solid increase of 2.7% for the month. It appears that Midwestern markets have stabilized and price erosion continues primarily in coastal and Western markets.
- Listed property inventories declined substantially with the 10-City Composite markets showing a decrease of 2.0% during July. Inventory declined in 20 of 26 markets with the largest declines in Detroit and Cleveland.
- For the Altos 10-City Composite, the average days-on-market was 111 - a slight increase from 109 in June. Thirteen of 26 markets had an average days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was Miami at an average of 156 days-on-market.

July Home Price Trends

For-sale listing prices declined in 13 of 26 markets during July. The 10-City Composite Index was down by 0.8% during the last month and by 1.3% over the most recent three month period. The largest monthly decline occurred in Las Vegas with a fall of 4.0%. This marks the fourth consecutive month that Las Vegas has posted the fastest rate of declining prices. Prices were also down by more than one percent for the month in Phoenix, Miami, Tampa, New York, Salt Lake City, Washington, DC, San Jose and Los Angeles.

Asking prices increased in 10 of 26 markets and were flat in three markets. The largest single month increase was in Detroit, up 4.8%. Denver and Cleveland also showed solid gains, up 2.3% and 2.7% respectively for the month. It appears that Midwestern markets have stabilized and price erosion continues primarily in coastal and Western markets.

July Housing Supply Trends

For the month of July, listed property inventory increased in just 6 of 26 markets. Across the Altos 10-City Composite markets, inventory declined by 2.0% for the month and 0.1% for the most recent three-month period. Inventory jumped by the largest amount in Portland and Seattle, up 8.2% and 2.8% respectively in July. Other markets experiencing some inventory increases were San Jose, Salt Lake City, Las Vegas and Philadelphia. Inventory levels declined in 20 of 26 markets. Inventory fell by the largest amounts in Detroit and Cleveland with inventory contracting 6.1% and 4.0% respectively. Both of these markets posted price increases in July and declining inventory indicates that trend should continue in the near-term.
July Housing Market Demand Trends

For the Altos 10-City Composite, the average days-on-market was 111 - an increase from 109 in June. Thirteen of 26 markets had an average days-on-market of 100 or more. Dayson-market declined in just 3 of 26 markets. By far, the market with the slowest rate of inventory turnover was Miami at an average of
156 days-on-market. That is more than a month longer than the next slowest market-Tampa which had an average days-on-market of 124.

Austin led all markets with the fastest rate of inventory turnover at an average of 78 days-on market, followed closely by San Francisco at 79 days.

For more information, visit www.AltosResearch.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate headlines, see:

• Has the Market Bottomed Out?  
  A Solid Plan for Increasing Business  
  5 Ways to Take the Lead in Your Life, Career

Commentary by Walt Baczkowski

RISMEDIA, August 5, 2008-At the top of the most frequently asked questions’ list is, “How will we know when the market has ‘bottomed out’ and we should buy a home?” (more…)

According to the Institute, respondents who would recommend the Sotheby’s International Realty brand say it has “high-end properties,” “exclusive listings,” “great customer service” and an “excellent reputation.”

“We are pleased with this recognition because it reflects our commitment as a brand to providing top quality service to luxury market consumers around the world,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “As we continue to experience consistent, strategic growth worldwide, and in light of challenging economic conditions in many markets, our top priority is to remain focused on delivering the high-quality service that is synonymous with our brand name.”

A national sample of 1,666 wealthy American consumers participated in the Luxury Institute’s online survey. The average income was $348,000 and average net-worth was $3.7 million. Respondents were asked to rate brands along four pillars of brand stature: consistently superior quality; uniqueness and exclusivity; social status as a product consumed by people who are admired and respected; and self enhancement, in that the brand makes the consumer feel special across all aspects of the customer experience

In addition, the survey also measures three key outcome metrics: worthiness of a significant price premium; willingness to recommend the brands to people they care about and why or why not; and brand preference as the brand most likely to be considered the next time a purchase is made.

The Luxury Institute is an independent and impartial ratings, reviews and research institution that is the trusted voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications and research to guide high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute operates the Luxury Board, one of the world’s first global, membership-based online communities for luxury goods and services executives, professionals and entrepreneurs.

For more information, visit www.LuxuryInstitute.com and www.sothebysrealty.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

• 3 Hiring Mistakes to Avoid  
  5 Ways to Take the Lead in Your Life, Career  
  50 Days of Leaders: 3rd Annual Realtors on the Rise Contest Honors 50 of the Industry’s Up-and-Coming Agents

In the first half of 2008, the region saw 27,839 homes sold, a 29 percent decrease, compared to 39,206 homes sold in the first half of 2007. The average number of days a home remained on the market increased from 66 days in the first half of 2007 to 77 days in the first half of 2008.

Additionally, monthly average inventory for the first half of 2008 was 61,159 compared to 57,985 in the first half of 2007. To sell the entire inventory listed on the market during June 2008, it would take 10.2 months, compared to 6.7 months during June 2007 and 5.5 months during June 2006.

Salem County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 6.6 percent in the first half of 2008 to $177,500, followed by Philadelphia County at 2.1 percent to $143,000, Mercer County at 1.9 percent to $275,000 and both Chester County and New Castle County remained unchanged at $310,000 and $225,250 respectively.

Chester County posted the highest median sale price at $310,000, followed by Bucks County at $282,000, Mercer County at $275,000, Montgomery County at $265,000 and Burlington County at $231,824.

Philadelphia County posted the highest number of homes sold in the first half of 2008 at 6,471, a 28.4 percent decrease, followed by Montgomery County (3,878, -24.3 percent), Delaware County (2,595, -28.5 percent), Bucks County (2,570, -26.8 percent) and New Castle County (2,418, -33.4 percent).

Other First Half 2008 HomExpert Market Report© findings:

- Thornbury Township in Chester County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 47.9 percent to $624,309 in the first half of 2008, followed by East Bradford Township in Chester County at 44.2 percent to $470,000, Salem City in Salem County at 43.1 percent to $114,500, Hainesport Township in Burlington County at 43 percent to $426,000 and Concord Township in Delaware County at 24.6 percent to $415,000.

- Princeton Township in Mercer County posted the highest median sale price in the Greater Philadelphia region at $882,500, followed by Princeton Borough in Mercer County at $729,000, Thornbury Township in Chester County at $624,309, Easttown Township in Chester County at $622,000 and Radnor Township in Delaware County at $578,750.

- The Newark/Glasgow area in New Castle County posted the highest number of homes sold in the first half of 2008 at 734, a 34.1 percent decrease, followed by the Wilmington area in New Castle County (414, -35.7 percent), Upper Darby Township in Delaware County (385, -34.6 percent), the Brandywine area in New Castle County (384, -25 percent) and the Elsmere/Newport/Pike Creek area in New Castle County (367, -27.2 percent).

- Delaware and Pennsylvania both led the tri-state region in highest median sale price in the first half of 2008 at $225,000, followed by New Jersey at $219,950.

- In the tri-county market, all three states saw median sale price decreases in the first half of 2008. Pennsylvania decreased 0.8 percent to $225,000, followed by Delaware decreasing 1.7 percent to $225,000 and New Jersey decreasing 2.2 percent to $219,950.

- Pennsylvania led the tri-state region in the number of homes sold in the first half of 2008 at 17,826 (-26.9 percent), followed by New Jersey at 6,969 (-31.7 percent) and Delaware at 3,044 (-33.9 percent).

* The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales in the first half of 2008. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

For more information, visit www.prufoxroach.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

• Virtual Tours Start to Click with Buyers  
  3 Simple Ways to Advertise Your Website
  Hiring Mistakes to Avoid

RISMEDIA, August 4, 2008-Thoughtful design can create a home that’s more usable by people of all ages and abilities-a home truly designed for life.

Have you ever struggled to open a door with arms full of groceries, tried to take a stroller up the front steps or maneuver a wheelchair into a too-narrow bathroom? If so, you’ve experienced the challenges of dealing with less-than-thoughtful home design. Universal design is a philosophy borne out of the need to make homes and other buildings more accessible and more usable for most people, regardless of age or ability. Creating a home that makes life easier, safer and more comfortable for the people who live there, and the people who visit, is at the heart of this idea.

Universal design is a guiding principle that, when applied, makes every home family-friendly for all. Fortunately, better functionality and good aesthetics are not mutually exclusive. The best home design incorporates both, and home buyers are demanding that their homes support healthier living without sacrificing style. With better planning, a home becomes more useful-and more marketable-to a broader audience of potential buyers.

Savvy home buyers are looking for cues that communicate livability and maneuverability: wide, no-step, zero-threshold entryways; a main floor master suite and seamless transitions from room to room. Little things make a big difference. Lever handles instead of knobs are easier to grasp when opening doors or turning on faucets, whether you’re dealing with arthritis or just slippery hands. Integrating “layered” lighting-general, task and accent-supports better vision for both young and old eyes. And those stylish rocker switches are much easier to turn on and off with a free elbow than the standard toggle.

A kitchen designed for versatile activities and family members opens up possibilities: varying counter heights, open-base cabinetry to allow stools, and easy-access side-by-side refrigerators reduce fatigue. In the bath, low- or no-threshold showers with integrated seating and adjustable handheld showerheads, taller toilets and grab bars-always grab bars-help prevent falls whether you’re young or young at heart.

So the question is not why build accessibility into a home, but rather why not? Issues in existing homes can be addressed with modifications and upgrades. For new construction, making simple adjustments to the plan before building begins can often cost just a few hundred dollars extra. Many consumers are putting greater emphasis on health and well-being, and having a home that supports a safer, more comfortable life while still delivering charm and curb appeal add up to a winning proposition.

Melissa Birdsong is vice president for Trend, Design & Brand, Lowe’s Companies, Inc.

For more information, please visit www.lowes.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

More Home Trends by Melissa Birdsong:

• Utilizing Consumer Resources - Time, Energy, Money  
  Go Beyond Beige - Color vs. Neutral Schemes  
  Home Trends - Outdoor Living

“We are working closely with our loan servicing partners to make the process of helping borrowers keep their homes as streamlined as possible and we continue to enhance delegation to ensure decisions can be made quickly. These loss mitigation incentives encourage our servicers to implement workout solutions and drive better processing and response time,” said Jason Allnutt, vice president for credit loss management at Fannie Mae.

According to Fannie Mae, they will increase loss mitigation incentives paid to servicers for foreclosure prevention options available to help a delinquent borrower prevent foreclosure. The company continues to pursue a variety of options to work with a delinquent borrower including repayment plans, HomeSaver AdvanceTM, loan modifications, pre-foreclosure sales, and deeds-in-lieu of foreclosure.

Incentive payments for repayment plans (where a borrower makes up the past-due payments over time) will be doubled to $400. Fannie Mae will begin an incentive payment of $700 for a loan modification where the terms of the loan are renegotiated. As an additional effort to help cash-strapped borrowers, Fannie Mae will prohibit servicers from assessing a modification fee to borrowers.

The recently announced HomeSaver Advance offers servicers a solution for borrowers experiencing a temporary financial hardship. HomeSaver Advance provides an advance to cover past-due mortgage payments in exchange for a separate, unsecured loan. The HomeSaver Advance incentive structure will be modified to pay servicers based on the performance of the mortgage loan, with an initial incentive of $200 and an additional $500 to be paid after the borrower makes three consecutive timely scheduled payments.

Incentive payments for short sales (pre-foreclosure sales) will range from $1,000 to $1,500 and payments for deeds-in-lieu of foreclosure will increase to $1,000.

Fannie Mae is working with lenders, loan servicing companies, and policy makers to respond to the housing and mortgage market crisis with a goal to minimize the impact on families and communities by helping to prevent foreclosures, supporting counseling efforts and providing greater market stability.

For more information, visit www.fanniemae.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Related articles:

• President Bush Signs Landmark Housing Bill into Law  
  Senate Approved Housing Rescue Package, Real Estate Industry Reacts

“Consumers and brokers alike are anxious for a new real estate experience,” said Kaira Sturdivant Rouda, president of Real Living. “Our new partners in Georgia, Massachusetts and Texas will satisfy that need by providing value through innovation and a brand that truly connects with today’s consumers.”

“I was very impressed with the extensive technology tools Real Living has to offer,” said Randy Parker, broker/owner of Real Living Advantage. “The customer support and commitment to recruiting was unlike anything I had ever seen in the industry.”

New locations include:Real Living Advantage is located at 335 Nob North Drive, Cohutta, GA 30710 and can be reached at (706) 529-6085 or www.RealLivingAdvantage.com. It is operated by Broker/Owner Randy Parker.

Real Living Barbera Associates is located at 451 Grove St, Worcester, MA 01605 and can be reached at (508) 852-4227 or www.RealLivingBarberaAssociates.com. It is operated by Broker/Owner Ray Barbera.

Real Living Hometown Realtors is located at 1314 50th Street, Suite 102, Lubbock, TX 79412 and can be reached at (806) 548-1338 or www.RealLivingHometown.com. It is operated by Broker/Owner Monique Carabajal.

“When I decided to open my own real estate company, I did months of research on several different franchises,” said Monique Carabajal, broker/owner of Real Living Hometown Realtors. “The second I discovered Real Living, it stood far from the rest. I decided on Real Living because of their exceptional marketing materials, low fees for my agents and the fabulous corporate support (technological and personal). I cannot describe how supportive and encouraging Real Living has been to me as a new broker. ”

According to the company, Real Living’s franchise network has grown 300% since 2005. In recognition of its success, Real Living was named one of the best new franchises by Entrepreneur magazine and was recognized by Inman News as real estate’s “Most Innovative Franchise”.

“Real Living Barbera Associates is changing the face of residential real estate in Worcester County, Mass.,” said Broker/Owner Ray Barbera. “We have been serving the home buyers and sellers of Worcester and its surrounding towns for over a decade with honesty, integrity and proficiency. Our affiliation with the Real Living national brand fortifies an existing successful business model with unsurpassed tools and technologies. Real estate has changed, and we have grown.”

The company says that Real Living continues to innovate, utilizing the best in new marketing technologies and strategies to keep its growing group of franchisees ahead of the curve and valuable to consumers. Real Living’s agent-centric, customer-focused approach to residential real estate plus its award-winning fully integrated marketing-technology platform has helped the company to become one of the nation’s fastest-growing franchisors.

For more information, visit www.RealLiving.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

• Do You Know Who You’re Selling To?  
  ‘Tell Me More’ - How to Lead Through Listening  
  13 Ways to Get Buyers Inside the Home