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Housing News Update: November 9, 2009 November 9, 2009

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Housing News: November 2, 2009 November 2, 2009

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Housing News: October 29, 2009 October 29, 2009

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The ups and downs of the real estate market…always keeps us in suspense..please read on…








Housing News: October 28, 2009 October 28, 2009

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We take a “closer” look on real estate and mortgage news!


Housing News: October 27, 2009 October 27, 2009

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Housing News: October 26, 2009 October 26, 2009

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Posted by John Watch in News Feed: Tags:housing market,property data,public records, real estate news







Live Help Feature Activated on AccuriZ! September 30, 2009

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To better service our customers, we have implemented a ‘Live Help’ feature on the front page of the company website. Located in the top, right corner next to Login and Enroll, you can interact with us instantly. It’s easier than phone calls and speedier than e-mailing. Have any questions? Looking for a property? Need a statistical report or property data? Searching for public records? Problems with enrolling? Let us know through Live Help now so we can assist you!

Construction in a Different Direction: Infrastructure September 24, 2009

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The Housing in Crisis report showed that at the end of 2008, we had an excess of 5  million vacant homes on the market (excluding vacation homes and foreclosures). During this second quarter, about 18.7 million vacant housing units remained on the market (including foreclosures, residences for sale and vacation homes) based on property data from public records. With incentives like the $8,000 tax credit, there has been a push for new home construction, even if the 581,000 new single family homes this year is a dismal comparison to the booming days of 2005/2006.

New construction creates employment and stimulates growth, which are all positive necessities. In the real estate market, housing starts and building permits are signs of recovery, as we are witnessing today. But with the national population growth at about 4 million people annually and a swelling number of vacant units, it will take at least three more years before true market levels begin to appear. The housing market does not need to cease construction, but construction directed at different sectors of the ecnonomy could provide the same employment without further straining the housing market.

America faces serious problems with deteriorating roads, highways and bridges. In January, the American Society of Civil Engineers produced a Report Card for America’s Infrastructure, raising critical concerns. The report states that in New York, 42% of bridges are structurally deficient on functionally obsolete. This is just a small fraction of the problems faced all over the country. Construction in these areas is not only critical for our current downturn, but for generations of Americans to come.

Until the demand of new housing comes back into balance with the overwhelming supply we have seen this decade, the housing market’s true levels will remain unseen. But what is clearly forseeable is the further deterioration of America’s infrastructure that we must act on now to see a change in the future.

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Stability for the Manhattan Market in Fruition September 21, 2009

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In a recent New York Times article, fall expectations for the Manhattan real estate market were optimistic as listings show normal levels compared to last year, indicating confidence. Stability is now appearing in the Manhattan market, which was reported in our Manhattan Condo Market article a month ago, as well as the NYC Square Footage Report.

In our Manhattan Condo article, we projected a 4th Quarter of stability after increases in sales activity and property values for the July, August and September months. The recent New York Time article confirmed our predictions. According to the article, 40 percent of new listings in Manhattan after Labor Day were condos while 60 percent were co-ops.

With actual analysis using property data from public records, we indicate the trends accurately and determine the market outlook. While many were concerned with the proposed Shadow Inventory spelling disaster for the Manhattan Market, the numbers projected are now proving otherwise.

Heading into the 4th Quarter, AccuriZ will continue to provide accurate analysis on the market. Hopefully the media outlets like The New York Times will continue to as well.

For additional statistical analysis on Manhattan and other boroughs including property data and valuation, click here.

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Mortgage Assistance? FDIC Encourages Forbearance for Unemployed September 16, 2009

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The Federal Department Insurance Corp. has recently encouraged acquirers of failed banks to offer forbearance to

Image Courtesy: Eurosilex.com

Image Courtesy: Eurosilex.com

unemployed or underemployed borrowers through a new program. We will take a look at this FDIC program and compare it to the AccuriZ Mortgage Assistance Program (MAP) created months prior.

This FDIC initiative –available to institutions that have acquired failed banks through loss-share agreements with the FDIC – is requiring only a portion of monthly mortgage payments from borrowers for up to 6 months. As a result, unemployed borrowers can find jobs, and banks aren’t forced to foreclose with a portion of payment still being received.

The AccuriZ Mortgage Assistance Program, if initiated, would allow homeowners owning no more than one property who are unable to afford a full mortgage payment to pay a reduction, with the government covering the difference to be reimbursed in 7 years. The repayment would be over 10 years at an interest rate of 3%.  Up to $25,000 could be provided in a year, with a $50,000 cap for 36 months. Click HERE to see additional benefits.

Although the FDIC program is a positive effort with good intentions, a 6 month cap for unemployed borrowers is highly optimistic given the current state of the economy. Also, given the requirements and eligibility, the FDIC program would not have the significant impact in overall homeowner assistance as HAMP is trying to execute. More foreseeable problems and concerns over impact can be seen HERE.

Some drawbacks to the Mortgage Assistance Program would be the Application Filings and Processing. Possible solutions for these problems can be seen HERE.

Whether the FDIC program will follow through with its good intentions if initiated remains to be seen, but it’s good to see institutions attempting to weather this foreclosure storm any way possible. The AccuriZ Mortgage Assistance Program has its obstacles, but with a focused effort could very well be implemented.

Gives us your thoughts and opinions on the two. We only fail if we do not try.

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