REALTORS® Develop Wisconsin Foreclosure Assistance Web Site

Madison, WI - July 15, 2009 - (RealEstateRama) — A new online resource developed by the Wisconsin REALTORS® Association can help consumers take steps to avoid foreclosure or navigate through the process for a better outcome.
The nation’s economic downturn has created financial challenges for many homeowners and experts say extended periods of unemployment, mounting debt and medical expenses brought on by a loss of insurance are contributing to today’s record wave of foreclosures. These factors, along with a decline in property values and predatory behavior by some lenders, have made it difficult for many homeowners to meet their financial obligations and stay current on their loans
“The possibility of going through foreclosure is the last thing consumers think about when they buy a home, but unfortunately it’s the situation thousands of Wisconsin homeowners are facing today,’’ says Bill Malkasian, President of the Wisconsin REALTORS® Association. “As a trusted source of advice and counsel, we created this resource to help homeowners achieve a better outcome when faced with difficult choices. The reality is that banks don’t want to have to go through the time and expense of the foreclosure process, so there is much more opportunity to negotiate new terms and hold on to your home.”
The Wisconsin Foreclosure Assistance Resource Center provides answers to frequently asked questions about Wisconsin’s foreclosure process and features a variety of credible resources, including expert advice and contact information for trusted advisers throughout the state.
The site’s three main sections – a survival kit, prevention kit and public information kit – include video clips with experts from the Wisconsin REALTORS® Association, Wisconsin Bankers Association, Consumer Credit Counseling Service of Greater Milwaukee, the Wisconsin Housing and Economic Development Authority and more. In addition, the site explains the foreclosure timeline and provides a glossary of terms to help homeowners ask the right questions and get the answers they need.
Malkasian says one of the biggest mistakes homeowners make is to do nothing when confronted with a financial problem. Whether they are buoyed by a false sense of optimism that things will get better, or feel a sense of embarrassment or fear, many are reluctant to reach out and make contact with their mortgage provider.
“Often, stress and emotions are running high for homeowners in this situation,’’ Malkasian says. “The purpose of the online resource is to provide a ready source of credible help that takes emotion out of the equation and replaces fear with a clear course of action. Homeowners in this situation are particularly vulnerable to predatory schemes and we wanted to provide professional contacts – often at nonprofit agencies — who are trained to help.’’
The site includes a thorough discussion of what to do if you are unable to make a scheduled mortgage payment, when it might be time to sell your home and tips for avoiding foreclosure scams.
For more information, visit the Wisconsin Foreclosure Assistance Resource Center at http://www.wisconsinforeclosurekit.org/.

Results of Oshkosh Vision Survey

Oshkosh, Wis., residents recently took a vision survey designed to help chart a common community path for the years to come. The community survey elicited approximately 2,400 responses, a majority of which called for sustainability and a renewed focus on the city's downtown and riverfront. Consultant Tony Nelessen of A. Nelessen Associates, who conducted the survey, remarked, "The set of recommendations that came out of all that input probably creates one of the most visually interesting, greenly aesthetic futures for a town that I've ever seen." When Oshkosh initially embarked on the visioning process earlier this year, local officials had some grandiose plans in mind but lacked a cohesive vision. Thanks to the survey, City Manager Mark Rohloff stated, "Now we have some vision to go with the plans. Now we can marry those two and move forward." More than 90 percent of respondents stated that future development should be focused on downtown Oshkosh. Not a single respondent, meanwhile, advocated more development along the U.S. Highway 41 corridor. On the north side, respondents called for additional multifamily housing and mixed-use retail. Finally, the survey showed strong support for development south of the river that focuses on parks and green space.

Summer BBQ'ing Tips

Everything tastes better off the grill or barbeque pit, and nothing could be simpler, right? Well....... there is more to barbeque than tossing a steak or burger on a grill. Experience is a great teacher but it's always nice to learn from other's mistakes.

1. Wash everything after handling raw meat, and don't reuse the plate that you used for uncooked meat.
2. Have a spray bottle full of water nearby your grill in cause of flare-ups.

3. Using charcoal briquettes for your barbecue's heat? Then light the coals about 30 minutes before to cooking.

4. If you're a charcoal fan, first line the inside bottom of your cooker with a couple of sheets of aluminum foil before you put your briquettes in.

5. Cooking chicken? If you intend to eat the skin, rub the outside with a little butter or oil and then lightly season it.

6. Leaner steak cuts possess more flavor but will be a little tougher if cooked past medium.

7. Use these cooking times for grilled fish: Salmon fillets, 6 - 8 minutes per side; Salmon or halibut steaks, 5 minutes per side; Trout fillets, 4 minutes per side; Small whole fish, 7 minutes per side; and Large fish, 15 minutes per side. If your whole fish are stuffed, give it a few extra minutes per side.

8. Don't add any salt until the meat is cooked to prevent it from getting dry and tough.

TODAY IS MAGGIE'S BIRTHDAY

Today is my 9th birthday!!! My mom is taking me to Petco to get a treat and she's also baking me a cake later!

"Sellers Offer Incentives to Help Lure Homebuyers"

Home sellers, particularly those who do not need to pay off mortgages, are offering creative financing to attract buyers. REALTORS® say these sellers might offer lease-to-own agreements, or they could provide mortgages to cover the purchase. Sellers benefit from being able to secure higher asking prices and unload the properties faster while generating a monthly income without taking on a lot of risk. If the buyer defaults, the seller simply assumes ownership of the property and resells it. Meanwhile, agents say buyers benefit from being able to negotiate the interest rate and terms with the seller. Those who do not qualify for conventional financing have a better chance of becoming homeowners.

Pending home sales rise 6.7%

The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.
Economists were encouraged by the report, and stock indexes advanced modestly.
"This is yet another positive indication that the bottoming process is forming," Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. "Now if only prices would stabilize."
Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.
In early trading, the Dow Jones industrial average added about 20 points to 8,741, and at times traded above 8,776.39, its finish for 2008.
Still, some economists wonder whether rising mortgage rates will dampen home sales. Nationwide average rates for 30-year-fixed rate mortgages are around 5.3 percent this week compared with about 5 percent a week earlier, according to Bankrate.com.
And analysts cautioned prices will take longer to stabilize, because of the glut of unsold properties on the market.
"Even if sales volumes rebound, home prices will keep falling under the weight of the massive inventory overhang," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics.
The Realtors' index was 3.2 percent above last year's levels and has risen for three straight months after hitting a record low in January. A nearly 33 percent sales increase in the Northeast and a 9.8 percent jump in the Midwest led the overall surge. Sales contracts rose 1.8 percent in April from a month earlier in the West, but fell 0.2 percent in the South.
The big boost likely reflects the impact of a new $8,000 tax credit for first-time homebuyers that was included in the economic stimulus bill signed by President Barack Obama in February. Since buyers need to finish their purchases by Nov. 30 to claim the credit, "we expect greater activity in the months ahead," Lawrence Yun, the Realtors' chief economist, said in a statement.
Still, Yun cautioned that the pending sales data is more volatile than in the past because many sellers need banks to agree to take less than the original mortgage -- a so-called "short sale." That process is often difficult, time-consuming and can wind up falling apart before the deal closes.
The Federal Housing Administration last week released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the Internal Revenue Service.
Completed home sales rose 2.9 percent to an annual rate of 4.68 million in April from a downwardly revised pace of 4.55 million in March, the Realtors' group said last week.
Sales of inexpensive foreclosures and other distressed low-end properties have even sparked bidding wars in places like Las Vegas, Phoenix and Miami. But the market for high-end properties remains at a virtual standstill.
The national median sales price in April plunged more than 15 percent to $170,200, from $201,300 in the same month last year. That was the second largest yearly price drop on record, according to the Realtors' group.

Homebuyer Snapshot

Did you know???

That the average age of the first time homebuyer is 30?

That the average purchase price of a first time homebuyer is $165,000?

That the average age for a repeat buyer is 47?

That the average purchase price for a repeat buyer is $236,000?

That 57% of the population has never lived outside of their current state?

That 37% of the population has never left their hometown?

That 20% of the population has left their hometown but never lived in a different state?

People define home differently: 26% say it's where they were born or raised; 22% say it's where they live now; 18% say it's where they have lived the longest; 15% say it's where their family comes from; and 4% say it's where they went to high school.

Did you know that Maggie will be 9 years old on June 17th???