Six former Bank of America Corp. employees have reportedly filed a lawsuit in Massachusetts federal court alleging that the bank deliberately denied loan modifications to eligible homeowners in order to force them into foreclosure.
The former employees, who worked at different bank offices across the U.S. up until last year, claim they were told by upper management to lie to homeowners about the status of their mortgage payments and documents for the purpose of forcing them into foreclosure or getting them to sign modified "in-house" loans at rates of up to 5%, according to a CNBC report.
MortgageOrb: Lawsuit: BofA Lied To Homeowners Seeking Loan Modifications
Tuesday, June 18, 2013
Friday, May 10, 2013
Building your Home Equity is still a Sensible Investment in your Future
Why Home Equity Beats Facebook Equity
Facebook’s IPO and subsequent stock value points up a simple truth: It’s easy to get caught up in the notion of getting rich quick. But there’s no surer way to wealth than home ownership.
As Facebook’s IPO approached, it was easy to start traveling down the “what if” path: “What if I had equity in Facebook?!? How rich would I be?”
If my parents had only bought me Berkshire Hathaway stock for my first birthday in 1962, I’d have made some serious money in stock equities.
Alas, they didn’t recognize the hot stock of their era any more than I would recognize the hot stock of mine.
Like most Americans, it’s home equity, not stock equity, that will pad my bank account when I hit the retirement finish line.
About two-thirds of Americans invest in home ownership, but only half of us invest in stocks. (I suspect this is in no small part because we have to make our mortgage payments every month or the bank comes and takes our houses back.)
The fact is, more of us are getting rich by buying and paying off our homes than by picking the next Facebook.
Here are some interesting facts from the National Center for Real Estate Research:
The bottom line is this: Even if renting appears cheaper on a spreadsheet, the forced savings of home ownership leads to wealth more reliably than renting. Many of us simply don’t have the willpower or motivation to save our discretionary income and invest it in stocks.
So unless you’ve got the inside track on the next hot future IPO, keep making your mortgage payments.
What’s worth more right now, your IRA or your home?
Published: October 29, 2012
By: Dona DeZube
If my parents had only bought me Berkshire Hathaway stock for my first birthday in 1962, I’d have made some serious money in stock equities.
Alas, they didn’t recognize the hot stock of their era any more than I would recognize the hot stock of mine.
Like most Americans, it’s home equity, not stock equity, that will pad my bank account when I hit the retirement finish line.
About two-thirds of Americans invest in home ownership, but only half of us invest in stocks. (I suspect this is in no small part because we have to make our mortgage payments every month or the bank comes and takes our houses back.)
The fact is, more of us are getting rich by buying and paying off our homes than by picking the next Facebook.
Here are some interesting facts from the National Center for Real Estate Research:
- 6 in 10 of us have more home equity than stock equity.
- One-fifth of Americans’ total net worth is home equity.
- Home owners accumulate, on average, $167,000 in their lifetimes, compared to $42,000 for renters.
- The median wealth for the poorest American home owners, those earning less than $20,000, is 81 times that of renters with similar income.
The bottom line is this: Even if renting appears cheaper on a spreadsheet, the forced savings of home ownership leads to wealth more reliably than renting. Many of us simply don’t have the willpower or motivation to save our discretionary income and invest it in stocks.
So unless you’ve got the inside track on the next hot future IPO, keep making your mortgage payments.
What’s worth more right now, your IRA or your home?
Read more: http://www.houselogic.com/blog/why-home-ownership-matters/facebook-ipo-home-equity/#ixzz2Sx7cb6Zh
Houston Texas Home Sales Blossom in March 2013
HOUSTON HOME SALES BLOSSOM IN MARCH
Aggressive home buying shrinks inventory further while driving the median price to a record high
HOUSTON — (April 16, 2013) — It’s hard to tell that the spring home buying season has begun because real estate transactions throughout Greater Houston never slowed during the traditionally quieter winter months. The addition of nearly 119,000 jobs over the past 12 months and the resulting need for housing, combined with continued low interest rates, helped make March Houston’s 22nd consecutive month of positive home sales.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), home sales jumped 17.0 percent compared to last March. Housing inventory, which had been at a 13-year low of 3.6 months during the first two months of the year, shrank slightly in March to 3.5 months.
The lower supply of homes and added demand sent prices higher. The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 6.5 percent to $172,000, an all-time record high for Houston. The average price rose 4.6 percent year-over-year to $236,195, the second highest level ever.
Contracts closed on 5,779 single-family homes. That is the largest one-month sales volume since August 2012. All housing segments experienced gains except for those priced under $80,000. Homes selling between $80,000 and $250,000 registered the greatest sales volume increase.
“REALTORS® continue to see multiple offers on single-family homes and condos throughout the Houston market, which suggests that our local economy is growing stronger by the day,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Governor Rick Perry recently stated that Texas is the fastest growing state in the country, and most of those people seem to be coming to the Greater Houston area because our job market is better than that of Dallas, Austin and San Antonio."
In reporting the addition of 118,700 net jobs during the past year, the U.S. Bureau of Labor Statistics ranked Houston No. 1 for job growth among the 20 most populous U.S. cities. The 4.5 percent hiring increase returns Houston to its previous job peak of the fall of 2011.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) declined 27.2 percent compared to March 2012. Foreclosures currently make up 12.3 percent of all property sales, down from 15.8 percent one month earlier. The median price of foreclosures climbed 5.8 percent to $86,000.
March sales of all property types in Houston totaled 7,006, a 19.4 percent increase over the same month last year and the largest one-month volume since last August. Total dollar volume for properties sold leapt 23.6 percent to $1.6 billion versus $1.3 billion a year earlier.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), home sales jumped 17.0 percent compared to last March. Housing inventory, which had been at a 13-year low of 3.6 months during the first two months of the year, shrank slightly in March to 3.5 months.
The lower supply of homes and added demand sent prices higher. The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 6.5 percent to $172,000, an all-time record high for Houston. The average price rose 4.6 percent year-over-year to $236,195, the second highest level ever.
Contracts closed on 5,779 single-family homes. That is the largest one-month sales volume since August 2012. All housing segments experienced gains except for those priced under $80,000. Homes selling between $80,000 and $250,000 registered the greatest sales volume increase.
“REALTORS® continue to see multiple offers on single-family homes and condos throughout the Houston market, which suggests that our local economy is growing stronger by the day,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Governor Rick Perry recently stated that Texas is the fastest growing state in the country, and most of those people seem to be coming to the Greater Houston area because our job market is better than that of Dallas, Austin and San Antonio."
In reporting the addition of 118,700 net jobs during the past year, the U.S. Bureau of Labor Statistics ranked Houston No. 1 for job growth among the 20 most populous U.S. cities. The 4.5 percent hiring increase returns Houston to its previous job peak of the fall of 2011.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) declined 27.2 percent compared to March 2012. Foreclosures currently make up 12.3 percent of all property sales, down from 15.8 percent one month earlier. The median price of foreclosures climbed 5.8 percent to $86,000.
March sales of all property types in Houston totaled 7,006, a 19.4 percent increase over the same month last year and the largest one-month volume since last August. Total dollar volume for properties sold leapt 23.6 percent to $1.6 billion versus $1.3 billion a year earlier.
March Monthly Market Comparison
March brought positive results to Houston’s overall real estate market when all sales categories are compared to March 2012. On a year-over-year basis, total property sales, total dollar volume and average and median pricing all rose.
Month-end pending sales totaled 4,433. That is up 6.5 percent from last year and portends the likelihood of another month of positive sales when the April figures are tallied. Active listings, or the number of available properties, at the end of March declined 22.1 percent from March 2012 to 32,704.Housing inventory in Houston held at 3.6 months in January and February, but slipped slightly in March to 3.5 months. That remains the lowest level recorded since 1999. Inventory first fell below a five-month supply in August 2012 and then dropped below a four-month supply last December. The inventory of single-family homes across the United States stands at 4.7 months, according to the latest report from the National Association of REALTORS® (NAR).
| CATEGORIES | MARCH 2012 | MARCH 2013 | CHANGE |
| Total property sales | 5,866 | 7,006 | 19.4% |
| Total dollar volume | $1,276,756,997 | $1,578,481,653 | 23.6% |
| Total active listings | 41,997 | 32,704 | -22.1% |
| Total pending sales | 4,162 | 4,433 | 6.5% |
| Single-family home sales | 4,941 | 5,779 | 17.0% |
| Single-family average sales price | $225,809 | $236,195 | 4.6% |
| Single-family median sales price | $161,500 | $172,000 | 6.5% |
| Months inventory* | 5.6 | 3.5 | -37.7% |
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
Single-Family Homes Update
March sales of single-family homes in Houston totaled 5,779, up 17.0 percent from March 2012. That marks the 22nd straight monthly increase.
Broken out by housing segment, March sales performed as follows:
$1 - $79,999: decreased 17.1 percent
$80,000 - $149,999: increased 15.1 percent
$150,000 - $249,999: increased 23.1 percent
$250,000 - $499,999: increased 30.7 percent
$500,000 - $1 million and above: increased 20.5 percent
The median price of a single-family home rose 6.5 percent from last year to $172,000, the highest level ever recorded in Houston. At $236,195, the average sales price for single-family homes achieved the second highest ever, up 4.6 percent year-over-year.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In March 2013, existing home sales totaled 4,915, a 23.3 percent increase from the same month last year. The average sales price rose 4.9 percent year-over-year to $221,714 while the median sales price jumped 10.3 percent to $159,900.
Townhouse/Condominium Update
March sales of townhouses and condominiums rocketed 47.1 percent from one year earlier. A total of 550 units sold last month versus 374 properties in March 2012. The average price edged up 2.8 percent to $173,155 while the median price increased 3.0 percent to $139,000. Months inventory was 3.7 months compared to the 6.8 months level it held in March 2012.
Lease Property Update
Houston’s lease property market saw generally positive results in March. Rentals of single-family homes increased 7.8 percent compared to March 2012 and year-over-year townhouse/condominium rentals were flat. The average rent for single-family lease homes was $1,552 while it was $1,393 for townhouses/condominiums – representing increases of 4.3 percent and 5.0 percent respectively.
Houston Real Estate Milestones in March
- Single-family home sales increased 17.0 percent year-over-year, accounting for the market’s 22nd consecutive monthly increase and the largest one-month sales volume since August 2012;
- Total property sales rose 19.4 percent compared to one year earlier and also accounted for the largest one-month sales volume since August 2012;
- Total dollar volume jumped 23.6 percent, increasing from $1.3 billion to $1.6 billion on a year-over-year basis;
- At $172,000, the single-family home median price reached an historic high for Houston;
- At $236,195, the single-family home average price reached the second all-time highest level;
- 3.5 months inventory of single-family homes is the lowest level since 1999 and compares to the national average of 4.7 months;
- Sales of townhouses/condominiums shot up 47.1 percent year-over-year.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of REALTORS®
(HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of REALTORS®
(HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
Friday, April 19, 2013
The Heritage at Towne Lake Car Show Sunday April 21 2013
Our Car Show Drove Thousands of Car Lovers to Cypress!
More than 2,000 visitors attended The Heritage at Towne Lake's Fourth Annual Car Show. The event was open to the public, and 134 new and classic cars competed for a variety of titles including "Best in Show" and "Best Restoration."
Towne Lake-A-Palooza
Sunday, April 21, 2013
12 - 5 p.m.
Looking for a day of fun for the whole family? Come make a SPLASH at Towne Lake's second annual Lake-A-Palooza!
Variety of free activities and games
Water sport exhibitions
Kayaking and paddle boarding
Unique food vendors
Event proceeds benefit Living memorial
Come out and support a great cause, and be there to see our first ever water walk! Personal lawn chairs and towels are welcome.
More than 2,000 visitors attended The Heritage at Towne Lake's Fourth Annual Car Show. The event was open to the public, and 134 new and classic cars competed for a variety of titles including "Best in Show" and "Best Restoration."
Towne Lake-A-Palooza
Sunday, April 21, 2013
12 - 5 p.m.
Looking for a day of fun for the whole family? Come make a SPLASH at Towne Lake's second annual Lake-A-Palooza!
Variety of free activities and games
Water sport exhibitions
Kayaking and paddle boarding
Unique food vendors
Event proceeds benefit Living memorial
Come out and support a great cause, and be there to see our first ever water walk! Personal lawn chairs and towels are welcome.
Thursday, April 4, 2013
Tuesday, March 19, 2013
Houston Housing Market is steadily increasing every month
NO SLOWDOWN IN SIGHT FOR THE HOUSTON HOUSING MARKET
Home buyers snapped up enough homes in February to raise prices and hold inventory levels to 13-year lows
HOUSTON — (March 19, 2013) — Home buyers kept Houston-area REALTORS® hopping in February, generating a 15.5 percent increase in sales compared to the same month last year, according to the latest monthly data compiled by the Houston Association of REALTORS® (HAR). The buying spree held local housing inventory to the same level as January — 3.6 months — which is the lowest supply of homes on the market since December 1999.
February marked the 21st consecutive month of increased home sales, with average and median prices reaching the highest levels for a February in Houston.
Contracts closed on 4,407 single-family homes during the month. All housing segments saw gains except for those priced below $80,000. That suggests the likelihood of an exhausted supply of available homes at that price point. Homes selling from $250,000 to $500,000 registered the greatest sales volume increase, accounting for the price appreciation.
“The recent flurry of home buying and reduced inventory may seem unusual, but is exactly what the Houston market experienced back in the late 1990s,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “The difference is that now we are seeing multiple offers and bidding wars. We are still in a seller’s market, and I would advise anyone who is considering selling their home to consult a REALTOR® who can price it right and handle all the details and paperwork, including sorting through whatever offers may come in.”
The single-family home average price increased 9.6 percent year-over-year to $220,445, the highest level for a February in Houston. The median price—the figure at which half of the homes sold for more and half sold for less—rose 7.9 percent to $161,700, also a record high for a February.
The single-family home average price increased 9.6 percent year-over-year to $220,445, the highest level for a February in Houston. The median price—the figure at which half of the homes sold for more and half sold for less—rose 7.9 percent to $161,700, also a record high for a February.
Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) declined 23.4 percent compared to February 2012. Foreclosures currently make up 15.8 percent of all property sales, down from 19.6 percent one month earlier. The median price of foreclosures climbed 7.7 percent to $85,000.
February sales of all property types in Houston totaled 5,324, a 17.2 percent increase over the same month last year. Total dollar volume for properties sold rocketed 26.5 percent to $1.1 billion versus $887 million a year earlier.
February sales of all property types in Houston totaled 5,324, a 17.2 percent increase over the same month last year. Total dollar volume for properties sold rocketed 26.5 percent to $1.1 billion versus $887 million a year earlier.
February Monthly Market Comparison
February delivered positive results to Houston’s overall real estate market when all sales categories are compared to February 2012. On a year-over-year basis, total property sales, total dollar volume and average and median pricing were all up.
Month-end pending sales for February totaled 3,877. That is up 12.7 percent from last year and signals the probability of yet further growth in property sales when the March figures are tallied. Active listings, or the number of available properties, at the end of February declined 20.9 percent from February 2012 to 33,361.
Housing inventory in Houston has now held at 3.6 months for two consecutive months. That is the lowest level since December 1999. Inventory first fell below a five-month supply in August 2012 and then tumbled below a four-month supply last December. The inventory of single-family homes across the United States stands at 4.2 months, according to the latest report from the National Association of REALTORS® (NAR).
| CATEGORIES | FEBRUARY 2012 | FEBRUARY 2013 | CHANGE |
| Total property sales | 4,544 | 5,324 | 17.1% |
| Total dollar volume | $887,147,561 | $1,121,925,576 | 26.5% |
| Total active listings | 42,199 | 33,361 | -20.9% |
| Total pending sales | 3,441 | 3,877 | 12.7% |
| Single-family home sales | 3,815 | 4,407 | 15.5% |
| Single-family average sales price | $201,113 | $220,445 | 9.6% |
| Single-family median sales price | $149,900 | $161,700 | 7.9% |
| Months inventory* | 5.6 | 3.6 | -36.4% |
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
Single-Family Homes Update
February sales of single-family homes in Houston totaled 4,407, up 15.5 percent from February 2012. That marks the 21st straight monthly increase.
Broken out by housing segment, February sales performed as follows:
The average price of a single-family home rose 9.6 percent from last year to $220,445, the highest level for a February in Houston. At $161,700, the median sales price for single-family homes also achieved a record high for a February in Houston, up 7.9 percent year-over-year.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In February 2013, existing home sales totaled 3,769, a 22.4 percent increase from the same month last year. The average sales price rose 10.4 percent year-over-year to $205,305 while the median sales price shot up 13.6 percent to $150,000.
Townhouse/Condominium Update
February sales of townhouses and condominiums leapt 35.8 percent from one year earlier. A total of 425 units sold last month versus 313 properties in February 2012. The average price rose 5.7 percent to $164,763 while the median price increased 7.7 percent to $131,000. Months inventory was 4.1 months, up slightly from 4.0 one month earlier, but down from the 6.8-month level it held in February 2012.
Lease Property Update
Houston’s lease property market experienced declines in February. Rentals of single-family homes fell 16.3 percent compared to February 2012 and year-over-year townhouse/condominium rentals were down by 4.5 percent. The average rent for single-family lease homes was $1,515 while it was $1,397 for townhouses/condominiums – representing increases of 6.6 percent and 10.9 percent respectively.
Houston Real Estate Milestones in February
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)
Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
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