The Fed Pushes Rent To Own For REO Foreclosures

Hi Everyone,
   I hope you had a great President's Day, especially if you were fortunate enough to have the day off.

   In some previous posts here over the past few months, we have discussed the connection that is music to the ears of Real Estate Investors, which is using Rent to Own for the immense amount of homes that are on the balance sheets of the banks, which are called REOs (basically, Real Estate Owned by the banks). Initially, we discussed this in "Feds Finally Keen on Rent to Own Housing", and then in the post titled, "From A Sad Foreclosure To A Happy Home". This is such a promising topic for everyone, not just Real Estate Investors, that it's important to revisit it here today, with some details and info from Joe Mont in his story titled, "Need a Foreclosure Cure? Try Rent-To-Own", and which appeared on TheStreet website.

   First, some info for those unaware of Rent to Own

   In a Rent to Own Deal, a Seller rents out their home to a Potential Buyer (a Tenant-Buyer), with a set price at which they will sell the home for during or at the end of a specified period of time. There is also an Option Fee, or an option-to-buy fee, which can run 3-5% of the value of the home.

   In the article by Mont, Brett Furniss, president and owner of BDF Realty, a Charlotte, N.C.-based firm that specializes in rent-to-own properties, says that there has been steady interest in these arrangements for the past few years, and says that "sellers realize that they can't sell their house for market value, so they are willing to entertain rent-to-own tenants, whereas in the past they just wanted to get the property sold"

   There are benefits for both sides on these deals.

   For the buyer, they have a vested interest in a property that they would like to ultimately purchase, and the time period of the agreement allows them to check out the area, the schools, and to build up their credit and/or their down-payment before making the purchase.

   For the seller, the mortgage is getting paid, and thus, the bleeding stops. They also have people in the home that they hope will take care of it as if it were their own, as well as taking care of the utilities, taxes, and as Furniss adds, "the risk of vandalism".

   "Fed Chairman Ben Bernanke shared his views on ways to escape the nation's foreclosure crisis", writes Mont. "Among the ideas in that speech" to the National Association of Homebuilders, was the topic of "rent-to-own properties". Additionally, says the Fed, Rent-to-own provisions could help renters and owners. "Bernanke supports the idea that a share of these creditor-owned properties be offered as "rent-to-own" properties rather than linger on the open market", adds Mont.

   Will the banks take this advice from Bernanke?

   We will see, however, as Mont writes, "the concept of rent-to-own and lease-to-own housing may be gaining traction among individual buyers and sellers". However, it is important to also look at the risks and the precautions.

   One risk that is important to understand is that of a financial nature, For example, if the buyer was unable to purchase the home by the end of the lease, or, if the price of the home is higher than the agreed upon purchase price (i.e, the seller could have sold it for more). Another such risk is the option money, and how it is credited towards a purchase or if any or all of it is refundable if they don't, says Mont.

   Some more good tips revolve around potential scams. A recently growing scam involves sellers who "pocketed their money even though the house was well on its way to foreclosure", writes Mont, so it is imperative to confirm ownership of the home. As always, involve your attorney and have them review all terms of the agreement. To learn more about Rent to Own, please see the E-book, "Secrets of Rent to Own", by clicking this link.

   So, after that mouthful, do you think the Fed will continue to push the Rent to Own path? If not, what would the reason(s) be?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #REO #foreclosure #RealEstateInvestor #bank #housing #optiontobuy #properties #tenant #mortgage #leasetoown

Snapshot of September New Construction and Existing Home Sales

Hi Everyone,
   Welcome back to a beautiful Fall day with the potential for a substantial amount of pumpkin picking in the forecast.

   The September figures for both New Residential Construction and Existing Home Sales were released this week, and aside from fluctuations over the past few months, things look solid when compared side-by-side with the same time 12-months ago.

   New Residential Construction, as you might be aware, is broken down into 3 parts; Building Permits, Housing Starts, and Housing Completions. Housing Starts (Privately-owned housing starts), were up 15% from August, and 10.2% Above September 2010. This is very encouraging, especially for the Western Region of the U.S., which had figures that were substantially higher than the average (over both the 1-month and the 12-month periods). Building Permits and Housing Completions were also up over the longer-term, but not at the elevated levels as were the Housing Starts.

   Existing-Home Sales, which includes completed transactions for single-family, townhomes, condominiums and co-ops, dropped 3% from August, but are up over 11% from September 2010, per the National Association of Realtors® (NAR). In terms of regional variations, the long-haul big winner was the Midwest, checking in with in excess of a 17% jump in Existing Home Sales from September 2010 through September 2011.

   The chief economist for the NAR, Lawrence Yun, said that, “Existing-home sales have bounced around this year, staying relatively close to the current level in most months”, and he calls it "Irony" that the "affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes", but, "the share of contract failures is double the level of September 2010", and he interpreted this as pointing to "an unfulfilled demand". Contract failures, incidentally, can result from a declined mortgage application, appraisal values below the negotiated price, issues resulting from the home inspection report, job loss, etc.

   In sum, Housing Starts up 10.2% from a year ago, coupled with a 11% increase in Existing-Home Sales from a year ago, would tend to point to improving market conditions. Do you agree? Do you disagree? Please explain - we'd love to hear your angle on these figures.

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Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #NewConstruction #ExistingHomeSales #Residential #Housing #Building #Permits #singlefamily #cancellations #townhome #condo #Realtor #appraisal #NAR

What Makes Buying a Home So Special?

Hi Everyone,
   Friday is here, and glad you're here with us today !

   If you're a Generation X or from a time even before that, you might remember your parents saying that owning a home is the pinnacle of success in life, and over time, that thought was ingrained in your head. What made them say that? Why does it still hold true today (for a majority of folks)? With all of the chatter surrounding home prices, mortgages, and the housing market, what are the real mental, emotional, and lifestyle benefits of owning a home?

   It's all about the "Roots"

   Carla Hill writes about these roots in her story, "The Joys of Homeownership", on the RealtyTimes.com website. Hill says that you put down roots by becoming part of a neighborhood and community (as opposed to renters, who "come and go as quickly as leases renew"). These roots can potentially develop lifelong relationships, and Hill says that during your time in the home, the home "will see you through many of life's important milestones".

   The image of a young couple buying a home and building a nest, with a plan on starting a family, will make these homes become "the container of countless memories", as Hill says. The "realm of homeownership", as she says is not limited to just young families seeking homeownership. It also encompasses growing families needing more space or retiring adults "seeking out warmer climates or smaller, more manageable homes".

   Roots can also pertain to planting trees and shrubs. Hill explains that While Renters are rarely afforded the luxury of gardening, as a homeowner you are able to "create your own green oasis".

   The pride factor, as Hill says, is that this little piece of property and land is yours, and no one can take that away from you. This security allows people to form deep attachments and spurs many owners to make improvements and additions, which makes it more comfortable and usable (and "improves neighborhood values and overall curb appeal.").

   So, people may initially be motivated by a major life change, such as a new job or a new family, says Hill, ultimately, people buy based on emotion. They want a home they can fill with memories of Christmas mornings, summer vacations, and other happy moments. Hill tells us to, "Remember this sentimental side of homeownership" the next time we read about stocks, bonds, and housing woes.

   Do you own a home? What is your happiest memory of owning a home? If you do not own a home, does the prospect of owning one sound exciting?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #buyingahome #Homeownership #pride #stocks #bonds #housing

Rent to Own, The Good vs. The Ugly

Hi Folks,

   Welcome back to our first post of AUGUST !
   WOW...you can almost feel the snow that's on it's way in the next few months.

   9 years of living and breathing Rent to Own, and can I share this with you? I have never seen such publicity regarding Rent to Own as I have seen over the past few months ! Most of it is good and promising, but there are always vultures and bad apples out there looking to take advantage of buyers and/or sellers in desperate situations.

   Let us take a look at the "BAD" (and the "Ugly").

   In a recent Press Release on Media-newswire.com, titled, "A Georgia man was sentenced to nearly six years in prison for his role in a mortgage fraud conspiracy", as the story says, a person from Georgia was allegedly involved in a scam involving "dozens of properties and $7.5 million in loans", as per Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

   The scam went as follows, per the article: the individual, "informed the straw buyers/investors that after he purchased these properties in their names, he would enter into a “rent-to-own” agreement with one of the individuals from the community with poor credit in order to help that individual improve his/her credit score by renting the property for a year.", and additionally, he "represented to the straw buyers/investors that he would collect the rent from these individuals as tenants in the properties, pay the mortgages and taxes for the properties, and maintain the properties for the straw buyers/investors for approximately a year, at the end of which time he would sell the property to the tenant after his/her credit score improved and the property would be transferred out of the straw buyer’s/investor’s name, according to court documents."

   Unfortunately, he "did not assist any individuals with poor credit, nor did he enter into any “rent-to-own” agreements.", but instead, he "conspired with" loan officers, "to prepare and submit fraudulent mortgage loan applications to various mortgage lenders knowing that they contained false information with regard to the straw buyers/investors in order to secure mortgage loans on the 48 properties, according to court documents.". Ultimately, he was sentenced to 69 months in prison.

   Now, that is the only negative story on my radar the past few months, aside from a Foreclosure Scam we discussed in a previous Blog Post ("Foreclosure Scam Alert Based On Phony Deeds")

   For the most part, Rent to Own has been represented in the Media as an opportunity for buyers, sellers, as well as entire Housing Markets and Nations to rebuild and prosper. With that, let us examine these positive stories (the "GOOD").

   Rent to Own has always been an important strategy to pull buyers with less than perfect credit into the market, as well as sellers who are stuck in a home or multiple homes. A recent story in the Milwaukee Journal Sentinel titled, "Condo Living: Income Property", discussed a company in Milwaukee (Milwaukee Apartment Finders) that "offers its clients a rent-to-own option, which allows tenants who make an additional down payment when they sign the lease to apply a percentage of their rent to the purchase price of the condo unit.", which is a Rent to Own agreement. The story adds that at the end of the lease, "which is typically 12 months, tenants can opt to buy the unit or forfeit the down payment to the condo owner."

   Additionally, in a story by Luis Hernandez for the Visalia Times ("47-unit housing project OK'd by Tulare Planning Commission"), the story discusses the approval by the "Tulare Planning Commission" of a design for Aspen Court, "a 47-unit affordable-housing project in east Tulare — the first such development to receive city approval in several years." In the story, Consultant Tim Sciacqua (representing Kaweah Management), is quoted as saying that "Tule Vista, a rent-to-own single family housing project on E Street north of Bardsley Avenue, has 10 units ready to be rented out. The second project, Trails West at Cross Avenue and West Street, is about 10 months away from completion. Framing for the houses is up."

   The good stretches outside of our borders, as well.

   In the United Arab Emirates (UAE), two recent stories discussed Rent to Own in the Oil-rich nation. "The introduction of rent-to-own schemes may boost demand" for projects in Abu Dhabi, Jones Lang LaSalle said in a report released this week, noting that it expected other developers to follow the Sorouh model". This quote comes from the story written for the National.ae, titled, "1000 homes to boost sluggish sales market", which offers hope in boosting the market in that country. In a second story for the UAE, written by Parag Deulgaonkar for Emirates247.com ("Rents in older Abu Dhabi buildings fall 15% in Q2. Second half to see higher handover; prices not to recover before 2012"), the story says that, "The introduction of rent-to-own schemes may boost demand, but only a limited number of developers offering this option.". Once again, a beacon of hope for increasing demand and stoking the market.

   Buying a Home, Selling a Home, Renting a Home, OR Renting-to-Own a Home. These all require careful review and due-diligence before signing on the dotted line. Do not rush your decision, regardless of how dire your situation, as you could find yourself worse-off by ten-fold. Consult your attorney, title company, etc. These are major life decisions...

   Looking for your comments on this topic......starting now...


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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #renttoown #titlecompany #buyinghome #sellinghome #downpayment #UAE #mortgagefraud

Real Estate Is Still Our Sweetheart

Hi Folks,

   Let me start out by saying this: I am done with summer. The heat, the humidity, the sweat, and the drivers. The drivers? Yes, the people driving on the road with their windows open when the temps are 100 or above. Why? To save a negligible amount of money on gas? The problem with driving with your windows open with unbearable Dew Points is that people drive erratically. The humidity and the heat fry their brains, and they are all over the road. It's along the same lines as cell phones while driving, but it's just a different form of distraction (heat exhaustion), and wiping sweat off constantly. My rant is as follows: New laws for Driving While Sweating (DWS) - when temps are above 85 degrees, your windows must be closed. Tickets from the Police, unless you can prove your A/C doesn't work. OK, I had to share that.

   Now, let's discuss our topic; "Real Estate Is Still Our Sweetheart".

   For those of you aware of the website, Zillow.com, you might have heard that they just released an Initial Public Offering (IPO) on the stock market last week. In a story from the Associated Press that was featured on Boston.com, Zillow was described as a company founded in 2004, and "provides online listings for more than 100 million homes that are either for sale or for rent."

   The interesting thing in this story ("Real estate site Zillow jumps on IPO"), is that Zillow "has never made a profit". Adding to the story, it says that "Americans are buying homes at the weakest pace in 14 years".

   However, "Zillow’s shares tripled in their trading debut on the Nasdaq stock market.", the story says, and summarizes the event as follows: "The weak housing market did not hurt Zillow’s initial public offering.", adding that, "Investors set aside housing market doldrums and rushed to grab shares".

   So why is it our sweetheart? I'm not referring to myself, HomeRun Homes, or anyone specifically. I am referring to the collective market. Regardless of what has happened with Real Estate and the underwater mortgages and foreclosures, people are still "Bullish" on Real Estate. Perhaps it is buying on Emotion vs. Fundamentals? Either way, it is good news for Real estate and for our country.

   I know, as for myself, it makes me wonder if HomeRun Homes should go Public one day. For now, let us just focus on doing what we've been doing for the past 9 years.

   What do you think? Was this Real Estate IPO explosion just a wild aberration?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #realestate #zillow #IPO #homesforsale #homesforrent

Contract Cancellations A Factor in Home Sales Drop

Hi Folks,

   I'm honored to have you here with me today and always.

   This past week, the National Association of Realtors®, or NAR, released their June figures for Existing-Home Sales, which showed a decrease.

Let's take a quick look at the breakdown and then we'll discuss the factors involved:
  * From June 2010 - June 2011:
       The Northeast dropped 17% and the Midwest dropped 14%
  * Single-family home sales were stable, but the condo sector weakened.

Some other important details, per the NAR:
  * First-time buyers purchased 31 percent of homes in June (At 36% in May, and 43% in June 2010).
  * Investors accounted for 19 percent of purchase activity in June (Unchanged from May, and 13% in June 2010).

   Prices were up slightly, but Lawrence Yun, NAR chief economist, called it an "uneven recovery". NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., went further, and added that home sales should be higher, saying, "With record high housing affordability conditions thus far in 2011, we’d normally expect to see stronger home sales”.

   What was a major factor?

   The NAR Press Release said that "Contract cancellations spiked unexpectedly", and according to Victor Benoun, President of The Mortgage Source, Inc., cancellations were up 16%., which is a "telling number".

Benoun explained that there are several factors for the spike in cancellations:
  * First, says Benoun, to some extent, "buyers remorse may set in"
     He says this could be related to costly repairs discovered during an inspection.
  * Another factor is financing.
     Benoun says that lenders have made borrowing more difficult
  * Benoun also points to Appraisals.
     He says "If the value comes in lower than sales price", it is another cause.
  * Finally, he points to employment (losing a job while applying for a home loan)

   However, as with all Economic numbers, they vary by location.

   "The national numbers show how local real estate truly is.", says Ken Anderson, President and Broker of Coldwell Banker Evergreen Olympic Realty. Anderson says that they are, "not seeing the higher cancellation rates reported in other parts of the country", and that buyers "are cancelling far fewer contracts than a year ago, when the stimulus created too much urgency".

   In spite of the market, there is hope. Anderson says, "Our home sales increased 11% from May to June. Buyers are recognizing the opportunities and are getting back into the market.". Benoun says that there is a "silver lining for those who have the desire and ability to purchase a home.", and adds that prices "have not been this low in a decade and mortgage rates are hovering at 30 year lows.

   Where do you think the market is headed? Since the jump in cancellations was unexpected, what other factors might also happen unexpectedly?


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Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #ContractCancellations #HomeSales #ExistingHomeSales #NAR #recovery #housing

Bad News For Builders?

Hi Folks,
   Hope your week has been amazing, if not productive, thus far.

   The time has come again for the all-important New Residential Construction numbers for February 2011, and we'd like to examine those with you today. As always, we open the floor for your comments, as well.

   Now, as you may already know, when we discuss, "New Residential Construction", this is actually composed of 3 parts: Building Permits, Housing Starts, and Housing Completions, which is quite intuitive as a flow chart from start to finish.

   From a top-level analysis, everything took a beating, both over the short term (January 2011 through February 2011) and also over the longer term (February 2010 through February 2011). The only exception to this was Housing Completions in the Short term for both Single-family housing completions and Privately-owned housing completions.

   The biggest loser in the short term was Privately-owned housing starts (22.5% below January 2011), with the biggest loser in the longer term checking in as Privately-owned housing starts (20.8% below February 2010).

   Jim Olenbush, a Broker/Realtor in Texas, says that, "Today's numbers may be bad news for home builders, but it is good news for the resale market.", since, as he says, "We have too much inventory in most areas, so a decline in building is a necessary step to recovery."

   What are your thoughts on these housing numbers?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Happy Blog Birthday And Some New Housing Numbers

Hi All,

   As the month of March has arrived, we are glad to be celebrating our 1-Year Blog Anniversary. We started the Blog as a source of information regarding our Rent to Own website, and it has blossomed into a machine that keeps pumping out info on the Real Estate Market, Housing and Economic Numbers, Rent to Own, along with experts and professionals providing their invaluable info, comments, and opinions. Thanks for sticking with us, and remember, our Blog can be delivered directly to your E-mail as soon as we post (See the right hand side for subscription options - yes, it's free, and you will NOT be on a mailing list - it is only a subscription to receive the Blog posts, we promise!).

   In the spirit of keeping the information machine running, Pending Home Sales and Construction numbers were released this week, and we would like to take a look at them together with you today.

   Pending Homes Sales dropped 2.8% from December 2010 to January 2011, and is down 1.5% from January 2010 to January 2011. It is interesting to point out that the numbers are 20.6% above the "cyclical low last June", according to the National Association of Realtors®.

   In terms of Construction numbers as a whole, they dropped 0.7% from December 2011 to January 2011, and also dropped from January 2010 to January 2011, to the tune of almost 6%. Private Construction dropped from December 2010 to January 2011, with Nonresidential Construction dropping almost 7% during that period. Another interesting point here is that Residential Construction increased by 5.3% over December 2010. Public Construction was up 0.1% from December 2010 to January 2011, with Highway Construction dropping 0.7% during that period, while Educational Construction increased 1.7%.

   Does a decrease in Highway Construction, coupled with an increase in Educational Construction indicate a stronger emphasis on building more schools vs. building more infrastructure, or is it just an aberration? What are your thoughts?

   Thank you again for being a part of our Blog and a part of our family !

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Donating Services to Wounded Warrior Homes

Hi Everyone,

   Today, we are extremely proud to announce that we have made an agreement to donate our services to the Wounded Warrior Homes Organization, which is a fantastic charity that helps severely injured Armed Forces members get back on their feet and to find housing.

   We have distributed a Press Release regarding this in order to make more people aware of this great organization. For your perusal, please see a copy of the Press Release below:

For Immediate Release:

Robert Eisenstein
HomeRun Homes
(631) 676-3609
(631) 574-2420
http://www.Lease2Buy.com

HomeRun Homes Donates Services to Wounded Warrior Homes Organization

Ronkonkoma, New York, March 2, 2011 - HomeRun Homes (www.Lease2Buy.com), the Rent to Own Homes classified ads website, has contractually agreed to donate blocks of ad space to the Wounded Warrior Homes Non-Profit Organization (www.woundedwarriorhomes.org).

Giving Back To Those Who Give Us Freedom

Wounded Warrior Homes was founded by Steve & Mia Roseberry with the goal of supporting military members who are dealing with Traumatic Brain Injuries incurred from serving our country. Steve Roseberry has a background as a General Contractor and as a Home Inspector, and Mia Roseberry is a special education teacher familiar with the struggles faced by those with Traumatic Brain Injury. Working as a team with their non-profit organization, their number one priority is to use their skills as real estate investors to help provide transitional housing to service members with Traumatic Brain Injury.

HomeRun Homes, about to celebrate their 9th Anniversary, is billed as "The" Rent to Own Homes Marketplace, and has been uniting buyers and sellers of Rent to Own Homes via their classified ads since 2002. Robert Eisenstein, the CEO & Founder of HomeRun Homes, states that HomeRun Homes "is very proud to announce a partnership with such a fantastic organization". Eisenstein points to the fact that his Paternal Grandfather served in the U.S. armed forces during World War I, and that his Maternal Grandfather was one of our troops that, "stormed the Normandy beaches during World War II", adding that he, "proudly displays his Grandfathers' honorable discharge papers with citations as an expert marksman."

As part of the agreement between HomeRun Homes and Wounded Warrior Homes, HomeRun Homes is providing blocks of Advertising space across multiple categories, and Eisenstein has personally offered to speak to the warriors themselves to provide them with tips on the Rent to Own process. "To this day", says Eisenstein, "I still have family serving in the Armed forces, so this charity just feels so right!".

For additional information on the topic, "HomeRun Homes Donates Services to Wounded Warrior Homes Organization", please visit http://www.Lease2Buy.com

ABOUT HOMERUN HOMES

Founded in 2002, HomeRun Homes is a Centralized Marketplace which helps people Buy or Sell a Rent to Own Home, a Commercial Property, or to offer Home Services nationwide and globally to the thriving Rent to Own market

- END -

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #renttoown #military #realestateinvestors

What Are The Hottest Real Estate Internet Trends?

Hi Everyone,
   Glad you could make it back with us today.

   Today, I'd like to discuss some of the hottest Real Estate trends on the Internet. Some of them will be familiar to you, and some of them will be new ones that will surely become a part of the mainstream for Real Estate on the Web.

   The first "trend", if we can even call it that, since it has become super-mainstream, is Social Media, such as Facebook, Twitter, YouTube, etc. Earl Miller of 5Star Investment Group, feels, "that the hottest Internet real estate trends are social media", and says that, "Studies have shown that 90% of all buyers that are looking for a home will start their search on the Internet.", and that, "The old way of doing showings on properties with a Realtor are really fast becoming outdated. People want to see more of the property in a smaller amount of time before they actually drive out to see it." One of the many services that capitalizes on the soaring popularity of Social Media is "Tweetlister.com", which, "takes MLS listings and turns them into tweets, then allows agents/brokers to schedule them to tweet to selected Twitter account", as explained to us by Lloyd Chrein, an individual that is familiar with the service. There are numerous other utilities and services that piggy-back on Social Media, but that would encompass an entire Blog post by itself.

   Another hot trend is the Housing Search experience on the Internet. Paul Gleger, Director of Communications Office for HotPads.com, says that he is seeing a, "Particular emphasis on creating a granular and personalized housing search experience.", which he says is being done through, "interactive map technologies, neighborhood search filters, integrating the social graph into the search process, and there is an especially strong growth in mobile tools." Along the same theme, Sam Debord, a Managing Broker/Realtor with Coldwell Banker Danforth, says that one of the biggest Internet trends in Real Estate are, "tying in localized services to MLS listings.", and that, "Every web site has home listings with photos, but the more advanced real estate sites have a suite of features from multiple vendors/providers all on one page." Debord says that, "Users shouldn't have to click around to find these features, they're all on one page.", and he gives examples such as map search, area maps, Google street view, walk score, census data, school data, and pricing history. As Debord says, "Many different data sources, but no need to search around."

   Video Tutorials are also becoming increasingly more popular, and as Christine Schwalm, an Interior Designer that specializes in home staging for Realtors says, the videos she creates are, "Nothing fancy." Schwalm says that she shoots it, "with a flip camera and don't do much to edit the footage." She informs us that she does, "A one take video that lasts several minutes that follows the realtor around the space as he/she explains the property. Home buyers know that it is fairly easy to manipulate pictures, so the videos do a more accurate job of selling the property--and featuring the realtor."

   The final trend leans more toward the lending side of the industry, and Dave Galanter, President of freeMortgageFix.com calls it, "DIY Mortgage Modification". Galanter says this is a free online utility to assist homeowners in, "preparing a Mortgage Modification Application which complies with HAMP guidelines as well as individual lender's own programs. It works in a way that is very similar to Turbo Tax, with helpful hints and prompts.", and says that he is, "quite sure it is the best assistance for the DIY Mortgage Modification Applicant on the web."

   There are some exciting trends on the Internet for those of us in the Real Estate industry. I hope these have been helpful. I'm sure we missed a few and we'd love to hear about them from you.

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #realestate #socialmedia

How Much is Too Much Government Involvement With Home Owners?

Hi Everyone,

   Hope you had a nice and relaxing weekend.

   Ever since the economic crisis exploded on the scene, there has been much debate on the topic of the Government's involvement in our every day lives, from the big bank bailouts on Wall Street, on down to homeowner bailouts/modifications on Main Street. How much is too much?

   We put out this question, and we received the strongest response from Pablo Solomon, who resides in Texas. "I grew up in Houston.", says Solomon, where, "The city had codes for every board and wire, and yet would let developers build entire neighborhoods in a flood plain. The same was true for the Gulf Coast. You had to have every detail permitted while allowing you to build on a sandy barrier island that was certain to wash away with the first hurricane. How crazy is that?".

   Solomon also provided his comments on the tax credits for homeowners and the bailout of homeowners, and he says that, "'social justice through redistribution of the wealth' has created more problems than it has solved.", and as far as bailing out homeowners, he says, "what is good--or bad--for the Wall Street Goose should apply to the local homeowner Ganders.", and Solomon says that he is, "amazed that many who see evil in bailing out mismanaged businesses, see good in bailing out mismanaged households."

   Solomon also sees the housing bubble as much due to, "Main Street people taking advantage of the easy loan situation as were Wall Street crooks.", and says that, "There are dirty hands at every level."

   In some final comments, Solomon, an artist known primarily for drawings and sculptures of dancers, muses, "Can socialized housing be far behind?". He questions the following; "Why should taxes payers have to borrow money from the Chinese to rescue either businesses or home owners who made stupid decisions. Even if sad situations result from sad circumstances--that happens. Nature has no bailouts and yet things eventually level out."

   Obviously, these opinions are those expressed by Mr. Solomon, however, I'm sure there are some opposing opinions. Do you care to share with us?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #bailout #modification #taxcredit #housing

Running Out of Homebuyers? Are We Really?

Hi Everyone,

   Welcome back and hope you had a great weekend. This is a pretty big week, with four major housing indicators that are due to be released, which are as follows:

* 1/25 (Tuesday) 9:00 AM: S&P/Case-Shiller Home Prices
* 1/25 (Tuesday) 10:00 AM: FHFA Monthly House Price Index
* 1/26 (Wednesday) 10:00 AM: New Residential Sales
* 1/27 (Thursday) 10:00 AM: Pending Home Sales Index

   We'd like to thank everyone for their fantastic feedback regarding our Blog Post from Friday January 21st, titled, "A Funny Thing Happened on The Way to a Real Estate Deal". As we have mentioned to several of you, we will be planning a new edition of that story line with all new "Funny Real Estate Stories" (we are accepting submissions via E-mail)

   I came across a very interesting story to share with you, and the title really grabbed my attention; "The Eight States Running Out of Homebuyers". In this 24/7 Wall St article (written by Douglas A. McIntyre, Michael B. Sauter and Charles B. Stockdale), the authors state that, "The devastation in some regions will never be repaired.", and they point to population desertion, jobless rates, and the eventual possibility that, "Some homes will be torn down in these pockets of high foreclosures in the hopes that reducing supplies will boost prices."

   The states listed in this article were Michigan, Nevada, Arizona, California, Illinois, Georgia, Oregon, and Florida, and in the article, the full breakdown of each state along with the sources for the data are provided.

   This is indeed a very frightening and an eye-opening story. It is also a sad story to hear of towns literally "dying".

   Do you live in any of the states mentioned? If so, what is your take on this story? We'd love to hear an inside scoop from Realtors, investors, homeowners, and home buyers.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #homeprices #realestate #realtor

Factors Influencing the Psychology of The Rent to Own Market

Hi Everyone,

   Welcome to 2011! I hope you all had a wonderful and safe Holiday weekend.

   A lot of factors are involved in the Rent to own Market, and the ripple effect from any of a number of housing market changes or economic changes can be far-reaching. Dale Siegel, who writes the excellent Blog titled, "Diaries of a Mad Mortgage Broker", had recently asked us to write an article about the psychology of the Rent to Own market, and since her Blog has such a great reputation, we just couldn't resist !

   The Article, which is titled, "The Top 5 Factors Influencing the Psychology of The Rent to Own Market in 2010", is in the most recent section of her Blog, so head on over to have a read. Hopefully, the article will get you to think outside of the box when it comes to analyzing the effect of different events on the Rent to Own niche of the Real Estate market.

   Do you have anything to add to this? What are your thoughts on the psychology of the Rent to own Market? How about the Real Estate Market in general? We'd love to hear from you !

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Bring a Shovel...It's Getting Deep Out Here !

Good Morning,


   Welcome back, my friends ! Hope you had a joyous Christmas, if you celebrated the Holiday this past weekend. By the way, does anyone have a shovel? We are looking at about 2 feet of snow here in Metro NY...Ho Ho Ho !

   Since this tends to be one of the quietest weeks of the year, I hope you have time to reflect on the past year. Let's reflect today on some housing numbers that came out last week, and I think a visual breakdown will help you see where we've been and possibly where we are headed.

   Last week, the numbers were released for NAR Existing Home Sales, New Residential Sales, and FHFA Monthly House Price Index. Here is how things shaped up:

                                            Change From 10/10           Change From 11/09
NAR Existing Home Sales               +5.6%                                    -27.9%
New Residential Sales                     +5.5%                                    -21.2%

   The National Association of Realtors' Existing-Home Sales index (completed transactions including single-family, town homes, condominiums and co-ops) was up in November after bottoming out in July, and New Residential Sales (sales of new single-family houses) reflected similar numbers. Finally, the FHFA Monthly House Price Index (Federal Housing Finance Agency’s monthly House Price Index) showed that U.S. house prices rose almost 3/4 of a percent from September to October.

   We are certainly making strides, as 2010 draws to a close, but we are still well below where we were in 2009. It's going to take considerably more time to get things back up to a speed that is more comforting to the market, however, I think we're off to a good start.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Giving Back to Our Wounded Warriors

Hi Everyone,
   Hope you had a great weekend.

   As we all know, this is the season of giving, and today, we'd like to discuss a charity that we believe is worthy of your donations. The charity I am referring to is "Wounded Warrior Homes", and basically, the vision of this non-profit organization is to provide fully furnished homes (including sheets, towels, and the first 2 weeks of food), in which each military service member, "will rent a private room at below market rent and have the sense of ownership." In addition, the service member is connected with a case manager, along with "educational and job training options" and will, "begin working on their individual transition plan toward independence in 2 -2 1/2 years or less."

   Wounded Warrior Homes was started by Steve & Mia Roseberry, with backgrounds in General Contracting and with special education, respectively, and as they state on their website, their effort is to, "use their skills as real estate investors to help provide transitional housing to service members with Traumatic Brain Injury."

   This is a fantastic charity, and something that I thought would be great idea to announce here on this Blog, since their vision runs along the lines of the business of housing in which we are all involved in, either directly or indirectly.

   When you have a chance, take a look at their website, and see how you can help our heroes gain back their lives after defending us with their own lives!

Have a Great Week, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Winter, Profiles, and Technology

Hi All,
   Hope you had a really nice weekend. Winter has turned quite rapidly here in New York, and the snow can't be too far off !

   Recently, we have had some people ask about the behind-the-scenes folks here at HomeRun Homes, and we promise that we will get them to profile themselves in the coming weeks. A memo has been circulated advising against unnecessary shyness and forbidding them from remaining in the shadows! OK, no memo like that was circulated, however, on a serious note, we will try to have one of our very interesting and instrumental staff members profiled for this Blog to meet your requests.

   Quiet week in terms of housing numbers, as there are no housing-related releases scheduled for this week, but there are some economic numbers coming out (and they always affect the housing market, either directly or indirectly).

   On a side note, we have had the opportunity to stress-test a very cool and very powerful new printer (the Epson Workforce 635 All-in-one Printer, Copier, Scanner, Fax, and Wi-Fi). We love this thing ! Easy to Set up, remarkably simple to understand, and blazing fast ! The installation was a little long, and there was no network/Ethernet cable provided, but overall, we have been printing at break-neck speed. In addition, our office manager is happy, as we were able to decommission a printer, scanner, and fax machine that were replaced with this one unit!

   Ahh..."Technology Rules" !

Have a Great Week, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Caveats When Using a Foreclosure Rescue Company

Hi Folks,

   Hope you're Holiday weekend was great, and I hope you remember to toss out any leftovers from Thanksgiving, as they should be spoiling just about now !

   We are proud to share some great coverage we received in an AOL Daily Finance article titled, "How to Avoid Getting Conned by Foreclosure Rescue Scams", by Sheryl Nance-Nash.

   The two excerpts where we are quoted are as follows:

   "The problem has skyrocketed, and may get worse before it gets better, predicts Robert Eisenstein, president of HomeRun Homes, a rent-to-own marketplace operator."

   And...

   "Don't panic," cautions Eisenstein of HomeRun Homes. "Once you panic, you lose. Don't take the bait from the first company you meet. Make sure you don't create exponential problems along with the current problems of impending foreclosure."

   This was a very good article, as there has been a spike in these tragic stories since the housing market turned sour, i.e., Rent to Own deals where the owner went into foreclosure and the tenant/buyer was left in a very, very bad position (we have suggestions to help minimize the risk of that happening - please contact me for details).

   For more on the topic(s) of Foreclosures and REO's, be sure to check out the following articles:

   Foreclosure Prevention, Improved Housing Markets...
  
   Buying a Foreclosure? What You Need to Know First
  
   Short Sales - What Do You Need to Know?

   Post-Foreclosure REO Property Maintenance
  
Have a Great Day, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Mixed Construction Numbers and Important News for Sellers

Hi Folks,

   Good Morning and I hope your week is going well.

   As of this morning, the October figures for New Residential Construction were released, which encompasses building permits, housing starts, and housing completions.

   To summarize, both privately-owned housing units authorized by building permits and the single-family authorizations were up from September. Privately-owned housing starts in October were down substantially (in excess of 11% !) from September, while single-family housing starts were down marginally. The last piece of data shows that privately-owned housing completions in October were below the September figures, while single-family housing completions were above the September numbers.

   Now, as the subject of this post mentioned - "Important News for Sellers":

   We are offering 50 Free Seller Ads (2-Month Ad duration) - so you can list your home for Sale or for Rent to Own (a $9.99 value). Is there a catch? Not at all. Let's just call it some early "Holiday Spirit".

   If you are selling a home, how can you grab your free Ad? Just CLICK HERE to send us the E-mail address that you will use to create your ad. We will then send you a user name, password, and the link to log in and place your Ad, add images, etc. This is a very rare opportunity, trust me, so make sure you stake your claim today...CLICK HERE.

Have a Great Day, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com/

Depressed Home Sales and Housing Slump Acting Like a Prison

Good Morning,

   Hope you had a nice weekend. To those of you who ran the marathon in NYC this past weekend, that is incredible. That is the ultimate definition of pushing your body to the upper limits of it's potential.

   On that note, we all wish that the housing market would push itself to the upper limits of it's potential as well, however, with the Pending Home Sales Index numbers that came out last Friday, don't hold your breath. The National Association of Realtors said, "Pending home sales retreated after two monthly gains, signaling an uneven recovery entering 2011 with some near-term disruptions from the foreclosure moratorium". Troubles abound.

   "The depressed real estate market is having another effect", writes David Schepp from AOL Finance, in an article titled, "Housing's Slump Is Keeping Job Seekers Stuck in Place". Schepp notes that it's become, "more difficult, if not impossible, for workers to relocate to take new jobs. The percentage of unemployed managers and executives relocating for new positions fell to a record low in the third quarter, according to analysis by Challenger, Gray & Christmas, a Chicago-based employment-services firm." This is an interesting angle that is not in the forefront of our minds, but it is just another casualty of the housing/economic slump. It's like a virtual "prison".

   For the remainder of the economy, there are no major housing-related numbers coming out this week, and depending on how you look at it, that might be good !

   Have You read the "Secrets of Rent to Own" (The manual on how to buy or sell via Rent to Own), or, "Will It Work In My Town?" (The Real Estate Investing Guidebook)? If not, it's worth noting that if you purchase either of those books, you will receive the other one for free. To learn more about "Secrets of Rent to Own", Read More Here, and to learn more about "Will It Work In My Town?", Read More Here.

Have a Great Day, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

Construction, IHOP, and FSBO

Good Afternoon,
   I hope this week has been kind to you, so far. Well, I have been asked offline to not discuss the fact that my birthday was Halloween, so there...I did not mention my birthday was Halloween (Yay!)

   Construction numbers were released this week, and it is in line with our post from Friday ("Not-So-Spooky Housing Numbers"). Specifically, construction spending during September was above the revised August estimate, however, when comparing September 2009 to September 2010, there was more than a 10% drop.

   I don't know about you folks out there, but I am amazed at the amount of white-washed windows and "Out Of Business" signs. It can be frightening, especially when it affects stores and businesses that you have been patronizing for years. Waldbaums, which is a major grocery supermarket here in the Northeast, has just closed a store nearby. I had to do a double-take when I saw it's huge windows white-washed with an "Out of Business" sign. On the flip-side, we have a brand new IHOP (International House of Pancakes) being built here. Does the need for pancakes outweigh the need for basic food and groceries. Makes me wonder, but I'm a big fan of chocolate flapjacks !

   The next numbers that are coming out will be the Pending Home Sales Index on Friday the 5th.

   In closing, I wanted to let you know that our post titled, "Top 5 Concerns When Selling a Home FSBO", has become one of our most popular posts of all time. I can honestly say that I'm glad we posted it for you, and please make sure you pass the link (http://blogging.lease2buy.com/2010/10/top-5-concerns-when-selling-home-fsbo.html) to all of your friends so they can also thank you for the wealth of information in that post. If you can kindly Link to it, Tweet it, Facebook it, Digg it, Buzz it, etc,...that would be wonderful !


Have a Great Week, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com/
HomeRun Homes Website http://www.lease2buy.com/