Zillow Advice RSS: Question-Discussion-Guide,Market Conditions, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/local-topics-market-conditions/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate do you believe the fresno housing market will continue to go down for the next year http://www.zillow.com/advice-thread/do-you-believe-the-fresno-housing-market-will-continue-to-go-down-for-the-next-year/202245/ <a rel="nofollow" href="http://www.dqnews.com/Articles/2009/News/California/CA-Foreclosures/RRFor090422.aspx">Golden State Mortgage Defaults Jump to Record High.</a> <br/><br/><p><strong>A total of 135,431 default notices were sent out during the January- to-March period.<?null xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?></strong></p><br \><br \>0 replies Sun, 26 Apr 2009 02:24:00 GMT http://www.zillow.com/advice-thread/do-you-believe-the-fresno-housing-market-will-continue-to-go-down-for-the-next-year/202245/ 2009-04-26T02:24:00Z It's a "Buyers Market" But only if the Buyers Buy! http://www.zillow.com/advice-thread/It%27s-a-Buyers-Market-But-only-if-the-Buyers-Buy/290904/ You're right that in most places it's a buyers market. The number of buyers will therefore be less than the number of sellers. Hence, our tax dollars go to incentive program(s) to encourage more people to buy. In my opinion a free market recovers faster than one in which the government steps in and interferes. Where was the government interference when <a href="http://www.zillow.com/directory/lenders/">lenders</a> were loaning anybody mortgages? Perhaps having lunch with their favorite lobbyists from the <a href="http://www.zillow.com/mortgage/">mortgage</a> industry?<br \><br \>0 replies Fri, 23 Oct 2009 16:35:00 GMT http://www.zillow.com/advice-thread/It%27s-a-Buyers-Market-But-only-if-the-Buyers-Buy/290904/ 2009-10-23T16:35:00Z What is the % decline of property values in yrs 2007 & 2008 for homes in Zip code 97223 ? http://www.zillow.com/advice-thread/What-is-the-decline-of-property-values-in-yrs-2007-2008-for-homes-in-Zip-code-97223/181877/ <p>Hi - Here's a link to the current monthly Market Action Report for the Portland Metro Area.&nbsp; It's compiled and published using stats from RMLS regarding properties listed and sold.&nbsp; As Stephen mentioned - it's based on areas rather than zip codes, but should still give you a wealth of info.&nbsp; If you want a more detailed report for a specific zip&nbsp;code - just send me an email and I will run that report for you.</p><p><a href="http://www.rmlsweb.com/temp/documents/1500-1699%20Market%20Action%20and%20Statistics%20Menu/1511%20Market%20Action%20-%20November%202008.pdf" rel="nofollow">Click Here to View the Market Action Report</a><br/><br/>Hope that helps.<br/><br/><strong>Kelly Gebler<br/></strong>Real Estate Broker&amp;Residential/Commercial Loan Officer<br/>Commonwealth Group &amp; Sunset Mortgage Co.<br/><em>Your "One Stop Shopping" resource for all you real estate purchase, sale, and financing needs in the Portland Metro Area<br/></em>Ph:&nbsp; 503-516-1637<br/>Email:&nbsp; <a href="mailto:LetUsGuideYouHome@comcast.net" rel="nofollow">LetUsGuideYouHome@comcast.net</a></p><br \><br \>0 replies Sun, 28 Dec 2008 15:08:00 GMT http://www.zillow.com/advice-thread/What-is-the-decline-of-property-values-in-yrs-2007-2008-for-homes-in-Zip-code-97223/181877/ 2008-12-28T15:08:00Z For sellers? http://www.zillow.com/advice-thread/For-sellers/369379/ According to critics;<br/><br/><p class="MsoNormal"><strong>Sellers:</strong>&nbsp; If you're planning on selling your home, be prepared for an even smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the coming year, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers. Now is not the time to sit and wait for the best possible price. Have a serious talk with your real estate agent. Having experienced buying/selling transactions in your area, he or she can help you price your home accordingly. He or she can also help ensure that your buyers are pre-approved and stay pre-approved throughout the entire transaction.</p><br \><br \>1 reply Sat, 09 Oct 2010 05:10:00 GMT http://www.zillow.com/advice-thread/For-sellers/369379/ 2010-10-09T05:10:00Z do you believe the housing market will continue to rise? http://www.zillow.com/advice-thread/do-you-believe-the-housing-market-will-continue-to-rise/541361/ <p>There are quite a few variables to consider with a response to your question.&nbsp; The first and most obvious response is that it depends on where you're asking about.&nbsp; Because all real estate values are local, it will vary widely based on economic supply and demand factors, such as jobs, quality of living etc.&nbsp; One way to get a better idea of this is to look at what the census bureau has forecasted for a given area and then weigh that against the odds of a major employer leaving or coming to your area.<br/><br/>The next key variable lies in the hands of the Feds.&nbsp; Because the majority of home buyers buy a home with the assistance of a mortgage loan, the ability to buy homes and at what price, will be directly tied to the interest rates charged on home loans.&nbsp; If rates go up, it will reduce the amount of home a buyer can buy with their specific budget.&nbsp; Because this impacts&nbsp;all buyers universally, this should mean that home price increases will be offset by any increases to lending rates, keeping appreciation low.&nbsp; If lending rates go up too aggressively, then home prices would likely drop.&nbsp; The super low interest rates had a lot to do with the accelerated appreciation we saw in the last decade.&nbsp; Because they can't drop them much more, the likelihood that we'll see accelerated appreciation in most areas is going to be fairly low.<br/><br/>If I were to predict growth nationwide, I'm guessing it will grow very slowly as the Fed would like to get rates up, without crashing the economy, meaning they're going to increase, but slowly.&nbsp;&nbsp; But it will also probably be a bit cyclical by area.&nbsp; If the value of the average home grows faster than the average paycheck for an area, a correction will inevitably have to happen as the people can only afford what they don't earn for so long. If the growth rate of real estate is lower than income, then eventually it will play catch up as investors will fill in where home owners won't.</p><br \><br \>0 replies Mon, 19 May 2014 20:46:00 GMT http://www.zillow.com/advice-thread/do-you-believe-the-housing-market-will-continue-to-rise/541361/ 2014-05-19T20:46:00Z For Buyers? http://www.zillow.com/advice-thread/For-Buyers/369380/ According to critics;<br/><br/><p class="MsoNormal"><strong>Buyers:</strong>&nbsp; Get pre-approved by your mortgage professional. While there are a lot of great deals out there, getting credit is becoming tougher and tougher, and it's taking longer and longer to complete a transaction. Remember, what you qualify for today could change tomorrow in a volatile market. For those looking to refinance, keep this in mind. There is no time to delay! Communicate with your lender. Don't do anything that could negatively affect your credit, and make sure you get all your documentation in on time.</p><br \><br \>3 replies Sat, 09 Oct 2010 05:11:00 GMT http://www.zillow.com/advice-thread/For-Buyers/369380/ 2010-10-09T05:11:00Z Borrowers with less than perfect credit? http://www.zillow.com/advice-thread/Borrowers-with-less-than-perfect-credit/369381/ According to critics:<br/><br/><strong>Borrowers with less-than-perfect credit:</strong>&nbsp; Each week it seems lenders are shedding more and more mortgage products. Many lenders have stopped offering No-Doc loans and are reducing all forms of Stated-Income loans. While it might be challenging, borrowers with credit issues need to see a loan expert. Often they have credit repair resources and other strategies to help you reach your financial goals.<br \><br \>5 replies Sat, 09 Oct 2010 05:13:00 GMT http://www.zillow.com/advice-thread/Borrowers-with-less-than-perfect-credit/369381/ 2010-10-09T05:13:00Z Home Prices Have Hit Bottom http://www.zillow.com/advice-thread/Home-Prices-Have-Hit-Bottom/245805/ I agree <a href="http://www.zillow.com/local-info/#metric=mt%3D18%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%2C394913%2C394806%2C394463">home prices</a> have hit the bottom in many areas of the US. However, rising <a href="http://www.zillow.com/Mortgage_Rates/">mortgage rates</a> should decrease <a href="http://www.zillow.com/learnmore/what-zillow-offers-buyers.htm">home buying</a> demand which could cause a stall in home price increases.<br \><br \>0 replies Sun, 14 Jun 2009 16:50:00 GMT http://www.zillow.com/advice-thread/Home-Prices-Have-Hit-Bottom/245805/ 2009-06-14T16:50:00Z We owe more than house is worth...what to do? foreclosure?? http://www.zillow.com/advice-thread/We-owe-more-than-house-is-worth-what-to-do-foreclosure/540202/ Depending on when you purchase the home you maybe able to qualify for HARP loan. I would speak with your mortgage company and see if they will do have any form or modification and if have to come come to foreclosure do a deed in lure of foreclosure by giving back the home to the lender.<br \><br \>0 replies Sun, 11 May 2014 03:20:00 GMT http://www.zillow.com/advice-thread/We-owe-more-than-house-is-worth-what-to-do-foreclosure/540202/ 2014-05-11T03:20:00Z Strategic default http://www.zillow.com/advice-thread/Strategic-default/347078/ Be sure that you know the long-term impact of selling as a short sale or letting the home go to foreclosure (walking away). Generally a short sale has a less serious impact on your credit.<br/><br/>A short sale means that you'll list the house a bit below current market value, regardless of what you owe, and then ask the bank to approve the shortage in their payoff.<br/><br/>For a short sale, you'll need to show a true hardship in order to get bank acceptance. A job transfer is a legitimate hardship for most banks, although they'll also consider your overall financial situation.<br/><br/>New rules call what you're thinking of doing as 'buy and bail', so without enough income to cover the mortgages on both houses, you likely wouldn't be able to buy in your new state anyways unless you have a lot of cash to put down.<br/><br/>Seek the advice of a local Realtor and/or attorney before just walking away and buying another home elsewhere.<br \><br \>0 replies Mon, 26 Apr 2010 16:33:00 GMT http://www.zillow.com/advice-thread/Strategic-default/347078/ 2010-04-26T16:33:00Z new bailout plan http://www.zillow.com/advice-thread/new-bailout-plan/47161/ <p>The absurd part is that they can just walk away from the <a href="http://www.zillow.com/mortgage/">loan</a> without declaring bankruptcy.&nbsp; What other kind of loan can you just walk away from?&nbsp; Let alone one that is worth hundreds of thousands of dollars?&nbsp; That is a pretty sweet deal.&nbsp; I don't think we need to throw these deadbeats any lifelines if they don't feel like paying their stupid mortgages.</p><br \><br \>0 replies Thu, 13 Nov 2008 16:29:00 GMT http://www.zillow.com/advice-thread/new-bailout-plan/47161/ 2008-11-13T16:29:00Z What are REO Homes? http://www.zillow.com/advice-thread/What-are-REO-Homes/289276/ <p>REO homes are real estate owned homes that are often offered for purchase at a highly competitive rate. The idea of an REO home is often associated with bank forclosures that are then offered to buyers in the hope of recouping at least most of the investment made by the bank in the property. These bank owned REOs usually involve property where a default on an outstanding <a href="http://www.zillow.com/mortgage/">mortgage</a> exists. Depending on the circumstances, an investor may be able to acquire the property well below the current Market Price.</p><p>Real estate homes that are put up for sale after a bank <a href="http://www.zillow.com/homes/for_sale/fore_lt/">forclosure</a> are sometimes sold at an auction. When this is the case, the bank that currently holds the title to the property often is mainly interested in recouping any remaining investment that was made in the original mortgage. Any costs associated with the <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> are also often included in the calculation for the starting bid at the auction. The date and time for the auction is announced to the general public, and any investor who meets the credit qualifications may be allowed to bid on the REO homes listed on the roster of items to auction.</p><p>Purchasing REO homes is one method of obtaining a first home at an excellent price. For candidates with excellent credit or the liquid capital to complete the purchase with no delays, the savings can be significant. People who wish to create a network of rental properties often acquire REO homes in order to expand the rental business and offer more homes in desirable neighborhoods.</p><p>&nbsp;</p><br \><br \>0 replies Sat, 17 Oct 2009 23:13:00 GMT http://www.zillow.com/advice-thread/What-are-REO-Homes/289276/ 2009-10-17T23:13:00Z How do I section 8 my house for disabled family members&gt;? http://www.zillow.com/advice-thread/How-do-I-section-8-my-house-for-disabled-family-members-gt/540992/ If you have not already done so, the first step you might consider is approaching your current mortgage company seeking a HARP loan.&nbsp; However if you are too far behind in payments it may not apply.&nbsp; In our experience with section 8, there has to be a landlord and tenant with section 8 housing.&nbsp;&nbsp; What you may want to do is go to realtors in your area that may know someone who would buy your house, turn it into a section 8 house and keep you as a tenant.&nbsp; Your local housing authority should be able to provide information as well.&nbsp; We concur with the Weisenburger's posting encouraging you to google your local housing authority.<br/><br/>As far as turning the home into a group home for disabled, this may be dictated by the type of zoning in your area.&nbsp; To pursue this further, we would recommend starting with your municipalities zoning officer to learn if this is a possibility.&nbsp; You might also contact non-profit or governmental agencies in your area that already have group homes to see if your home would be a potential prospect for such an agency to purchase.&nbsp; Your local chamber of commerce or local association of realtors may be a resource for finding such a non-profit.&nbsp; <br/><br/>We wish you well with your research and future plans.<br \><br \>0 replies Fri, 16 May 2014 13:44:00 GMT http://www.zillow.com/advice-thread/How-do-I-section-8-my-house-for-disabled-family-members-gt/540992/ 2014-05-16T13:44:00Z How much lower do you think we'll go? http://www.zillow.com/advice-thread/How-much-lower-do-you-think-we%27ll-go/233892/ Those of us who live thousands of miles from places like California, Arizona and Florida kvetch and moan about how much home values have dropped in Minnesota - then we thank the lord we don't live in California, Arizona and Florida. <br/><br/>Because the <a href="http://www.zillow.com/reports/RealEstateMarketReports.htm">real estate market</a> is so regional and other parts of the country have been affected differently by the double whammy of the imploding housing market and the faltering economy, I am curious as to what agents in the most affected states feel about whether or not we have hit bottom. I think that if there is to be some gauge as to whether we have it bottom, the signs have to come from the most affected states (and cities). <br/><br/>Personally, I think the Minnesota market seems to have at least temporarily stabilized, but I see no guarantees that home values will stay stable due to there being too many variables that can meet to create yet another perfect storm; foreclosures on prime <a href="http://www.zillow.com/mortgage/">mortgages</a>, rising <a href="http://www.zillow.com/Mortgage_Rates/">interest rates</a> and a lack of qualified buyers (as determined by tightfisted lenders).<br/><br/>I welcome what others have to say (free of the NAR hyperbole, of course).<br \><br \>0 replies Tue, 12 May 2009 05:24:00 GMT http://www.zillow.com/advice-thread/How-much-lower-do-you-think-we%27ll-go/233892/ 2009-05-12T05:24:00Z How do you dispute an appraisal? Especially if the comps used didn't include updates done. http://www.zillow.com/advice-thread/How-do-you-dispute-an-appraisal-Especially-if-the-comps-used-didn%27t-include-updates-done/370471/ As an appraiser can only discuss the appraisal results with the intended user of an appraisal (for mortgage transactions this is the lender), any relevant information should be provided to the lender.&nbsp; Most lenders have a process which is commonly referred to as a "Reconsideration of Value", whereby new data is provided to an appraiser for the appraiser to examine and determine if it is relevant to the appraisal.<br/><br/>For FHA transactions, only the lender's underwriter is able to request a Reconsideration of Value.&nbsp; You can read the FAQ's at the following link (pages 21-22 deal with this topic)<br/><br/><a href="http://www.hud.gov/offices/hsg/sfh/appr/aprval.pdf" rel="nofollow">http://www.hud.gov/offices/hsg/sfh/appr/aprval.pdf</a><br \><br \>0 replies Wed, 13 Oct 2010 02:58:00 GMT http://www.zillow.com/advice-thread/How-do-you-dispute-an-appraisal-Especially-if-the-comps-used-didn%27t-include-updates-done/370471/ 2010-10-13T02:58:00Z Is a short-sale 'shortfall' discharged in bankruptcy? http://www.zillow.com/advice-thread/Is-a-short-sale-%27shortfall%27-discharged-in-bankruptcy/187337/ <p>Michael Emery had a decent post, but was in error about getting a <a href="http://www.zillow.com/mortgage/">mortgage</a> after bankruptcy.&nbsp; FNMA/FHLMC require 4 years, <a href="http://www.zillow.com/fha-loan/">FHA</a> only 2.<br/><br/>In a short sale, <a href="http://www.zillow.com/directory/lenders/">lender</a> forgives difference between what you owe and what property sells for.&nbsp; You will need an EXPERIENCED agent to assist with this.&nbsp; Contact me if you need assistance with finding one.</p><p>Also, you have to worry about lender sending 1099 for forgiven debt and deficiency judgment.&nbsp; 1099 should be covered by 2007 law, but check with CPA.&nbsp; Deficiency judgment you will want negotiated away or could force you into bankruptcy.&nbsp; Check with an attorney.<br/><br/></p><br \><br \>0 replies Sun, 25 Jan 2009 02:40:00 GMT http://www.zillow.com/advice-thread/Is-a-short-sale-%27shortfall%27-discharged-in-bankruptcy/187337/ 2009-01-25T02:40:00Z Loan Modifications - Worried about your mortgage http://www.zillow.com/advice-thread/Loan-Modifications-Worried-about-your-mortgage/220902/ [content removed by moderator for being self promotional]<br \><br \>3 replies Wed, 08 Apr 2009 04:51:00 GMT http://www.zillow.com/advice-thread/Loan-Modifications-Worried-about-your-mortgage/220902/ 2009-04-08T04:51:00Z Appraisal margin of error http://www.zillow.com/advice-thread/Appraisal-margin-of-error/246609/ Thank you Michael and Workabee. Because of an unfortunate experience with a previous agent, we went on our own, but we do have a legal counsel. The previous contract is void (mortgage contingency), and we propose a new price slightly higher than the appraisal.<br/><br/>The reason why we are ready to pay more than the appraisal is simply because we value the house and are ready to pay extra for it. If our proposal does not fly, we move on and look for something else (with an agent this time).<br/><br/>I just wanted to know whether a 10-15% difference between <a href="http://www.zillow.com/local-info/#metric=mt%3D18%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%2C394913%2C394806%2C394463">listing price</a> and appraisal was getting common in Mercer County, or if the Sellers simply had blindly thrown a listing price in the air.<br/><br/>Thanks<br \><br \>0 replies Wed, 17 Jun 2009 15:42:00 GMT http://www.zillow.com/advice-thread/Appraisal-margin-of-error/246609/ 2009-06-17T15:42:00Z Changes Ahead for Home Owners and Buyers http://www.zillow.com/advice-thread/Changes-Ahead-for-Home-Owners-and-Buyers/358839/ Maybe agents without a mortgage background should not be giving out mortgage advice. As far as it being time to buy, your listing&nbsp;<a href="http://www.zillow.com/homedetails/345-N-5th-St-Lindenhurst-NY-11757/32602974_zpid/">here</a>&nbsp;says otherwise. The price reductions have been pretty regular even during the buyers credit period so in the world would why it be time to buy now with the local market still falling?<br \><br \>0 replies Fri, 23 Jul 2010 18:10:00 GMT http://www.zillow.com/advice-thread/Changes-Ahead-for-Home-Owners-and-Buyers/358839/ 2010-07-23T18:10:00Z Someone tell the realtors about the market please!!!!!!! http://www.zillow.com/advice-thread/Someone-tell-the-realtors-about-the-market-please/10805/ A great many people let their agent-mortgage broker pair arrange their financing without ever understanding anything more than the monthly payments and interest rate. And even the <a href="http://www.zillow.com/Mortgage_Rates/">interest rate</a> is poorly understood by most people. <br/><br/>Saying buyers aren't coerced is disingenuous if by "coerced", you mean they made their purchase in a state of "coercion". Exploitation of ignorance is coercion, at least from any type of ethics I've ever heard of.<br/><br/>Let me ask this. Do agents or <a href="http://www.zillow.com/mortgage/">mortgage</a> brokers hold a legal, fiduciary responsibility to their client?<br \><br \>0 replies Sun, 04 Nov 2007 21:27:00 GMT http://www.zillow.com/advice-thread/Someone-tell-the-realtors-about-the-market-please/10805/ 2007-11-04T21:27:00Z