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David Kres


13 Recent Sales (last 12 months)

Broker/Owner/Exclusive Buyer Agent (11 years experience)

Buyer's Agent,


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Home Glut Blamed on Fewer New Households

According to the National Association of Realtors®, there were 357,000 new households created between March 2009 and March 2010, down from about 1.3 million per year between 2002 and 2007, according to U.S. Census Bureau data.With household formation at a 63-year low, the supply of homes on the market is nearing a record high. "When people are afraid of losing their jobs or not being able to get into the job market, they are not thinking about buying a home," explains NATIONAL ASSOCIATION OF REALTORS ® spokesman Lucien Salvant. "Many opt to stay at home with parents, or to share rentals with friends."The Census Bureau reports a 14.5 percent gross vacancy rate in the nation's housing at the close of the second quarter. Normally, demand for replacement homes and second homes, a jump in new households, and nonresidential to residential conversions mean approximately 1.7 million new units are needed each year to satisfy demand. Foreclosures alone are not responsible for the housing glut, with experts pointing out that household formation has fallen along with immigration and marriage rates.

States Plan to Investigate Mortgage Servicers

The National Association of Realtors® reports that a coalition of attorneys general from as many as 40 states is expected to announce Wednesday the launch of a joint investigation of the mortgage-servicing industry.The attorneys general say they intend to first determine the scale of the problem and correct the issues. Several of them also have said that they believe one of the results of the investigation could be an agreement that forces lenders and servicers to make mass loan modifications or adopt principal forgiveness plans.Ohio Attorney General Richard Cordray says, "I think the mortgage-servicing firms need to understand that they face real exposure now, and they would be well advised to take this very seriously, to clean this up by doing loan workouts to keep people in their homes, which up till now they've just paid lip-service to."

Major Settlement in Chinese Drywall Litigation

According to the National Association of Realtors®, a major settlement in Chinese drywall litigation was reached Thursday.A federal judge in New Orleans approved an agreement among home owners, importers, manufacturers, and distributors of Knauf Plasterboard Tianjin (KPT) Chinese drywall.KPT agreed to remove and replace KPT drywall, as well as all the electrical wiring, gas tubing and appliances from 300 homes in four states, Alabama, Mississippi, Louisiana, and Florida. They also agreed to relocate residents while the repairs are made. Cost of remediation is estimated to be $40 to $80 per square foot, including relocation.The agreement is expected to provide a model for settling thousands of other suits in courts across the U.S.

Best-Case Scenario for Foreclosure Freeze

Gregor Watson, a principal with McKinley Partners, a development company that buys foreclosed homes, told listeners on a Citi home-builder conference call that there were three potential outcomes from the foreclosure fiasco:Best case: These are technical issues that can be resolved quickly so the foreclosure process can continue and the glut of foreclosed homes is cleared from the market.Medium case: There is significant litigation that takes years to sort out and this slows the troubled housing market even further.Worst case: The market grinds to a halt and title insurers refuse to insure mortgages involving foreclosed homes. "It would be devastating for the resale market if this robo-signer issue spiraled out of control," Watson saysSource: National Association of Realtors®

Foreclosure Logjam Threatens Fannie, Freddie

The National Association of Realtors® reported that Fannie Mae and Freddie Mae will force lenders to pay for any losses that the GSEs incur due to a breakdown in the foreclosure process.Interim FHFA director Ed DeMarco said the firms want to take a "tailored approach" to the foreclosure logjam that is fair to delinquent householders, servicers, and mortgage investors and is beneficial to taxpayers and the housing market.The mortgage giants could lose billions of dollars in a prolonged delay because they would be unable to sell properties that have slipped into foreclosure, explains George Mason University real estate professor Anthony Sanders.

10 tips for hiring a home remodeling contractor

RISMedia recently posted an article with 10 tips for hiring a home remodeling contractor.Tip #1: Does Your Contractor Have Proof of Insurance?Tip #2: Did You Check References and See Photos?Tip #3: Does Your Contractor Take Debit or Credit Cards?Tip #4: Manners and Appearance?Tip #5: Clean Up Policy?Tip #6: Will the Contractor Put It In Writing?Tip #7: Availability?Tip #8: Does Your Contractor Use "Subs?"Tip #9: Quoting & Billing Procedure?Tip #10: Did Your Contractor Get the Permits?By following these 10 tips for hiring a home contractor, you'll feel more confident that you've found the right contractor for your remodeling job.

6 Reasons it Pays to Shop Around Before Choosing a Mortgage

Here are 6 Reasons it pays to shop around before choosing a mortgage, according to RISMedia:1. To get the best interest rate possible2. To pay lower loan fees3. To avoid a prepayment penalty4. To find a lender you feel comfortable with5. To find a lender that specializes in your situation6. To get the rate lock period you want

HUD Announces Outline of Emergency Homeowner Loan Program

According to the National Association of /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman";}Realtors®, the Department of Housing and Urban Development on October 7 announced its plans for implementing the Emergency Homeowner Loan Program, a $1 billion loan fund authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act.The loans will assist homeowners at or below 120% of an area's median income and whose income is at least 15% less than it was prior to be laid off from previous employment. Loans may be used to pay up to 24 months of mortgage payments, including arrearages and delinquent taxes and insurance. Repayment will be over five years with no interest.The program will be offered in Puerto Rico and the 32 states not assisted under Treasury's Innovative Program for Hardest Hit Foreclosure States. Program administration and outreach will be delegated to NeighborWorks America. HUD hopes that applications will be available by the end of the year.

Bank of America Exits First Mortgage Wholesale Business

The /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman";}National Association of Realtors® reported that on October 5, 2010, Bank of America (BofA) announced it has decided to stop using the first mortgage wholesale channel (the direct mortgage broker to BofA channel), which has constituted about 5% of its business.Instead, BofA will focus on its direct to consumer retail channel and also allocate more resources to servicing. BofA will continue to purchase and finance loans from their correspondent lending clients, including those approved to originate loans from mortgage brokers.Read the Bank of America Press Release.