November Housing Scorecard Shows Continued Signs of Stabilization in House Prices and High Home Affordability

RISMEDIA, November 24, 2010—The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the November 2010 edition of the Obama Administration’s Housing Scorecard (www.hud.gov/scorecard). The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low mortgage interest rates. The housing scorecard is a comprehensive report on the nation’s housing market.

“The Obama Administration has made significant strides in promoting stability for the housing market and the nation’s homeowners. Through a range of swift actions since we took office, we’ve seen millions more families able to stay in their homes and a steady rise in responsible borrowers refinancing their loans or becoming homeowners,” said HUD Assistant Secretary Raphael Bostic. “But, while we cannot stop every foreclosure, we know that more has to be done to reach homeowners in distress and to help unemployed borrowers. That’s why we’re continuing to focus on successfully implementing the programs we’ve put in place—such as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeowners—and ensuring that help is available to homeowners as early as possible.”

“The recent reports of problems in the foreclosure process underscore the importance of helping responsible homeowners avoid the pain of foreclosure,” said acting Assistant Secretary for Financial Stability Timothy Massad. “As we implement additional program enhancements to reach more homeowners, we continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners in HAMP and provide meaningful alternatives to avoidable foreclosures.”

The November Housing Scorecard features key data on the health of the housing market including:

-An additional one million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history on 30-year fixed mortgages. Since April 2009, record low interest rates have helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

-As expected with the expiration of the Home Buyer Tax Credit, new and existing home sales have remained below levels seen in the first half of 2010. At the same time, home prices remained level in the past year after 33 straight months of decline and homeowners added $95 billion in home equity in the second quarter.

-More than 3.73 million modification arrangements were started between April 2009 and the end of August 2010—more than double the number of foreclosure completions during that time. These modification arrangements included nearly 1.4 million trial Home Affordable Modification Program (HAMP) modification starts, more than 600,000 Federal Housing Administration (FHA) loss mitigation and early delinquency interventions, and nearly 1.8 million proprietary modifications under HOPE Now. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosure completions for the same period (1.6 million).

Data in the scorecard also show that the recovery in the housing market continues to remain fragile. While the recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

For more information, visit www.hud.gov.

Interested in a Tulsa mortgage? Contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

To take advantage of the affordability of the Broken Arrow, OK area real estate market, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Is the U.S. Economy Growing?

In an article posted on RISMedia.com titled "New GDP Numbers Show Economy Growing Slowly" by Kevin G. Hall says that newly reported Gross Domestic Product figures show that the economy could be growing. For most of us that is a great thought, especially with so many foreclosures, job losses, and difficult economic times. The article also mentions that consumer spending is up, which is a sign that stress over job losses and other financial woes are decreasing. Want more information on this news? Visit the link to the article here.

To buy or sell Broken Arrow, OK real estate, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

Lead, Why it is it Such a Big Deal in my Broken Arrow Home?

There are many health concerns that go along with lead. One of the main concerns involves children. When kids get a hold of it, it can cause central nervous damage, ADD and many other issues. Why does lead create such a problem? Lead particles are very small and can be easily disturbed. 1978 was the cut off date for using lead in the US, however it has been found in things from other countries. With children it is very concerning because they put their fingers in their mouth and ingesting lead can cause health issues. How do I know if there is lead in my home? The biggest areas to watch are paint and caulk. When disturbing paint or caulk, be cautious and call professionals. Instead of sanding or removing it yourself it is better to paint over it so that it is not disturbed. It can spread easily even when taking precautions. For health reasons, it is important to call a professional instead of trying to handle it yourself. Professionals must be certified in order to handle lead removal.

Call the professionals at PCC Cleaning and Restoration for lead paint removal in the Broken Arrow, OK area at 918-641-1111 or www.pcccr.com.

For real estate needs in the Broken Arrow, OK area, contact Darryl Baskin of McGraw Realtos at 918-258-2600 or www.darrylbaskin.com.

How are Broken Arrow, Oklahoma real estate matters resolved in court!

There are different types of cases and courts in which a Broken Arrow, OK real estate related matter can be heard. When it comes to real estate, there could be issues related to property lines, ownership, title problems, failure to declare previous issues in a disclosure statement or much more. Here are several types of issues that could arise and how they are generally handled.

In small claims court, the case is usually over things with a value of less than $6000. Many times in small claims court people are unrepresented when it comes to a small dispute over less than $6000 or disputes over a renter and landlord. Cases like these are usually heard by the judge within 30 days and are decided the day of the court hearing. For an eviction, you give notice to a tenant and have it posted. If they don't respond or pay you the debt they owe, you file a petition at the courthouse with appropriate information. It is filed and you pay a small fee and they send a notice out. You are usually given a court date within 30 days. If you are a renter and the landlord's property (where you live) is involved in a foreclosure, there are several things that can happen. Sometimes even if you are in the right, you may still lose any prepaid money.

For more information on legal matters involving Broken Arrow, OK real estate, contact David Keesling with Richardson, Richardson, Boudreaux at 918-492-7674 or www.rrblawok.com.

Need Broken Arrow, OK title insurance? Contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.

Prevent legal issues due to lack of insurance coverage. For Broken Arrow, OK insurance, contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

For all your Broken Arrow, OK real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

South Tulsa Luxury Home for Sale

Bixby, OK Luxury Home for Sale!

10824 S. 93 E. Ave.
Bixby, OK. in The Legends Addition
$725,000

5 Bedrooms
5 Full 1 Half Bathrooms
5 Living Areas
3 Car Garage
Bixby School District

Casual elegance combined with private backyard backing to green area & mature trees. Gorgeous brick & stone 5 Bedroom. Main level master with his & her's bath off Laundry Room. Granite Kitchen open to family room. 3 bedrooms, game & exercise rooms upstairs. Outdoor living with Pool and Bath.

To get more information on this Bixby, OK luxury home for sale or to buy or sell Broken Arrow, OK area real estate, contact Kelly Howard, McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

Will Buying a Broken Arrow, OK Area Condo Lead to Higher Bills?

For many home buyers, considering a condominium or townhouse seems like a smart idea. They can avoid doing exterior maintenance on the property such as lawn care and painting, but also have the benefits of home ownership. With the increase in foreclosures in the last couple of years, however, owners can find themselves being required to pay extra dues and expenses caused by owners who have had their properties foreclosed. An article, recently printed in the Tulsa World, Shared housing can lead to shared bills, discusses some keys to avoiding extra expenses when purchasing a condo or other type of shared housing.

Shared housing can lead to shared bills

For those who have a lot of cash or can get credit, this could be an ideal time to buy a house.

But beware if you are looking to buy a condominium, co-op, town house or other property that's part of a homeownership group - you could end up responsible for some of your neighbors' bills.

That's because people in shared ownership communities chip in to pay the cost of maintaining the buildings and amenities such as swimming pools. Also, the funds, usually paid in monthly installments, are often used to pay for landscaping, as well as to insure the structures.

But when individual owners in a group walk away from their homes or lose them to foreclosures, the bills end up getting split by the remaining homeowners.

Sometimes associations let bills pile up, creating potentially devastating surprises for owners.

"There's really a crisis within a crisis in the shared ownership community," said Gary Poliakoff, co-author of "New Neighborhoods: The Consumer's Guide to Condominium, Co-op and HOA Living."

The Community Associations Institute (CAI) trade group recently reported that more than half of the nation's 310,000 community associations are struggling with "serious" or "severe" financial woes.

Some 59 percent of association managers reported that more than 3 percent of homes in their community groups were vacant, the study said. Some 65 percent of associations reported that more than 5 percent of their homeowners were delinquent on their monthly assessments.

If an association determines that it needs to levy a special assessment on homeowners, there's no legal limit on how high that assessment can be.

And homeowners can't just decide not to pay. Associations can get legal judgments to allow them to take a portion of homeowners' wages or put liens on their properties.

To help avoid problems, check out the association thoroughly before you buy.

Dig deep into financial records. You should get the association's financial statement and find out what expenses the complex is paying, and what percentage of its overall obligations is handled by the dues.

Associations should have a balanced budget that covers both current and anticipated costs, he said.

Make sure the association has adequate insurance coverage. Associations generally hold the policy on structures.

Check into an association's reserves. Some states require that the associations maintain reserves for any expense that's likely to exceed threshold amounts, such as $10,000. In those states the association must have a reserve study showing what the anticipated costs are, when they're expected to be needed and how much money is set aside to handle them.

Look over the grounds. Some 35 percent of associations have reduced landscaping services and 12 percent are asking homeowners to do some work themselves, the CAI study said.

Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=364&articleid=20101114_46_E3_Fortho308694

To buy or sell your Broken Arrow, OK Area Condo, contact Kelly Howard, McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

Tulsa OK Condos For Sale

Tulsa, Oklahoma Condominiums for Sale

Enjoy the View from these Charming Spacious Condo's just Steps Away from the River Parks. Downtown and major interstates are only minutes away.

3731 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$172,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage

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3727 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$169,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage
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3729 South Riverside Drive
Tower Court Condo's in Tulsa, OK.

$169,900

3 Bedrooms
2 Full 1 Half Bathrooms
2 Car Attached Garage


To sell your Broken Arrow, OK area Condo or to find condominiums for sale in Broken Arrow OK, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com

Tulsa OK Area Luxury Homes for Sale...

Luxury Homes for Sale in the Tulsa, OK Area

Elegant Luxury Home For Sale in Bixby, OK.

13420 S. Lewis Ave.
$999,000

13420 South Lewis Avenue in Bixby, OK
The Estates of Hampton Hills Addition

5 Bedrooms
5 Full, 1 Half Bathrooms
3 Car Garage

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Secluded Owasso, OK Luxury Home For Sale

15601 East 82nd Street North
in Owasso, OK.

$1,900,000

4 Bedrooms
4 Full, 2 Half Bathrooms
4 Car Garage

To buy or sell a luxury home in the Bixby, OK or Owasso, OK area, or to buy or sell Broken Arrow, OK real estate contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com

Will 2011 Be a Positive Year for The Housing Market?

The National Association of Realtor's Chief Economist, Lawrence Yun, believes that since home "affordability remains strong" and if "consumer confidence and business spending" increases, we could see a "virtuous cycle" begin as early as next year. What happens if consumer confidence and business spending don't increase? Yun says that we could enter a "vicious cycle" instead! Read on for the entire article, Home Sales Could Enter 'Virtuous Cycle', as printed in Realtor Magazine Online.

Consumer confidence and business spending are key to whether the U.S. housing market will move into a virtuous or a vicious cycle in 2011, NAR Chief Economist Lawrence Yun told a packed audience at the Residential Economic Outlook Forum Friday in New Orleans.

After the downturn, the housing market has clawed its way back to a point of near stability, Yun said, with the pace of new foreclosures easing, sales moving toward historically normal levels and prices on a national basis gaining modestly.

At the same time, affordability remains strong. He said all of the price excesses from the housing bubble have been squeezed out. In San Diego, for example, buyers today would pay $1,564 a month in mortgage payments for a house that at the height of the boom would have cost them $2,833 a month.

The broader economy is also showing positive signs, with businesses enjoying strong profits, sitting on huge cash reserves, and even adding jobs. Yun predicts this positive trend to continue into 2011, with existing home sales reaching 5.5 million units, prices rising a modest 1 percent, and the U.S. gross domestic product increasing to about 2.5 percent.

“We are entering a virtuous cycle,” he said. But for the positive trend to continue, he added, businesses will have to start spending some of their cash to fuel job growth at a far greater pace than they’re doing now. Currently, businesses are adding jobs at a pace of about 100,000 a month. That needs to grow to about 400,000 a month for unemployment to start shrinking.

The scenario will be far more negative if businesses continue to sit on their cash. In that case, sales will fall, inventories will rise, the high rate of foreclosures will resume, and the cost to the federal government of bailing out Fannie Mae and Freddie Mac will surge.

Federal Reserve Governor Thomas Koenig, who shared the dais with Yun, said the Fed’s continued effort to spur the economy, most recently through a $600 billion bond buying program, is understandable given concerns over the slow pace of growth. But the continued subsidization of the market could unleash inflationary forces.

Yun said he sees possible evidence of inflation building, but it’s not visible now because the housing-cost portion of inflation measurements is holding down prices.

—Rob Freedman, REALTOR® Magazine

Now is a great time to buy or sell your Broken Arrow, OK home! Contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Could the Economy Sink Even Further?

A recent article posted in Realtor.org, Fed's Aggressive Policy Sparks Critics, discusses the decision announced Wednesday that the Federal Reserve would be buying $600 Billion in Treasure securities.

When the Federal Reserve announced Wednesday that it intended to buy $600 billion in Treasury securities through June, it also signaled that it could make more purchases after that if unemployment remained too high and inflation too low.

But after the announcement many deficit hawks who warned about inflation earlier this year repeated those warnings anew. The Cato Institute, citing a former vice president of the Dallas Fed, said the new program would “sink” the economy.

It’s always possible that the critics are correct and that, this time, inflation really is just around the corner. But there is still no good evidence of it. The better question may be whether the Fed is still behind the curve.

Some economists are optimistic that it has finally found the right balance. Manoj Pradhan, a global economist at Morgan Stanley, pointed out that bond purchase programs lifted growth in Europe and the United States last year—and a broadly similar approach also helped end the Great Depression.

“There are no guarantees,” Pradhan said, “but the historical precedents certainly suggest it will work.”

Others, though, wonder if the program is both too late and too little. “I’m a little disappointed,” said Joseph Gagnon, a former Fed economist who has strongly argued for more action.

The announced pace of bond purchases appears somewhat slower than Fed officials had recently been signaling, Gagnon added, which may explain why interest rates on 30-year bonds actually rose after the Fed announcement.

One thing seems undeniable: the Fed’s task is harder than it would have been six months ago. Businesses and consumers may now wonder if any new signs of recovery are another false start.

Source: The New York Times, Sewell Chan and David Leonhardt 11/03/2010

For your Broken Arrow, OK real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

How the Election Might Affect Broken Arrow Foreclosures

With the changes coming as a result of Tuesday's election, there remains a question about how these changes will affect the national and Broken Arrow real estate market. According to an article posted in the Wall Street Journal by Robbie Whelan, some of the initial results are:

1. Ten of the 12 state attorneys general on the executive committee heading the foreclosure probe lost their re-election bids and won’t be returning to office. However, Ohio’s Richard Cordray, one of the most outspoken AGs, says the change of watch won’t matter very much.

“The issue is still there. The elections don’t change that. It’s going to need to be addressed, from the industry’s standpoint,” he said. “The 50 state investigation will continue to go forward.”

2. In Florida, voters rejected a proposal to change the state’s constitution to allow voters to decide changes to local master plans. The proposal was rejected by two-thirds of voters.

Source: The Wall Street Journal, Robbie Whelan (11/03/2010)

Broken Arrow, OK foreclosure rate for September 2010 was 1 in every 137 housing units. For Oklahoma, 1 in every 174 housing units and nationally, 1 in every 371. Compared to national foreclosure rates Oklahoma is mid-range. For Oklahoma rates, Broken Arrow falls in the high side and within Broken Arrow, 74011 is on the high side and 74012 on the low side (Source: Realtytrac.com). Although there is no guarantee how these foreclosure rates will be affected by the election changes, only time will really tell if the changes help the economy and lower foreclosure rates.

Stop your Broken Arrow Foreclosure, contact Stan of The Baskin Real Estate Specialists at McGraw Realtors, 918-258-2600 or www.stopmytulsaforeclosure.com

To read the original article in the Wall Street Journal, click here.
To read the article in RealtorMag, click here.

Luxury Bixby, OK. Ranch for Sale

Gated and Secluded Luxury Estate in Bixby, OK

1724 East 151 Street
in Bixby, OK.

$2,675,000

5 Bedrooms
6.5 Bathrooms
4 Car Garage

Incomparable Gated & Secluded Estate! Luxurious Private Estate sits on 4 Acres w/up to 100 acres available including a 12-acre pond. Rare & unusual hand carvings & stone accents. Master separate from the 3 guest en suites. Gourmet Kitchen, Saloon & More!

For more information on this Luxury Bixby, OK Ranch for Sale or for all your Broken Arrow, OK real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com

KNOW YOUR VOTING INFORMATION!

One of the biggest and most important United States and Oklahoma elections is tomorrow, November 2, 2010. For many of you, you have already researched the issues and candidates, know your polling place, and are ready to go. For others, however, knowing what you will be voting on is a daunting task and you may not know where to start. For those of you in the latter category, or for those who simply want a little bit more information, read on for some helpful steps to take before you vote and for some vital links to ballot information.

Steps to Take to Ensure a Smoother Voting Process:

1. Know Your Information! Before you go vote, make sure you know the following: your voting precinct, state Senate district, state House district, County Commission district. Knowing this information can ensure that you get all the proper ballots and the right candidates to choose from on your ballot. Follow this helpful link to the Oklahoma State Election Board. Simply click on find your polling place and enter your name, birthday, and zip code. Take this information with you when you vote.
2. Know Your Oklahoma State Questions and Candidates! There will be 11 State Questions on the Ballot tomorrow, as well as elections for 9 statewide partisan offices, and 6 statewide judicial offices. There will also be many district judges and special elections all over the state. Take some time to check out the following links to be an informed voter. Follow this link to Ballotpedia for links to information on each of the 11 state questions. Follow this link to politics1 for information on the statewide elections. This link to tulsacounty will give you a copy of your sample ballot. You will need the information you found in point 1 to get the proper ballot.
3. Go Vote! Make sure you take notes of which candidates, questions, and issues you are in agreement with. You could even print out the sample ballot and mark it for easier reference.

The important thing is to make our voices heard. No matter which candidate or side of the issue you stand on, be informed and go vote.

For all your Broken Arrow, OK area real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com