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New Pete's Pick Added| Posted Friday, March 05, 2010 at 11:38:10 AM | Pete had added a new MLS Listing that he thinks is a great deal. To see this and other picks goto http://www.hatterasislandrealestate.com/OuterBanksRealEstate/PetesPicks/
MLS: 64735 - WOW!! This price reduction on a newly renovated oceanfront property nestled amid Salvo's secure beaches. This is the buy on Hatteras Island. If you've ever had a desire to own property here, don't miss out on this listing. | |
New Pete's Pick Added| Posted Saturday, February 27, 2010 at 10:23:05 AM | Pete had added a new MLS Listing that he thinks is a great deal. To see this and other picks goto http://www.hatterasislandrealestate.com/OuterBanksRealEstate/PetesPicks/
MLS: 64804 - Wow! Another Salvo oceanfront priced below $700,000. This listing is just reduced to $699,000. and is advertised as a short sale. Located on a 15,000+ sq. ft. lot and producing approx. $35,000 in rental income, this listing is obviously rentable as is, but is also suitable for renovation. | |
Foreclosure Inventory| Posted Friday, February 26, 2010 at 11:50:02 AM | While the following article was written about the primary residence market, it is applicable to our second home/ investment market as well. My logic being that if your primary residence is being foreclosed on, you've probably already exhausted all options for saving money which should include vacation properties etc.
The Shadow Inventory Of Troubled Mortgages Could Undo U.S. Housing Price Gains
Publication date: 16-Feb-2010 10:48:43 EST
View Analyst Contact Information
· Table of Contents
· MethodologyA Swelling Number Of Distressed Loans Creates The Shadow InventoryRecently Cured Loans Amplify The InventoryThe Shadow Inventory Will Need To ClearServicers' Shifts In StrategyLiquidations Lead To Lower Housing PricesThe Rate Of Liquidations Is Likely To IncreaseThe Supply Of Homes On The Market Is Likely To GrowIn summer 2009, the seasonally adjusted S&P/Case-Shiller Home Price Index rose for the first time in virtually two years. Since May 2009, the index has risen by over 3%, suggesting that the necessary correction to U.S. residential home prices is nearing an end. However, in Standard & Poor's Ratings Services' view, the mortgage crisis may be far from over. The overhang of homes heading toward liquidation suggests more delinquencies and lower home prices are to come.
The current "shadow inventory" (including all delinquent loans, not only those that are real estate owned [REO]) of troubled mortgages will likely take about 33 months?or nearly three years?to clear at the current rate of liquidations. Moreover, we believe this estimate is conservative, as we do not assume any loans that have yet to show any serious signs of distress to date will default in the future and further increase the overhang of homes. Nonetheless, we believe that in reality additional loans will default in the near future due to the weak economic environment, distressed residential home values, and the resulting contraction in the supply of mortgage finance.
We believe that the recent reversal in housing prices is the result of a temporary constriction in the supply of foreclosed homes on the market. This temporary constriction ensued because servicers have completed fewer foreclosures due to court delays, servicing backlogs, and political pressure to keep borrowers in their homes. However, there is a rapidly growing shadow inventory of properties where borrowers are delinquent but foreclosure has not been completed. Overall, it is our opinion that recent positive housing reports should not be construed as a sign that the distress in the residential housing market is abating, but rather should be attributed to the temporarily limited supply of homes on the market.
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New Pete's Pick Added| Posted Thursday, February 25, 2010 at 11:11:59 AM | Pete had added a new MLS Listing that he thinks is a great deal. To see this and other picks goto http://www.hatterasislandrealestate.com/OuterBanksRealEstate/PetesPicks/
MLS: 64031 - Wow!! $470,000. for an Avon oceanfront is unheard of, but folks here it is. A comfortable older oceanfront home lying within the protective secure dunes of Avon. A great opportunity for someone to acquire an existing rental producer and have long-term oceanfront access for the future. | |
New Pete's Pick Added| Posted Thursday, February 11, 2010 at 4:27:47 PM | Pete had added a new MLS Listing that he thinks is a great deal. To see this and other picks goto http://www.hatterasislandrealestate.com/OuterBanksRealEstate/PetesPicks/
MLS: 64735 - Currently an oceanfront residence, this home was previously a rental home in popular Hatteras Colony, Salvo. While updated on it's interior and exterior as a residence, this updating will only add to it's long term value. This home's true value far exceeds it's actual list price and this property should be perceived as a real bargain in today's market | |
Other Recent Blog Entries:
New Pete's Pick Added - Monday, January 18, 2010
The Foreclosure Myth - Friday, January 08, 2010
New Pete's Pick Added - Tuesday, January 05, 2010
Distressed Sales In Real Estate - Wednesday, December 16, 2009
Hatteras Island Aftermath - Tuesday, November 17, 2009
Universal Health Care - Saturday, November 07, 2009
Which Hurts Worse, the Disease Or the Cure? - Friday, October 30, 2009
The Tide of Foreclosures - Saturday, October 24, 2009
Pity Rush Limbaugh - Thursday, October 15, 2009
Weather and Such - Wednesday, October 14, 2009
Global Warming? - Saturday, October 10, 2009
Revaluation - Saturday, October 03, 2009
After Watching Ken Burns "The National Parks" - Monday, September 28, 2009
Distasteful - Friday, September 25, 2009
Big Government's Footprint - Thursday, September 24, 2009
Evolution Or What's Up With That? - Friday, September 18, 2009
It's Personal! - Monday, September 14, 2009
The Week of Sept. 6Th- What Storm? - Saturday, September 12, 2009
Negative Real Estate Market Trends - Thursday, September 10, 2009
Republican Buttheads - Friday, September 04, 2009
Stick Another Log on the Fire! - Thursday, August 27, 2009
Disconnect With Our Elected Representatives - Wednesday, August 12, 2009
A Ration of Pessimism - Tuesday, August 11, 2009
Feudalism and Such - Sunday, August 09, 2009
Distressed Properties Impact on Hatteras Island Market - Saturday, July 25, 2009
Increased Number of Hatteras Island Foreclosure Filings - Saturday, July 11, 2009
New York Times Article on Foreclosures - Thursday, July 09, 2009
You Decide: What Will the Recovery Look Like? - Tuesday, June 30, 2009
Renewed Interest In Viewings - Friday, June 19, 2009
Distressed Property Sales on Hatteras Island - Tuesday, June 09, 2009
     
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