12676 Belle Isle Ln, Frisco, TX 75034 – SOLD!
12686 Belle Isle Ln, Frisco, TX 75034
Property Features
Beautiful Highland Home (plan #471) on an over-sized lot backing up to serene ranch land! Complete with handscraped wood floors and tile flooring throughout the home. Island kitchen. Flagstone covered patio with gas outlet for grilling. Garden tubs. Media equipment. Furniture and pool table stay with acceptable offer!
Room Dimensions:
- Kitchen – 14×13
- Living Room 1 – 19×15
- Living Room 2 – 12×12
- Formal Dining Room – 12×11
- Breakfast – 13×10
- Master Bedroom – 19×14
- Bedroom 2 – 13×12
- Bedroom 3 – 13×12
- Bedroom 4 – 13×11
- Study – 13×12
- Utility – 6×5
- Other Room 1 – 20×15
- Other Room 2 – 17×14
Schools:
District: Frisco ISD
Elementary: CARROLL
Middle: GRIFFIN
High: WAKELAND
Additional Photos
Study
Dining Room
Living Room and Kitchen
Living Room and Breakfast Nook!
Kitchen
Huge Backyard!
Game Room with Great Views of Outside!
Media Room
Fed Considers More Steps to Bolster Economy
Federal Reserve chairman Ben Bernanke urged the House Budget Committee to support another government stimulus package, particularly one that would encourage consumers to buy houses and cars.
"If the Congress proceeds with a fiscal package, it should consider including measures to help improve access to credit by consumers, homebuyers, businesses and other borrowers," Bernanke said.
Many economists believe members of the Fed will again lower its key rate – now at 1.5 percent – when it meets Oct. 28-29.
Source: The Associated Press, Jeannine Aversa (10/20/08)
Read the story here.
Southern California Home Sales Jump 65 Percent, Tracking Firm Says
LOS ANGELES —
Southern California home sales jumped 65 percent in September from a year ago, as plummeting prices fueled by foreclosures lured more buyers, a real estate tracking firm said Monday.
Last month’s median home price in the six-county region fell 33.2 percent to $308,500, compared to $462,000 in September 2007, according to San Diego-based MDA DataQuick.
The September median price was 38.9 percent below the peak $505,000 median posted in spring and summer of last year.
John Husing, an economist with Economics & Politics Inc., a consulting firm, said the ample supply of discounted, foreclosed homes has kept downward pressure on prices.
Once foreclosures start drying up, prices will stabilize, but that could take another year, he said.
"The flow of foreclosures is enough to meet demand," he said.
Foreclosure resales amounted to half of all transactions last month, easily pushing sales beyond the dismal, record lows of a year ago, when a credit crunch began slamming the brakes on home financing.
"The pitifully low September 2007 sales numbers weren’t tough to beat," said John Walsh, MDA DataQuick president.
Andrew LePage, an analyst with MDA DataQuick, said it’s hard to estimate how many mortgage defaults were still in the pipeline. Some lenders are simply jammed with a backlog of paperwork, and the number of defaults by prime mortgage holders is increasing, he said.
The September sales figures largely reflect purchase decisions made during the summer, making it hard for analysts to predict how the recent meltdown in the financial markets will affect the housing market.
"The numbers don’t reflect the sheer terror of the last three weeks," Husing said.
Tom Adams, a broker with Century 21 Adams & Barnes in Monrovia, a Los Angeles suburb, said the rocky stock market may have driven more people to real estate. He said his October sales have increased significantly.
"I think people may be seeing real estate as a safer investment than paper," he said.
Steep price declines, especially inland, could keep sales levels well above the record lows seen late last year and early this year, Walsh said. However, future sales will be affected by the severity of this economic downturn, he said.
The price drop is luring more first-time home buyers, but mortgages are hard to find, said Doug Shepherd, owner/broker of Coldwell Banker Shepherd Group in Riverside.
A total of 20,497 new and resale houses and condos closed escrow in the region last month, up 5.8 percent from 19,366 in August and up 64.6 percent from 12,455 in September 2007.
Last month’s sales were the highest for any month since December 2006, and the year-over-year gain was the highest for any month in DataQuick’s statistics, which go back to 1988.
Read the story here.
Dump Your Credit Card Debt, But Keep Your House
If you’re feeling overwhelmed by debt — credit cards, medical bills, mortgage payments, etc.– andespecially if you’re being hounded by collection companies, your best option is to make an appointment with a nonprofit credit counseling service. In exchange for agreeing to a budget plan, they’ll contact creditors for you and hopefully buy you more time to pay your bills.
Warning! As I wrote in a previous column, due to the number of for-profit scammers out there, look for an organization affiliated with the National Foundation for Credit Counseling (nfcc.org).
Don’t expect a miracle. “Counseling isn’t for everyone,” says Travis Plunkett with the Consumer Federation of America. He says that while a credit counseling agency “can provide some breathing room” by negotiating reduced payments with your creditors, “if you’re really in serious financial trouble, they can’t provide enough breathing room to help.”
Both Plunkett and Gerri Detweiler, author of several books on consumer credit, say that if your situation is especially dire, filing for bankruptcy may be your only recourse. If you think you might be headed down that path, she recommends making an appointment with a bankruptcy attorney as soon as possible.
While a bankruptcy filing is public record and remains on your credit history for 10 years, attorney Stephen Elias says it may not be as painful as you think — especially if most of your debt is unsecured, i.e. not backed by a tangible asset such as real estate or a car that can be seized. He points out that if you’ve already missed several payments, “your credit is in the tank, anyway, and that stays on your record for seven years.”
Elias, who has authored several file-your-own-bankruptcy books, describes it as an “amazing” process. He says, “First you have to file your papers. Thirty days later you go to a creditors meeting and under oath swear that your paperwork is correct. A minute later you walk out.”
Creditors then have 60 days to object to having your debt erased. But according to Elias, in his 25 years of practice, he’s never seen a creditor do this. He recalls one extreme case where clients had traveled the world, running up a $50,000 bill on their Bank of America credit card. Although he expected B of A to object, there was “not a peep. I was really surprised.”
If the court doesn’t hear from your creditors within the 60-day window, your debts are discharged.
Surprisingly, seniors are often more creditor-proof than younger debtors, especially if they don’t own their home or many tangible assets. That’s because much, if not all, of their income cannot be seized in bankruptcy. Even after it’s in your bank account, Social Security is strictly off-limits, says Elias. So are your company retirement plan, IRA, and pension. There’s also a chance that the income from these accounts is exempt. And, under the Fair Debt Collections Practices Act, anyone can demand that creditors stop harassing them.
But what if you’re middle-aged, have a couple of kids, a mortgage, health problems that have kept one spouse from working, and $30,000 in credit card and medical bills you can’t afford to pay?
Under the revised bankruptcy regulations enacted in 2005, if your income exceeds a certain threshold (set by each state), you cannot qualify for Chapter 7 bankruptcy, which allows you to essentially walk away from your debts. Your only option is to file under Chapter 13, where the court creates a five-year plan for you to pay back a portion of your debts.
But Chapter 13 can be a much better solution for many people, especially if you own a home and want to keep it. Instead of foreclosure, the court allows you to make up the mortgage payments you missed by adding a little extra to each payment left on your schedule.
Elias, who has just written “The Foreclosure Survival Guide,” says an option under Chapter 13 will allow you to keep your house while having your unsecured debt wiped out. He calls the “zero percent plan” the best choice “for most people who went way over on credit card or medical debt.”
Keep in mind that regardless which type of bankruptcy you file, you must complete a credit counseling course given by a federally-approved organization. And your bankruptcy filing will remain on your record for 10 years. That means you will find it next-to-impossible to get a loan. “Sure, they don’t have access to credit,” says Elias, “but that’s not necessarily a bad thing for many people.”
If you feel your current financial problems are temporary and you really, really want to hang on to your home, don’t give up. “The challenge is what when you’re under financial stress, it’s harder and harder to make the calls, handle the rejections, and be willing to keep going,” says Detweiler. As she put it, you have to “be a bulldog about it.”
Read the story here.
National housing starts rate still dropping
New government numbers show initial construction of U.S. homes fell to a 17-year low in September.
Privately owned housing starts fell to a seasonally adjusted annual rate of 817,000 in September, according to the U.S. Commerce Department. The rate was down 6.3 percent from August’s revised reading of 872,000 and 31 percent lower than September 2007.
Housing starts have fallen by nearly two-thirds from their peak of 2.3 million in January 2006, and were at the lowest annual pace since January 1991.
New construction of single-family homes — which make up the bulk of the housing market — were at a rate of 544,000, or 12 percent below August’s number. Single-family housing starts have fallen a whopping 70 percent since their peak in January 2006, and have not been at a rate this low since February 1982.
Applications for building permits, considered a reliable sign of future construction activity, fell to a seasonally adjusted annual rate of 786,000 last month. That’s 8.3 percent below the revised 857,000 rate in August, and the lowest level for permits since November 1981.
For more: www.commerce.gov.
Read the story here.
Builders Help Buyers to Help Themselves
By DAWN WOTAPKA
Home builders are working with potential buyers, enrolling them in programs that address everything from credit-report errors to managing debt, in order to raise their credit scores so they can qualify for a mortgage or a better interest rate.
It is another move by a sector desperate to unload inventory as the credit crisis roils the globe, causing lenders to shun borrowers with blemished credit histories and to demand higher credit scores.
The programs, conducted over the Internet and in face-to-face meetings, have recently become "a very, very high focus," said Dean Bloxom, president of imortgage.com, a mortgage banker that works with builder Meritage HomesCorp.
Florida-based Debt Resource USA, which uses certified credit counselors and works with builders such as Hovnanian Enterprises Inc. and M/I Homes Inc., has seen business triple since it started 18 months ago, said Chief Executive David Vizzi. Hovnanian, an industry trailblazer when it rolled out credit-enhancement programs nationwide last year, has more than 100 enrollees.
D.R. Horton Inc., the nation’s largest builder by number of annual closings, offers a free credit-improvement program called Home Buyers Club, which assists with credit coaching and analysis and monthly disputes.
Though no one expects the programs to significantly increase sales — Hovnanian reports just 51 graduates in the last 18 months — every sale counts for builders as they see earnings plummet, orders tank and cancellations rise as the worst housing correction in decades shows few signs of letting up.
Critics of the programs say credit reports are available for free, and consumers can challenge errors online. In addition, independent groups with no ties to builders offer complimentary assistance and advice.
Consumer Credit Counseling Service of Greater Atlanta Inc. has developed interactive Web-based podcasts, PowerPoint slides, social networking and journals. The nonprofit group suggests all buyers go through prepurchase counseling and a six-hour buyer’s workshop.
Builders make their involvement clear to consumers and say they hope the process will build loyalty and lead to a deal for the builder and its mortgage arm.
"It becomes a win-win," said Dan Klinger, president of K. Hovnanian American Mortgage, which doesn’t charge potential buyers to work with Debt Resource USA. "We get to sell one of our homes, and the customer gets to clean up his credit and learn good, fiscal responsibility at the same time."
During the housing boom, money flowed freely, even to those with weak credit scores, and builders raked in big profits. But as those buyers defaulted, scores of lenders went out of business and foreclosures swelled to record levels.
Lenders are avoiding risky subprime loans — which made up 24% of mortgage originations in 2006 — as well as most of the no-money-down and adjustable-rate mortgages that once inflated sales.
More recently, builders have been hurt by the loss of seller-funded down-payment assistance, in which third parties contribute to the buyer’s down payment via the seller. This summer’s housing law banned seller-funded down-payment assistance on mortgages insured by the Federal Housing Administration as of Oct. 1, essentially ending the practice.
Qualifying for even a basic 30-year fixed mortgage also has gotten more difficult. Lenders and mortgage insurance companies are scrutinizing credit reports and scores, which detail housing-payment history and length of credit and debt, helping gauge a borrower’s risk.
Builders said they screen applicants for their credit-repair programs. They avoid those who refuse to pay bills on time and seek those willing to change payment behavior and aspiring buyers hurt by life events such as a divorce, illness or identity theft.
Everyone involved is aware there is no way to instantly rebuild a tattered score, though addressing errors is a good start. Depending on what needs to be done, the programs can take weeks or months.
The programs address everything from debt to income ratios to why opening a store-branded card at the cash register might not be a good deal. They also teach students about budgeting — not spending a fortune on furniture for the new house or forgoing that daily latte to build up a safety net should a pipe break or the homeowner get laid off.
Read the article here.
30-Year Rates Rise to 8-Week High
Interest rates for 30-year fixed-rate mortgages rose this week to an 8-week high, according to Freddie Mac, while ARM rates showed smaller gains.
The 30-year fixed mortgage rate rose to 6.46 percent during the week ended Oct. 16, up from 5.94 percent the prior week. Last year at this time, the 30-year fixed rate mortgage averaged 6.40 percent.
The 15-year fixed mortgage rate climbed to 6.14 percent from 5.63 percent over the same period.
"Recent economic reports suggest the economy is still slowing. For instance, retail sales fell for the third consecutive month by 1.2 percent in September," said Frank Nothaft, Freddie Mac vice president and chief economist.
"In addition, in its latest Beige Book, released October 15th, the Federal Reserve indicated that economic activity weakened in September across all 12 Federal Reserve Districts and that several Districts also noted that their contacts had become more pessimistic about the economic outlook."
Source: Freddie Mac
Read the article here.
Stocks In Focus For Friday
SAN FRANCISCO — Among the companies whose shares are expected to see active trade in Friday’s session are Honeywell, Comerica, Schlumberger and GM.
Honeywell (HON: 30.93, +1.85, +6.36%) is expected to report third-quarter earnings of 95 cents a share, according to analysts surveyed by FactSet Research.
Comerica Inc. (CMA: 29.22, +0.92, +3.25%) is projected to post earnings of 26 cents a share in the third quarter, according to analysts polled by Thomson Reuters.
Schlumberger (SLB: 53.20, -1.20, -2.20%) is forecast to post earnings of $1.25 a share in the third quarter, according to analysts surveyed by FactSet Research.
Analysts polled by FactSet Research estimated VF Corp. (VFC: 58.50, +3.76, +6.86%) to report third-quarter earnings of $2.02 a share.
Wilmington Trust (WL: 27.45, +0.97, +3.66%) is expected to report earnings of 42 cents a share in the third quarter, according to a survey of analysts by Thomson Reuters.
First Horizon National Corp. (FHN: 11.32, +0.14, +1.25%) is likely to post a loss of 12 cents a share in the third quarter, according to analysts in a survey by FactSet Research.
After Thursday’s closing bell, Google Inc. (GOOG: 353.02, +13.85, +4.08%) said its third-quarter net income rose to $1.35 billion, or $4.24 a share, from $1.25 billion, or $3.92 a share in the same period a year earlier. Net revenue rose to $4.04 billion. Excluding special items, Google said earnings for the quarter were $4.92 a share. Analysts on average had estimated Google would post earnings, excluding special items, of $4.74 a share, on net revenue of $4.04 billion, according to FactSet Research. See full story
Watch list
Advanced Micro Devices Inc. (AMD: 4.12, +0.21, +5.37%) reported a third-quarter loss of $67 million, or 11 cents a share, compared with a loss of $396 million, or 71 cents a share for the year-earlier period. Revenue was $1.78 billion, up from $1.56 billion for the same period last year. Analysts had expected AMD to report a loss of 40 cents a share on revenue of $1.48 billion, according to a consensus survey by FactSet Research. See full story
American International Group (AIG: 2.43, +0.01, +0.41%) will take steps to recover "improper" bonuses and payments to former executives as part of its effort to assist New York State Attorney General Andrew Cuomo’s probe into the company’s expenditures. The decision came after Cuomo informed Chief Executive Edward Liddy that unless AIG takes steps to recover the funds, Cuomo will pursue it under the law. The recovery will include compensation paid to former Chief Executive Martin Sullivan. The insurer is also canceling all junkets and perks which are not justified by legitimate business needs, including more than 160 conferences and events, for a total savings of more than $8 million. Separately, AIG named David Herzog executive vice president and chief financial officer. Steven Bensinger, who served as acting CFO, has left the company.
Capital One Financial (COF: 38.70, +0.94, +2.48%) said it made net income of $374.1 million, or $1 a share, in the third quarter, up from a net loss of $81.7 million, or 21 cents a share, a year earlier. Earnings from continuing operations in the third quarter of 2008 were $385.8 million, or $1.03 a share, the credit card and banking company reported.
Merger discussions between General Motors Corp. (GM: 6.40, +0.18, +2.89%) and Chrysler LLC are picking up pace with strong support from banks and other potential lenders that are eager to see a deal, The Wall Street Journal reported Thursday in its online edition. GM is aiming to get a deal done as early as the end of October, the newspaper said. Other major players pushing the deal are J.P. Morgan Chase & Co. (JPM:40.49, +2.00, +5.19%) and Cerberus Capital Management, according to the Journal. Cerberus owns Chrysler, while JP Morgan is one of the largest holders of Chrysler bank debt and is a key lender for GM.
IBM Corp. (IBM: 91.52, +3.23, +3.65%) reported a third-quarter operating income of $2.8 billion, or $2.05 per share, compared to earnings of $2.4 billion, or $1.68 per share, for the same period last year. Revenue rose 5% to $25.3 billion for the quarter. The company said revenue from its software segment grew by 12% to $5.2 billion during the period. See full story
Intuitive Surgical Inc. (ISRG: 214.80, +24.68, +12.98%) said its third-quarter profit rose to $57.6 million, or $1.44 a share, from $40.9 million, or $1.04 a share, in the year-ago period. Revenue rose to $236 million from $156.9 million last year. Analysts surveyed by FactSet Research estimated quarterly earnings of $1.27 a share on revenue of $226.6 million.
Leggett & Platt Inc. (LEG: 18.57, +1.16, +6.66%) reported a third-quarter net income of $32.7 million, or 20 cents a share, down from $65.7 million, or 37 cents, a year ago. Excluding one-time items, the company earned 34 cents a share from continuing operations. Revenue rose to $1.13 billion from $1.09 billion. Analysts polled by FactSet Research predicted the engineered parts maker would post per-share earnings of 30 cents on $1.05 billion in revenue. The company, citing weak market demand, said it expects to earn $1 to $1.15 a share for the full year, down from $1.10 to $1.40 estimated in July.
PMC-Sierra Inc. (PMCS: 5.59, +0.36, +6.88%) said it swung to a third-quarter profit of $16.2 million, or 7 cents a share, from a loss of $5.9 million, or 3 cents a share, in the year-ago period. Excluding one-time items, the company would have reported earnings of 13 cents a share. Revenue rose to $139.3 million from $117.5 million last year. Analysts surveyed by FactSet Research estimated quarterly earnings of 12 cents a share excluding stock option expenses on revenue of $139.1 million.
Stryker Corp. (SYK: 54.75, +1.42, +2.66%) said its third-quarter profit rose to $273.8 million, or 66 cents a share, from $228.7 million, or 55 cents a share, in the year-ago period. Revenue rose to $1.65 billion from $1.45 billion last year. Analysts surveyed by FactSet Research estimated a quarterly profit of 67 cents a share on revenue of $1.66 billion. The company forecast 2008 earnings of $2.88 a share. Analysts estimate $2.87 a share.
Texas Instruments Inc.’s board (TXN: 17.63, +0.28, +1.61%) on Thursday declared a quarterly dividend of 11 cents, up from 10 cents in the previous quarter. The dividend will be paid Nov. 17 to stockholders of record on Oct. 31.
United Airlines, operated by UAL Corp. (UAUA: 10.30, +2.95, +40.13%) , said 322 employees represented by the International Association of Machinists have taken advantage of the airline’s voluntary furlough program. Since July, United said that 1,500 flight attendants, 200 pilots and 100 mechanics have taken advantage of the program. In July, United said it needed to reduce capacity, resulting in the need for 7,000 fewer employees.
Zions Bancorporation (ZION: 40.20, +2.61, +6.94%) said third-quarter net income came in at $37.8 million, 72% lower than a year earlier when the bank made $135.7 million. Net income per common share came in at 31 cents versus $1.22 a year ago, the company reported. Nonperforming assets were $924.4 million at the end of September, up from $196.6 million a year earlier. Zions said this was driven mainly by deterioration in residential real estate acquisition, development and construction loans in the Southwest, and by continued weakening in Utah residential construction and commercial and industrial portfolios.
Read the article here.
How to Prevent New Home Defects
Buyers should take care that they’re not purchasing an inferior-quality house.
By JUNE FLETCHER
As the downturn deepens, many would-be homeowners are taking advantage of down payment and closing cost assistance, free finished basements and other incentives offered by builders eager to move their merchandise.
But buyers should take care that they’re not purchasing an inferior-quality house.
For the month of August, the producer price index for construction materials rose 13% over the same period a year earlier, according to the Bureau of Labor Statistics. As costs rise, some builders cut corners. The Consumer Federation of America says construction tops its list of the five fastest-growing complaint categories.
Bruce Barker, a Phoenix home inspector, says almost all the new houses he sees have minimum-quality windows, and about three-quarters have inadequate loose fill or fiberglass insulation; other houses he’s inspected have brand-name condensers on the exterior of the home, where buyers can see them, connected to generic furnaces hidden in the attic. Steve Showalter, a Graysonville, Md. inspector, says builders have stopped using plywood sheathing and instead use oriented strand board, which can swell with moisture unless it’s installed correctly—and it rarely is, he says. Rob Ringen, a Sonora, Calif. home inspector, estimates that 80% of the repair work that new home owners have to do today can be traced directly to poor-quality materials like twisted and split framing, and short-cuts on installation, like missing flashing over windows that allows rain to leak in. And since building code inspectors are being laid off in the downturn, and remaining ones overworked, such problems often slip by. "Homeowners get it right in the neck," says Mr. Ringen.
Since new home contracts often have binding arbitration clauses, many disgruntled buyers can’t sue—although some have taken creative steps to embarrass builders they think have cheated them. Cynthia and John Daugherty posed as orange-jumpsuited "prisoners" on the Web site they made about their Pulte-built Kansas home, listing complaints about bad foundation walls and bouncy floors. Crapconstruction.com, with a logo of a home swirling down the toilet, was created for Beazer Home buyers complaining about buckling hardwood floors, chipped tiles and cracked caulk.
Although builders have been known to sue or buy out people who start complaint sites, it’s far less stressful to prevent such problems in the first place. While visiting the house often during the construction period can uncover some problems, most homeowners don’t have the expertise to check for every defect in construction and materials. That’s why it’s essential to turn to professionals to look after your interests. Before you sign a contract, have your attorney read it to make sure your rights to legal redress for defects are protected. Before you close, make sure to hire a home inspector, preferably one with an engineering background, to ensure that no one took any shortcuts.
Also, take time to read and understand whatever warranties the builder offers. The warranty will likely exclude certain items like appliances and cracks from normal settling of the house, and may limit the amount of time you have to file a claim for damages or defects. This time period may be shorter than the time state law provides for filing a lawsuit under the principle of "implied warranty," so the builder may demand that you sign a paper waiving these rights. This is in the builder’s interest, but not yours. Don’t do it.
Read the article here.
Foreclosure Auctions Slow to Unload Inventory
Sushil Cheema reports:
While the number of foreclosure auctions is soaring, many transactions aren’t taking place at asking prices because some lenders are demanding too much, brokers and investors say.
So far this year 2.22% of all homes in the U.S., have entered the foreclosure process, according to estimates by the Foreclosures.comWeb site. By the end of the year, as many as one million homes in the U.S. may be in foreclosure.
Many investors, who make up the bulk of active bidders at auctions, say the banks are asking too much for the homes. So far this year, 748,381 homes—or 46% of the foreclosures—have gone into the possession of the banks as real-estate owned, or REOs, because no bidders were interested in them at auction.
With the banks’ inventory piling up as the properties fail to sell, the banks will likely have to discount their prices more in order to unload the homes, real estate experts predict. Such discounts could continue to drive the broader real estate market lower.
Few people placed bids at a recent auction run by the Sheriff’s office in New Jersey’s Bergen County. “If you want to go back a few years ago, it was standing room only,” said Don Pfleger, a real estate broker who said he has bought about a dozen properties at auction over the past several years. “Now it’s getting thinner as the weeks go on, as more and more properties are up for sale.” On this day at the end of September, only three of the 23 properties on the block went to a bidder. The remaining 20 went back to the banks. Eric Van Auken, a real estate broker who runs the Sheriff Sales Online site, has attended the auction in Bergen County weekly for the past 10 years. Up until the recent housing downturn began, he would personally buy properties at auction to fix up and would sell about one a month. But he’s purchasing foreclosed homes less frequently since the current real estate market downturn began because of the “ridiculous values” banks are demanding for them, Mr. Van Auken said. “We didn’t want to pay what they were willing to let them go for.”
Individual buyers looking for deals at auctions will likely not find one, says Foreclosures.com President Alexis McGee. Making it harder for individuals: it is generally not possible to examine the properties in person before buying them and buyers must have money with them to make a down payment on the home.
Mr. Van Auken predicted the banks will have to further slash their prices to attract buyers, which could pressure regular sellers to lower their prices for their homes as well. “For the average person putting their house on the market, it’s going to be very difficult,” Mr. Van Auken said.
Counties that run the auctions also suffer when the houses on the market fail to attract bidders, said Bergen County Sheriff Leo McGuire. The county collects commission on any sales. When the banks buy the properties back after they fail to sell, the county gets little money. “”There’s so many effects that this economic downslide is having,” Mr. McGuire said.
Read the story and watch the video here.
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Highers Group Realty
5000 Eldorado PKWY #150
Frisco TX 75034
Phone: (214) 392-6400
Email: nancy@highersgrouprealty.com