Oakland County Michigan Foreclosure info

            News You May Or May Not Like, But It Affects You Anyway!  To see more check out my website at http://www.lonnywilson.com/

Waiting for Granholm’s Signature-Legislation, which would put mortgage payoff calculation responsibilities back in the hands of the County Clerk for residents of two Southeast Michigan counties, is awaiting Governor Granholm’s signature.

H.B. 5267 gives homeowners in Oakland and Macomb counties, who are in the process of foreclosure, a chance to pull their homes out of the process, even if the property has already gone to the Sheriff’s department for a sale. The law was changed in 2005, giving the ability to calculate payoff amounts to banks.

There were problems with the 2005 change. Some of the lending institutions were charging homeowners’ fees for the payoff figures. In other cases, homeowners who were able to pay off the debt and pull their homes out of foreclosure were unable to get in touch with the institutions, missing the deadline and losing their homes. If signed by the Governor, the law will apply to counties with more than 500,000 residents and less than 1.5 million residents.

“The legislation won’t help everyone. Some people are still going to lose their homes, but there should be some set of checks and balances to keep people from falling victim to unscrupulous companies,” states Ruth Johnson, Oakland County Clerk/Register of Deeds, who will be sworn into office as Michigan’s Secretary of State on January 1, 2011.

 Oakland County reports 9,242 homes foreclosures in 2008, almost 8,500 in 2009, and more than 8,700 this year.  For Free Foreclosure lists check out my website at:

    http://www.lonnywilson.com/

Keller Williams Clarkston Market

Short sales and Foreclosures still seem to dominate the market right now.  With interest rates and property values so low if you are in a position to purchase a home, now is a great time to buy. Visit my website http://www.LonnyWilson.com to see some great deals.  Fha mortgages still offer buyers the opportunity to buy a home with only a 3.5% down payment and Fha loans are still allowing the seller to contribute up to 6% of the purchase price towards your closing costs.  Fha also has a Rehab loan known as a 203k.  Essentially what this allows you do to is purchase a home that needs some repairs or isn't in the best of condition and actually finance in the costs to repair.  Of course this loan has some restrictions, but it is a fantastic product.
Rural Developement and V.A. loans still allow the buyer to get 100% financing.  Parts of Oakland County believe it or not actually qualify for Rural Development financing.  I work with some terrific loan officers that really focus on meeting my clients needs and making the home purchasing process as smooth and headache free as possible.  I know the process can be difficult and overwhelming.  The most important decision you can make when buying or selling your home is choosing good, knowledgeable people to look out for your best interests.  Check out my website for more info and Free Oakland County Michigan Foreclosure lists at http://www.LonnyWilson.com

Novermber Newsletter

November 2010 . Market Update The housing market continues its gradual recovery without the aid of the tax credit. Sales are slower but growing. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. Interest rates hit a new historic low again, a major factor in helping keep mortgage payments incredibly affordable. Extended periods of record low interest rates and further plans from the Federal Reserve Board to expedite recovery have some concerned about future inflation. One such investment guru, John Paulson, touted the benefits of owning real estate as a hedge against inflation on Forbes.com. “Your debt and interest payments get locked in at record lows, while the price of your home will rise … If you don’t own a home buy one … if you  own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.” This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue their paths on the way to a complete recovery. Home Sales Home sales continued to rebound in September, increasing 10% compared to the previous month.  This builds on August’s gain of 7.6% that followed a large drop caused by the expiration of the federal tax credit in July. Sales are expected to gradually grow as the market moves toward recovery without government stimulus. The recent foreclosure moratorium has opened up opportunities for short sales. Although it could make the near-term “choppy at times,” industry experts expect the overall trend to continue growing slowly. Home Price After four months of prices remaining on par with year-ago levels, September showed a slight decline. Last September distressed properties were 29% of all home sales; this September that number rose to 35%. The larger proportion of distressed sales, which are typically discounted, helps to explain the decline. While these discounted sales provide opportunities for buyers, sellers look forward to the general trending upward of home price.  Inventory There are fewer homes on the market again in September, representing 10.7 months of inventory. While still at a relatively high level, months of inventory shrank by nearly a month in September from August’s 11.6 and nearly two months since the 12.5-month supply in July. This continues to represent an excellent opportunity for buyers and investors who have not yet taken advantage of the abundant opportunities of the market including record low rates, an ample but shrinking selection of homes, and highly affordable prices. Affordability Housing remains at near-record affordability levels, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. Housing is approximately 60% more affordable now than during the height of the market. Source: National Association of Realtors Interest Rates Mortgage rates once again set new record lows in early October to 4.19% and remained below 4.3% throughout the month. These historically low rates contributed to real savings for buyers. Furthermore, the longer the buyer owns the home, the greater the savings they will realize. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level. Rates as of November 4 . This Month's Video Topics For Home Owners, Buyers & Sellers   Prime Time to Buy 7 Reasons Why Now Is a Great Time to Buy a Home Recent history has reframed some of what had long been taken for granted about buying a home. Namely, we’ve learned that even though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short-term speculation strategy. So, where does that leave us? A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to now as the prime time to buy a home. Home affordability is at an all-time high. The median mortgage payment on the median-priced home, as a percentage of the median household income, is lower than it’s been in a generation. Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower, and when they start to inch back upward, monthly payments and total loan costs will spike upward. Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time to get in the market is now. Sellers are motivated. This means that buyers have the upper hand.  Sellers are fiercely competing among an excess of housing inventory, which often means buyers have untold choices and negotiating power. Financing is readily available. Banks are back in the game and ready to lend to well-qualified buyers. Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years. Homeownership is still at the core of the American Dream. Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live, and a fabulous tax deduction. For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home! and The Wall Street Journal’s 10 Reasons to Buy a Home.   Sources: The Wall Street Journal, Inman News, KW Research	Contact me, your local real estate expert, for information about what's going on in our area.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.  The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources.  You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice.  You should always conduct your own research and due diligence and obtain professional advice before making any investment

November 2010 . Market Update The housing market continues its gradual recovery without the aid of the tax credit. Sales are slower but growing. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. Interest rates hit a new historic low again, a major factor in helping keep mortgage payments incredibly affordable. Extended periods of record low interest rates and further plans from the Federal Reserve Board to expedite recovery have some concerned about future inflation. One such investment guru, John Paulson, touted the benefits of owning real estate as a hedge against inflation on Forbes.com. “Your debt and interest payments get locked in at record lows, while the price of your home will rise … If you don’t own a home buy one … if you  own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.” This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue their paths on the way to a complete recovery. Home Sales Home sales continued to rebound in September, increasing 10% compared to the previous month.  This builds on August’s gain of 7.6% that followed a large drop caused by the expiration of the federal tax credit in July. Sales are expected to gradually grow as the market moves toward recovery without government stimulus. The recent foreclosure moratorium has opened up opportunities for short sales. Although it could make the near-term “choppy at times,” industry experts expect the overall trend to continue growing slowly. Home Price After four months of prices remaining on par with year-ago levels, September showed a slight decline. Last September distressed properties were 29% of all home sales; this September that number rose to 35%. The larger proportion of distressed sales, which are typically discounted, helps to explain the decline. While these discounted sales provide opportunities for buyers, sellers look forward to the general trending upward of home price.  Inventory There are fewer homes on the market again in September, representing 10.7 months of inventory. While still at a relatively high level, months of inventory shrank by nearly a month in September from August’s 11.6 and nearly two months since the 12.5-month supply in July. This continues to represent an excellent opportunity for buyers and investors who have not yet taken advantage of the abundant opportunities of the market including record low rates, an ample but shrinking selection of homes, and highly affordable prices. Affordability Housing remains at near-record affordability levels, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. Housing is approximately 60% more affordable now than during the height of the market. Source: National Association of Realtors Interest Rates Mortgage rates once again set new record lows in early October to 4.19% and remained below 4.3% throughout the month. These historically low rates contributed to real savings for buyers. Furthermore, the longer the buyer owns the home, the greater the savings they will realize. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level. Rates as of November 4 . This Month's Video Topics For Home Owners, Buyers & Sellers   Prime Time to Buy 7 Reasons Why Now Is a Great Time to Buy a Home Recent history has reframed some of what had long been taken for granted about buying a home. Namely, we’ve learned that even though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short-term speculation strategy. So, where does that leave us? A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to now as the prime time to buy a home. Home affordability is at an all-time high. The median mortgage payment on the median-priced home, as a percentage of the median household income, is lower than it’s been in a generation. Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower, and when they start to inch back upward, monthly payments and total loan costs will spike upward. Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time to get in the market is now. Sellers are motivated. This means that buyers have the upper hand.  Sellers are fiercely competing among an excess of housing inventory, which often means buyers have untold choices and negotiating power. Financing is readily available. Banks are back in the game and ready to lend to well-qualified buyers. Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years. Homeownership is still at the core of the American Dream. Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live, and a fabulous tax deduction. For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home! and The Wall Street Journal’s 10 Reasons to Buy a Home.   Sources: The Wall Street Journal, Inman News, KW Research	Contact me, your local real estate expert, for information about what's going on in our area.
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.  The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources.  You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice.  You should always conduct your own research and due diligence and obtain professional advice before making any investment

Clarkston Foreclosures

It is a great time to buy a home, but todays Real Estate Market is tough.  I work with alot of first time home buyers that are looking to purchase foreclosed homes in the Oakland County area.  What they soon discover is that the competition is fierce.  In many instances they end up in bidding wars to try and get the home they fell in love with.   Houses that are listed for one price are selling for more than the list price because so many people are bidding on the same home.  As a buyer what can you do to try and give yourself the edge in getting a signed agreement on the property you really want.
The most important thing you can do is choose an agent that is skilled in the foreclosure process, someone who is well versed in bank forms and procedures, someone that can help you make the best decisions.  My website offers some great tips, http://www.lonnywilson.com/.  Secondly and nearly as important you need to be prepared.  You prepare by either educating yourself of having the agent you choose to represent your interests educate you on what to expect throughout the process.  The better prepared you are before you ever make an offer the greater chance you have given yourself to successfully get that home.  Part of the preperations involves your financing, will you be getting a mortgage or paying cash.  Depending on which can make a big difference in how your agent will structure your offer as well as the price  you are offering.  The type of mortgage you will need is a must when it comes to preperation,  also the amount of time it will take to close on  the home can all effect the way you structure your contract.  Look at the listings that your agent sends you EVERYDAY and get into see new desireable listings as soon as they hit the market.  It can all impact whether or not you  get a signed purchase agreement back from the bank.  I tell all my clients, look at as many houses as  you need to see in order to feel comfortable with the market and to find the home you want, but when you see the house you want you need to be ready to make an offer immediately.  A delay in today’s market can mean the difference between you getting that home, or someone else getting that home.  If you have put in the effort up front and you know what to expect, then the process of buying a home today can still be an enjoyable and informative experience.  Remember, you don’t know what you don’t know,  the only way you will learn is to ask questions.  Good luck and feel free to check out my free oakland county foreclosure lists at http://www.lonnywilson.com/

Free Oakland County Michigan Foreclosure lists

Are you looking for foreclosures for sale in Oakland County Michigan?  As a Professional Real Estate agent with Keller Williams Clarkston, my name is Lonny Wilson and I specialize in foreclosures.  I have set up a quick and easy to use tool on my website.  All you have to do is visit my website and click on the price range that you are looking for and it automatically pulls up all the listings in the entire county in your range.  It’s that simple.  No registration required and you can comeback as often as you like.  The website is www.LonnyWilson.com.  If you are looking to buy or sell a home please don’t hesitate to contact me.