Foreclosure Rates Near a ‘Significant Milestone’

Foreclosures continue to fall across the country and the return to normal levels may be on the horizon for many places, according to a new report.

"Given that August 2006 was the peak of the housing bubble, this eight-and-a-half year low in foreclosure activity is a significant milestone and a sign that nationwide foreclosure activity is on track to return to historic norms this year — and is possibly even headed below historic norms given the skinny-jeans-tight lending standards over the past five years," says Daren Blomquist, vice president at RealtyTrac. "In markets where foreclosures were processed more efficiently we are seeing foreclosure numbers now below pre-crisis levels in some cases. Conversely, the cleanup of deferred distress is continuing in markets where a logjam of in-limbo foreclosures is still lingering from the housing crisis — as evidenced by rebounding foreclosure activity in those markets."Foreclosure filings fell 4 percent in February, reaching the lowest level since July 2006, according to RealtyTrac’s U.S. Foreclosure Market Report. Foreclosure filings reflect the number of default notices, scheduled auctions, and bank repossessions. The U.S. foreclosure rate now stands at one in every 1,295 homes that received a foreclosure filing in February.

24 states posted year-over-year increases in foreclosure activity. Activity was most elevated in Massachusetts (up 53% year-over-year) and New York, up 19 percent.

States With the Highest Foreclosure Rates

The following states posted the nation’s highest foreclosure rates:

1. Maryland: 1 in every 564 housing units received a foreclosure filing in February (foreclosure activity has fallen 1 percent compared to a year ago there, however)

2. Nevada: 1 in every 569 homes received a foreclosure filing (a 12 percent rise from a year ago mostly from a rise in foreclosure starts)

3. Florida: 1 in every 570 housing units (despite a 35 percent decrease in foreclosure activity compared to a year ago)

4. Indiana: 1 in every 871 housing units

5. Idaho: 1 in every 877 housing units

6. New Jersey: 1 in every 895 housing units

7. Illinois: 1 in every 906 housing units

8. Delaware: 1 in every 957 housing units

9. Ohio: 1 in every 1,000 housing units

10. North Carolina: 1 in every 1,088 housing units

Looking to buy or sell?  Let me know how I can help.

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

Source: RealtyTrac

3% Down Payments May Be Game Changer

Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say.

With Fannie Mae's 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie's loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.

"Our goal is to help additional qualified borrowers gain access to mortgages," says Andrew Bon Salle, Fannie Mae executive vice president for single-family underwriting, pricing, and capital markets. "This option alone will not solve all the challenges around access to credit. Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage."

The National Association of REALTORS® applauds the move by the Federal Housing Finance Agency, which oversees Fannie and Freddie.

NAR said in a statement that the action by FHFA demonstrates its "commitment to home ownership by serving creditworthy borrowers who lack the resources for substantial down payments, plus closing costs, with a new 3 percent down-payment program that mitigates risk with strong underwriting. The new program ensures that responsible home buyers will have access to safe, affordable mortgage credit."

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

Source: Fannie Mae and Freddie Mac

More Home Buying Education, Please ~ Survey

Survey: More Homebuying Education, Please

While some banks have attempted to ease their lending standards and make credit available to more home buyers, they're still falling short on supplying enough home-ownership education, consumers say. That may highlight a void real estate professionals could fill by offering more homebuying information on their websites or hosting more buyer workshops and classes.

Though 86 percent of buyers say they had sufficient resources to educate themselves about the homebuying process during their search, according to TD Bank's latest Mortgage Service Index, 51 percent indicate that banks could offer more relevant and helpful information online. Forty-nine percent also say banks should better train their employees to more clearly explain buyers' options.

The Mortgage Service Index is based on a survey of more than 1,450 consumers who bought homes within the last 10 years.

First-time home buyers show the most interest in added educational resources, with 52 percent saying banks could offer more home financing seminars and workshops, according to the Index. Only 40 percent of all respondents say the same. And 58 percent of first-timers say they want additional information online compared to 51 percent of all respondents.

Additionally, the Index finds, 44 percent of all consumers are unfamiliar with home affordability programs.

"In our current housing market, a critical first step for buyers is to educate themselves on the financing process by speaking with multiple lenders and learning about the loan options available to them," says Malcolm Hollensteiner, director of retail lending, sales, and production at TD Bank. "Lenders today should be working with borrowers on a case-by-case basis in order to find the loan option that best meets their needs and budget."

REALTORS® have often made education their mission, not just for their own clients but for communities as a whole. Some associations set up programs to teach kids as young as third gradeabout housing issues or reach out to minorities to educate them about home ownership. Others host their own home-buyer seminars and classes. However they do it, it's clear that the opportunity is there for real estate professionals to work with buyers on getting better educated and come up with ways to supplement information that banks are disseminating.

TD's Mortgage Service Index also finds that consumers are feeling better about the homebuying process as a whole, with 68 percent saying their last experience was excellent or very good. That's up from 62 percent a year ago. Consumers rated the following aspects of the homebuying process the highest:

• Finding a good real estate practitioner (59 percent say their experience was excellent or very good)
• Finding the right lender (57 percent)
• Getting approved for a mortgage (65 percent)
• Length of the entire process (52 percent)

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

—REALTOR® Magazine

HomeBuyers Paper Work Checklist

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

You Might Laugh at its Size, But Just Wait…

You Might Laugh at its Size, But When You See the Interior…

This 280 square foot house is located in Portland Oregon, but the inspiration to build it originated in Japan — a culture of people well-known for maximizing small spaces in a beautiful and simplistic way.

The creator of this home, Chris Heininge, became a Christian Missionary at the age of 17, and he spent the next 20 years in Japan, Hong Kong, Macau, and India. While in Japan, Chris was able to build one house and remodel others. He was influenced by the concept of “tiny living”.

When Chris and his family returned to Aurora, Oregon in 1995, he became a General Contractor and built and remodeled many homes with his parents and brothers. With the encouragement of his childhood friend, Maurice, he was able to build his first Tiny House on river frontage in 1999, and the 2nd one in 2006.

Here is one of the homes from the outside.

via Chris Heininge | Tiny House

And the living room from the kitchen.

via Chris Heininge | Tiny House

Underneath the stairs to the loft space, there’s a cozy fireplace.

via Chris Heininge | Tiny House

All the appliances are included in the price of the home.

via Chris Heininge | Tiny House

The ceiling in this lofted bedroom is 7 ft. at its highest point.

via Chris Heininge | Tiny House

The bathroom even has a full-size jacuzzi tub.

via Chris Heininge | Tiny House

The cabinets can be replaced with a washer and dryer.

via Chris Heininge | Tiny House

The total cost for one of these homes? $70,000.

Source: Tiny House

---

Specifications

Price: $70,000

Dimensions: The Tiny House is just under 10 X 20 feet and 15 feet high.

Exterior walls: 2″x4″ Framed Select Doug Fir with 3/4″ AC Exterior Plywood.

Exterior roof material: This is a standard high-quality, standing-seam, snap-down metal roof. There are no cut-through vents or pipe vents in the roof panels.

Insulation: R-MAX Foam batts in walls, floor, and ceiling. R-values are: roof 17.5, floor 10, walls 7.5

Exterior Finish: Eastern White Cedar shingles, Senergy® stucco, cedar trims.

Floor material: 2″ x 6″ aluminum tubing for perimeter frame and most floor joists. Sub-floor: 1/2″ ACX plywood with quality vinyl, carpet in loft.

Electrical Extra: Bathroom is pre-wired (and pre-plumbed) for a stacked 24″ washer/dryer. Also pre-wired for a 220V burn toilet (optional).

Dual Heating: Besides the 1500 W simulated fireplace, there is a 1500 W
under-cabinet “Toe Kick” blow heater.

Water Heater: Hidden under the stairs, with outdoor access is a 40 gal. GE water heater sufficient for supplying the American Standard® whirlpool tub, which is your standard full-sized tub at 60″ by 32″.

Interior Finish: Walls and ceilings a combination of CVG (Clear Vertical Grain)
Fir, CVG laminated sheet goods, and Senergy® stucco.

Cabinets & doors: All custom-made from top-quality plywood and Hardware, and a few sliding doors made of bronze-tinted plexiglass.

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

By Mike Bell 

Tips for Making Any Room Seem Larger

4 Tips for Making Any Room Seem Larger

Plenty of people live in tiny homes, small rooms, or just diminutive spaces. No matter what your reason for living in smaller quarters, you’ll undoubtedly have to make some compromises in your decorating.

To live happily and efficiently in smaller square footage, you’ll want to get organized and make some adjustments to your lifestyle. By making the most of color, strategic furniture buying, space planning and interesting lighting, your place can feel wonderfully “you” — with all the space you need.

Expand your square footage to the outdoors

If you have large windows with beautiful views, add those colors to your room to unify the outside world with inside space and expand the look of your rooms. With the wonderful patterns and colors that outdoor fabrics offer, there is no reason to stop the “pretty party” at your interior.

Source: Chris Barrett

Carrying coordinating materials outside for drapes, cushions and area rugs will only make your space look visually larger. On the interior, let as much natural light into a room as possible so it opens up the space and gives it character.

Declutter your space. Try to dispose of everything you have not used for a year. Do not get attached to furniture. Get rid of any item that is not adding to the look of the room.

Create organized storage wherever possible via built-in benches and use multi-purpose and storage furniture pieces, such as ottomans, so items that are less frequently used can be stowed away.

Source: Kerrie Kelly Design Lab

When it comes to cabinets and bookcases, do not fill up every shelf in a room; leave some of them half empty and spacious for an airy and more dramatic look.

Where functional, remove as many doors as possible or use pocket doors to increase the sense of space.

[Ready to remodel your home? Click to find a home contractor now.]

Keep it simple

Link adjacent spaces with a unifying wall color and floor material. Maintaining a monochromatic palette makes rooms look bigger. If you do need to change flooring materials, simply stay within the same color family — the fewer floor “breaks,” the better.

Light colors or neutrals are space expanders and provide a neutral background for furniture and artwork.

Source: Zillow Digs

Using cool colors will make your walls appear to visually recede. Additionally, it is best to avoid unnecessary details, such as ruffles, in furniture and window treatments. Use simple paneled draperies or shades instead.

[Thinking about remodeling your home? Click to find a home contractor now.]

Make a statement

Installing an oversized mirror or a set of smaller mirrors will add extra light, sparkle and make a small room appear larger. Even if a room is small, adding oversized artwork on a small wall or a statement light fixture overhead can create drama while making the space appear larger than it is.

Source: Claire Paquin

You may also consider adding a floor-to-ceiling and wall-to-wall bookcase — this trick will create an impressive focal point and visually expand space by pushing the walls and ceiling out.

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!

8 Small Bathroom Designs You Should Copy

A master bathroom with a whirlpool tub, a rainfall shower head, heated floors and his and her sinks is great for some, but oftentimes, space and budget concerns bring most of us back down to earth.

Don’t let your small bathroom limit your dreams or creativity. There have been plenty of homeowners and designers who have done amazing transformations with spaces most Americans would consider a small bathroom.

We have rounded up our favorite small bathroom designs, as well as the strategy and subtle cues that make you forget how small your bathroom really is.

When dealing with a small bathroom, it’s usually a smart call to go with brighter or softer colors, as my coworker Alyson Yu pointed out in 6 Design Ideas To Make The Most of Your Small Bathroom. Nonetheless, these homeowners went with a dark brown to match the color of the bedroom. For the bathroom, they added leaf pulls to the mirror, an oil-rubbed bronze faucet, granite counters and small oil paintings.

Despite its darker color, we like the color choice thanks to the sense of continuity with the rest of the bedroom.

Most small bathrooms are used as guest bathrooms in the hallway. Well, just because it’s not your primary bathroom, that doesn’t mean you can’t design it with the best.

This vintage small bathroom utilized bead board paneling, a light taupe color and something all small bathrooms need; a pedestal sink.

Pedestal sinks were designed and made for small bathrooms. Unlike a bathroom vanity, it doesn’t take up valuable space at your feet or in one end of the bathroom. You may lose some cabinet space, but you gain valuable square footage, both in looks and feel.

Who said small bathrooms had to be boring and dull? These homeowners were certainly not afraid to go bold and bright with an entire wall mural dedicated to life under the sea.

Continuing the theme, they added green countertops, green and blue hand towels and other sea-themed furniture items throughout.

Given its size, we love the addition of the dark wood cabinets on the counter. You certainly sacrifice counter space, but oftentimes, homeowners need those cabinets for extra towels, toiletries and other bathroom supplies. 

If you are short on space and want to make a splash in your small bathroom, you better upgrade the color and vanity. These homeowners show that bold colors and ceramic tile can go long way in adding that “wow” factor to any small bathroom.

In this custom bathroom remodel, they incorporated ceramic, gold tile along the wall, marble counters, gold and red accents throughout and an Asian theme. They certainly spent their fair share on this bathroom remodel, but according to our bathroom renovations cost estimator, the average cost to remodel a bathroom is $7,920.

Arched ceilings are a great way to add the idea of extra square footage to any small bathroom. These homeowners also incorporated a recessed shower shelf, which is a must-have for all small bathrooms. It doesn’t only make your key toiletries accessible, but it also doesn’t get in your way.

Other additions that you wouldn’t normally see in the casual small bathroom include granite counters, pink flowers, a casement window and a purple shower curtain. It’s small bathroom style at its finest.

Small bathrooms do not get much more modern than this with the white tile floors and walls, a wood rug, black accents, a dark wood vanity with plenty of storage, recessed lighting and a vessel sink.

At first glance, the bathroom may seem large, but the sleek features, black and white hues, as well as the perfectly placed vanity make it look and feel larger than it really is.

They were also able to add a tub and shower combo. 

Just because you have a small bathroom doesn’t mean you can’t spend a whole night in your bathtub reading a good book. This Victorian masterpiece utilized a brushed nickel faucet, translucent glass in the window, a bathtub tray to hold the necessities and white tile all around.

With a bathroom like this, you forget all the worries that come from a long day at the office.

This may be one of the best small bathroom designs we have ever seen. Let’s first start off with the huge mirror above the vanity. Did you know that mirrors work with the light to create a wider look for any bathroom? Therefore, you should always go as big as possible when it comes to mirrors in a small bathroom.

Now, let’s move to this open vanity. They have three large shelves/holders for larger bathroom items like towels and four small placeholders for other necessary items like soap or shampoo. You may have to keep it clean, but when you do, your small bathroom can look as radiant and cheerful as this gem.

Small bathrooms should never limit you as a homeowner. Despite limited square footage, you can create a luxurious bathroom that other small bathroom owners only dream about. Make those dreams a reality.

 

Looking to buy or sell?  Let me know how I can help.

 

Contact your local RE/MAX  Realty Center Agent Stacey Guzanick 262.490.3696, Guzanick@gmail.com,  if you have questions about buying a house or selling one. I can  guide you  toward your next home.

www.HomesWithStacey.com

See you at the closing!