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Foreclosure Rates Projection 2011 – An Increase in Short Sale Candidates

by

Short Sale Guy

Minnesota home owners who are considering selling their homes in this challenging market environment will benefit from an understanding of the current housing market conditions. There is no doubt that the current real estate market is under extreme pressure and that housing prices in Minnesota and around the country are experiencing a drastic correction. For many people, a short sale may be the solution for their problems. Before deciding if a short sale is right for you, let s take a look at where the real estate market is and where it might be going.

There has been a dramatic increase in the number of American homes which are in the foreclosure process throughout 2010. The level is not expected to dwindle in the coming months and some experts are predicting a growing number of foreclosures as we continue through 2011, 2012 and possibly longer.

With home prices at 50% of their former high you would think buyers would be jumping on the bargain home prices. However, it just isn t happening, even with historically low interest rates which are making homes more affordable than they ve been in a decade. It s going to take a turnaround in the unemployment rate before home prices and the real estate market begin to improve.

RealtyTrac Inc. is a company that tracks default notices, scheduled home auctions, home repossessions and other warnings that typically lead to a home being foreclosed. The company predicts that 1.2 million homes will be repossessed this year. According to RealtyTrac statistics foreclosure activity rose 77% in the markets that they tracked. That equates to 159 out of the 206 metropolitan areas included in the RealtyTrac studies. The rates vary widely from city to city with Columbia, South Carolina experiencing a dramatic 171% increase over 2009. Chicago reportedly had more homeowners lose their homes to foreclosure in the first quarter of 2010 than in that same period for the past 5 years.

Over 50% of the United States foreclosure activity in 2010 came from 5 states namely, California, Arizona, Florida, Illinois and Michigan. Combined, these states reported that almost 1.5 million households received notification of foreclosure filing even though California, Florida and Arizona all reported year over year decreases.

California is the number 1 ranking state with highest foreclosure rate and showed a 47% increase in the number of homes that were repossessed in the December of 2010. With 10 of its 20 cities suffering the most foreclosure activity California is the hardest hit area. Arizona, ranked second, reported a 52% increase with 1 in every 17 households receiving foreclosure filings last year. Florida ranked number 3 with 1 in every 18 households receiving notices.

For the fourth year in a row Nevada reported the highest foreclosure rate with 1 in every 11 households receiving filing notices in 2010. December foreclosure activity reportedly increased 18% from November 2010 with a whopping 71% spike in bank repossessions.

With approximately 5 million mortgages being a minimum of 2 months behind some economists predict that 2011 will be the peak while others project that it will take 2 years before the residential real estate markets begin to stabilize. In California 14 out of the top 20 metro areas saw a slight drop in the foreclosure rates based on year over year figures. Foreclosure rates are affected by a number of factors, including government intervention and non-market influences, which can be interpreted as a signal that they are not safe. There are 2 main factors that are said to account for the localized differences.

An article in Daily Finance reveals that there is one possible reason for the localized differences in foreclosure rates. The article attributes the differences to a federal government program announced in March of 2010 that was designed to encourage short sales and reduce the number of foreclosures. The program pays homeowners to sell their homes using the Minnesota short sale process. Lenders were said to have delayed foreclosure proceedings in areas where a short sale may have resulted in cost savings.

It is important to understand the differences between a short sale and a foreclosure. Firstly, short sales involve asking the existing bank or lender if they will accept less on a sale price than the amount owned on the mortgage. Unlike foreclosure proceedings, the seller need not be in default for a short sale to occur but must be able to provide evidence of hardship and 2 months worth of bank statements. The short sale process takes several months to complete and the lender still has the option to enter into foreclosure proceedings right up until the day of closing.

There have been further reports in various newspapers suggesting that a number of banks froze foreclosure proceedings against borrowers who were behind on their payments after allegations of improper evictions. Most banks have resumed proceedings and it is projected that the first quarter of 2011 will show a corresponding spike.

With the continually high foreclosure levels in the United States the rental property market reported an increase in demand for apartments. This has been partly attributed to improving employment prospects for people between the ages of 20 and 29. This age group is a key group for landlords and when employers began to hire in January of 2010 the vacancy rate declined to 6.6% by June of that year. Figures from the U.S. Census Bureau showed that U.S. homeownership rates fell by 66.9% in the second quarter of 2010. This is the lowest since 1999.

Although the economy has started to recover enough to stimulate demand for apartments it has not been strong enough to prevent more home foreclosures and lead to a sustainable rebound in home buying. Finances for homeowners did not improve quick enough to prevent the 1.65 million foreclosure filings that occurred in the first half of 2010. This was an increase of 8% from the same period in 2009 says RealtyTrac. A record 269,962 American homes were seized under foreclosure proceedings in the second quarter of 2010 and lenders were estimated to have claimed more than 1 million more properties by the end of the year.

Henry Cisneros, executive chairman of CityView in Los Angeles, has been quoted as predicting that the rental market will be robust for the next few years. Rents will likely rise by 4 to 6% in both 2011 and 2010 however landlords will not be able to raise the rent too aggressively until unemployment rates decrease.

With 1 in 45 homes in the United States in the foreclosure process companies continue to track real estate market conditions and have made projections that show that foreclosure levels are not expected to dwindle in the coming months. Homebuyers continue to be hesitant even with dropping mortgage rates and dropping unemployment rates causing the rental rates to increase in a number of areas. The states which have been the hardest hit are California, Arizona, Florida and Nevada.

Know that you have an understanding of current conditions in the housing market, you will discussing your situation with a REALTOR who specializes in short sales. If you have a house in Minnesota, you ll want to speak with a Minnesota REALTOR who will be able to answer all of your questions for free. You can know more at http://minnesotaoptions.com.

Minnesota Options (http://minnesotaoptions.com) is a Minneapolis based real estate consulting company assisting clients in Minnesota with short sales and foreclosure prevention. Our Minneapolis, Minnesota short sale real estate agents are the most experienced short sale REALTORS in the state. The agents we work with have successfully negotiated short sales with local and national mortgage lenders.

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Foreclosure Rates Projection 2011 – An Increase in Short Sale Candidates

By Susan Dunn

Ive been doing this for 15 years, Annette told me. It just wasnt called this.

I was explaining to a counselor in Australia about the field of emotional intelligence, and she was sure shed found it first. Likely you’ll feel the same way.

Oh, I know what youre talking about, James tells me, as I present a proposal to coach his staff on EQ. Team building, leadership, getting along, cutting down on the politics. Why didnt you say so?

Emotional intelligence, also known as EQ (and EI) isnt a new concept. Most people recognize it right away, or parts of it anyway. Its what used to be called social skills, or people skills, or common sense, or gut feeling. And its spreading around the world like wildfire.

Let me leave you with the million Ringgit question, writes a Malaysian consultant. Is it imperative to measure our emotional intelligence and take appropriate steps to bridge our EI gaps? Only you can decide. I rest the case with you.

An Australian reporter writes, Top leaders are getting in touch with their emotions and those of their staff as intuition and emotional intelligence become the hottest management buzzwords. And international EQ conferences are planned this summer in the UK and Canada.

Emotional intelligence is spreading around the world because it’s needed, and it’s far from a buzz word or the fad-du-jour. According to Daniel Goleman, Ph.D., whose book Emotional Intelligence popularized the concept some years ago, non-cognitive factors account for about 80% of adult success.

Researchers such as Martin Seligman, Ph.D., Daniel Goleman, Ph.D., Peter Salovey, Ph.D., Reuven Bar-on, Ph.D., Con Stough, Ph.D. wanted to find out what factors besides IQ contributed to our success and happiness. Theyve named the competencies (or qualities, or skills), designed assessments, developed individual and business programs, and made some complex behaviors (like people skills) understandable and teachable. Yes, unlike IQ, EQ can be improved over the lifetime and according to Goleman, its 2-4 times as important to our success and happiness.

WHAT COMPETENCIES ARE INVOLVED?

Things like self-awareness, managing our own emotions and those of others, team building, leadership, negotiation and communication, constructive discontent, recognizing nonverbal signs and emotional content in poetry and art, personal power, integrity, focus, being self-motivated and able to set priorities, flexiblility, creativity, trust, and good intuition — to name a few.

WHAT DOES THIS LOOK LIKE IN REAL LIFE?

Tomorrow, what skills will you need to have atwork besides your degree to forge 10 people from 5 different cultures, 4 religions, 2 generations, 6 ethnic backgrounds, 2 sexes, and 4 departments, with 3 learning styles, 5 communication styles, and 4 occupations, 1 of whom is introverted, 1/3rd of whome are left-brained, 1 of whom is hearing-impaired, 4 of whom are depressed, half of whom are single, 3 of whom you’ve never met before, and 3 of whom are speaking a second-language, whose IQs range from 110-150, into a team able to produce a work product to specification, on time, and within budget?

And then pick up your mother from eldercare, and go home to a loving relationship in a strong marriage that nurtures two children?

You’ll need emotional intelligence!

WHAT HAPPENS WHEN EQ IS LOW?

Its expensive in terms of lost money, opportunity, time, relationships, promotions, careers, projects, goals, accomplishments, self-esteem, marriages, physical and emotional health, and even life.

75% of careers are derailed for reasons related to emotional competencies

70% of the reasons why customers and clients are lost are EQ-related

50% of time wasted in business is due to lack of trust

Seniors get worse in hospitals when the physical therapists dont engage with them

Counseling clients fail to change because their counselors lack empathy or optimism

50% of marriages fail

Suicide is the 3rd leading cause of death for youths aged 15-4 in the US

Think this is because of industrialized society? Think again. Samoa has the highest suicide rate in the world.

Impulsive boys are 3-6x as likely to be violent adolescents

Low levels of empathy predict poor school performance

Gifted children manifest a near blindness to social cues which leads to isolated and sad childhoods

Doctors with poor EQ skills get sued more

75-90% of visits to primary care physicians in the US are due to stress-related problems

Pessimists live shorter, unhealthier, unhappier, lives, and are less likely to achieve their potential than optimists

College students in a study with the same IQ and GPA who did not write down their career goals with Intentionality were 50% less successful 15 years later

Perfectionism is potent. Perfectionists produce better work, get better grades, get enormous positive feedback. Perfectionists also have a markedly higher suicide rate.

WHAT CAN YOU DO TO IMPROVE YOUR EQ?

*Work with an Emotional Intelligence coach.

*Browse my website for resources, websites, books, articles

*Take The EQ Foundation Course (http://tinyurl.com/2w2oz8)

*Subscribe to Its About My Personal & Professional Development and EQ in the Workplace ezines.

*Check out http://www.eiconsortium.org for the latest research and writing, and also research data confirming the positive results EQ training can bring to an individual and also to an organization.

You know there’s more involved in success and happiness than cognitive skills alone. Why not investigate the possibilities!

About the Author: Susan Dunn, MA, EQ Coach,

susandunn.cc

, mailto:sdunn@susandunn.cc. Your success is my business. Individual coaching, all areas including EQ. Business programs. Internet course. Ebooks –

tinyurl.com/6ny55

. Coach training and certification program, no residency. Email for fr** ezine.

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