State Foreclosure Starts
State Foreclosure starts in the second quarter and continuing through the summer in SW Michigan declined at a fairly steady pace with only 878 starts. SE Michigan has seen a significant drop from former levels of large numbers in the process with 5446 starts. State-wide, the second quarter saw 8633 starts. Recent news from RealtyTrac indicates there are some two million homes that have yet to go through the foreclosure process or are in bank hands. That time may be upon us. August brought a sharp increase in certain markets and state-wide, totals are up dramatically for July and August.
The Lending Industry
It’s no surprise to the real estate community that the lending community is in shambles. Take the example of a young couple trying to buy and existing home in 2011. The buyer and seller come to an agreement at $125,000. The appraiser comes in at $100,000. After a lot of crying and gnashing of teeth, the seller agrees and it goes to lending committee. Then the lending (let’s just say it goes by the numbers) committee says they won’t loan more than $85,000. There goes that deal….and the realtor’s (my) commission. What’s an agent to do? Continue Reading »
Southwest Michigan Foreclosure Trends
Foreclosure starts continue their downward trend in SW Michigan despite the word on the street that there are thousands to come. Multiple variables are involved but it is most likely a function of the continued volume of properties vs. the staff to care for them coupled with the continuing requirement to restructure mortgages. Real estate industry members see this reflected in the continuing, protracted recovery. Good or bad, the recovery of the market will be unusually protracted until the inventory is removed. Continue Reading »
Reduce Employee Theft with Credit Checks
Employee theft is a big concern for businesses large and small. The Association of Certified Fraud Examiners estimates employee thefts account for nearly $1 trillion in loss annually. They note the average theft totals more than $175,000, but that number increases to $200,000 for organizations with less than 100 employees. What were the red flags present in employees committing these crimes? Financial difficulty and living behind ones means.
The Uncertainty of the Market
The uncertainty of the market is reflected in the varying opinions across the country by lenders, agents and buyers. Agents local to the Michigan market indicate some ‘market’ sales. Out of state investors continue to believe prices are still going to fall. The truth is likely somewhere between. Continue Reading »
Trending Foreclosure Starts in Michigan
Foreclosure starts for the more populated counties in SW. Michigan while showing decline in the first quarter spurted upwards in April. Comparative date show the sharpest increase in Kent County a trend strikingly similar to the state-wide picture. Kent County currently ranks 5th in the state-wide list of most foreclosure starts exceeded only by Wayne, Oakland, Macomb and Genesee counties.
Despite the increase in starts in Kalamazoo County, the overall numbers are lower in Kalamazoo County. Continue Reading »
Elder Abuse Case Highlights Need For Criminal Background Reports
PITTSFIELD — One conviction for rape, two for assaults, two more cases in the court system, and half a dozen terminated employees at two Pittsfield nursing homes over the past 21 2 years. Berkshire Eagle This shocking story comes from several nursing homes in Pittsfield, Massachusetts which failed to conduct full and complete criminal background checks. To make matters worse, according to a federal report “More than 90 percent of U.S. nursing homes employ at least one convicted criminal, and roughly 5 percent of all nursing home employees have at least one criminal conviction. Continue Reading »
Hickory Management Services Combining Industries: Are you frustrated due to unpaid rent from former tenants?
“Third-party collection companies often work on commission, where they receive a percentage of the amount that they collect. Individual collectors are often paid a low base wage plus commissions based on their personal performance. The primary tools of a collection company are letters and telephone calls.” Rapid Recovery Solutions
Collection company agents lack the knowledge and understanding of real estate rental industry, limiting their negotiating ability. HMS, a special services real estate firm, understands the complexities and the variables of the business, allowing us to engineer as solution with the debtor. Continue Reading »
MERS Information and Video
As you may know, the Michigan Court of Appeals, in the case of Residential Funding v Saurman, decided that MERS (Mortgage Electronic Registration System) cannot foreclose by advertisement in its own name. The court reasoned that MERS is not the holder of the note or the servicer of the loan and, as a result, has no right to initiate a foreclosure by advertisement. Continue Reading »
Insurance Awakening
For the past 3 or 4 years, insurance covering investment property and especially student housing has been in turmoil. Either it wasn’t available or was at an exorbitant price. Moreover, property located in historic districts represented a special case that created an unaffordable condition. Replacement cost and force of ordinance are not to be forgotten when purchasing insurance. Continue Reading »
