Now here is an idea for how to save your home from foreclosure.
Or get even with the bank..
Reminds me of the old Johnny Cash song…”I got it one piece at a time..and it didn’t cost me a dime”
Woman Sells Pieces of her Foreclosed HomeAn Ontario, Calif., woman, who tried to save her home from foreclosure by selling its period flooring, baseboards, and other fixtures on eBay, was evicted and the house was secured by local police.
A Superior Court judge intervened after the city complained that the home was being desecrated. The city had an interest because it gave the 71-year-old Mediterranean Revival home owner a break on property taxes because the property is considered historic.
Owner Kim Shewalter stopped paying her mortgage after payments adjusted to $6,500 a month. "Until the bank takes it away, that's my home," she says.
Shewalter says she was only removing and selling items that she installed in the home herself, such as a set of custom-made cabinets and an antique light fixture she inherited from her grandmother.
"I have to give my house back to the bank, and I want to be sure I recoup a little bit of my money," she says.
Source: The Associated Press (01/12/08)
Tuesday, January 15, 2008
Wednesday, October 24, 2007
National Press View of the BLC
Real Estate Articles from Inman News
Indianapolis-area MLS changes name to BLC
Rebranding intended to clear up confusion about data access, say officials
Monday, August 20, 2007
By Glenn Roberts Jr.Inman News
Citing confusion about the concept of "multiple listing service" and "MLS," an Indianapolis-area Realtor board is phasing out those terms and redefining its own MLS as a "Broker Listing Cooperative," or "BLC."
The Metropolitan Indianapolis Board of Realtors, which has about 8,000 members, notified members last month about the change in branding and definition of its MLS to PropertyLinx BLC.
Some industry professionals question the need and motive for the change, though the board's president said there is "nothing underhanded" about the effort, which is intended to "redefine who owns the service and who has access to complete information. It's just defining what the information is for our members."
Kevin Kirkpatrick, MIBOR president and owner-broker for Indianapolis-based Century 21 Realty Group Cos., also said he has heard "no real strong negative comments" about the effort. "We rolled this out 30 days ago. We had several meetings with brokers ... large and small. They applauded the position."
A MIBOR paper explaining the PropertyLinx BLC states, "The concept of 'MLS' has become misunderstood and outdated. The proliferation of free information has created confusion among consumers that what they see on public sites is the full detail of the Multiple Listing Service. The result has been a blurring in the public mind of what an MLS is and should be."
The paper explains, "The content of the BLC is an asset of the membership and a hallmark of Realtors' professional status. The individual data is owned by brokerages and is ... not a public utility."
There are many examples of real estate Web sites that advertise to the public that they can "search the MLS" or access MLS data, for example. Some MLSs have taken steps to prevent their own members from using such terms, stating that it could mislead consumers to believe that they are gaining the same kind of access to property listings information that is available to MLS subscribers.
John Slimak, owner and CEO for HomeChoice.com, a Fisher, Ind.-based real estate company, said he questions whether the name change is the first step toward more changes to the MLS.
Now, there is the issue of rebranding marketing materials and signage with BLC instead of MLS, and in explaining to consumers that the term MLS is no longer used. "How do you tell the consumer we're no longer the MLS?" he said. "It's going to be interesting to see how this all pans out." He said that he learned about the BLC after the change had been made.
A blog posting at AgentScoreboard.com, a real estate agent search and ratings site, questioned whether there may be other motives for the BLC than simply a name change.
Steve Sullivan, MIBOR CEO, said that the only restriction for members is that "they will not be able to use 'BLC' or 'Broker Listing Cooperative' in domain names, company names and URL names. The purpose for that is no broker or any agent can allow the consumer to believe that they are the cooperative."
There is no fixed deadline for companies to rebrand the MLS as BLC in their signs and other marketing materials, he also said. "We're making that flexible, so nobody is forced to pull it out of their pockets."
Rebranding of the MLS has also been considered by a National Association of Realtors work group. The group's MLS Internet Issues Work Group recommended, in a report presented earlier this year to NAR Board of Directors, that the association should develop a new brand or "identifier" to describe "that component of MLS that facilitates broker-to-broker cooperation and enables listing participants to make blanket, unilateral compensation offers to other participants."
And the group also recommended the development of "a new 'brand' (including name and logo) that accurately describes those elements of MLS-provided content that consumers can access on participant."
Some MLSs have passed rules restricting participants' use of MLS terms in company names and URLs, and defining proper use of those terms. A group of real estate professionals and companies earlier this year settled an antitrust lawsuit filed last year against the Regional Multiple Listing Service of Minnesota over restrictions on the use of "MLS" and related terms.
The National Association of Realtors does not own the trademark for "MLS." The term is a trademark of Major League Soccer.
I will dissect many components of this article in coming posts. I would not take the time to do this if I did not believe that the claims of restraint of trade against Realtor organizations...unfortunately...may have some truth to them...
Real Estate Articles from Inman News
Indianapolis-area MLS changes name to BLC
Rebranding intended to clear up confusion about data access, say officials
Monday, August 20, 2007
By Glenn Roberts Jr.Inman News
Citing confusion about the concept of "multiple listing service" and "MLS," an Indianapolis-area Realtor board is phasing out those terms and redefining its own MLS as a "Broker Listing Cooperative," or "BLC."
The Metropolitan Indianapolis Board of Realtors, which has about 8,000 members, notified members last month about the change in branding and definition of its MLS to PropertyLinx BLC.
Some industry professionals question the need and motive for the change, though the board's president said there is "nothing underhanded" about the effort, which is intended to "redefine who owns the service and who has access to complete information. It's just defining what the information is for our members."
Kevin Kirkpatrick, MIBOR president and owner-broker for Indianapolis-based Century 21 Realty Group Cos., also said he has heard "no real strong negative comments" about the effort. "We rolled this out 30 days ago. We had several meetings with brokers ... large and small. They applauded the position."
A MIBOR paper explaining the PropertyLinx BLC states, "The concept of 'MLS' has become misunderstood and outdated. The proliferation of free information has created confusion among consumers that what they see on public sites is the full detail of the Multiple Listing Service. The result has been a blurring in the public mind of what an MLS is and should be."
The paper explains, "The content of the BLC is an asset of the membership and a hallmark of Realtors' professional status. The individual data is owned by brokerages and is ... not a public utility."
There are many examples of real estate Web sites that advertise to the public that they can "search the MLS" or access MLS data, for example. Some MLSs have taken steps to prevent their own members from using such terms, stating that it could mislead consumers to believe that they are gaining the same kind of access to property listings information that is available to MLS subscribers.
John Slimak, owner and CEO for HomeChoice.com, a Fisher, Ind.-based real estate company, said he questions whether the name change is the first step toward more changes to the MLS.
Now, there is the issue of rebranding marketing materials and signage with BLC instead of MLS, and in explaining to consumers that the term MLS is no longer used. "How do you tell the consumer we're no longer the MLS?" he said. "It's going to be interesting to see how this all pans out." He said that he learned about the BLC after the change had been made.
A blog posting at AgentScoreboard.com, a real estate agent search and ratings site, questioned whether there may be other motives for the BLC than simply a name change.
Steve Sullivan, MIBOR CEO, said that the only restriction for members is that "they will not be able to use 'BLC' or 'Broker Listing Cooperative' in domain names, company names and URL names. The purpose for that is no broker or any agent can allow the consumer to believe that they are the cooperative."
There is no fixed deadline for companies to rebrand the MLS as BLC in their signs and other marketing materials, he also said. "We're making that flexible, so nobody is forced to pull it out of their pockets."
Rebranding of the MLS has also been considered by a National Association of Realtors work group. The group's MLS Internet Issues Work Group recommended, in a report presented earlier this year to NAR Board of Directors, that the association should develop a new brand or "identifier" to describe "that component of MLS that facilitates broker-to-broker cooperation and enables listing participants to make blanket, unilateral compensation offers to other participants."
And the group also recommended the development of "a new 'brand' (including name and logo) that accurately describes those elements of MLS-provided content that consumers can access on participant."
Some MLSs have passed rules restricting participants' use of MLS terms in company names and URLs, and defining proper use of those terms. A group of real estate professionals and companies earlier this year settled an antitrust lawsuit filed last year against the Regional Multiple Listing Service of Minnesota over restrictions on the use of "MLS" and related terms.
The National Association of Realtors does not own the trademark for "MLS." The term is a trademark of Major League Soccer.
I will dissect many components of this article in coming posts. I would not take the time to do this if I did not believe that the claims of restraint of trade against Realtor organizations...unfortunately...may have some truth to them...
So, What Is This BLC and Should The Consumer Care?
MIBOR disclosed the elimination of the MLS system to their new Broker Listing Cooperative (BLC)is change at a Broker-Owneer meeting..referred by some as a "closed-door meeting" I was told there was a great deal of support for this change. Ultimately, the change was voted on by the membership (or the 13% of membership that votes). Unfortunately, I have not been able to receive the vote count for this initiative. Not that it matters except that it raises the question of just how wide-ranging is the support of this change.
One blog writer (who attended this meeting) states that the purpose of this change that was given by staff was to “recapture our listings from the public domain” I also find this interesting as the owner of the domain "IndianapolisMLS.com". Like many of these domains throughout the country, the fact that "MLS" could not be copyrighted (it is owned by Major League Soccer) has always been an issue within the National Association of Realtors.
I do not have as big of an issue with this (MLS vs BLC) as I do that somehow this change will allow our Board to protect the soverignty of listings ownership. Usage of the "BLC" acronym will be tightly controlled. It has aalso been widely reported that there will be no external feeds of this data to other internet listing services. I have not been able to confirm this issue, but if it turns out to be true, it adds a major exclamation point to the question of who does your Realtor really serve? In this day and age, the objective should be to have your listing available on every possible web site in the free world! As a consumer, I do not want to make it hard for somebody to find out my house is for sale. If the only places that can be found out are on Realtor based sites (www.Realtor.com, www.Mibor.net etc.) then I am not being served.
It has also been speculated that the creation of this BLC, is most likely an end-around lawsuits pending against NAR, regarding the so-called anti-competitive use of the MLS and IDX. As reported at www.agentscoreboard.com , "The reasoning behind this move is reportedly; “The excessive use of the terms MLS and IDX have made them a commodity and subject to claims that the listings are “public domain”, many outside of legitimate real estate professionals have usurped these terms for their own benefit.” This kind of stuff will only benefit large brokers since they can use their market share to dominate the local online market as they opt out of the IDX feed completely, smaller brokerages and online services will see their data dry up. The small guys are going to have trouble keeping consumer eyeballs, even with nifty tools.
This doesn’t help NAR’s image, especially at this time when the stock market is tumbling on housing and credit fears. I believe this will be seen as protectionist, especially since more and more consumers are looking for transparency, and NAR seems to be tightening its control of the housing data." (July 27, 2007).
Then there is the remote possibility that the local board, supported heavily by the largest brokerages, may be making a move that once again slaps around the alternative business models many smaller, independent, Brokers follow. The acceptance of the Internet in everyday life has made it possible that real estate brokerage can be a very entrepreneurial, and creative industry. The larger companies do not have the ability to easily change their busienss models. Could changing to the BLC offer the security blanket these larger organizations need to preserve their models?
MIBOR disclosed the elimination of the MLS system to their new Broker Listing Cooperative (BLC)is change at a Broker-Owneer meeting..referred by some as a "closed-door meeting" I was told there was a great deal of support for this change. Ultimately, the change was voted on by the membership (or the 13% of membership that votes). Unfortunately, I have not been able to receive the vote count for this initiative. Not that it matters except that it raises the question of just how wide-ranging is the support of this change.
One blog writer (who attended this meeting) states that the purpose of this change that was given by staff was to “recapture our listings from the public domain” I also find this interesting as the owner of the domain "IndianapolisMLS.com". Like many of these domains throughout the country, the fact that "MLS" could not be copyrighted (it is owned by Major League Soccer) has always been an issue within the National Association of Realtors.
I do not have as big of an issue with this (MLS vs BLC) as I do that somehow this change will allow our Board to protect the soverignty of listings ownership. Usage of the "BLC" acronym will be tightly controlled. It has aalso been widely reported that there will be no external feeds of this data to other internet listing services. I have not been able to confirm this issue, but if it turns out to be true, it adds a major exclamation point to the question of who does your Realtor really serve? In this day and age, the objective should be to have your listing available on every possible web site in the free world! As a consumer, I do not want to make it hard for somebody to find out my house is for sale. If the only places that can be found out are on Realtor based sites (www.Realtor.com, www.Mibor.net etc.) then I am not being served.
It has also been speculated that the creation of this BLC, is most likely an end-around lawsuits pending against NAR, regarding the so-called anti-competitive use of the MLS and IDX. As reported at www.agentscoreboard.com , "The reasoning behind this move is reportedly; “The excessive use of the terms MLS and IDX have made them a commodity and subject to claims that the listings are “public domain”, many outside of legitimate real estate professionals have usurped these terms for their own benefit.” This kind of stuff will only benefit large brokers since they can use their market share to dominate the local online market as they opt out of the IDX feed completely, smaller brokerages and online services will see their data dry up. The small guys are going to have trouble keeping consumer eyeballs, even with nifty tools.
This doesn’t help NAR’s image, especially at this time when the stock market is tumbling on housing and credit fears. I believe this will be seen as protectionist, especially since more and more consumers are looking for transparency, and NAR seems to be tightening its control of the housing data." (July 27, 2007).
Then there is the remote possibility that the local board, supported heavily by the largest brokerages, may be making a move that once again slaps around the alternative business models many smaller, independent, Brokers follow. The acceptance of the Internet in everyday life has made it possible that real estate brokerage can be a very entrepreneurial, and creative industry. The larger companies do not have the ability to easily change their busienss models. Could changing to the BLC offer the security blanket these larger organizations need to preserve their models?
Friday, October 19, 2007
A Down Market Provides Just The Excuse To Justify Realtor Parochialism
Parochial: very limited or narrow in scope or outlook; provincial: parochial views; a parochial mentality. (Websters)
I guess somebody has to speak out about what is happening in our local marketplace..and it might as well be me. As hard as I have tried to figure out the logic behind the recent decisions and actions of our Board of Realtors (also known as MIBOR) I can only come up with one common thread. The market downturn has caused staff to worry as the organization is built on per member dues, and the volunteers to have way to much time ontheir hands to tinker with what seems to be working. I can even go one step further and say the unthinkable, the volunteers who are a part of this Board seem to me to be making decisions that are self-serving instead of for the good of the whole organization.
Somewhere, somebody, will probably decide it is time to figure out how to get me out of this industry because the truth is hard to deal with. Fortunately for me, I know enough folks who agree with me that I am feeling secure making the following series of posts. Like the utilities and cable TV providers, when you are the only game in town you can pretty much do whatever you choose (legally). The difference for utilities and cable companies are that they are regulated. Realtor boards are at best self governing organizations with a national organization that loosely provides guidance as to how they should be run. Lately, the national organization has had some issues with the Department of Justice regarding the ideas of parochialism and protection of information. Most of what I have to say is geared toward the simple fact that Realtors are no longer making business decisions to serve their clients (the home buying/selling public) but so as to protect their business and the established models of operating.
Some quick background/disclosure for those who do not know. My company is one of the largest brokerages in Indiana, and frankly the USA, for handling bank foreclosures. We are hired by corporations responsible for the disposition of these properties to manage, market, and sell these assets. To perform this service requires a real estate license and membership in local Boards..primarily so that we can list properties in what are known as the MLS (except in Central Indiana where it is now the BLC-more on that later). What is interesting is that while our owner clients may represent some of America's largest corporations, our buyers are mostly local individuals and small businesses. So, it is in everybody's best interest to provide the best and most comprehensive exposure to these properties as is possible.
In September I attended a meeting at our local Board (MIBOR). At this meeting we were provided a chart indicating that almost 23% of all listings-ytd thru August were bank owned properties (also known as REO). Now, I understand that these properties will not always be this significant in this market, but chances are they will be for the next two years and should stay in the 10-15% range thereafter. Now the interesting part...in a board with over 7000 members, there are at most 20 members listing these properties. Forget 80/20 rules! This is a 97%/3% (or something like that) rule. The 3% are running the show though and they are not too happy!
On a national scale, it is more about the Internet and all the new companies offering information and consumer choices for selling their homes. Realtors in general are composed of older people (the average age is somewhere in their 50's-btw I am 48 so this is not a slap at the age issue). It is a slap at the fact that it is a group that does not welcome a lot of change to the home buying and selling models and have yet to really figure out that the consumer does not care "who owns the listing".
So, the following series of posts are going to focus what this environment has brought in our local market. It is a little bit of a rant for me as these issues have created a lot of headaches and lost productivity for me. In addition, I have sellers all over the country telling me they are not having the same issues with their Brokers in other locations. So, I do not know what is to be concluded about our Board, but hopefuly somebody will read this and enough folks will pay attention the next time the Board chooses to ram some initiative down our throats.
Parochial: very limited or narrow in scope or outlook; provincial: parochial views; a parochial mentality. (Websters)
I guess somebody has to speak out about what is happening in our local marketplace..and it might as well be me. As hard as I have tried to figure out the logic behind the recent decisions and actions of our Board of Realtors (also known as MIBOR) I can only come up with one common thread. The market downturn has caused staff to worry as the organization is built on per member dues, and the volunteers to have way to much time ontheir hands to tinker with what seems to be working. I can even go one step further and say the unthinkable, the volunteers who are a part of this Board seem to me to be making decisions that are self-serving instead of for the good of the whole organization.
Somewhere, somebody, will probably decide it is time to figure out how to get me out of this industry because the truth is hard to deal with. Fortunately for me, I know enough folks who agree with me that I am feeling secure making the following series of posts. Like the utilities and cable TV providers, when you are the only game in town you can pretty much do whatever you choose (legally). The difference for utilities and cable companies are that they are regulated. Realtor boards are at best self governing organizations with a national organization that loosely provides guidance as to how they should be run. Lately, the national organization has had some issues with the Department of Justice regarding the ideas of parochialism and protection of information. Most of what I have to say is geared toward the simple fact that Realtors are no longer making business decisions to serve their clients (the home buying/selling public) but so as to protect their business and the established models of operating.
Some quick background/disclosure for those who do not know. My company is one of the largest brokerages in Indiana, and frankly the USA, for handling bank foreclosures. We are hired by corporations responsible for the disposition of these properties to manage, market, and sell these assets. To perform this service requires a real estate license and membership in local Boards..primarily so that we can list properties in what are known as the MLS (except in Central Indiana where it is now the BLC-more on that later). What is interesting is that while our owner clients may represent some of America's largest corporations, our buyers are mostly local individuals and small businesses. So, it is in everybody's best interest to provide the best and most comprehensive exposure to these properties as is possible.
In September I attended a meeting at our local Board (MIBOR). At this meeting we were provided a chart indicating that almost 23% of all listings-ytd thru August were bank owned properties (also known as REO). Now, I understand that these properties will not always be this significant in this market, but chances are they will be for the next two years and should stay in the 10-15% range thereafter. Now the interesting part...in a board with over 7000 members, there are at most 20 members listing these properties. Forget 80/20 rules! This is a 97%/3% (or something like that) rule. The 3% are running the show though and they are not too happy!
On a national scale, it is more about the Internet and all the new companies offering information and consumer choices for selling their homes. Realtors in general are composed of older people (the average age is somewhere in their 50's-btw I am 48 so this is not a slap at the age issue). It is a slap at the fact that it is a group that does not welcome a lot of change to the home buying and selling models and have yet to really figure out that the consumer does not care "who owns the listing".
So, the following series of posts are going to focus what this environment has brought in our local market. It is a little bit of a rant for me as these issues have created a lot of headaches and lost productivity for me. In addition, I have sellers all over the country telling me they are not having the same issues with their Brokers in other locations. So, I do not know what is to be concluded about our Board, but hopefuly somebody will read this and enough folks will pay attention the next time the Board chooses to ram some initiative down our throats.
Thursday, June 14, 2007
Buying Foreclosures...a Good Idea?
Homes that have been in foreclosure present an exciting prospect for buyers. Because foreclosure can happen in any neighborhood, the possibility of snapping up a relatively new house in a nice neighborhood for a bargain-basement price is very appealing.
But buying a foreclosed home presents challenges -- including competition for those cut-rate pricetags -- and concerns about the condition of the homes.
The Star-Press.com puts their spin on this issue...
Homes that have been in foreclosure present an exciting prospect for buyers. Because foreclosure can happen in any neighborhood, the possibility of snapping up a relatively new house in a nice neighborhood for a bargain-basement price is very appealing.
But buying a foreclosed home presents challenges -- including competition for those cut-rate pricetags -- and concerns about the condition of the homes.
The Star-Press.com puts their spin on this issue...
Wednesday, May 23, 2007
60 Minutes Controversy Has Realtors In A Tizzy
Have you seen what all the excitement is about? The stirring portrayal of the real estate industry from Lesley Stahl is full of inaccuracies...BUT....there is also a lot of truth in the story.
To start this dialogue, you must take the 12 or so minutes to watch the video...
http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n
From the NAR website...we have a chain of letters, emails, and other types of responses in this controversy.
http://www.realtor.org/about_nar/60_minutes/NARRespondsToSixtyMinutesMain.html
Over the next few days we are going to take the time to dissect this controversy, how I see it and why it seems to me, the more noise NAR makes about this issue, the more it hurts Realtors instead of clarifying the issue.
My, how I wish I owned Redfin right now..the star of this controversy. Actually, the only party that is going to come out of this smelling sweet! Check out their website...and look at the VC money they have attracted. I think this story has a lot of legs as this is the threat, once again, of private equity money getting into real estate, a business traditionally Mom and Pop. Those Mom and Pop models dominate the dues of NAR and these new busienss models are scary stuff.
Have you seen what all the excitement is about? The stirring portrayal of the real estate industry from Lesley Stahl is full of inaccuracies...BUT....there is also a lot of truth in the story.
To start this dialogue, you must take the 12 or so minutes to watch the video...
http://www.cbsnews.com/sections/i_video/main500251.shtml?id=2796105n
From the NAR website...we have a chain of letters, emails, and other types of responses in this controversy.
http://www.realtor.org/about_nar/60_minutes/NARRespondsToSixtyMinutesMain.html
Over the next few days we are going to take the time to dissect this controversy, how I see it and why it seems to me, the more noise NAR makes about this issue, the more it hurts Realtors instead of clarifying the issue.
My, how I wish I owned Redfin right now..the star of this controversy. Actually, the only party that is going to come out of this smelling sweet! Check out their website...and look at the VC money they have attracted. I think this story has a lot of legs as this is the threat, once again, of private equity money getting into real estate, a business traditionally Mom and Pop. Those Mom and Pop models dominate the dues of NAR and these new busienss models are scary stuff.
Wednesday, January 24, 2007
Mortgage Lenders Seek Ways to Avoid Foreclosure
'Short sales' are conducted only as a last resort for many lenders
The number of borrowers whose mortgages are at some point in the foreclosure process has hit the highest level in five years.The mortgage industry, which ultimately is uninterested in owning properties, is reaching out to troubled borrowers, trying to help them head off delinquencies.Bank of America Corp. is allowing some borrowers with ARMs to refinance into a different loan at no cost. Citigroup Inc.'s CitiMortgage unit is contacting delinquent borrowers within days after a missed payment, if it doesn't fit their normal bill-paying habits. National City is one of a dozen major lenders behind a national advertising campaign that will, beginning this spring, promote a toll-free number (888/995-HOPE) borrowers can call for homeownership counseling and referrals.
Some lenders may allow a house to be sold at a loss and forgive the remaining debt in a process known as a short sale. These can be difficult to negotiate because many loans are packaged and sold to investors, so the mortgage company doesn’t have much flexibility. “There are all sorts of log jams,” says John Izzo, a Las Vegas real estate practitioner who says he is working on 19 short sales, but figures that he maybe able to successfully close just one in five.
--Wall Street Journal, Ruth Simon (01/24/2007)
'Short sales' are conducted only as a last resort for many lenders
The number of borrowers whose mortgages are at some point in the foreclosure process has hit the highest level in five years.The mortgage industry, which ultimately is uninterested in owning properties, is reaching out to troubled borrowers, trying to help them head off delinquencies.Bank of America Corp. is allowing some borrowers with ARMs to refinance into a different loan at no cost. Citigroup Inc.'s CitiMortgage unit is contacting delinquent borrowers within days after a missed payment, if it doesn't fit their normal bill-paying habits. National City is one of a dozen major lenders behind a national advertising campaign that will, beginning this spring, promote a toll-free number (888/995-HOPE) borrowers can call for homeownership counseling and referrals.
Some lenders may allow a house to be sold at a loss and forgive the remaining debt in a process known as a short sale. These can be difficult to negotiate because many loans are packaged and sold to investors, so the mortgage company doesn’t have much flexibility. “There are all sorts of log jams,” says John Izzo, a Las Vegas real estate practitioner who says he is working on 19 short sales, but figures that he maybe able to successfully close just one in five.
--Wall Street Journal, Ruth Simon (01/24/2007)
Thursday, January 11, 2007
Is 2007 The Year For Rentals?
A number of factors suggest that 2007 will be a very good year to be a landlord. It's difficult to think of real estate as a "fad" if only because property tends to be held for the long-term. That said, it's hard to overlook the notion that 2007 and beyond may be very good for rental ownership. Story here from Realty Times.
A number of factors suggest that 2007 will be a very good year to be a landlord. It's difficult to think of real estate as a "fad" if only because property tends to be held for the long-term. That said, it's hard to overlook the notion that 2007 and beyond may be very good for rental ownership. Story here from Realty Times.
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