Archive for the ‘ Regional ’ Category

Hawaii Act 182 – Revamping the Foreclosure Process

Signed into law by Governor Abercrombie on June 29, Act 182 received little media coverage yet its effect on the foreclosure process in Hawaii is sure to have significant ramifications. The new Act is meant to resolve unintended consequences (‘flaws’, as scrutinized by the media and public) of Act 48. To provide a brief background, Act 48 was intended as a solution to protect owner-occupants at default from facing what was widely considered to be antiquated non-judicial foreclosure procedures. However, lienholders chose to skirt the new protections afforded by Act 48 by implementing policies whereby all new foreclosures were processed judicially. Hence, although some owner-occupants were ‘saved’ from non-judicial foreclosure, now through judicial foreclosure they can face deficiency judgments – not to mention that under-staffed, under-funded courts are now backlogged by the wave of judicial foreclosures.

With that said, the 2012 legislative session included efforts to address/remedy concerns from consumers, lenders, title companies, and HOA’s. As such, let us look at what Act 182 encompasses:

  1. Act 48 had placed a one-year moratorium on Part I of the non-judicial foreclosure law, now Act 182 has been completely eliminated Part I.
  2. Mediation, which is only available for non-judicial foreclosures of owner-occupant residential properties by lenders, has now become permanent.
  3. Borrowers can convert a non-judicial foreclosure to judicial. This protection becomes permanent under Act 182, whereas it was temporary under Act 48.
  4. Establishes a separate non-judicial foreclosure and assessment lien process for AOAO and HOAs. Very critical.
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Posted by: Alex Cortez on July 16th, 2012 under Guest Bloggers, Regional

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Hawaii HB 2078 Passed – How Does It Change Short Term Rentals?

For many mainlanders and foreign nationals, the opportunity to invest in Hawaii real estate is the perfect melee of business with pleasure. Although for the most part Hawaii is not regarded as a strong short-term cash flow market, its reputation as a stalwart long-term equity market has made it a perennial favorite among those with a comparatively patient investment strategy.

However, it is critical that buyers (regardless of their nationality) perform due diligence and are well aware of any material facts that could reasonably affect their investment. As such, potential buyers and the real estate community had been closely monitoring Hawaii HB 2078 since its initial proposal in January. In a nutshell, this measure sought to require off-island vacation rental owners to use an on-island property manager, with the purpose of ensuring that appropriate taxes are collected on any rental income generated. Current transient accommodation owners and real estate professionals who realize how this legislation would have a negative effect on investment strategies and the sluggish real estate market rallied to form an organized opposition force and through their efforts, HB 2078 evolved through a series of versions (Click here to view) to a more fair measure. Ultimately, HB 2078 HD2 SD2 CD1 passed Final Reading on 05/02/2012 and is scheduled to become effective on 07/01/2012. As passed, this measure will:

“Require the owner of a transient accommodation to designate a local contact residing on the same island as where the transient accommodation is located. Furthermore, it requires that all advertisements and solicitations for transient accommodations on any website display the registration identification numbers.”

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Posted by: Alex Cortez on May 22nd, 2012 under Regional

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HomeGain Releases 4th Quarter 2011 Pennsylvania Home Values Survey Results

Sixty-nine percent of Pennsylvania real estate professionals expect home prices to fall over the next six months

Last month, HomeGain, one of the first companies to provide free instant home valuations online, released the results of our fourth quarter 2011 nationwide home values survey of over 400 HomeGain current and former members and 2,000 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers. pennsylvania-liberty-bell

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data, the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, the Georgia 4th quarter 2011 home prices survey data, the Arizona 4th quarter 2011 home prices survey data, the Virginia 4th quarter 2011 home prices survey data, the Washington 4th quarter 2011 home prices survey data, the Maryland 4th quarter 2011 home prices survey data, and the Ohio 4th quarter 2011 home prices survey data.

Today we are releasing the Pennsylvania home prices survey.

Set forth below is the fourth quarter 2011 real estate professional and home owner Pennsylvania home prices survey data along with the third quarter 2011 real estate professional survey data and the fourth quarter 2010 national home prices survey data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were today, who would you vote for?

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Posted by: Louis Cammarosano on January 31st, 2012 under Home Prices, Home Values, Home Values Surveys, HomeGain, HomeGain Market Data, Regional

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HomeGain Releases 4th Quarter 2011 Ohio Home Values Survey Results

Fifty percent of Ohio Real estate professionals and 37 percent of Ohio homeowners expect home prices to drop in the next six months

Last December, HomeGain, one of the first companies to provide free instant home valuations online, released the fourth quarter 2011 results of our nationwide home values survey of over 400 real estate professionals and 2,000 home owners. The HomeGain survey asked their opinions on home prices and what they thought of President Obama’s performance. On this blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers and homeowners.

ohio

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data , the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, the Arizona 4th quarter 2011 home prices survey data, the Maryland 4th quarter 2011 home prices survey data, and the Washington 4th quarter 2011 home values survey data.

Today we are releasing the Ohio home prices survey results.

Set forth below is the fourth quarter 2011 real estate professional and home owner Ohio home prices survey data along with the third quarter 2011 real estate professional survey data along with the fourth quarter 2010 national home prices survey data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were held today, who would you vote for?

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Posted by: Louis Cammarosano on January 31st, 2012 under Home Prices, Home Values, Home Values Surveys, HomeGain, HomeGain Market Data, Regional

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HomeGain Releases 4th Quarter 2011 Washington Home Values Survey Results

Seventy-four percent of Washington real estate professionals expect home prices to stay the same in the next six months

Last month, HomeGain, one of the first companies to provide free instant home valuations online, released the fourth quarter results of our nationwide home values survey of over 400 HomeGain current and former members and 2,000 home owners. The HomeGain survey asked their opinions on home prices and what they thought of President Obama’s performance. On this blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers and homeowners.seattle_skyline_crop

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data , the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, the Arizona 4th quarter 2011 home prices survey data, and the Maryland 4th quarter 2011 home prices survey data. In the coming days we will be releasing home values survey data from Ohio and Pennsylvania.

Today we are releasing the Washington home prices survey data.

Set forth below is the fourth quarter 2011 real estate professional and homeowner Washington home prices survey data along with the third quarter 2011 real estate professional survey data along with the fourth quarter 2011 national home prices survey data. Click on each question to see complete results:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were today, who would you vote for?

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Posted by: Louis Cammarosano on January 11th, 2012 under Home Prices, Home Values, Home Values Surveys, HomeGain, Regional

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HomeGain Releases 4th Quarter 2011 Maryland Home Values Survey Results

Fifty-three percent of real estate professionals think home prices will decrease in the next six months.

Last month, HomeGain, one of the the first companies to provide free online instant home valuations, released the fourth quarter 2011 results of our nationwide survey of over 400 real estate professionals and 2,000 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers.

welcome_maryland

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data , the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, and the Arizona 4th quarter 2011 home prices survey data. In the coming days we will be releasing home values survey data from North Carolina, Nevada, Pennsylvania and other states.

Today we are releasing the Maryland home prices survey results.

Set forth below is the fourth quarter 2011 real estate professional and homeowner Maryland home prices survey data along with the third quarter 2011, the fourth quarter 2010 and the fourth quarter 2011 national home prices survey data. Click on each question to see complete results:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?
  11. If the Presidential election were today, who would you vote for?

Continue reading this post

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Posted by: Louis Cammarosano on January 4th, 2012 under Home Prices, Home Values, Home Values Surveys, HomeGain, HomeGain Market Data, Regional

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