Sunday Real Estate Wrap Up

After a long day of rest, I’ve emerged from my sports cocoon to bring you my Sunday wrap up. I’d like to first congratulate Tiger Woods for his 4th straight tournament win, and I want to wish Andre Agassi good luck in the final tournament of his career. Ok . . . back to real estate.

- Here is a sad case of irony:
The Boston Globe covered the story of Jose Felipe, whose credit was destroyed by a mortgage consultant who used his name and social security number.

“Some brokerage firms, which promise borrowers “100 percent financing” and “guaranteed home ownership,” operate without required state licenses. And because the state licenses mortgage companies and their owners, and not the loan officers who work for them, it is difficult for consumers to check the record of an individual officer. In contrast, the state has a website where consumers can easily review the licenses and disciplinary records of dozens of other professionals, including accountants, veterinarians, and manicurists.”

So the state of Masachusetts lets you check up on the lady who does your nails, but not on the guy who has complete access to all of your personal financial records. SAD!

- In Arkansas, Senator Kim Hendren said “he will try again in the 2007 state legislative session to reform the state’s statutory foreclosure procedures. Reform is needed since foreclosure situations are apparently becoming more common, he said.” Isn’t it great how proactive our leaders are? Now that the market is topping over again, the lawmakers start to notice. Where was Senator Hendren when the local sheriff was buying his $1 million mansion for no money down? Who was protecting the homeowner back then?

After a year of passing blame, confusion, elections, and general chaos, the city of New Orleans is setting a deadline for gutting and cleaning up homes damaged from Hurricane Katrina.

“City officials have set Tuesday the storm’s first anniversary as the deadline for homeowners to gut or otherwise clean up their properties. Landry is among those hoping the deadline will spur a cleanup that will lead to more redevelopment and repopulation after the exodus that followed Katrina. “The city needs to do what it needs to do,” councilman Arnie Fielkow, who helped push the ordinance setting the deadline, said at a meeting Friday. People who don’t comply with the deadline after being put on notice face a range of possible penalties, from liens being placed on their property to the seizure or destruction of homes.”

Exceptions to the deadline include residents of the Lower Ninth Ward, and those with an “acceptable” excuse. The city needs to set a deadline, or things will go on forever, but the government needs to step in and help all the people who are left to fend for themselves against the insurance companies who find any reason not to pay a claim.

- I just read a staggering piece of information from Black Enterprise: “Membership in the National Association of Realtors has increased by 75 percent in the last 10 years. The number of real-estate agents in the United States increased by 26 percent between 2003 and 2005 and 40 percent over the last five years to about 2.5 million.” I wonder what that number will look like as things settle down. Anyone?

- I’ll close with a peek at a nice little piece from REIBlog.com, listing Best Rules for Your Success in Income Real Estate. The list includes advice like “Have strict rules for your tenants” and “Keep accurate records.” While most of the points are fairly obvious to the seasoned investor, it is a good start for newbies.

Until next time . . .

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Tags: foreclosure, fraud, gut, gutting, katrina, lower-ninth-ward, mortgagefraud, neworleans, Realtors, reform, tenants