Tips to Selling Your Home Faster

What new home sellers usually miss out on is investing time and a bit of money in making the home they are selling as attractive as possible. This is important because sellers have to make potential buyers feel warm and welcomed when they view the house -- they have to feel as if they can move in already; that they are "home." This is why tweaking the house on sale here and there can make a huge difference!

So, what can sellers do to make a faster sale? First and more important of all, the house needs to be clean, organized, and welcoming. Sellers have to get rid of clutter (i.e. piles of toys, indoor plants that are already out of control, old photo albums, etc.). Also, it is essential to remove decorations that are already out of season (i.e. Christmas lights) and fix doors and windows that already need fixing. Finally, it is important to re-paint the house or put new wallpaper. Perhaps one thing that potential buyers find displeasing about a home is how run-down it already looks.

By following these simple tips, sellers will most likely make a sale faster and with higher profit. For more tips on home selling, visit this site.

All About Real Estate

When entering unfamiliar territory, it is important for anyone to inform themselves first before going in. This is important if you want to avoid making grave mistakes.

If you are new to the real estate industry, you have to do just that. Whether you are a new home seller or a seasoned one, it is essential to always be informed. Just like a soldier entering a battlefield, you have to have yourself armed as well. You have to keep feeding yourself with information about the market, news about the area of the home you are selling, and much more.

To help you prepare yourself, visit this site. It has free reports and news on any real estate related matter. You can also contact an agent for assistance if you need it.

Home Inspection and Passing It

Experts say that during home inspections, there are over 33 problems that can possibly be flagged by the inspector. This is why before listing a home, it as advised that sellers should make their own pre-inspection just to see if there are certain areas in the home that need to be fixed or improved. By doing this, home sellers can save themselves from the hassle of experiencing very costly delays.

If you want to avoid the inspector from flagging issues in your home, read this report first before listing your home. The report contains high-cost traps that you should know about before having your home listed.

Pricing Your Home

One of the most important things when selling your home is figuring out how much to sell it for. Other than it's location and condition, it is also important for home sellers to check the prices of other homes that are for sale in their respective areas. By comparing prices, home sellers will have an idea of the market in that specific area and avoid selling the house for too high a price or under the area's price range.


If you want to avoid the mistake of putting a home into the market with a price that it outside an area's range, start doing research! To help you compare prices, check this link for free and up-to-date list of home prices in your area.

How To Recognize A Sellers Market

As a homeowner, and a prospective seller, you may be wondering if now is a good time to put your home on the market. But how can you tell if the market is in your favor at this time? Will you lose money or make money? Is it a "sellers market"?

These are all very important questions. And the answer is in the market statistics.

As a seller, one of the first things you must evaluate is the desirability of your location. Market conditions are extremely localized statistics. While the national economy and housing market tie every area of the country together to a certain degree, markets and their conditions range widely from state to state, community to community, and even neighborhood to neighborhood within a community.

You must ask yourself, and your real estate agent, "Is my neighborhood up and coming or has it already come and gone?" If you live in a neighborhood that is highly desired due to its school system, local amenities, or even status and prestige, then you may find yourself in a continual sellers market, where you will always be in the advantage.

A great place to start your research is the National Association of Realtors's website, realtor.org. They offer monthly quarterly and monthly studies by region, that include such things as existing and pending home sales.

For a more local view, look at the most recent sales in your surrounding area. How much are homes selling for? And how does your home compare in both size, location, upgrades, and condition?

Unfortunately, an issue completely out of your control can have a direct effect on your ability to sell your home, and for a good profit. Foreclosures in your neighborhood affect your home's value. This isn't fair, but it is how the market works. Buyers look for the best home for their dollar. If they are able to buy a home on your street for a foreclosure price, then suddenly your asking price must decrease in order to compete. Be sure to ask your agent for tips on how to make your home stand out again to buyers, despite this issue.

Another stat you should be aware of is "days on market." This means how long it takes a home to sell from the time it hits the market. In general terms, anything less than 6 months is considered a sellers market. If the average time is longer than 6 months, then the market is in favor of buyers. This should be a consideration for when you look to buy your next home. Unless you are prepared to carry two mortgages, you will want to make sure your current home has sold before looking for the next.

How is the local job market faring in your city? If you live in a town that has a healthy economy, then chances are you live in a sellers market. People who have steady jobs are more inclined to look to buy. The bigger the unemployment figures, then fewer buyers on the market.

Another consideration is "appreciation." In a healthy market, a home should increase in value each year. Many of the areas of the country, however, experienced a "bubble burst" after seeing years of record appreciation rates. Two major areas of uncontrolled appreciation were Florida and California. Homes bought during the bubble may very well be worth less now than their owner owes.

Be sure to discuss all of these issues with your local real estate agent. They will be able to help you determine whether now is a prudent time or not to put your home on the market.

Article by Carla Hill

on Realty Times

Selling Your Home -- How Long Will It Take?

Statistics show that 40% of homes usually sell within one month of being put into the market. However, there are still homes that take months in the market and only sell after a number of price adjustments. For home owners, it is important to take note of factors such as the home's location, condition, the market condition, and the price when planning to sell a house.


To save yourself from the hassle of researching for all these data, you can always result to hiring an agent to help you with selling your home. If you still choose to do it on your own, check this article for a free analysis of the market.

This article is brought to you by Real Estate for Starters and Broward Home Info

Preparing for Home Showings

It's a very exciting time. Your agent has just lined up a prospective buyer. A deal can be made or broken, however, during the showing. How can you prepare your home to its best advantage?

The National Association of Realtors suggests that your first course of action should be removing clutter. The reasoning behind this is simple. Clutter distracts the mind and it distracts the imagination. A potential buyer needs to be able to see themselves and their own style in your home.

By banishing disorder and welcoming in neatness you can give your house an advantage over any competition who is lesser prepared.

2. After decluttering, the next step is to clean. In the same sense that decluttering is removing "you" from the potential home of another, cleaning is removing your grimy mark. Have carpets cleaned, wax the floors, and remove any odors of pets or smoking.

3. Luxurious bathrooms are a must. A bathroom that is clean and full of comfort is appealing to most every buyer. Arrange new towels and rugs, as well as burn fresh smelling candles. Consider adding rich decor, such as paintings.

4. Windows that shine. We can become desensitized to the finer details of our home, but buyers will hone in on each and every imperfection. Be sure that during your cleaning and decluttering, you don't forget to wash your windows. This way buyers will be able to focus their attentions on the beautiful grounds of your property, as opposed to the spots on the glass.

5. Let there by light. Burned out bulbs can make rooms look dark and dingy. Consider buying eco-friendly fluorescent or LED lights for use in your home.

6. Minor repairs are important. There are buyers who are turned off by even minor repairs. They see that loose cabinet door or that warped deck board as a two-fold evil. Either the house has been poorly cared for with bigger repairs waiting for discovery under the surface, or that the home may be too much work for them.

7. Don't neglect your yard. For many buyers, a yard is an extension of the home. Be sure that for each showing, your yard is freshly mowed and any debris, trash, or clutter (toys, tools, etc) are put away. A great way to make flower beds appear neat and well tended is to add mulch. Clean off sidewalks with a quick powerwash.

8. Add punches of seasonal color. Even if you aren't a garden guru, you can still plant low maintenance flowers in beds and pots. Some examples of low maintenance flowering plants are: petunias, pansies, and vincas.

9. A petless home. We all love our pets, sometimes like they're our own children. But they should be safely at a friend's house or kennel during showings. While you're at it, take your children and yourself out of the home during the showing as well!

10. Lock up your valuables. It would be nice to think that no potential buyer would steal from your home, but it could happen. Be sure that anything easily removed is locked away for safe keeping. And be sure that your real estate agent gets anyone's contact information before they are allowed into your home.

Article by Carla Hill

on Realty Times

Top 10 Tips for Staging a Home

Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.

HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.

• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.

• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.

• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.

• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.

• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.

• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.

• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.

• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room’s best features.

• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.

• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.

Article by Broderick Perkins

on Realty Times

New home construction drops, but outlook brightens

NEW YORK (CNNMoney.com) -- New home construction fell to an 8-month low in June, but there were indications of increased activity in coming months, the government said Tuesday.

Housing starts fell 5% from May to a seasonally adjusted annual rate of 549,000 last month, the Commerce Department said. That was the lowest rate since October 2009.

Economists were expecting housing starts to fall to 575,000. On a year-over-year basis, starts sank 5.8% from June 2009.

"The housing industry remains stuck in a rut, with both sales and construction activity moribund," said Mike Larson, real estate analyst at Weiss Research. "Builders simply lack the confidence -- or in some cases, the financing -- to ramp up construction, especially in the wake of the home buyer tax credit's expiration."

But building permits, a gauge of future construction activity, rebounded last month, posting the first gain since March. Permits rose to a seasonally adjusted annual rate of 586,000 last month, up 2.1% from a revised 574,000 in May.

Economists expected permits to drop to 572,000. Permits were down 2.3% from June 2009.

"Cheap mortgage rates and cheap homes should help ease the housing market's pain," Larson said. "But until we see signs of life in the labor market, we're just not going to see a robust recovery -- only more malaise."

The monthly fall in housing starts followed a sharp drop in May, the first month after the end of a government tax incentive of up to $8,000 for homebuyers.

New construction of single-family homes, the key sector of the housing market, slipped 0.7% last month to an annual rate of 454,000.

The annual rate for new construction of multi-family homes -- buildings with 5 or more units -- was 88,000.

Article By By Hibah Yousuf

on CNN Money

Don't chase rates — find the right mortgage too

NEW YORK — For those who can qualify, it's one of the best times to get a mortgage.


Last week, rates for 30-year fixed-rate loans dropped to 4.57 percent, the lowest level on records dating back to 1971, Freddie Mac said.


And for some who missed out on the government's homebuying tax credit, the rates may more than make up for that lost $8,000.


"A tax credit is immediate gratification," said Leonard Baron, a professor of finance at San Diego State University, "but long-term, with rates this low, you can get much more value."
But which loan is right for you? The mortgage game has changed since the housing bust and more rules have been and are being added. One factor is for sure now: Your credit score should be at least 620 or you'll have a hard time finding a loan. What varies is how much you have for a downpayment.


Buyer No. 1: You have a 20-percent downpayment and expect to retire in the house.


Take out a 30-year fixed-rate loan, the most popular type of mortgage. The interest rate stays the same over the life of the loan and right now, that rate is at historical lows.


"This loan is for someone interested in stability and security," said John Stearns, mortgage banker at American Fidelity Mortgage Services Inc. in Mequon, Wisc.


Buyer No. 2: You have a 20-percent downpayment, but plan to move into another home down the road.


Consider a five-, seven- or 10-year adjustable-rate loan, which has a fixed rate for a set period and then adjusts higher after that time. These loans carry a lower initial interest rate than the 30-year fixed-rate, so you save money over the fixed-rate period. After the fixed-rate period ends, borrowers typically refinance into another loan to avoid the adjustable rate.


Rates on five-year adjustable-rate mortgages averaged 3.75 percent this week. That was the lowest on Freddie Mac's records, which date back to January 2005.
ARMs got a bad rap during the housing bust because most people who took out two- or three-year ARMs got caught with an unaffordable payment when their rates reset. They couldn't refinance into a fixed-rate loan because home prices had tanked and credit tightened up.
That risk still exists, but starting in September, lenders will have to evaluate whether borrowers can make payments after the rate reset on adjustable-rate loans backed by Fannie Mae.


Buyer No. 3: You have at least a 20-percent downpayment for a house worth more than $729,500.


You need a so-called jumbo loan which is not backed by Fannie Mae and Freddie Mac. That means any lender who makes a mortgage above that amount will have to keep the loan on its books.


To compensate for that risk, lenders charge higher interest rates than a conventional mortgage. The average rate for a 30-year fixed-rate jumbo loan fell to 5.48 percent this week, the lowest level ever in Bankrate.com's survey.


Buyer No. 4: You have more than a 20-percent downpayment.
Depending on how much you're putting down, you might consider a 20-year fixed-rate mortgage. Rates are sometimes, but not always, lower than a 30-year fixed-rate by about a quarter-point. However, because the loan term is shorter on the 20-year loan, the monthly payment will be higher than a 30-year mortgage.


For example, the monthly payment for a 20-year fixed-rate loan for $300,000 is $1,898. It's only $1,565 a month if the loan is 30 years. But over the life of the loan, you'll save about $108,000 in interest.


"Most people are interested in a lower monthly payment," Stearns said.


Buyer No. 5: You have less than a 20-percent downpayment.
Consider a mortgage insured by the Federal Housing Administration, or FHA. A borrower needs to put down only 3.5 percent of the purchase price.
After the housing market slumped, the FHA became the major source of funding for first-time homebuyers. It insured about 24 percent of new loans in the first quarter, according to Inside Mortgage Finance, a trade publication.


Or, consider a mortgage loan that isn't backed by the FHA, which only requires 5 percent down. However, you will pay mortgage insurance each month, which can add an extra $25 to $50 to your monthly payment depending on your credit score. Private mortgage insurance protects a lender against losses when a borrower defaults. If you have very good credit, this option may be cheaper.


Buyer No. 6: You have a gift downpayment.


While one in five first-time homebuyers used a gift from a relative or friend for a downpayment last year, there are some rules to navigate.


Gift money can be used for a downpayment on a conventional loan only after the borrowers use their own money to make the 5-percent minimum. Gift money can pay for closing costs or prepaid expenses like property taxes and insurance that are put into an escrow account. Banks typically check two months' worth of bank statements for unusually odd deposits that could be considered gifts. However, if the gift was deposited six months before, a bank might not notice.


However, FHA mortgages allow borrowers to use a gift to make the 3.5-percent minimum downpayment. The gift must be documented in writing and the lender may ask for proof of deposit.


Buyer No. 7: You don't have a downpayment.


Your options are limited.


If you are a veteran or the surviving spouse of one, consider a mortgage backed by the Department of Veteran Affairs. These loans offer 100 percent financing without private mortgage insurance at competitive mortgage rates.


If the home you're buying is in a rural area as defined by the U.S. Department of Agriculture, you may qualify for a USDA home loan, which offers 100 percent financing without adding on private mortgage insurance. The USDA aims to help lower-income households get home loans at reasonable rates.

Article by J.W. Elphinstone on

MSNBC

Another Week of Record Low Mortgage Rates

Uncertainty in the global economy has kept mortgage rates at record lows for over a month. This week mortgage-backed securities prices, which drive mortgage rates their opposite, have again posted gains as investors continue to favor safer bets, helping mortgage rates.



30-year fixed mortgage ratesremain at 4.25% for well-qualified consumers willing to pay 1 point origination. 15-year fixed mortgage rates are at 3.625%.


FHA mortgage rates mirror those of conforming mortgages for the most part. Today's FHA 30-year fixed-rate is solid at 4.25% with low risk of a sudden jump. A 30-year fixed FHA loan with an interest rate of 4.25% at 1 point origination will have a higher APR then that of an identical conforming mortgage because of MI and other FHA fees charged exclusively on FHA loans.
30-year fixed jumbo mortgage rates are all the way down to 5.125%, after being in the high 5's for most of the first half of 2010.


Wells Fargo is advertising a 30-year fixed-rate of 4.5% with an APR of 4.686 on their website, down from last week.


All rates mentioned in this article are verified by FreeRateUpdate.com who researches over 2 dozen wholesale lenders' rate sheets for brokers on a daily basis.

Article by Ed Ferrara on

Realty Times

What Stays, What Goes?

Get it in writing.

The movers had finished. The furniture was in place. Even the television had been installed and connected to the roof antenna.

So the new homeowner sat down with a sigh and a cold drink, ready to enjoy a TV show in his new house.

He clicked the "on" switch: Nothing but snow. On the roof, just brackets where the antenna used to be. The seller had taken it. "True story"

What stays and what goes when a house is sold can be a point of confusion and contention between buyers and sellers.

As a general rule, if something is attached to the house, it stays. That means built-in light fixtures, furniture, curtain rods and TV antennas. But what about a washing machine, which is connected by hoses? Or a dryer which, except for the vent, is merely plugged in like a television?

There are plenty of gray areas, which prompt real estate agents to work hard to list what goes with a house and what doesn't. For sellers and buyers, the lesson is to make sure the contract details what is included and what isn't. When in doubt, it pays to ask about specific items.

Still, things slip between the cracks and there is occasional confusion.

There are misunderstandings. "Most people try to enumerate what does and what doesn't go with a house, but boy, sometimes things pop up."

And sometimes sellers just take what they want without a care about whether it should legally stay, agents say.

Once, a seller removed every light bulb from a home before moving out. Another time, a seller removed all the recently installed paneling from the family room.

In one particularly tedious sale and closing, the seller came back to the house the day after closing and started picking the citrus fruit off the trees.

The new homeowner confronted the seller, asking her what she was doing. "She said that the fruit was hers because it grew there when she owned the house." They ran her off, but she took a couple of bags of fruit with her.

Another time when a seller left behind a giant hutch, planning to pick it up the day after closing. But by then the new owner had taken possession of it, claiming it belonged to him, and would not let the seller back on the property. The case ended up in court. It was resolved when the seller agreed to pay storage fees for the hutch to the new owner.

Chandeliers often cause problems. They often are heirlooms that sellers wouldn't think of leaving, yet they are attached light fixtures, so they traditionally would be included in the sale.

Problems occur when buyers see them and want them. It can even get to be a major sticking point in a deal if the buyer knows ahead of time that the fixture is not going to be part of the house.

Most real estate agents advise sellers to replace fixtures they don't want to sell with the house.

"If it doesn't stay with the house, get it out of the house." If they never see it, it's not a big deal to them.

Buyers should be on the alert for sellers who swap nicer appliances with lesser ones after a deal is done. Agents sometimes advise buyers to put the specific make and model of the appliances in the sales contract so they won't find that the new side-by-side refrigerator has been replaced with a 30-year-old model with metal ice trays.

Sometimes negotiating over seemingly small items becomes sport: High-end buyers and sellers can be amazingly inflexible.

What surprises you is how entrenched people become about something that is $500 or $600. When you look at it as a percentage of the whole, it's not much.

Sellers can get petty about small items because they are sentimental about their homes, and some get even more petty when they don't like the buyer. Or they might overhear the buyer talking about making changes to the house that they don't approve of.

Mirrors have caused problems for Merritt, especially ornate ones that hang in powder rooms. Such mirrors hang like pictures, so they are technically not attached to the house, but buyers frequently squeal when they move in and the mirrors are gone. Often, the problem is resolved by the seller replacing the mirror with another one that the buyer likes.

Landscaping also sometimes turns up missing when a buyer moves in. The bushes and trees are supposed to go with a house at sale ? after all, they are about as attached to the property as anything can get ? yet sellers often have emotional attachments to their plants.

I have seen them remove a whole tree, six feet tall.

Sometimes real estate agents ask the seller to return whatever they took, but often it's not worth the hassle.

In the case of the missing tree, the listing agent gave the buyers a new one as a housewarming gift. The broker forked over a bag of bulbs to the buyers who moved into the house with the empty light sockets.

Most agents have a long list of things they have bought to replace items sellers took with them. The TV antenna for one buyer. A sprinkler pump for another.

From that you learn the next time you do a contract that you write in that the TV antenna is included.

Article from

Philadelphia Real Estate

How much is your home worth?

The first and most important information any home owner needs to ask when planning to sell a house is: What is the value of my home?

For a beginner in real estate, calculating for the precise value of a house can cause a really bad headache that will last for days - if not weeks. You have to think long-term then put into consideration its current price, its condition, and its location. Yes, it can be a bit confusing and hard to grasp for anyone that is new to home selling. But, with the help of an agent, you can get your home valued hassle-free. So, save yourself from the headache and hire an expert to do the job for you!

Try Broward Home Info's FREE HOME EVALUATION now!

Selling a House During a Down Economy - How to Make it Happen

Selling a house can be difficult at any time, especially during a bad economy. Though it may be a bad circumstance for people wishing to sell their home, it is not impossible. There are a few things that can be done to up the ante when selling a house during a down economy.

The most important part of selling any house, especially during difficult economic times, is to make the home look as presentable as possible. Remove any clutter to make the rooms look more spacious and allow people to image their own belongings inhabiting the home. Repainting the walls can go a long way towards sprucing up the appearance as well. First impressions are everything, so the exterior needs to appear clean and well taken care off. Make sure landscaping looks like it is in good shape.

A realtor is the best option for selling a house during a bad seller's market. They know the ins and outs of the market and are experts at selling homes during hard times. A realtor will be able to generate a lot more foot traffic during open houses. When using a realtor, they should be highly professional. It is not a good idea to use people you know just because they are there. They need to be experienced and know what they are doing.

Sellers must also understand the art of negotiation. Good communication is key to any successful negotiating. It is important to make the buyers feel comfortable with the conversation so it can go as smoothly as possible. Always hear the person out entirely before interjecting a statement or opinion. Try to meet halfway on things as much as possible, but in the case that you can't, explain to the buyer the reason for your decision.

Get creative with listing the house. Many people think that they can just throw their house up on Craigslist and call it a day. However, more active marketing is necessary during an unfavorable seller's market. Try using that age-old classic: a newspaper. Use several different online sites to list the house. Tell as many people as possible that the house is on the market so they can spread the word to anyone they know looking for a new home. Posting fliers can also be a good way to generate foot traffic with potential buyers.

Though a bad economy can be a nightmare for anyone trying to sell a house, it does not make the task impossible. It is important to make the entire buying experience as pleasant as possible for any potential buyers. Following a few helpful tips can help anyone with selling a house during a down economy.

Many home buyers are on the search for the cheapest home loan they can find. Find out where you can find it right now, by clicking on the following link: Cheapest Home Loan. Also, be sure to learn about Cash Out Refinance as it is a great option all home buyers and home owners should be aware of. Article Source http://EzineArticles.com/?expert=Mark_D._Miller

NEWS: Homes lost to foreclosure on track for 1M in 2010

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

“That would be unprecedented,” said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

The pace at which new homes falling behind in payments and entering the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. At the same time, lenders have stepped up repossessions in an effort to clear out the backlog of distressed inventory on their books.

The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, according to RealtyTrac, which tracks notices for defaults, scheduled home auctions and home repossessions.

In all, about 1.7 million homeowners received a foreclosure-related warning between January and June. That translates to one in 78 U.S. homes.

Foreclosure notices posted monthly declines in April, May and June, but Sharga said one shouldn’t read too much into that.

“The banks are really sort of controlling or managing the dial on how fast these things get processed so they can ultimately manage the inventory of distressed assets on the market,” he said.

On average, it takes about 15 months for a home loan to go from being 30 days late to the property being foreclosed and sold, according to Lender Processing Services Inc., which tracks mortgages.

Assuming the U.S. economy doesn’t worsen, aggravating the foreclosure crisis, Sharga projects it will take lenders through 2013 to resolve the backlog of distressed properties that have on their books right now.

And a new wave of foreclosures could be coming in the second half of the year, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy doesn’t improve fast enough to lift home sales.

The prospect of lenders taking over more than a million homes this year is likely to push housing values down, experts say.

Foreclosed homes are typically sold at steep discounts, lowering the value of surrounding properties.

“The downward pressure from foreclosures will persist and prices will be very weak well into 2012,” said Celia Chen, senior director of Moody’s Economy.com.

She projects home prices will fall as much as 6 percent over the next 12 months from where they were in the first-quarter.

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. Now, homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

There are more than 7.3 million home loans in some stage of delinquency, according to Lender Processing Services.

Lenders are offering to help some homeowners modify their loans. But many borrowers can’t qualify or they are falling back into default. The Obama administration’s $75 billion foreclosure prevention effort has made only a small dent in the problem.

More than a third of the 1.2 million borrowers who have enrolled in the mortgage modification program have dropped out. That compares with about 27 percent who have received permanent loan modifications and are making payments on time.

Among states, Nevada posted the highest foreclosure rate in the first half of the year. One in every 17 households there received a foreclosure notice. However, foreclosures there are down 6 percent from a year earlier.

Arizona, Florida, California and Utah were next among states with the highest foreclosure rates. Rounding out the top 10 were Georgia, Michigan, Idaho, Illinois and Colorado.

News from

Florida Realtors

Quick Tip for Home Sellers

Selling a house is one of the most important decisions a home owner has to make. However, doing this hassle-free and with a maximized profit is often an issue home owners face. For one, selling a house requires a lot of research about the market - sellers need to know how to sell at a competitive rate, but still make a good profit out of the sale. To help you out, here are a few points to take note of when thinking of selling your house:

• Do intensive research on the market. It is important to know the current prices of homes and the best time to sell. By doing so, you can sell at a competitive price and still make enough profit.
• Get an agent. More often than not, an agent can save a home owner from financial disaster. Agents know the business, so do not hesitate to contact one when you need one.

For more tips on selling a house, read the 27 Quick & Easy Fix Ups to Sell Your Home Fast and Top Dollar. This free report offers an introductory guide at home selling.

Welcome!

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Real estate is an area that is a bit hard to handle if you are not familiar with its twists and turns and if you do not know who to work with. If you are looking into buying a new home or selling your current house, this is the site to go to. Real Estate for Starters will be publishing articles with information you might need when it comes to real estate, as well as links to websites that may help you with your dilemmas.

Want to sell your home? Visit Broward Home Info now!