Archive for September, 2009
Recently the Center for Responsible Lending (CRL) released a chart compiled from data from the Mortgage Bankers Association regarding the number of mortgages at risk in the United States.
They estimate that 13% of US Mortgages are now past due. Even though the government passed the Making Homes Affordable legislation last fall the number of loan modifications that have actually been completed is miniscule in comparison to the potential default rates.
The CRL also suggests that the 1.5 Million loans already lost to foreclosure are just a drop in the bucket. They predict that over 13 Million loans could be lost to foreclosure in the next five years. Read: Snapshot of a Foreclosure Crisis -15 Fast Facts to see all of the data.
These statistics aren’t meant to alarm or mean that the market in Northern Virginia is going to be hit by some new crisis. It is just a reminder that we have a ways to go before the real estate market across the nations stabilizes. If you are thinking of buying a home today you need to understand that the current market conditions are not about flipping a property for a profit but about buying a home to live in for at least five year.
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Every agent you talk to has an opinion about short sales. Those who have been successful in getting them to settlement praise them and those who don’t rant that they will never touch them again. I try and read everything I can so when a question comes up from a prospective buyer or seller I can help them find an answer on what their options are.
In yesterday’s Washington Post there was an article that caught my attention on short sales that threw a potential new wrinkle in the mix.
Even though a bank provides a 1099C saying that there is no tax liablity on the difference between what you owe and the payoff are they really cancelling the debt? Is there any chance the bank might still come after you for the money?
According to the article in the Post there could still be a possibility that the lender could submit your name and information to a debt collection agency and go after you for the difference. Is that likely? If someone gives the banks the chance to try it they probably will.
Read the Washington Post article and see what you think.
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Busted-Largest Mortgage Fraud Ring in Fairfax County
September 24th, 2009 Categories: Real Estate Ramblings
After a two year investigation the FBI and Fairfax County (VA) officials have finally unraveled a $100 million dollar mortgage fraud case.
“According to the federal indictment, real estate agents Ruben Rojas, 30, and his sister-in-law, Litcia Linares, 32, organized the fraudulent transactions, along with Rojas’ sister, 28-year-old Lourdes Rojas Almanza, a loan officer, and his brother, Jaime Rojas.”
Many of us who worked in the Springfield (VA) area during the “hot” market were familiar with the names of those who were named in the federal indictment. The Rojas group was involved in buying and selling a significant percentage of the older homes in Springfield. In some cases the homes “flipped” from a $400,000 one story home to a $1,000,000 mansion before the new home was even built.
The aftermath of the flipping scheme can be seen in the foreclosures and short sales that line the streets of once solid older Springfield neighborhoods.
You can read the entire article here:
20 Arrested in Fairfax Mortgage Fraud Bust
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After working for months to try and resolve technology issues with new computers and upgraded on-line forms I’m now able to offer my customers the convenience of electronic signatures.
Gone is the FAX to PDF hassle. Now you can sign securely right on-line and send the contract back. Being able do more of the technology end of a real estate transaction directly on-line saves everyone time and at the end of the day we actually end up with a readable contract!
I realize this technology isn’t new but part of the issue has been getting other agents on board and getting the real estate boards to say YES this is a legal contract. Unfortunately after going through the entire process on one recent transaction I learned the lawyers at Cartus Relocation won’t accept electronic signatures and the buyer’s had to resign a contract with a good old pen.
Now I guess I can get rid of the fax machine with the roll of Thermal paper….just kidding!
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Happy 1st Anniversary Lorton Workhouse Arts Center
September 18th, 2009 Categories: Focus on Fairfax County, Out and About
This weekend is the first anniversary of the Lorton Workhouse Arts Center. I’ve had the pleasure of being a volunteer there during the first year and taking in a number of art shows and musical events. The reuse of the Lorton Prison facility is one of the best things that Fairfax County Developers have done in the last few years. It is time to update my slide show but these photos are from the opening a year ago.
Coming up October 3rd & 4th is the Art, Wine and All that Jazz and check out the Winter Course Catalog for great classes.
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If you are out searching for a new home in Northern Virginia you have already discovered this fact. The inventory of available homes is LOW! In fact according to the August sales report from NVAR we only have a 3.87 month supply of available inventory.
Talk about a change from a year ago. With more reasonable prices homes have been flying off the market. Also interesting is the information that the median price of a home in the area has moved up from $389,000 to $395,000.
Recently my “regular” homes have been flying off the market. One of my closing this week was a detached home in Springfield which was on the market less than 24 hours and another listing in Fairfax had 50 plus people through an open house and sold within 72 hours (we had the contract within the first 24 but negotiations took a couple of days.)
As we head into the fall the positive signs from a summer market are encouraging.
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Fort Belvoir-New DeWitt Hospital is Taking Shape
September 12th, 2009 Categories: Military Relocation
The new DeWitt Army Hospital at Fort Belvoir is less than 2 years away from opening it’s doors as part of the influx military and civilian jobs heading to Fort Belvoir.
The construction area is buzzing seven days a week!
The new DeWitt Hosptial is located just inside Pence gate and is just down the road from the current hospital but it is easy to see how this new facility will eclipse the old one. The new DeWitt Army hospital will not be a single building but a complex. Featuring state of the art technology eliminating the need for hand carrying of medical records from one facility to another, top of the line clinic services and more inpatient services the hospital will rival any top of the line private hospital.
The current DeWitt hospital is a typical military hospital with most of the clinics and services that you will find at any civilian hospital. The outside of the building is showing its age and might remind someone arriving at the main door more of a bunker than a hospital. Today the hospital handles up to 150,000 patients including the families stationed at Fort Belvoir, retirees and their families as well.
The new DeWitt hospital is just one of the many changes coming to Fort Belvoir as a result of BRAC. The evidence of the changes coming can be found with the new NGA building in Springfield, the Fairfax County Parkway extension and the Mark Center project.
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In seems logical that the Army would build green homes. Where else can you see more green than on an Army post? But the green homes at Fort Belvoir have nothing to do with fatigues or uniforms but are all about the environment and building housing to support those who sacrifice to serve our country.
Under a partnership with Clark-Pinnacle the 12 Villages of Fort Belvoir have been undergoing a transformation. Over 1100 homes have been demolished and replaced with “energy star certified” homes.” In order for a home to qualify as an “energy star certified home” they have to be built with the appliances, AC units, windows and insulation that meets the US Department of Energy standards.
Open in late summer 2008 the Fairfax Village Neighborhood Center has been awarded Platinum LEED Certification the first in the country on a military installation. With a butterfly garden, playground and community center the neighborhood center is one of 5 centers that will be available to residents of Fort Belvoir housing.
Driving through the different neighborhoods on Fort Belvoir it is great to see how far military housing has come. Having lived in military housing both in the US and overseas our family learned both the good and bad that came from living in housing that didn’t always meet a families needs. The partnership between the Army and Clark-Pinnacle at Fort Belvoir proves that the military recognizes how important it is to support military families today.
If you have orders to Fort Belvoir and on base housing are an option you want to consider contact the Villages at Fort Belvoir Welcome Center at 703- 454-9700. If you need a place to live in one of the great neighborhoods outside of Fort Belvoir then give me a call at 703-346-2213 or check out my other site www.cindyjoneshomes.com to see more information on the local area.
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