Some level of certainty and stability returned to the U.S. housing market in 2012, providing a solid foundation for the market to build on in 2013. But there are still significant risks that threaten this hard-won stability and could trip up some local markets trying to make the tricky transition from stability to strength. U.S. Foreclosures Continue Slow Descent At a national level and in states with relatively efficient foreclosure processes, foreclosure activity will not pose a significant threat to housing market stability. U.S. foreclosure activity will continue its slow descent off the peak of 2.9 million properties with foreclosure filings in 2010 and back toward a more normal level of around 500,000 properties with foreclosure filings a year – although don’t expect to see a completely normal foreclosure year until 2015. Foreclosure Flare-Ups Rising foreclosure activity in certain markets at the beginning and end of the year could threaten the stability in those ma...

Many first time buyers ask, why do we need Title Insurance? What are the benefits? Here are very important reasons, why you need Title Insurance: 1.      A title insurance commitment for title policy will disclose the status of the real property taxes on the subject property.  2.      A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house but the land on which it stands. Title insurance protects you against such a loss. 3.      A deed or mortgage may have been procured by fraud or duress. 4.      A deed or mortgage made under an expired power of attorney may be void. 5.      Title insurance covers attorney’s fees and court cost for defending your title. 6.      Title insurance helps speed negotiations when you’re ready to sell or obtain a ...

Home values were up 7.6 percent nationally from the third quarter of 2011 to the same period of 2012, according to data from the National Association of Realtors. See the five best markets where prices went up fastest. 1. Phoenix-Mesa-Scottsdale, Ariz. 2012 Q3 median home price: $153,400  Up: 34.9 percent 2. Cape Coral-Fort Myers, Fla. 2012 Q3 median home price: $127,000  Up: 27.6 percent 3. Akron, Ohio 2012 Q3 median home price: $118,800  Up: 26.9 percent 4. Boise City-Nampa, Idaho 2012 Q3 median home price: $146,000  Up: 21.9 percent 5. Lansing-East Lansing, Mich. 2012 Q3 median home price: $95,700  Up: 19.5 percent Thanks to BankRate for this article, read more here

What's missing from your current home? Storage space? Decent parking? Privacy? There's no such thing as too much storage No one ever walked out of an open house thinking, "Nice place, but too many closets."  Visually strip away the furniture in a for-sale home and place your furniture and belongings. Or simply measure -- both the rooms and the closets -- and compare it to what you have now.  Ditto for kitchen cupboards, pantries and counter space. Those counter tops may look spacious until you get out all of your kitchen toys and discover there's not enough room, he says. Really look at a kitchen in terms of what you need when you cook to make sure the home offers the counter space you need. Test the commute BEFORE you commit You're only 15 miles from work. How long is that in traffic time?  Try the commute a few times, driving both ways, before you buy, at the times you would be normally commuting.  How well will you "fit in" with the ne...

So you have decided to purchase a home, but you have no idea what ensues between now and the time you legally own it? Well, the next step is to obtain title for the property from a title company. Why, because a title gives the owner the right to possess and use the property. Though before you receive title, the title company will have to complete the following: Earnest money:  To show the seller and his agent you are a serious buyer, you will be asked to give the title company a deposit called earnest money. If the sale goes through, the earnest money will be applied towards the down payment. If the sale falls through, then, it is possible, that the earnest money will not be given back unless it is stated in the offer to purchase that it is refundable. Title search:  A title search is a detailed check of the records concerning the property. It is performed to verify the seller's right to change ownership. A title search will uncover any faults, demands and other pri...

You have prospects who contact you expressing an interest in purchasing a home, but how do you know if they’re really serious, or able, to purchase a home? MRIS, a large multiple listing service serving the Mid-Atlantic region, asked its real estate member network for some of the best signs for understanding whether potential buyers are really ready for the task of taking on home ownership. Here’s what they found: Buyers are increasing their savings: MRIS suggests home buyers save enough money for six months of mortgage payments and at least 3.5 percent of the purchase price for a down payment and closing costs. Buyers also haven’t forgotten about moving and possible home repair costs in setting up a savings plan for a home purchase. Buyers have their credit in shape: Home buyers know their FICO score and know how it can impact the mortgage rate they get. Buyers know what they can afford: Home buyers are alrea...

You just bought your first home and you are all excited, now it's time to go to your closing. You walk into the room and then you realize, you have no clue who is sitting in the room with you! Besides your agent and mortgage lender, many other individuals/companies have been busy doing research on your behalf, reviewing and preparing documents. It’s on your closing day that you will possibly meet some of them face to face. The main players, though, involved in the closing are the title agency, attorney and the notary public. The Title Agency The real estate title agency has several different roles in the closing process. It should always be noted that the title company, and its agents, are impartial service providers. One of our duties as a title agency is to put together an abstract of the property. The abstract explains in abundant detail the location and history of the property and as part of this, a survey may be ordered. A title search is also conducted which will identi...

Buying a home is euphoric and scary. On one hand, you are moving into a property you own. On the other, you are committing to the repayment of a lot of money. How to Avoid Buyer’s Remorse Buying a property can throw your emotions all over the place. First, you are ecstatic when the seller agrees to your offer. Soon thereafter, you start worrying about the price, potential problems and the commitment you have made to pay hundreds of thousands of dollars over the next 10, 15 or 30 years. It can be a monstrous rollercoaster for your emotions. You need not have buyer’s remorse. The first issue giving rise to remorse is almost always the purchase price. If it makes you feel any better, the seller almost always thinks they should have asked for more. In truth, the agreed upon price is almost always pretty fair if you obtain a mortgage loan. The lender is not going to give you a loan well in excess of the value of the home, so you can rest assured you probably got a fair price. Yes, you...

Congress has given itself two more months to come up with long-term solutions for the debt-burdened federal program that provides insurance for homes and businesses in areas subject to flooding. A voice vote in the House Wednesday extended the life of the National Flood Insurance Program for 60 days, assuring that people in flood-risk areas will continue to have access to the flood insurance they need to close on mortgages or obtain refinancing. The program is slated to expire Thursday. The last full-scale reauthorization of the NFIP, a wing of the Federal Emergency Management Agency, occurred in 2004. Since 2008 the insurance provider has stayed alive through a series of 16 short-term extensions while lawmakers debate how to restore its fiscal soundness. To read Jim Abrahms full artice, CLICK HERE Title Junction is hoping that come July 31st, that Congress will extended it for a SOLID 5 more years!

Here's a great article I found in the Real Estate Digest that I thought you might finding interesting. More offers are coming with a contingency: The buyer wants the house but the seller has to give them more time - 30 to 60 days, possibly - to try to sell their own home before they'll make the deal final, more estate professionals are reporting. "In a strong real estate market, it's harder to get away with (a sell contingency)," Eric Tyson, co-author of Home Buying for Dummies told the Chicago Tribune, "It adds element of uncertainty to the deal." Many sellers will continue to show homes to potential buyers during the contingency period, but since the contingent offer is listed in the multiple listing service, some buyers might be less apt to take look. "Most contingency agreements contain a kick-out clause: If your dream home's seller receive a non-contingent offer during the set time period, you typically have a day or two to rescind the cont...