Industry News

Napa Valley foreclosures threaten California wine country
The foreclosure wrath appears to be squashing California’s grapes, according to Bloomberg.com. Napa Valley — the most famous wine-making region in the United States and among the most respected in the world — is currently on “life support,” enduring its most difficult financial downturn in more than two decades. The report indicates that as many as 10 [...]

The foreclosure wrath appears to be squashing California’s grapes, according to Bloomberg.com.

Napa Valley — the most famous wine-making region in the United States and among the most respected in the world — is currently on “life support,” enduring its most difficult financial downturn in more than two decades.

The report indicates that as many as 10 wineries could be lost to foreclosure in 2010 alone, which is 10 more than what was recorded just two years ago in 2008 (zero).

The reason?

Connoisseurs, collectors and wine enthusiasts are stocking their cellars with less expensive vintages, reducing their expenses as the national economy attempts to recover from a major recession.

In fact, Franzia’s box wine, which costs about $8 a pop, is currently flying off the shelves.

Stephen Rannekleiv, an analyst, explains the domino effect:

“Consumers are looking at price point and saying that Napa is not the price they want to be buying at. Wine prices drive grape prices drive land prices…. No area is going to be unaffected by this financial meltdown.”

More than 30 wineries are currently for sale in the area, which includes vineyards in Oregon and Washington, in addition to those in “The Golden State.”

Unfortunately, with prices starting at around $115,000 an acre (it can get up to $250,000 an acre in the most desirable areas) this situation might not improve with age.

Not in the short-term, anyway.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Napa Valley foreclosures threaten California wine country
The foreclosure wrath appears to be squashing California’s grapes, according to Bloomberg.com. Napa Valley — the most famous wine-making region in the United States and among the most respected in the world — is currently on “life support,” enduring its most difficult financial downturn in more than two decades. The report indicates that as many as 10 [...]

The foreclosure wrath appears to be squashing California’s grapes, according to Bloomberg.com.

Napa Valley — the most famous wine-making region in the United States and among the most respected in the world — is currently on “life support,” enduring its most difficult financial downturn in more than two decades.

The report indicates that as many as 10 wineries could be lost to foreclosure in 2010 alone, which is 10 more than what was recorded just two years ago in 2008 (zero).

The reason?

Connoisseurs, collectors and wine enthusiasts are stocking their cellars with less expensive vintages, reducing their expenses as the national economy attempts to recover from a major recession.

In fact, Franzia’s box wine, which costs about $8 a pop, is currently flying off the shelves.

Stephen Rannekleiv, an analyst, explains the domino effect:

“Consumers are looking at price point and saying that Napa is not the price they want to be buying at. Wine prices drive grape prices drive land prices…. No area is going to be unaffected by this financial meltdown.”

More than 30 wineries are currently for sale in the area, which includes vineyards in Oregon and Washington, in addition to those in “The Golden State.”

Unfortunately, with prices starting at around $115,000 an acre (it can get up to $250,000 an acre in the most desirable areas) this situation might not improve with age.

Not in the short-term, anyway.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Real Housewives of Orange County Jeana Keough’s foreclosure rescue
Former Playboy Playmate (Nov. 1980) and original cast member of “The Real Housewives of Orange County,” Jeana Keough, has avoided foreclosure on her luxurious seven-bedroom, nine-bathroom home in the prestigious Coto de Caza community in southern California. The Orange County Register reports that Keough was able to negotiate a loan modification with her lender, JPMorgan Chase [...]

Former Playboy Playmate (Nov. 1980) and original cast member of “The Real Housewives of Orange County,” Jeana Keough, has avoided foreclosure on her luxurious seven-bedroom, nine-bathroom home in the prestigious Coto de Caza community in southern California.

The Orange County Register reports that Keough was able to negotiate a loan modification with her lender, JPMorgan Chase & Co, on the $4 million “custom French country estate.”

However, she says it wasn’t easy:

“I am happy to report the system works! There is no foreclosure on my home anymore. After I was denied back in January, after working with Wamu/Chase for 6 months, they said I didn’t fit the program, I am a fighter so I called my friend Jason Cougenhour at HUD, our illustrious Congressman, and our Governor’s office, and found out that 75% of the people in loan mod’s weren’t getting accepted. That incensed me. I talked and wrote, harassed, gave speeches, encouraged people to write email blasts, used all of my Le Tip connections and last Monday the government changed the specifications. I am happy to say Chase has stopped foreclosure, and made my payments affordable, my work has picked up, and I have stopped efforts to sell my home at a greatly reduced discount. I plan to live here until I am ready to sell. I have been helping so many people save there homes, it is a difficult and frustrating process that I really wasn’t focusing on sales. With the possible sale of my house at auction, and the crazy people coming out of the woodwork to buy my 4.5 million dollar house for 1.3, you find out who your friends are. I am blessed, I have my health, my amazing children.”

Keough, 52, has admitted in recent interviews that she is wealthy thanks to a large real estate portfolio; however, she is “cash poor” because of the current real estate recession.

Now retired from the Bravo-produced reality television series that made her quasi-famous, Keough plans to get her real estate career back on track (she’s an agent) and “make dreams come true.”

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Foreclosure bulldozer: Man demolishes house rather than losing it to the bank
If Terry Hoskins can’t have his home in Moscow, Ohio, then no one can. Hoskins claims that he used a bulldozer to raze his house after the Internal Revenue Service (IRS) placed liens on his carpet store. He apparently used his home as collateral, according to The Washington Post. So when the IRS came to collect on [...]

If Terry Hoskins can’t have his home in Moscow, Ohio, then no one can.

Hoskins claims that he used a bulldozer to raze his house after the Internal Revenue Service (IRS) placed liens on his carpet store. He apparently used his home as collateral, according to The Washington Post.

So when the IRS came to collect on its insurance policy, Hoskins did what any normal red-blooded American male would do (sarcasm) and knocked it down with his oversized tractor.

The report indicates that he still owes $160,000 on his home loan.

But chances are once the lender, RiverHills Bank, requests a Brokers Price Opinion (BPO) to estimate the current value of the home, the number will be considerably lower.

And it’s probably too late to ask for a loan modification.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Foreclosed homes for sale in Las Vegas NV ‘drying up’
And it’s not just because of the desert heat, according to the Wall Street Journal: “Bargain hunters here and in many other metropolitan areas are up against a paradox. By far the biggest wave of foreclosures since the Great Depression was expected to be a bonanza for anyone with cash or the ability to get a [...]

And it’s not just because of the desert heat, according to the Wall Street Journal:

“Bargain hunters here and in many other metropolitan areas are up against a paradox. By far the biggest wave of foreclosures since the Great Depression was expected to be a bonanza for anyone with cash or the ability to get a loan. But prospective home buyers say it is increasingly difficult to find foreclosed homes at attractive prices in desirable neighborhoods. Supply is shrinking largely because of federal and state efforts to help millions of distressed homeowners avert foreclosure, which have delayed many likely foreclosures, keeping the homes off the market for now. The bargain chase is even tougher for those buying with a loan. Investors with cash have an advantage in that their offers aren’t conditional on obtaining a loan so banks often prefer selling to them than taking the risk that another offer will fall through. They are also often quick to react when bargains appear.”

We’ve said it before and we’ll say it again — the best deals often get cherry-picked as soon as they hit the market by savvy investors and/or dedicated house hunters.

Yes, there is more distressed inventory from which to choose these days, but just because a property is classified as a “foreclosure” or “short sale” doesn’t mean it’s bonafide beauty right off the bat.

Finding the best home deals in your area, and then having the ability to move in on them faster than anyone else,  often takes a little bit of homework, preparation, persistence and luck.

A great way to get started is to sign up for our FREE daily foreclosure e-mail alerts. We conveniently deliver all the best deals, depending on the property type(s) and zip code(s) that you select, directly to your inbox.

Of course, you can also search foreclosures in Las Vegas and beyond right now with the limited-time blog reader special discount on our FREE 7-Day Trial.

Hurry!

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Newsletter for real estate agents now available!
Foreclosure.com Agent University recently issued its latest monthly newsletter, which is geared toward real estate professionals and real estate professionals only. This month’s edition covers several important topics, including the new HAFA guidelines, which were introduced to streamline the use of short sales as a means of avoiding foreclosure. Agents and brokers need to be prepared and [...]

Foreclosure.com Agent University recently issued its latest monthly newsletter, which is geared toward real estate professionals and real estate professionals only.

This month’s edition covers several important topics, including the new HAFA guidelines, which were introduced to streamline the use of short sales as a means of avoiding foreclosure.

Agents and brokers need to be prepared and make the most of this new situation because distressed real estate transactions (short sales, foreclosures, etc.) are going to account for a serious amount of business (and commissions) over the next few years.

And the new changes will go into effect in one month!

You’ll also hear from high-profile experts, Jeff Cole and Joe Martin, who will share their successful “on the ground” experiences and strategies with you to get the most out of your local market.

Our latest Certified Foreclosure Agent (CFA) and Certified Short Sale Agent (CSSA) graduates are also highlighted, as well as the myriad benefits of our industry-leading training programs provide.

So what are you waiting for? Agent University’s monthly newsletter (read it right here) is jam-packed with juicy nuggets and helpful information that can take your business to the next level. And it’s free.

Sign up to receive the newsletter today! Click here

(Note that the email newsletter sign up is located on the top-left of the page).

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Rent vs buy/own a house
To rent or to own, that is the question. In theory, buying is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others. In reality, it can be tough to make the leap from renter to owner. That’s because there is a lot on the [...]

To rent or to own, that is the question.

In theory, buying is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others.

In reality, it can be tough to make the leap from renter to owner.

That’s because there is a lot on the line — there are several unknown factors that can and often do influence these types of decisions:

Do you have a big enough down payment? Will you qualify for a mortgage? Can you afford maintenance? For how long do you plan to hang on to the property?

The Feb. 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Rent vs. Own.”

Our goal is to get you thinking about this important decision sooner rather than later. The housing market is still extremely buyer friendly right now — interest rates are still low, limited-time government incentives are still available until April 30, 2010 and chances are good that prices in your area have never been better.

On the flip side, buying a home or investment property is still one of the biggest decisions you will ever make. So you still need to consider all the pros and cons before jumping in head first.

So check out “Rent vs. Own” today so you can decide whether or not a home purchase or lease is in your best interests.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Newsletter for real estate agents now available!
Foreclosure.com Agent University recently issued its latest monthly newsletter, which is geared toward real estate professionals and real estate professionals only. This month’s edition covers several important topics, including the new HAFA guidelines, which were introduced to streamline the use of short sales as a means of avoiding foreclosure. Agents and brokers need to be prepared and [...]

Foreclosure.com Agent University recently issued its latest monthly newsletter, which is geared toward real estate professionals and real estate professionals only.

This month’s edition covers several important topics, including the new HAFA guidelines, which were introduced to streamline the use of short sales as a means of avoiding foreclosure.

Agents and brokers need to be prepared and make the most of this new situation because distressed real estate transactions (short sales, foreclosures, etc.) are going to account for a serious amount of business (and commissions) over the next few years.

And the new changes will go into effect in one month!

You’ll also hear from high-profile experts, Jeff Cole and Joe Martin, who will share their successful “on the ground” experiences and strategies with you to get the most out of your local market.

Our latest Certified Foreclosure Agent (CFA) and Certified Short Sale Agent (CSSA) graduates are also highlighted, as well as the myriad benefits of our industry-leading training programs provide.

So what are you waiting for? Agent University’s monthly newsletter (read it right here) is jam-packed with juicy nuggets and helpful information that can take your business to the next level. And it’s free.

Sign up to receive the newsletter today! Click here

(Note that the email newsletter sign up is located on the top-left of the page).

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Rent vs buy/own a house
To rent or to own, that is the question. In theory, buying is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others. In reality, it can be tough to make the leap from renter to owner. That’s because there is a lot on the [...]

To rent or to own, that is the question.

In theory, buying is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others.

In reality, it can be tough to make the leap from renter to owner.

That’s because there is a lot on the line — there are several unknown factors that can and often do influence these types of decisions:

Do you have a big enough down payment? Will you qualify for a mortgage? Can you afford maintenance? For how long do you plan to hang on to the property?

The Feb. 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Rent vs. Own.”

Our goal is to get you thinking about this important decision sooner rather than later. The housing market is still extremely buyer friendly right now — interest rates are still low, limited-time government incentives are still available until April 30, 2010 and chances are good that prices in your area have never been better.

On the flip side, buying a home or investment property is still one of the biggest decisions you will ever make. So you still need to consider all the pros and cons before jumping in head first.

So check out “Rent vs. Own” today so you can decide whether or not a home purchase or lease is in your best interests.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Plaxico Burress house in Florida could be lost to foreclosure
Former New York Giants wide receiver Plaxico Burress could be headed back to the courtroom, according to the South Florida Business Journal. Only this time it will be because of a foreclosure and not illegal weapons charges. Burress — who is currently serving a two-year prison sentence for accidentally shooting himself in the thigh while reveling at [...]

Former New York Giants wide receiver Plaxico Burress could be headed back to the courtroom, according to the South Florida Business Journal.

Only this time it will be because of a foreclosure and not illegal weapons charges.

Burress — who is currently serving a two-year prison sentence for accidentally shooting himself in the thigh while reveling at the Latin Quarter nightclub in New York, N.Y. — is apparently behind on a $2.9 million mortgage for a 6,872-square-foot waterfront home that he owns in Lighthouse Point, Florida.

The report indicates that he purchased the home in 2005 for $4 million and then relocated to New Jersey two years later when the New York Giants signed him to a six-year, $25 million free agent contract.

In 2007, the former first round draft pick out of Michigan State University caught the game-winning touchdown in Super Bowl XLII.

But his celebration was cut short — just a few months later when he was charged with two counts of criminal possession of a weapon and one count of reckless endangerment. He agreed to a plea deal, which will ensure he is released in early 2011.

His wife, Tiffany, and their son continue to live at the New Jersey home, which is located in Totowa.

To check out Plaxico Burress’ foreclosure filing on Foreclosure.com click here.

foreclosure property

19 Bids

US $2,404.00

1h 9m

FORECLOSURE PROPERTY

25 Bids

US $1,524.00

1h 43m

http://www.phpbay.com/affiliates/jrox.php?id=1586