Where Should You Invest?

Thinking about investing in some real estate? The National Associate of Realtors has compiled a list of the top cities of 2012 so far to purchase your next property. The list is a collaboration of cities based on statistics such as the unemployment rate, property inventory level and median days on market. Below are the top five:

1. Tucson, AZ
Median List Price: $170,000
Inventory Level: 6,600 homes for sale
Median Days On Market: 86
Unemployment Rate: 7.8%

2. Austin, TX
Median List Price: $229,500
Inventory Level: 8,329 homes for sale
Median Days On Market: 77
Unemployment Rate: 6.1%

3. Kansas City, MO
Median List Price: $134,150
Inventory Level: 7,539 homes
Median Days On Market: 103 days
Unemployment Rate: 7.7%

4. Baltimore, MD
Median List Price: $239,500
Inventory Level: 13,053 homes
Median Days On Market: 120 days
Unemployment Rate: 7.5%

5. Fort Worth, TX
Median List Price: $160,000
Inventory Level: 8,242 homes
Median Days On Market: 79 days
Unemployment Rate: 7.1%

Return of the Foreclosures?

This year's second quarter marks the first time since 2009 that foreclosures are back on this rise. It is speculated that this is due to the majority of lenders now tapping back into the default loans they put a halt to during the robo-signing era of 2010.

Just over 300,000 new case of foreclosures have sprouted up this year and a large amount of them are from entities you wouldn't expect: large banks. Deutsch Bank, J.P. Morgan and Citibank are a few examples of banks who have failed to pay HOA maintenance fees on properties they reclaimed from delinquent homeowners and now, these banks are finding themselves in court foreclosure cases.

We all know the devastating effects of foreclosures such as the value decreases it causes on comparables in relative areas but what about how it affects those living in HOA controlled developments?  In this situation, delinquency of monthly dues can cause the maintenance bill for all other paying homeowners to rise while at the same time reducing the amount of amenities available to them.

What Kind of Place Can I Get For $300,000?

Real Estate prices clearly range acorss the different regions of the U.S. In fact, they can range from one neighborhood to the next. It can be very interesting to see the price differences, especially when looking for a new place to settle down or invest. Here is a little showcase of what kind of dwelling you can attain for $300,000 in different areas:

Charlotte, NC
4 bd, 3 bath single family home
Built 2009
Granite counters
Wood flooring throughout













Detroit, MI
8 bd, 6 bath single family home
Built 1927
Attached garage

New York, NY
1 bd, 1 bath condo
Brick building
Fireplace

Los Angeles, CA
3 bd, 1 bath single family home
Built 1921
Gated yard

Portland, OR
3 bd, 1 bath single family home
Built 1938
Large back yard












Chicago, IL
3 bd, 3 bath single family home
Built 1957
Large, fenced in back yard
Fireplace

Miami, FL
1 bd, 2 bath condo
Built 1964
Beach views

Add Value to Your Home Through These "Fixes"

Thinking about selling your home? If so, you may want to take a look at this comprehensive list of "fixes" you can make to your home to increase its value:

• Make your appliances match: Many time older homes may have gone through a series of appliance changes. Sometimes this means that they do not always come from the same manufacturer or even the same style. If you don't have the budget to buy all new appliances, you can order matching face panels.
• Update the bathroom: All home buyers have a strong interest in the bathroom and an old, dingy room can easily steer them away. Update the floor with new vinyl which can be as easy to install as placing it right on top of the old flooring. If the bath tub really needs an updated look, a prefabricated tub can often be cheaper then trying to fix the weathered area.
• Storage area is important: Many old homes lack closet and storage space, an increasingly important feature home buyers look for. Adding extra units into bedrooms, offices and even hallways is worth the extra money.
• Add another bedroom: Some homes have a loft area which looks over the downstairs area. This can be a nice feature but what will add even more value to a home is adding a full wall to the loft and calling it an additional bedroom.
• Pay attention to the front of the home: A house should be sound throughout its structure with no sign of peeling siding or unfinished carpentry but if the budget is short, at least make sure the front of the home looks fantastic. This is the first thing the home buyer sees and first impressions are everything.

Wall Street Journal Announces New Global Real Estate Section

The Wall Street Journal, one of the United States top newspapers, announced it will be unveiling a 16 page real estate spread this September or October. The spread will be available in both print and online and will focus mostly on high-end real estate.

The section will have a variety of topics focused on the real estate industry such as family finance, home repairs, and well known neighborhoods and properties. Slideshows and interactive videos will be included on the website for easy showcasing of properties.

The WSJ believes their real estate section will surpass the New York Time Company's real estate section as it's content will be broader.

Wells Fargo to Pay $175 Million to Minority Homeowners

Wells Fargo will pay $125 million to African American and Latino borrowers who were allegedly discriminated against in their loan process. Wells Fargo has stopped funding independent brokers this past Friday as the loans that were considered to be unfair and biased were originated through these brokers.

Wells Fargo was accused of leading about 34,000 minorities into sub prime mortgages with higher interest rates and fees, according to the Department of Justice. The large lender has agreed to pay a total of at least $175 million to settle the case.

In addition to the $125 million to paid, Wells Fargo will be giving $50 million in homeowner assistance grants in numerous U.S. metropolitan areas. These grants can be use as renovation financing, down payments and closing costs.

New Mortgage Disclosure Forms to Hit the Market

Whether you are a loan officer, real estate agent or previous home buyer, you know the confusion and aggravation mortgage disclosure forms can bring. The paperwork is lengthy, the signatures are vast and the figures are everywhere. It can be especially overwhelming for a new home buyer who is not familiar with all the rates and payments which is why the Consumer Financial Protection Bureau just shared their plan to simplify these disclosure forms.

One of the new disclosures may be named the Loan Estimate and would merge information from the initial lending act and Good Faith Estimate regarding closing costs and terms. The borrower would also get a Closing Disclosure three days before their closing which would hold information from the final lending act and HUD-1.

Normally when new rules come into action, creditors get a year to get into compliance and since the bureau is still gathering comments and testing the new disclosures, it is estimated that these new forms wont make it out on the market until at least 2014.

Man Uses 62,000 Pennies to Pay Off Mortgage!

Is it possible to pay off your mortgage with spare change? Yes, in fact one Massachusetts man did just that with pennies he saved over the years.

Thomas Diagle first received his loan 35 years ago when he bought a house with his wife in Milford, MA. Right after signing the loan documents, Diagle found a penny on the ground and made a joke with his wife that they could use it to start paying off their mortgage. Who would have thought that one day they would in fact pay the remainder of their loan with 62,000 pennies!

"I never saved anything in my life but pennies," said Diagle. All this saving and rolling paid off when he walked into his local bank, Milford Federal, and delivered the 50 cent rolls of pennies he had collected over the last 35 years. According to Milford Federal, it took 2 full days to unroll the pennies to put them toward the loan.

Celebrate!

HAPPY FOURTH OF JULY!! Aapex Financial would like to wish everyone a happy and safe holiday.

Celebrity Real Estate For Sale - 50,000 Square Feet!

As stated in our previous post, luxury real estate is on the ups. Naturally, this means luxury property owners are taking advantage of the thriving market and putting their places up for sale in hopes that now will be the time they will get purchased. Here are a few well-known sellers with luxury properties on the market:

• The Beach Boy's Mike Love: $5.9 million Tuscan style home in Pebble Beach, CA

• Ryan Phillippe: $6.9 million zen inspired home in the Hollywood Hills

• 50 Cent: $9.9 million 48,515-sq-foot Connecticut home