The San Francisco Chronicle has an interesting article: Mortgage Fraud: Understanding And Avoiding It . Here’s a snippet below:

“Ethical violations and criminal activities in various industries have affected our economy over the past few decades, particularly in the banking, financial and housing sectors. In this article we examine the complex ethical and criminal issues surrounding mortgage fraud. Fraud in its simplest form is deliberate misrepresentation and deception. Fraud in action means that one deceives another by misrepresenting information, facts and figures.

What is Mortgage Fraud?
Mortgage fraud is not just predatory lending practices that target certain borrowers. According to the Federal Bureau of Investigation (FBI) mortgage fraud is “material misstatement, misrepresentation or omission relating to the property or potential mortgage relied on by an underwriter or lender to fund, purchase or insure a loan.” With this working definition we see that mortgage fraud can be committed by both individual borrowers and industry professionals.“

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/21/investopedia5882.DTL#ixzz0loEvmD3B

]]> http://www.batonrougerealestateappraisal.com/2010/04/baton-rouge-real-estate-understanding-and-avoiding-mortgage-fraud/feed/ 1 http://www.batonrougerealestateappraisal.com/2010/04/baton-rouge-certified-home-appraisers-area-home-sales-see-gains-in-march/ http://www.batonrougerealestateappraisal.com/2010/04/baton-rouge-certified-home-appraisers-area-home-sales-see-gains-in-march/#comments Sat, 17 Apr 2010 06:57:21 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-real-estate-appraisal/baton-rouge-certified-home-appraisers-area-home-sales-see-gains-in-march/ http://www.batonrougerealestateappraisal.com/ – Baton Rouge Certified Home Appraisers: Area Home Sales See Gains In March

The Advocate Newspaper and Chad Calder are reporting “BR-area home sales see gain in March“, click on the link to read the entire article. Below is a snippet:

“The number of homes sold in the Baton Rouge metro area rose slightly in March, though the first quarter was down 2 percent.

The March bright spot is largely due to an increase in Ascension Parish.

The figures, compiled by the Greater Baton Rouge Association of Realtors, account for about 85 percent of the market in the eight-parish area.

Realtors sold 600 homes in the metro area in March, 1 percent more than the 594 sold in the same month last year. Dollar volume in March was up 2 percent to $118.0 million.

The quarter, however, still reflects the downward trend that has characterized recent years. There were 1,406 homes sold during the first three months of the year, compared to 1,431 the year before.

Dollar volume was also down 2 percent to $270.3 million for the quarter.“

http://www.denhamspringsappraisers.com/

WAFB News is report that Livingston Parish President, Mike Grimmer, Opposes the proposed Baton Rouge Loop. The article is located here, and here’s a snippet:

“BATON ROUGE, LA (WAFB) – Livingston Parish President Mike Grimmer joined a growing list of parish leaders opposing the proposed Baton Rouge Loop.

Grimmer told a crowd earlier this week the dynamics of the loop have changed and he will not vote in favor of it again.

Five parishes have been involved in a study of the proposed loop. Three are now against it, including Livingston, Ascension and Iberville parishes. Baton Rouge Mayor Kip Holden still supports the plan.

“Without a doubt we are going to continue to push forward,” said Holden. “I think you’ll see more legislators who are from Baton Rouge saying this is the way to go and we are going to keep fighting because this project is right.”

West Baton Rouge Parish is also still supporting the project.

More than $6 million has been spent looking into the project so far.“

The Ascension Weekly Citizen Online is reporting Ascension Parish is the fastest growing Parish in the State of Louisiana. Their article is posted here and here’s a snippet from their article:

“Ascension is the fastest growing parish in the state, according to estimates from the Louisiana Tech University College of Business.
Ascension Parish grew at a rate of 36.17 percent from the year 2000 to 2009, gaining 27,961 people, the Tech study said.

Louisiana on the whole grew just .52 during that time period.

Neighboring Livingston, another fast growing parish, grew by 33.74, and picked up 30,976 new residents.

“It’s not a surprise,” Ascension President Tommy Martinez said Friday. He said growth in Ascension is actually slowing down a bit at present, which is good because it will allow the parish to put a parishwide master plan into place and prepare for the next wave of growth.”

Also, see the Baton Rouge Business Report’s: Dire predictions for commercial mortgage lending and here’s a snippet:

“Nationally, about $3.4 trillion in commercial real estate loans is outstanding, and some experts predict a wave of defaults in the next few years that could make the mortgage meltdown look like a strong wind before a hurricane. While some call for government intervention to head off the next financial crisis, others say the magnitude is too great. The debt crisis facing Dubai, with its custom-island extravagances, could be a global foretaste.

With a largely jobless recovery from the “Great Recession,” the root of the problem seems deep. Millions of office and industrial workers have been laid off this year alone, meaning a diminished need for physical job sites and a rise in commercial vacancies. Although Baton Rouge seems relatively resilient economically, commercial lending trouble has appeared. Mall of Louisiana owner General Growth Properties filed for bankruptcy in the spring, and banks that financed Tommy Spinosa’s Perkins Rowe development foreclosed on the project in the summer.“

J. Lamar Ferren has written an insightful article on how Olive Garden Restaurant can enhance your local Real Estate Business! The article is located here: Five Ways Olive Garden Can Enhance Your Real Estate Business.

Here’s a snippet:

“1. The “Right This Way” concept

In Olive Garden: When you first enter the Olive Garden, you are typically greeted by the host who calls on someone to seat you. Usually the person who seats you will say “Right This Way” as they lead off into the restaurant with you following behind them. I’ll be honest, I’m not a big fan of going into restaurants where I have to seat myself. It’s not that I can’t do it, it’s just that when the restaurant is crowded, it is usually tough to find a seat; especially if you have multiple guests. The person who seats you knows exactly where to go and can get you there quickly; it’s just easier if you follow them.

In Your Business: When a client sees your sign, your Craigslist ad, your flyer, etc., in order for them to click through to your site or pick up the phone and call you, they have to be given a “Call To Action”. Peter Kolat, a fellow BP blog contributor, actually goes into this concept a little more in depth. However, the main thing is to tell your clients exactly what you want them to do. For example, you could say, “Visit My Website Today” or “Pick up the phone and call me at 555-555-5555 right now.” Tell them exactly what you want them to do and if they’re interested, they will follow through. Don’t just assume that everyone who sees your advertisement, will know what to do next. You must guide them through the experience!

2. The “Give Them What They Want” concept

In Olive Garden: After you are seated, you are then greeted by your server, who eventually takes your order. You get the opportunity to read through the menu and choose exactly what you want. If you need more information about a certain dish or drink, your server will be available to answer any questions you may have. Once they’ve completed your order, they take it to the kitchen, where the meal is prepared. After the meal has been prepared, your server carries it out to you, and as you look at your entree, hopefully you notice that you have been given exactly what you wanted.

In Your Business: After a lead comes to your website, they expect to see something related to what your advertisement says. If your ad says I can buy your home in 7 days and your website has nothing to do with buying their home, they they will get ticked off and click the “X” button. Even if they pick up the phone and call you, they then expect to hear something related to the reason they dialed your number. If you can’t give them what they want, then it’s likely that you will be unable to convert them into a deal. The bottom line is that you need to give them a solution to their problem! You need to combine the “Right This Way” concept with the “Give Them What They Want” concept. Put this on your ad and your website because you want your client to go where you need them to go to get what they want, in order to continue on with your process.”

http://batonrougerealestateappraisers.net/

According to the Louisiana Realtors eNews Digest, Fannie Mae is tightening underwriting guidelines. The Fannie Mae Tightens article is here!

Here’s a snippet:

“Fannie Mae is tightening its underwriting criteria by raising the minimum credit score for automated underwriting (Desktop Underwriter) from 580 to at least 620 for all loans, justified on the grounds that this action “will support prudent risk management and better ensure sustainable homeownership.” Even higher minimum credit scores may apply for both manual and automated underwriting, depending on factors such as the loan-to-value ratio and the number of units in the structure. The minimum credit score applies to all mortgage loans delivered to Fannie Mae, including FHA and other government-backed loans. Fannie is also changing the maximum debt-to-income ratio for Desktop Underwriter to 45 percent, but will allow 50 percent if there are “strong compensating factors.” Other changes are also being made. For more information, view these related Fannie Mae documents:

Fannie Mae Announcement 09-29 (PDF file) Summary and FAQs (PDF file)”

Local Market Monitor Announces Release of Third Quarter Home Price For Largest US Markets, article here! Here’s a snippet:

“According to the forecast, among the largest US markets—identified as those with populations greater than 600,000—the 10 markets with the best expected performance in home price are:

Baton Rouge, LA
Buffalo-Niagara Falls, NY
Columbia, SC
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Little Rock-North Little Rock-Conway, AR
Omaha-Council Bluffs, NE-IA
Pittsburgh, PA
San Antonio, TX
Syracuse, NY

These top markets, where home values are expected to remain level, are among those markets that did not have a big housing boom and have had relatively small job losses over the past year. Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact. Dallas, San Antonio and Omaha have all experienced a 1.6 percent job loss over the past year, and jobs have actually increased in Baton Rouge.”

Here’s A Snippet:

“An interesting housing market trend this Fall is the convergence of the Price of New Listings (new sellers entering the market) and Price of Listings Absorbed (sellers exiting the market). You can also see how sellers through the Spring and into the summer were more bullish about their ask prices as compared to the exit prices, with this convergence happening more recently in the Fall season:

“

]]> http://www.batonrougerealestateappraisal.com/2009/11/altos-research-baton-rouge-real-estate-november-housing-market-update-nar-case-shiller-what-were-seeing/feed/ 2 http://www.batonrougerealestateappraisal.com/2009/11/baton-rouge-real-estate-appraisers-news-tax-credit-extended/ http://www.batonrougerealestateappraisal.com/2009/11/baton-rouge-real-estate-appraisers-news-tax-credit-extended/#comments Thu, 05 Nov 2009 22:06:50 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-economic-news/baton-rouge-real-estate-appraisers-news-tax-credit-extended/ http://batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisers News: Tax Credit Extended

Wow! I arrived back at the office to receive a flood of news about the Tax Credit Extension.

From Wells Fargo Mortgage:

Tami Luhby, with CNNMoney.com, is reporting that Congress Extends Homebuyer Benefits! Bill Extends Homebuyer Tax Credi Into Next Year. Here’s a snippet below:

“NEW YORK (CNNMoney.com) — New homebuyers are poised to see the $8,000 tax credit extended into mid-next year.

The legislation extends the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The credit would be available only for the purchase of principal residences priced at $800,000 or less.”

From Darren James @ Keller Williams Realty:

“Breaking News!!!

As of today-Thursday, November 5th, the bill has passed involving the extension and expansion of the homebuyer tax credit and will be sent to President Obama for his signature. The new program will go into effect when President Obama signs the bill. Click link below for details!!

CLICK HERE FOR PDF PODCAST

From Baton Rouge Business Report:

Realtors pleased tax credit extended

(NOTE: This Photo, Taken in 10/2009, Shows New Construction By More “Economy Builders” Priced Below $200,000 Is Still Fairly Brisk Within The Outlying Areas Of Greater Baton Rouge Itself. This is the “New” New Construction Baton Rouge housing market, a market that is much more affordable in pricing. And, this is what is selling. Some of those builders that thought buyers would just keep paying $136/sf to $160/sf and never stop are the ones still holding inventory, paying interest and their banks are sometimes taking it on the chin. In new home construction, in general, under $200K is moving fairly well; Over $250K is Still Not Selling As Fast As It Did in 2006/2007. AND, these $200,000 new homes in the photo are being built in a “former” high end subdivision where the predominant values were $350,000 or about $135/sf. The new price per sq. ft. for the remaining 85% of lots is going to be in the $96/sf to $106/sf. OUCH!!!)

Mark Perry, with Wall Street Pit Global Market Insight, is reporting, along with Business Week, that Baton Rouge Real Estate in 2009 is within THE 20 Strongest Performing Metro Areas in the U.S.. The link to the article is here. A Snippet includes:

“BUSINESS WEEK (”The U.S. Metros Least Touched by Recession”) – America’s strongest economies have one thing in common — home prices that never got too hot or too cold (see charts above comparing the home price index in California to Arkansas, Texas and Oklahoma over the last ten years).

Home prices in metros such as San Antonio, Oklahoma City, Pittsburgh, Rochester, Little Rock, Ark., and Baton Rouge, La., remained steady through boom and bust. Although no metropolitan area entirely avoided the economic downturn, the most resilient metros were protected by a potent mix of recession-resistant jobs.

The upstate New York areas of Syracuse, Rochester, Albany, and Buffalo suffered from declining jobs in manufacturing, but got significant boosts from sizable health-care, education, and government sectors. Construction is booming in Baton Rouge, Louisiana’s capital, as firms take advantage of financing for post-Katrina hurricane recovery work and service-related companies expand to meet the needs of a growing population. Omaha and the state of Iowa have relatively strong insurance sectors.

Texas, the last state to enter recession, has been bolstered by its oil and gas industries — which have also helped Oklahoma, North Dakota, and Louisiana. Texas also has many other things going for it, including affordable home prices and relatively low wages, which attract corporations.”

In my email this morning is a new Inman News article regarding home appraisals. Here’s a snippet from the email:

“It’s the hottest topic in real estate today: The Home Valuation Code of Conduct, or HVCC, is so hot that it’s not just inflammatory. It’s on fire.

The HVCC is a new set of appraisal-related practices that lenders must follow with respect to loans they want to sell to Fannie Mae or Freddie Mac. These new practices are intended to reduce the incidence of appraisal fraud and prevent inappropriate pressure being placed on appraisers to inflate home valuations in home purchase and loan refinance transactions.”

The Baton Rouge Business Report is reporting this morning that area home sales were down 19% for the first 6 months of 2009. The link to the news on 7/13/2009 is at: http://www.businessreport.com/archives/daily-report/2009/jul/13/1077/ and here’s a snippet as directly quoted:

“Baton Rouge area home sales are down 19% through the first six months of 2009 as the effects of the national recession continue in the area. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 3,298 homes sold in the metro region through June, compared to 4,083 through June 2008. The average sale price was down 6.5%, from $207,072 in 2008 to $193,548. Local real estate officials say the housing market remains fairly strong because employment remains high locally. But tight credit markets and consumer unease are causing a slowdown in sales. The number of houses sold in East Baton Rouge Parish was down 21%, from 2,500 through the first half of 2008 to 1,965 through the end of last month. Livingston Parish saw a bigger drop in overall sales, with 509 homes sold as of June, compared with 670 through the first half of 2008. Ascension Parish had the smallest drop, with the number of houses sold falling by 4.8%, from 670 to 627. In the other category, which includes MLS sales in West Baton Rouge Parish and the Felicianas, there were 197 homes sold as of June, compared to 254 through the first six months of 2008.”

Source and Article: Baton Rouge Business Report

Here’s a brief snippet:

“When Louisiana Gov. Bobby Jindal touts the state’s job market and New Orleans Mayor Ray Nagin sells his city as one of the best places to ride out the recession, it’s not just routine boosterism. In the midst of a severe nationwide downturn, the Louisiana economy is holding up better than most. It’s a role reversal from a few years ago, when Louisiana was one of the country’s weaker states financially following the destruction caused by Hurricane Katrina.”