Upside Down Mortgage

Archive for October, 2007

Mortgage Default Statistics 2009

Here’s a bit of somber news: the hardest hit metro area, in terms of the office real estate market, is Dallas-Fort Worth. In fact, Dallas has seen many companies either delaying plans to expand or build over the last year.

To give you an idea as to the gravity of the office real estate market, consider this statistic: new leases fell by nearly 60 percent over the first six months of 2009 alone. This, of course, then snowballed into increased vacancies and nearly no activity on the construction front.

New – and much stricter –underwriting standards have left many would-be buyers of office buildings on the sidelines. This, for many buyers, is more than unwelcoming news, as sales prices are very competitive.

However, sales prices for office space have remained fairly strong, given that sales prices for office buildings didn’t go through the roof during the height of the real estate market like they did in other coastal markets.
What Does the Rest of 2009 Hold?

The rest of 2009, unfortunately, looks relatively grim in terms of new leases on office space. Many industry professionals expect the vacancy rate in the Dallas-Fort Worth metro area to fall another 2.9 percent by year’s end, thereby producing an overall vacancy rate of 24.1 percent.

The rents for office space are also expected to drop nearly 6 percent as a result, thereby leaving the average price per square foot at around $15.56.

However, construction isn’t at a total standstill, as the area is expected to acquire about 2.1 million square feet of new construction by the end of the year.

Why the Continued Decline in the Office Market?

With the drop in office building prices, as well as the overall decline in office vacancies, the question remains: why has the Dallas-Fort Worth market been hit so hard?

For example, the office building prices, according to PricewaterhouseCoopers, are expected to drop 17 percent over the next 12 months.  This is much higher than the national average drop of 11 to 12 percent.

The bottom line, according to most investors, is that the Dallas-Fort Worth area has seen some of the largest corporate cutbacks in America. Other factors include global downsizing and increased international competition, particularly in the high-tech industry.

Commercial mortgage defaults and distressed property sales have also contributed to the struggling office market industry.

It is important to remember amidst all of the depressing news, is that the Dallas-Fort Worth metro area still boasts excellent job growth and industry growth, which will continue to bring investors back, time and time again.
The sales market in the office industry is, at the present time, simply in a state of flux because both buyers and sellers are confused as to where the market is headed. And, as everyone knows all too well, indecision is not a good sign in an already-struggling market.

The PricewaterhouseCoopers’ forecast, however, sees signs of recovery in both the national and local retail and office markets in 2011.

About the Author:

Whether you are a buyer or seller, stay ahead of the market trends by reading VIP Realty’s informative analysis, which encompasses Dallas office space and Downtown Dallas office space.

Article Source: ArticlesBase.com - The Dallas Office Market: Where Do We Go from Here?

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Obama Mortgage Relief Details

Debt can come from many places. Whether it's from credit cards, mortgages, education, business or tax debt, it all receives interest, and late fees or other penalties under certain circumstances. Many families are experiencing this sea of debt and find themselves lost with seemingly nowhere to go. Of course there is bankruptcy that too many people choose. This can take away all of the debt, but families are left with nothing in the end and they have to start over from the very beginning. That takes a lot of work and time. For at least seven years, these individuals will not be able to sign any financial papers, get any credit cards, or even rent homes in some instances. It's not a great choice if there are other alternatives. They may think there are no other ways, but the Federal Government has changed all of that.

Obama has put into place several different grant programs to help various individuals and families to reduce their debt load. No matter where you debt comes from you may be able to find something to help you out. There are programs for mortgage payments, business debt, education scholarships, and loan consolidation just to mention a few. The basic requirements include your age which must be 18 or over; your nationality, being American; and your income level, needing to be less than $30,000. You will have to supply some personal information when applying, of course, such as social security number, debt information, and various other facts about yourself. The process itself is no worse than declaring bankruptcy and it benefits you a whole lot more, including a credit rating that remains the same if not better than what you had before.
About the Author:

***Update***
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Article Source: ArticlesBase.com - Obama's Debt Relief Program Awards Government Grants to Help You Pay off Annoying Personal Debt

Government Mortgage Bailout

Mortgage Fraud Jail Time

Question: Renting a Home that you purchased as a owner occupied and rent out, is it a serious mortgage fraud case?

If so, what are the chance of going to jail and how long?
If so, what are the chance of going to jail? And how long? This is in California.
I've heard that when you buy a house as a owner occupied you can 't rent it out for at least one year.
I did have a renter and ask them to move out. The house is foreclosure. My loan officer said that I did not have a clause in my loan contract saying I can't rent it out. I just worried if she's wrong.
Sorry, I meant to say the house is in foreclosure now. I have not paid the house for 3 months.

Answer: wait wha?

If you OWN the house, you can do whatever you want with it, so there is not problem with renting it out. Please provide more detail and ask the question more clearly.

Blockgate - Lying on a Credit Application Jail Time