Home sales in Waukesha County in January. $300,000 to $400,000. There were 10 sales total.

Genesee, WI

W338S5392 Woodland Wonderland Ct

Selling Price: $310,000

• 4 Bedrooms, 2.5 Bath
• 2,052 Square Feet
• 2.5 car attached garage
• Built in 1979
• 3.197 acres
• 2008 Taxes: $3,186
• Original Asking Price: $329,888
• Final Asking Price: $329,888
• Closing Date: 1/20/2010
• Total Days on Market: 186
• 3+ acre beautifully private woodland wonderland. Updated Cape Cod has been freshly painted. Lg deck perfect for entertaining or just relaxing. Remodeled KIT w/ custom china cabinet, family room, striking two story entry, newer carpet, flooring, light fixtures, roof, & mechanicals. The 36×24 heated out building includes power and water & upper level for added storage. Sq ft per builders plans.

Merton, WI

N61W29889 Stoney Hill Ct

Selling Price: $325,000

• 4 Bedrooms, 2.5 Bath
• 2,676 Square Feet
• 2.5 car attached garage
• Built in 1972
• 0.55 acre
• 2008 Taxes: $5,172
• Original Asking Price: $349,800
• Final Asking Price: $334,800
• Closing Date: 1/12/2010
• Total Days on Market: 145
• Exceptional 4BR, 2.5BA Colonial on 1/2 acre beautifully landscaped wooded lot with in-ground pool in Woodfield Village. Updated kitchen and baths, HWFs, new roof, furnace, central A/C and water heater. Finished lower level, plenty of storage space, first floor laundry room. 60 acres of common areas with tennis courts, ball fields, Bark River frontage, playground, trails & more.

Menomonee Falls, WI

W134N6816 Wild Rose Ct Ct

Selling Price: $339,800

• 4 Bedrooms, 3 Bath
• 2,250 Square Feet
• 4 car attached garage
• Built in 1999
• 0.530 acre
• 2008 Taxes: $6,161
• Original Asking Price: $449,900
• Final Asking Price: $339,800
• Closing Date: 1/8/2010
• Total Days on Market: 300
• Spacious 4BR, 3BA ranch on park-like 1/2 acre lot in Lilly Creek III subdivision. Original owner, low maintenance exterior, finished lower level w/rec room, FP, BR, bath & egress windows. Luxury master suite w/whirlpool tub & WIC, 1st floor laundry room. 4 car attached garage w/gas line, wash tub & drain. Peaceful back yard patios ideal for enjoying nature. One year HSA home warranty included.

Oconomowoc, WI

987 Prairieview Ct

Selling Price: $339,900

• 3 Bedrooms, 2 Bath
• 2,048 Square Feet
• 3.75 car attached garage
• Built in 2009
• 0.337 acre
• 2008 Taxes: $1,457
• Original Asking Price: $339,990
• Final Asking Price: $339,990
• Closing Date: 1/8/2010
• Total Days on Market: 215
• Home offers Open-concept floor plan w/ 3BR 2BA split Ranch LR w/vaulted ceilings & Gas Fireplace. Kit/dinette w/snack bar & recessed lighting. Master suite w/dual WICs, BA w/dual sinks, WP tub & Shower. Formal DR & 1st floor laundry. 2×6 Wall construction, Knockdown drywall & solid 6 panel doors. Covered front porch. 3+ car GA w/huge storage bay. Conc. drive & patio INCLUDED! Subd. pool/cabana!

Waukesha, WI

108 Howell Ave

Selling Price: $374,900

• 3 Bedrooms, 2.5 Bath
• 3,164 Square Feet
• 2 car attached garage
• Built in 2004
• 0.230 acre
• 2008 Taxes: $6,270
• Original Asking Price: $472,990
• Final Asking Price: $374,990
• Closing Date: 1/29/2010
• Total Days on Market: 641
• This breath-taking Colonial, Stratford Model Home in popular Heritage Hills Subdivision is a MUST SEE! Huge Owners Retreat nestled between a gorgeous Luxury Bath, WIC, & Sitting Room, complete with Gas Fireplace. Sunroom off the Kitchen/Morning Rm opens up to a spacious deck. Lounge area, Formal Dining Room, finished Lower Level with Gas FP & full walk out!This price reflects a $118,900 promotional savings

Pewaukee, WI

N30W22112 Woodfield Ct

Selling Price: $399,000

• 4 Bedrooms, 3 Bath
• 3,800 Square Feet
• 3 car attached garage
• Built in 2006
• 0.5 acre
• 2008 Taxes: $5,707
• Original Asking Price: $469,900
• Final Asking Price: $399,900
• Closing Date: 1/29/2010
• Total Days on Market: 289
• Absolutely spectacular newer house. Gourmet kitchen w/granite, maple cab., ceramic flg. 10′ ceilings, built-in speakers, cal.closets, whirlpool. HWFs in dining. Exposed lower w/windows offers huge entertaining area, 3rd bath w/ stone shower & granite counter, wet bar w/ additional cabinets, office. 2 furnaces, 2 plasma TVs, air to air exchanger. Maintenance free deck. Perfect! Under fair market.

New Berlin, WI

12665 W Greenbriar Ln

Selling Price: $393,500

• 4 Bedrooms, 2+2 Bath
• 2,697 Square Feet
• 3.5 car attached garage
• Built in 2000
• 0.49 acre
• 2008 Taxes: $5,365
• Original Asking Price: $429,900
• Final Asking Price: $429,900
• Closing Date: 1/13/2010
• Total Days on Market: 60
• Former Parade of Homes Model! Spectacular & Spacious! 1st Floor Master Suite w/ dbl vanity, whirlpool & WIC! 4 Bdrms! 2 full/2 half baths! Fantastically finished exposed lower offers great bar area, fireplace & patio door! Additional large area in lower w/ patio dr could be office, 5th BR??? Kitchen offers island & Pantry! House is wired for sound! Great floorplan & location!

Posted in: Housing Market
Tags: done deals, genesee, Home Buying, home selling, market analysis, menomonee falls, merton, new berlin, oconomowoc, pewaukee, waukesha

“Some people spend an entire lifetime wondering if they made a difference. The Marines don’t have that problem.”
- Ronald Reagan

I would like to amend that quote to include everyone who serves or has served in our military. Every one of you makes a difference every day. You bravely stand between us and those that would do us harm; you run towards trouble, not away. You are part of the greatest force for peace and mercy the Earth has known.

Thankfully, many of our bravest come home from their battles. However, some have made great sacrifices and need our help because of a devastating injury. In Wisconsin, Army Specialist Jason Schulz of Eagle is one of those people. In November 2007, Jason lost both his legs to an IED in Mosul, Iraq.

Returning veterans like Jason need accessible homes to fit their needs and a great organization called “Homes For Our Troops” is there to help provide those homes. Homes For Our Troops is a 501(c)(3) national, non-pofit, non-partisan organization founded in 2004. They help severely injured servicemen and servicewomen and their immediate families by raising donations of money, building materials and professional labor and to coordinate the process of building a home that provides maximum freedom of movement and the ability to live more independently. The homes provided by Homes For Our Troops are given at NO COST to the Veterans they serve.

My Facebook friends know me as a patriotic person. I share stories and articles about our great country every day – admittedly with a partisan angle. Ever since I was a kid my favorite color has been “Red, White and Blue” (yes, even when I was going through a “Black is cool” phase). Those colors represent liberty and freedom, they also represent one of the grandest ideals ever realized.

But, my blathering on about the Constitution, the Declaration or the Founding Fathers is little more than hot air compared to heroes like Spc. Schulz and the various veterans I have had the honor of working with in real estate.

It is time for me to put my patriotism where my mouth is.

Homes For Our Troops is set up in such a way that people can give money towards specific veterans who need our help and that is my intention. For 2010, for every real estate transaction I close I will donate $50 for every $50,000 of transaction value to Homes For Our Troops and specify it for Spc. Schulz. (Example: When I close on a home sale of $500,000, I will donate $500. If I close on a home at $275,000 I round up to $300. The minimum donation will be $100.)

If you aren’t in need of any real estate services, I still encourage you to donate to help Spc. Schulz. Click here.

Posted in: Patriotism
Tags: building a home, homes for our troops

Home sales in Milwaukee County in January. $200,000 to $300,000. There were 18 sales total.

Hales Corners, WI

10533 Kay Pkwy

Selling Price: $209,900

• 3 Bedrooms, 2.5 Bath
• 1,142 Square Feet
• 2 car attached garage
• Built in 1955
• Between 0.25 and 0.50 acre
• 2008 Taxes: $4,152
• Original Asking Price: $214,900
• Final Asking Price: $209,900
• Closing Date: 1/8/2010
• Total Days on Market: 86
• This dazzler is ready for prime time. Be the first to see this sparkling ranch in Hales corners. 3 BRs, 2.5 baths, large LR, DR w/patio doors overlooking your large patio & peaceful yard. Kitchen w/wood floor. 3 BR, 1.5 baths on the main level, 4th BR, full bath, rec room, workshop & laundry on lower level. security system, att. 2 car GA. Updates include: roof, siding, windows & furnace.

Wauwatosa, WI

1418 N 66th St

Selling Price: $204,500

• 3 Bedrooms, 2 Bath
• 1,619 Square Feet
• 2.5 car attached garage
• Built in 1926
• 0.110 acre
• 2008 Taxes: $4,061
• Original Asking Price: $229,000
• Final Asking Price: $209,900
• Closing Date: 1/22/2010
• Total Days on Market: 92
• Wauwatosa Bungalow offering Arts & Crafts detail w/contemporary design. Oak built-ins, NWW & HWFs. FDR w/open view of KIT. Upper flr boasts a fantastic space to enjoy. Master ste complete w/GFP, built-in storage, WIC & MBA w/Corian dual vanity, whirlpool tub & shower. Add’l space for den/office. Enjoy your patio in a fenced back yd promoting safety for kids & pets. Make this home yours today.

Greenfield, WI

5642 W Upham Ave

Selling Price: $221,000

• 3 Bedrooms, 1.5 Bath
• 1,514 Square Feet
• 2.5 car attached garage
• Built in 1984
• 0.340 acre
• 2008 Taxes: $4,811
• Original Asking Price: $245,000
• Final Asking Price: $225,000
• Closing Date: 1/22/2010
• Total Days on Market: 166
• Lovely mint open-concept home w/quality updates throughout inc. eat-in kitchen w/newer counter-tops opens to FR w/NFP, BIBC, 3 panel French drs. to patio. Remodeled bath w/whirlpool tub; lge bay window in LR, new lush carpets,neutral decor. Maintenance free exterior,newer windows, tear-off roof, Located on quiet street near parks, retail stores & schools. Great yard. Appliances negotiable.

Glendale, WI

2541 Wending Dr

Selling Price: $235,000

• 3 Bedrooms, 1.5 Bath
• 1,767 Square Feet
• 2.5 car attached garage
• Built in 1978
• 0.329 acre
• 2008 Taxes: $7,291
• Original Asking Price: $250,000
• Final Asking Price: $229,900
• Closing Date: 1/14/2010
• Total Days on Market: 67
• PRICED UNDER ASSESSMENT!! This lovely 3 bedroom 1.5 bath home is located on a cul de sac on a beautiful private wooded lot. Beautifully maintained with open floor plan, formal dining room,great for entertaining. Large rooms, cathedral ceiling and NFP in family room w/patio door to deck. This is one to see move right in the property is lovely.

Fox Point, WI

8530 N Point Dr

Selling Price: $238,500

• 4 Bedrooms, 2 Bath
• 2,273 Square Feet
• 2 car attached garage
• Built in 1956
• Less than 0.25 acre
• 2008 Taxes: $5,077
• Original Asking Price: $269,000
• Final Asking Price: $249,900
• Closing Date: 1/12/2010
• Total Days on Market: 107
• Bright and spacious tri-level on a wonderful lot in Fox Point. Four generous bedrooms with loads of closet space, living room with NFP, gorgeous dining room with tile floor, eat-in kitchen, HWF’s, central air and more.

Franklin, WI

8340 W Beacon Hill Dr

Selling Price: $249,900

• 3 Bedrooms, 2.5 Bath
• 1,920 Square Feet
• 2.5 car attached garage
• Built in 1993
• Between 0.25 and 0.50 acre
• 2008 Taxes: $6,183
• Original Asking Price: $254,900
• Final Asking Price: $254,900
• Closing Date: 1/12/2010
• Total Days on Market: 11
• Loaded with upgrades & special features. 6 panel doors, ceramic tile & wood floors. Sensational KIT w/Quartz countertops. Dramatic 2 story tiled foyer w/French doors to Great RM w/floor to ceiling stone FP. Impressive MBR suite w/2 WIC & balcony. Rec RM is studded out & electric is in. Won’t take much to finish. Fenced hot tub area off deck. Low maintenance exterior. Move in condition!

West Allis, WI

3270 S 119th St

Selling Price: $252,000

• 4 Bedrooms, 3.5 Bath
• 3,591 Square Feet
• 2 car attached garage
• Built in 1964
• 0.380 acre
• 2008 Taxes: $7,913
• Original Asking Price: $339,000
• Final Asking Price: $269,900
• Closing Date: 1/21/2010
• Total Days on Market: 346
• Elegante colonial has it all.Gourmet Kit with large dining area,formal DR, LR and FR have fire places.Heated slate floors.MBR suites on main and upper levels.View of adjacent parkway with private tennis court enhances the appeal of this 4BR,3.5B custom designed home.Large REC room and 3 season room.Priced $58,000 below assessed value.All reasonable offers considered.

Oak Creek, WI

10321 S Mockingbird Ln

Selling Price: $232,000

• 4 Bedrooms, 3.5 Bath
• 2,852 Square Feet
• 2.5 car attached garage
• Built in 1994
• Between 0.25 and 0.50 acre
• 2008 Taxes: $6,426
• Original Asking Price: $295,000
• Final Asking Price: $275,000
• Closing Date: 1/8/2010
• Total Days on Market: 75
• PRICED BELOW ASSESSMENT!! Exceptional 4 BR + den/guest room , 3.5 BA colonial. Formal vaulted foyer to the spacious KIT or FR w/natural wood FP or to the formal LR & DR. An open staircase leads to the MBR w/BA & walk-in closet & 3 BRs + full BA. Off the FR, thru the French doors, is a BR & full BA. Full basement & 2.5 GA. Neatly landscaped. KIT has a pantry cabinet. New roof, 2008. 1 yr warranty.

Brown Deer, WI

9537 N Woods Cir

Selling Price: $277,000

• 3 Bedrooms, 3 Bath
• 2,075 Square Feet
• 2.5 car attached garage
• Built in 2003
• 0.502 acre
• 2008 Taxes: $7,545
• Original Asking Price: $299,900
• Final Asking Price: $294,900
• Closing Date: 1/7/2010
• Total Days on Market: 309
• A MUST SEE! UNBELIEVABLE SPACIOUS 3BDRM SPLIT-LEVEL RANCH FEATURING A SPECTACULAR GREAT ROOM WITH CATHERDAL CEILING, GAS FIREPLACE, OPENING INTO LARGE KIT/DIN WITH WOOD FLOORING & GLASS SLIDING PATIO DOORS. UNUSUALLY WIDE STAIRCASE LEADING TO LOWER LEVEL, ENTER FRENCH DOORS WHERE YOU CAN ENJOY YOUR ENOURMOUS REC AREA OR WATCH MOVIES IN YOUR PRIVATE MULTI-SEATING THEATER RM. DON’T MISS THIS ONE!

Milwaukee, WI

2910 N Cramer St

Selling Price: $297,925

• 4 Bedrooms, 2 Bath
• 2,582 Square Feet
• 2 car detached garage
• Built in 1908
• 0.110 acre
• 2008 Taxes: $6,387
• Original Asking Price: $315,000
• Final Asking Price: $309,900
• Closing Date: 1/22/2010
• Total Days on Market: 168
• Beautiful Large Eastside home with loads of built-ins and charm. Too many to mention just look at the photos. This 100 year old home has been beautifully maintained, with updated kitchens and baths. 2 working fireplaces and hardwood floors throughout. Attic conversion is perfect for a master bedroom/office/ art studio, you decide. 4 parking spaces and a large deck with fenced backyard.

Shorewood, WI

4485 N Morris Blvd

Selling Price: $295,000

• 4 Bedrooms, 2 Bath
• 1,795 Square Feet
• 2.5 car attached garage
• Built in 1929
• Less than 0.250 acre
• 2008 Taxes: $6,742
• Original Asking Price: $309,000
• Final Asking Price: $309,000
• Closing Date: 1/13/2010
• Total Days on Market: 63
• Wonderful 4 bedroom, 2 bath Shorewood home right out of Pottery Barn! Amenities include hardwood floors, natural fireplace, leaded glass, built-in bookcases, formal dining room with BIB. Newer kitchen, both baths have been totally remodeled. 1/2 bath in the basement. Roof and siding approx. 10 years. A Must see!!

Whitefish Bay, WI

4771 N Idlewild Ave

Selling Price: $292,000

• 5 Bedrooms, 2 Bath
• 1,965 Square Feet
• 2.5 car detached garage
• Built in 1942
• 0.130 acre
• 2008 Taxes: $6,113
• Original Asking Price: $319,000
• Final Asking Price: $319,900
• Closing Date: 1/26/2010
• Total Days on Market: 51
• Sophisticated Spacious Whitefish Bay Cape Cod With Expansive Remodel In 2000. Formal Living Room, Dining Room, Large Eat-In Kitchen, French Doors Leading To Phenomenal Family Room. Fifth Bedroom/Office, Full Bath On Main Floor. Also A Deluxe-Spa Whirlpool, Shower On Upper, And Four More Bedrooms With Abundance Of Storage. Fenced Yard, 2.5 Car Garage Make For A Superior Choice For Your Next Home.

Posted in: Housing Market
Tags: brown deer, fox point, franklin, glendale, greenfield, hales corners, Home Buying, home selling, market analysis, milwaukee, oak creek, Real estate, shorewood, wauwatosa, west allis, whitefish bay

Home sales in Ozaukee County in January. $200,000 to $300,000. There were 7 sales total.

Cedarburg, WI

N59W5570 Edgewater Dr

Selling Price: $232,000

• 4 Bedrooms, 1.5 Bath
• 1,994 Square Feet
• 1.5 car attached garage
• Built in 1950
• Between 0.25 and 0.50 acre
• 2008 Taxes: $4,700
• Original Asking Price: $244,900
• Final Asking Price: $239,900
• Closing Date: 1/29/2010
• Total Days on Market: 179
• Curb Appeal, check! Direct Cedar Creek Frontage, check! Wonderful Neighborhood, check! WOW. Only one family ever owned this special water-front opportunity. Natural fireplace, Walk-out lower, Sun deck & more. Simply update it’s interior to make this special home even more special.

Thiensville, WI

533 Green Bay Rd

Selling Price: $235,000

• 3 Bedrooms, 2.5 Bath
• 1,878 Square Feet
• 2.5 car attached garage
• Built in 1986
• 0.49 acre
• 2008 Taxes: $4,746
• Original Asking Price: $249,000
• Final Asking Price: $249,000
• Closing Date: 1/8/2010
• Total Days on Market: 131
• No Updating needed here. Priced under market value for quick sale. Fantastic Tri-level on quiet section of charming Green Bay Rd. Beautiful lot with full growth trees. Generous sized rooms should fit anyones needs. Wonderful master bath and family room with 1/2 bath and sliding door leading to deck.

Port Washington, WI

621 Greystone Dr

Selling Price: $266,000

• 4 Bedrooms, 2.5 Bath
• 2,218 Square Feet
• 2.5 car attached garage
• Built in 2009
• 0.31 acre
• 2008 Taxes: $658
• Original Asking Price: $285,900
• Final Asking Price: $279,900
• Closing Date: 1/29/2010
• Total Days on Market: 150
• Deshur Homes presents The Bayfield. New Construction,Open Concept great room w/ gas fireplace and tech center. Kitchen w/ loads of cabinets, crown molding, walk in pantry, raised snack bar & built in planning desk. Spacious master suite w/ double walk in closets. Second floor study loft. Ultra efficient (95%)2 stage furnace w/ variable blower.Wisconsin Energy Star Certified.Ready for occupancy.

Posted in: Housing Market
Tags: cedarburg, Home Buying, home selling, market analysis, ozaukee, port washington, Real estate, thiensville

The recent spike in the number of delinquent Federal Housing Administration-insured loans has some people worried that taxpayers will eventually have to bail the agency out.

Seriously delinquent FHA loans, those 90 days or more late, jumped 62.1% in the past year to 558,944, or 9.4% of FHA loans, as of the end of January, according to agency statistics released on Friday.

The FHA, however, insists its finances are sound. Its loan portfolio actually performed better than most mortgage products, according to David Stevens, the agency’s commissioner.

“The FHA default rates are increasing at a slower rate than even prime mortgages,” he said.

But the reason for this increase may be more of a statistical glitch than an actual trend. Loans that go into the seriously delinquent bucket stay there far longer, boosting the numbers and making comparisons problematic, said Jay Brinkmann, chief economist for the Mortgage Bankers Association (MBA).

Many lenders and servicers are overwhelmed by sheer volume of loans and are reluctant to take back homes they don’t think they can sell. As result, they keep the loans hanging out in the 90-day late bin rather than moving them into foreclosure.

Lenders are also trying to modify more mortgages, which can take months to accomplish. Meantime, many of the borrowers sit in the seriously delinquent bucket.

In contrast, loans that are 30- or 60-days late actually declined in the past year, according to the FHA.

Home price drops hurt
Until the mortgage bubble burst, FHA loans made up a small portion of the housing market. Now, the agency originates almost a third of all home loans. That means most of the agency’s notes were issued in the past three years — when prices were plummeting.

“There are a lot of young loans in the FHA book,” said Mike Fratantoni, vice president of Single-Family Research and Policy Development at the MBA. “Mortgages typically hit their peak delinquency rates two or three years after origination.”

Those early years are toughest because many borrowers have struggled to afford their homes and their incomes have not risen enough to offset any setbacks.

Additionally, the price drops pushed many FHA borrowers underwater. These homeowners only had to put 3.5% down to start, so they could quickly end up owing more than their homes were worth in places where values plummeted 20%, 30%, 40%.

Once these mortgages clear the system, the FHA portfolio should emerge in sound condition. Recent FHA borrowers have been of high quality; their average credit score has risen 33 points in the 12 months through December to 694 and is up from the low 600s a few years ago.

No policy change
Some FHA mortgages are simply bad loans. After subprime lending froze in 2007, overly aggressive mortgage originators, who could no longer hook up borrowers with subprime loans, turned to FHA loans for their risky clients.

Commission loan officers and rogue mortgage brokers pushed the envelope of who qualified for FHA loans, according to Allen Hardester, a Columbia Md.-based mortgage consultant. They pushed the edge on debt-to-income ratios, credit scores and loan-to-value ratios.

“They took advantage of lax underwriting by FHA to interpret the guidelines broadly,” he said.

The resultant delinquencies have not persuaded FHA to impose risk-based pricing, in which borrowers pay more if they have lower credit scores. But the FHA does now require that borrowers with FICO scores of less than 580 put down at least 10% of the sale price, rather than the 3.5% minimum requirement for more qualified borrowers.

And the agency has also eliminated seller-assisted down payment programs, which HUD has said accounts for a disproportionately large share of FHA delinquencies.

In these transactions, sellers kick back the down payment to homebuyers, usually through a third party. The result is that buyers have no “skin-in-the-game,” which makes the loans more attractive to risky borrowers.

Commissioner Stevens said the FHA is on a sound financial basis. Its primary reserve fund is at $32 billion, its highest level ever. There’s a secondary reserve that has fallen below its mandated level, but the FHA has taken steps to boost it. It recently asked Congress to increase the monthly fees it charges borrowers to insure their loans.

“Given the environment, the FHA has made very responsible changes to its underwriting,” said Fratantoni.

Posted in: Foreclosure
Tags: default rates, delinquency rates, fha loans, Foreclosure, home loans, Housing Market

Home sales in Racine County in January. $200,000 to $300,000. There were 7 sales total.

Norway, WI

8841 Bluebird Ln

Selling Price: $217,000

• 3 Bedrooms, 2.5 Bath
• 2 car attached garage
• Built in 2001
• Between 0.25 and 0.50 acre
• 2008 Taxes: $4,858
• Original Asking Price: $296,000
• Final Asking Price: $219,900
• Closing Date: 1/14/2010
• Total Days on Market: 120
• 3+BR/3.5BA offers eat-in kitchen w/island & FR w/gas FP.LR has 2nd FP.Main level laundry, office/den, 1/2 bath.MBR suite w/luxury bath. 2 more BR’s & full bath. Lg yard/2-car garage.Freddie Mac is offering SmartBuy program on this property thru December…up to 3.5% Closing Costs to owner-occupied buyers, 2-yr Home Warranty & up to 30% savings on name-brand appliances. Must close by 2/26/10.

• Foreclosure

Burlington, WI

2101 Ravenswood Rd

Selling Price: $223,700

• 3 Bedrooms, 2 Bath
• 1,609 Square Feet
• 3 car attached garage
• Built in 2009
• Between 0.25 and 0.50 acre
• 2008 Taxes: $1,149
• Original Asking Price: $226,900
• Final Asking Price: $226,900
• Closing Date: 1/4/2010
• Total Days on Market: 1

Mount Pleasant, WI

2740 Red Fawn Ct

Selling Price: $222,900

• 3 Bedrooms, 2 Bath
• 1,560 Square Feet
• 2.5 car attached garage
• Built in 2007
• Between 0.25 and 0.50 acre
• 2008 Taxes: $3,529
• Original Asking Price: $249,900
• Final Asking Price: $228,900
• Closing Date: 1/4/2010
• Total Days on Market: 392
• Ranch home built in late 2007, located in sought after Deer Creek Estates. Many features include vaulted ceiling, gas fireplace, split floor plan, kitchen w/ breakfast bar, master suite w/ walk in closet and full bathroom, first floor laundry with sink/storage. Lot has beautiful pond views and easy access to walking paths through out the subdivision. Garage has a third space for ample storage.

Sturtevant, WI

8309 Majestic Hills Dr

Selling Price: $230,000

• 4 Bedrooms, 2.5 Bath
• 2,400 Square Feet
• 2 car attached garage
• Built in 2007
• Less than 0.25 acre
• 2008 Taxes: $4,520
• Original Asking Price: $289,900
• Final Asking Price: $230,000
• Closing Date: 1/29/2010
• Total Days on Market: 273
• CUSTOM 4 BR, 2.5 BATH HOME. Features include gas fpl in living rm, large kitchen/great rm w/center island, granite counter tops throughout, HW floors on main level. Ceramic in all baths. Spacious 13′x22′ deluxe master suite w/jacuzzi, dbl. walk-in shower, dbl. sink vanity & 2nd huge BR 17′x20′ plus 2 more bdrms all with walk-in closets. Special addendums needed. Contact listing agent.
• Foreclosure

Caledonia, WI

6935 Hoods Creek Rd

Selling Price: $259,900

• 4 Bedrooms, 3 Bath
• 3,815 Square Feet
• 2 car attached garage
• Built in 1962
• 2.24 acres
• 2008 Taxes: $7,907
• Original Asking Price: $289,900
• Final Asking Price: $259,900
• Closing Date: 1/28/2010
• Total Days on Market: 72
• Best Deal Yet! This is your chance to own this 4 bedroom sprawling ranch with 3 natural fireplaces, huge living/great room, family room, 3 full baths, located on 2 plus acre; priced $165,800 below 2008 assessment! This property is sold in ‘as is’ condition. Don’t miss your opportunity set your appointment today!
• Foreclosure

Rochester, WI

300 N River Rd

Selling Price: $285,000

• 4 Bedrooms, 2 Bath
• 1,788 Square Feet
• 4 car attached garage
• Built in 1966
• 2.72 acres
• 2008 Taxes: $4,302
• Original Asking Price: $349,900
• Final Asking Price: $299,900
• Closing Date: 1/28/2010
• Total Days on Market: 206
• Spectacular, panoramic river views with an acre of gorgeous native & perennial gardens enhance this private, unique property…a bird watcher’s paradise. This country home offers almost 3 acres of nature’s wonders along w/220′ of frontage on the Fox River, a 2C att gar & a 2C det gar + pole barn. Lovely contemporary interior w/open concept & beautiful cabinetry. Newer windows, roof, & mechanicals.

Posted in: Housing Market
Tags: burlington, caledonia, Home Buying, home selling, market analysis, mount pleasant, norway, racine, Real estate, rochester, sturtevant

The mortgage market may have begun to turn: Fewer borrowers fell behind on their payments during the last three months of 2009.

A seasonally adjusted 9.47% of all mortgage loans were late during the fourth quarter, down from 9.64% at the end of September, according to the National Delinquency Survey, which is produced by the Mortgage Bankers Association and is considered the bible of the industry.

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This figure is significant because it shows a reduction — even if just slight — in the volume of loans heading toward the foreclosure process. This has not happened since 2006.

“We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007, continued with the meltdown of the California and Florida housing markets due to overbuilding and the weak loan underwriting that supported that overbuilding, and culminated with a recession that saw 8.5 million people lose their jobs,” said Jay Brinkmann, the MBA’s chief economist.

Of course, delinquency rates were still 1.59% higher than they were in the last quarter of 2008.

Brinkmann’s main reason for optimism was a drop in the percentage of borrowers who had missed one mortgage payment. That rate fell quarter-over-quarter to 3.63% from 3.79%.

“The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” he said. “We normally see a large spike in short-term mortgage delinquencies at the end of the year due to heating bills, Christmas expenditures and other seasonal factors.”

Another positive sign is a drop in the percentage of borrowers whose lenders had initiated foreclosures, the first step in the process of taking homes away from borrowers. That may be only temporary, though: Lenders have been holding back and the number of seriously delinquent loans not in foreclosure has ballooned.

As a result, loans 90-days late or more now account for half of all delinquencies calculated by the MBA, a record high and twice the category’s share of delinquencies two years ago.

“The build-up in the 90-day bucket of loans that could end up in foreclosure should keep foreclosure rates elevated,” said Brinkmann.

But the high number of borrowers in that category is also somewhat of a statistical glitch. Loans are remaining there much longer than they did in past years because of government and lender attempts at mortgage modifications.

Of all the delinquency hot spots, Florida is the worst hit with 26% of all mortgages in some kind of trouble.

The worst performing category of loans was subprime adjustable rate mortgages, with more than 42% being 90 days late or in foreclosure. That is nearly four times the rate of default during early 2007, when the mortgage meltdown was heating up.

The MBA report, according to Mike Larson, a real estate analyst for Weiss Research, is a further sign that the housing market is truly stabilizing.

“We’re now seeing the next piece of the puzzle fall into place,” he said. “Specifically, early stage delinquencies are stabilizing. This is a key sign that housing market conditions are slowly, grudgingly, getting slightly better.”

One key trend is that home price declines, a key influence on delinquency rates and, especially, on foreclosures, halted their free-fall in 2009. The average home price in 20 major markets dropped only about 5% during the 12 months ended Nov. 30, according to the S&P/Case-Shiller home price index.

As prices stabilize, fewer mortgage borrowers will plunge underwater, owing more on their mortgage balances than their homes are worth. Homeowners with positive equity in their homes have an asset they can tap during temporary financial strains and are much less likely to fall behind on their mortgages.

Posted in: Mortgages
Tags: delinquency rate, delinquent loans, mortgage delinquencies, mortgage loans, mortgage market

Just a reminder…

FIRST TIME BUYERS

Credit: Equal to 10 percent of the home’s purchase price, up to $8,000

Who Qualifies:

• Those who haven’t owned property in the last three years
• Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit
• Purchase price must be $800,000 or less

Deadlines:

• Have until April 30, 2010, to enter into contract for a home purchase
• Have until June 30, 2010, to close on the purchase

CURRENT HOMEOWNERS

Credit: Equal to 10 percent of the home’s purchase price, up to $6,500

Who Qualifies:

• Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
• Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit
• Purchase price must be $800,000 or less

Deadlines:

• Have until April 30, 2010, to enter into contract for a home purchase
• Have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac — set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

What this all means is that many more buyers qualify for a tax credit. So what are you waiting for? If you’re even remotely considering buying a home, now’s the time to do it. Don’t let the first time buyers have all the fun.

Posted in: Home Buying
Tags: first time buyers, home buyer, Mortgages, principal residence, tax credit