Real Estate Information Archive

Don DeHanas, Broker and owner of DeHanas Real Estate Services in Waldorf, recently announced the affiliation of Laura Forbes to the DeHanas Team.  “Laura brings with her a wealth of knowledge and understanding of the real estate market in Southern Maryland, including Annapolis”. Says DeHanas.

Laura Forbes is a Southern Maryland native, and holds many years of experience in residential related customer service and sales. Laura has been a licensed Maryland Realtor since 2002, and has been involved in various aspects of residential and commercial construction and design for nearly 20 years.

The mother of three, Laura was born and raised in Southern Maryland, and currently resides in Lothian. Her children, Alyssa, 19, Otway, 12, and Priscilla, 5, are her pride and joy!  When she is not engaged in household activities with her family, Laura is immersed in community activities, her church and charity fundraisers.  She is a 25-year active member and participant of the Waldorf Vineyard, and volunteers her time to Angels Watch Homeless Shelter and Safe Haven, where she provides mentoring, and collects furniture and household items to help single mothers and their children get a fresh start in their new homes.  She is a strong supporter of the Western Charles County Community Association (WCCCA), helping with summer camps for needy children, and bringing awareness to families living without electric and running water.

Other organizations Laura supports includes Christmas Connection sponsored by Grace Lutheran Church in La Plata, the Charles Regional Medical Center, The Hospice House of Charles County, Health Partners of Waldorf, and is an active member and two-term past President of the Southern Maryland Women’s League, where she currently hold the position of Secretary.

Laura knows the entire region, the school systems (both public and private), and many, many of Southern Maryland’s cultural outlets.  She is an asset for any home buyer or seller looking for expertise in the Southern Maryland real estate market and surrounding communities.

DeHanas Real Estate Services is family-owned and locally operated, and specializes in residential home sales, short sales, Bank-owned properties, and property management, and serves clients in Maryland, Washington DC and Northern Virginia.  There office is conveniently located in Waldorf, near the St Charles Town Center mall.

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Don DeHanas, Broker of DeHanas Real Estate Services in Waldorf introduced Kris Zaccarelli as the newest member of the DeHanas Team.  “I am proud and pleased that Kris has joined us.” Says DeHanas.  “Our families have known each other for years. Kris’ husband Dominic and my brother played football together in high school. The Zaccarelli’s have played a big part in the community and in the Charles County Public School system, and Kris brings the same enthusiasm to real estate that has made her successful in her previous 25 year career.”  Zaccarelli says, “I decided to affiliate with DeHanas Real Estate because of the family atmosphere, and professional work environment. DeHanas has an excellent reputation in the community, and I am excited to join them.”

Kris is a Southern Maryland native growing up in La Plata, and then raising her own family in the same location. She is a charismatic wife, loving mother of three- and wonderful “Grammy” to her sweet granddaughter. She is ecstatic to begin her Realtor career after 25 years serving families all over Southern Maryland in her daycare business. She enjoys getting to know a family and doing everything she can to meet their needs. She looks forward to making the home buying process an exciting one. As a local Kris is able to provide excellent information on the different areas of Southern Maryland and can help match families to homes based on their expectations.  Let Kris help you find the perfect home for you and your loved ones

DeHanas Real Estate Services is owned by Rachel DeHanas and her son Don. They have been helping families move to and from Southern Maryland, Washington DC and Northern Virginia for more the 15 years, specializing in residential home sales, property management, Bank owned homes, short sales and property investment.

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Buying and selling a home has certainly been a roller-coaster experience over the recent past, and I predict will continue to be full of interesting twists and turns in the near foreseeable future.  Certainly the anticipation of political changes has brought transactions like short sales to a snails pace.  Congress has yet to make a call on the extension of of the Debt Forgiveness Act of 2007, and the short sale process has not gotten any easier since they first became popular 6 years ago. It is doubtful we will see much progress after the election as the lack of bi-partisanship continues to negatively effect the pace at which recovery is happening. Even with the slow pace of short sales, they continue to be the most responsible way a homeowner can avoid Foreclosure.

There are a number of indicators which tell us that the market we are currently in is likely to remain much the same with regards to the number of short sales and Bank owned sales. But also signs that a slowing may be on the horizon, and even predictions of a decline in home values.

I have noted that in the past 30 days I am seeing a softening of the local market.  September is certainly not running at the same rate in terms of real estate activity, as July was. My peers from all across the country are experiencing similar happenings. August stats for the Nations resales and new construction are also down over last year.

On September 18th, 2014, a former Goldman Sachs executive delivered an 18 page report to the White House that has many banking institutions alarmed.  He warns of an adjustment in the current home values by as much as a 15% decrease over the next three years, which could wipe out all of the gains we have seen in the current recovery.  Here is a link to the article.

http://dsnews.com/news/09-18-2014/analyst-predicts-home-price-decline-report-white-house

This report follows a recent CoreLogic report indicating the past several months of national home prices has hit a plateau.  Plateaus of this type can also signify a warning of a correction in home values might be imminent.

By itself, I would say these are the kinds of things we continue to hear, and then the next week, we see good news, however, there does appear to be multiple sources of independent opinions all coming to the same conclusion.

There is a projection this could lead to a resurgence of short sales and foreclosures all across the country, and unfortunately the State of Maryland has not made significant recovery in this area to date. Because Maryland is a Judiciary State, the backlog of homes facing Foreclosure has us ranked 4th in the Nation in terms of the quantity of homeowners having missed making a mortgage payment in 90 or more days.

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As we pass through the New Year and all of the holiday festivities, the Real Estate Market is beginning to heat up once again. The National Association of Realtors is forecasting a 15% to 20% increase in sales, and at a time when the housing inventory is at an all time low.  One segment of inventory that has remained consistent over the past couple of years is the supply of rental property.  Fueled by a combination of investors jumping into the market and homeowners unable to sell homes due to underwater mortgages, rental properties have held their own when it comes to supply vs demand, and as a result rental pricing has remained relatively stable.

Consumers on the move have plenty of hoops to jump through when it comes to buying a home because the mortgage industry continues to tighten its prerequisites for obtaining a mortgage, and if you are contemplating purchasing a home that is a short sale or Bank-owned, you better be prepared for a long wait that statistically results in more disappointments than wins.  As a result, many prospective home buyers end up renting.  But is this the best financial choice?  Home buying just might be worth a little "hoop-jumping" for some consumers.

In most cases, because of the low mortgage rates, a home buyer will pay $500-$600 per month less for the same home that a tenant is occupying.  And with home values finally stabilizing and heading in a more positive direction, the prospect of future equity certainly out weighs paying for someone else's mortgage. 

For those interested in a better understanding of the cost of renting verses the cost of buying, I came across this link featured in the New York Times: http://www.nytimes.com/interactive/business/buy-rent-calculator.html

Of course if you have any questions regarding buying, selling, renting or investing in real estate, DeHanas Real Estate is here to help!  Call us at 301-870-1717.

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Government Housing giants Freddie and Fannie are under-prepared for new wave of foreclosures

When Americans default on federally backed mortgages, the Government steps in and “buys” them from mortgage companies, and then incurs the cost to keep them maintained as they attempt to sell them on the market. The problem is, there is a staggering 1.7 million mortgages near default, and some economists are questioning whether HUD is ready for a new wave of foreclosures to hit.

Currently, the government is stretched thin in managing the more than 195,000 foreclosed homes it now owns and is not well prepared to handle a new wave of foreclosures that is about to hit, according to some economists who paint a less rosy picture of the housing market than politicians.

In fact, as of June 1, 2013, the inspectors general at the Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) warn that a staggering 1.7 million mortgages are 90 days or more delinquent, putting them in danger of Foreclosure.

The inspector general's report warns the housing market remains in a delicate state, with 1.7 million potential foreclosures  swelling on the horizon. Additionally, it is noted, the serious delinquency rate has hovered at 9.4 percent, or about 1.4 percent higher than a year ago.

Executives at Fannie Mae told the FHFA inspector general that "due to the high numbers of delinquent borrowers, among other challenges in the housing sector," it does not expect its inventory of repossessed houses to "return to pre-financial crisis levels for years."

Bank of America would like to inform the real estate agent community that Congress has extended the certain provisions of the Mortgage Forgiveness Debt Relief Act through the American Taxpayer Relief Act of 2012 until December 31, 2013. This act benefits qualified homeowners who may have otherwise owed taxes on forgiven debt after going through a short sale.

Homeowners will continue to receive their 1099-C forms. Please keep in mind that homeowners should always consult their tax advisor so they can evaluate their personal situation and understand their tax payments.

The state of Maryland has entered into a landmark legal settlement with the nation’s largest mortgage lenders to provide relief to homeowners who were victims of mortgage fraud.  In what is being billed as the largest-ever deal, the settlement could help over a million struggling homeowners in the United States and expects to bring in $1 billion in aid to Maryland.

The mortgage deal settles state and federal findings that the nation’s largest mortgage providers routinely signed Foreclosure documents or “robo-signed” without the presence of a notary or knowing if the facts of the documents were correct.

Maryland Attorney General Douglas F. Gansler told the Baltimore Sun the settlement was the “biggest thing to happen” since Maryland and other states settled with tobacco companies in 1998 over questionable marketing tactics. He also praised the mortgage settlement and said it is the right move for struggling Maryland homeowners. In exchange for the settlement, Gansler and other state attorneys general will relinquish civil liability claims.

The $25 billion settlement with Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial was reached with 49 states and will bring much needed assistance to over 40,000 Maryland homeowners who lost their homes to Foreclosure or are still at risk of foreclosure. The deal will mainly focus on partial loan forgiveness but offers up to $2,000 to homeowners who were foreclosed upon during the mortgage crisis. The mortgage settlement sets up four areas of assistance for Maryland homeowners with the exact amounts still being worked out:

• Around $800 million to reduce the principal for homeowners at risk of Foreclosure
• $60 million to reduce interest rates for borrowers who owe more than their homes are worth
• $60 million for the Maryland Attorney General’s office for housing related projects including 10% of that total for paying housing counselors and offering legal assistance to homeowners
• An estimated $25 million to write checks for $1,800 to $2,000 to Maryland homeowners who lost their homes to Foreclosure

As mentioned above, in exchange for the settlement, Gansler and other states attorneys general will give up civil liability claims against banks; however, homeowners who receive a payout from the settlement will still retain the right to sue banks for engaging in inappropriate Foreclosure processes. Federal officials have noted the settlement will not prevent them from investigating the housing bust further.

For more information on the mortgage settlement, contact Contact Maryland HOPE at 877-462-7555 or click on http://www.nationalmortgagesettlement.com/