I just like this song.

Avenged Sevenfold, "Dear God"

Bank of America (CountryWide's new owner) Program

Like it or not... Here's the latest that CountryWide / Bank of America is offering for qualifying home owners:

Bank of America's Nationwide Homeownership Retention Program for Countrywide Customers Fact Sheet

http://my.countrywide.com/media/FinancialAssistance1.html

EligibilityBorrowers eligible for loan modifications under this program must have received a qualifying subprime mortgage or a Pay Option adjustable rate mortgage prior to December 31, 2007, and the property must be a 1-4 unit owner-occupied residential property. In addition, certain other requirements are set out in the program:

• The borrower is 60 days or more delinquent and the current loan-to-value ratio is 75% or higher;
• The borrower is current today but becomes 60 days or more delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75% or higher;
• The borrower has a subprime hybrid ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75% or higher;
• The borrower has a Pay Option ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset or payment recast based on negative amortization, and the loan-to-value ratio at the time of the modification is 75% or higher.

In addition, customers may be eligible for the early payment default benefit of this program if: (1) the customer has a Countrywide-originated first lien loan; (2) the loan was on or prior to December 31, 2007; (3) the customer's primary residence is the property that secures the loan; (4) the customer has made three or fewer payments over the life of the loan (the borrower's state may expand eligibility); and (5) the customer has either lost his home to foreclosure or is at least 120 days in arrears on mortgage payments.

Follow the link above for the details. This is an excerpt only.

New Location for RE/MAX Southern Homes

Our new location is opening in a month or two and I had the privlege to go check it out last week. The build out is going very well. This office space may be the best location in town of any real estate office.

• Location: Corner of Valleydale Road and Hwy 280 East
• It's the old Blockbuster or Movie Gallery building next to Schlotsky's and Chili's
• Tons of square footage wired with the latest technology
• Jumbo screen in huge conference center showing virtual tours to clients, the RE/MAX Satellite Network (free to RE/MAX agents) will be showing as well.
• Work from home option with virtual connections to home offices

If you want to check it out, give me a call. This location really helps our clients by allowing us to offer services throughout Shelby County like never before.

I sell homes throughout Shelby and Jefferson Counties, but primarily sell near the Helena / Hoover side of these counties.

Photos coming soon...

Homes starting to move in Helena / Hoover area?

I just pulled up the homes sold so far in Old Cahaba, Helena Alabama. There are 5 sold as of today for the month of October. Of those, 1 was a foreclosure. That's better than our previous month, but still very slow compared to ANY month over the past 4 years.

• Here's the amazing thing... There have only been 12 homes CLOSED in Helena since the first of October. So, almost half are in Old Cahaba. This takes into account the entire city, which includes 2 zip codes of 35080 and 35022.

What about Hoover? Of course, Hoover Alabama takes up a lot of land space and is not comparable to Helena in most ways, but here are some results you may find interesting:

• Only 33 homes have sold in the entire city limits of Hoover since the first of October. Ross Bridge and The Preserve make up the most active neighborhoods in this category.

And, for the ENTIRE Shelby County area:

• 108 homes have sold since 10/1/2008 to 10/23/2008.
• $14,000 was the lowest property sold (Not land)
• $4,200,000 was the highest sold this month in Greystone
• The average is still around $200,000

Have a great weekend! Call me if you have an interest in buying a home. Don't forget there are MANY HOMES for sale UNDER $20,000 in the area. Check them out here: http://www.pauldecarlo.com/neighborhood/activeunder20k.htm

Time to buy

I have seen a number of properties sell for prices that we may never see again. There are homes in the Birmingham real estate market going for $2,000. They are in various areas around Birmingham!

What should you be doing at this point? I'm buying property.

In today's Birmingham News, you will find a story that details how the government is BUYING a lot of foreclosed properties. So, the competition is now on with our own government.

That is bad, in my opinion, overall.

If you are thinking about buying, you should look at what's available and see if it fits into your financial plan. Can you afford a home? Check out my "Can I Afford A Home" webpage.

Thanks!
Paul DeCarlo

Great, so now what?

Wow, surprised, ugly, and many other words to describe the "Emergency Economic Stabilization Act of 2008"... We also call it the Bailout Bill.

We really should expect a bill from our leaders, but this one is really bad. I have the 450 something page document and you can find it online as well.

The government has stepped in and purchased all the junk that not only took down major corporations, but no other private sector company wanted, either.

So, here we go!!! The good news is that the psychological effect may be good. Even though we're in tough times, this is nothing like we've seen in the past.

OUR ECONOMY IN THE BIRMINGHAM AREA IS PRETTY STRONG!! We're not in the situation like Florida, Nevada, Michigan, and so forth. Yes, it could be better, but we're hanging in there!

On another topic,
Today I went to the new Target that opened on Exit 1, I-459. It was very nice and had a huge selection of stuff. It's amazing how many new stores are coming to the area. Exit 10 on I-459 going into Hoover will have a new shopping mall soon.

Delaying the Old Cahaba Meeting...

I'm planning a meeting in the Old Cahaba Clubhouse in the next month. Originally, I was planning to have one on 10/12/08, but there are other events that preclude me from holding one. I'm looking forward to the meeting and would love to hear what residents in the area would like to know about our real estate market.

One of the exciting bits of data that many of my clients enjoy is my list of potential investment properties. The list I have includes properties for sale as low as $1,000!!!

Let me know if you're interested in receiving this list.

Thanks,
Paul DeCarlo
http://www.pauldecarlo.com/contactpaul/contact.htm

I like this one

Here is a post from someone in another city that you might find interesting. My experience in real estate in the Alabama area confirms much of what this person has noted:

--------
Al Keller, Florida writes:

The problem with our economy today is from a liberal thinking Congress, Senate, and presidents, as well as greed and dishonesty in the private sector. When you put these together it spells disaster in our way of life.

Ask any banker (just walk in and ask someone who has been there for 15, 20 or 30 years) and they will tell you these are the facts:

1. Under Jimmy Carter we received the Community Reinvestment Act. This law says banks have to make loans in low-income areas and it has forced many lending institutions to make loans to people in areas that lenders would not normally go because of the risk and low property values (subprime loans). This was in 1977. In 1980, President Carter and a Democratic-controlled Congress passed the Depositor Institutions Deregulation and Monetary Control Act. The law removed the power of the Federal Reserve Board of Governors, under the Glass-Steagall Regulation Act, to set the interest rates of savings accounts. A sad fact is we are all still feeling the effects of his policies and decisions 30 years later.
2. In 1995, Bill Clinton made changes to the Community Reinvestment Act that forced an increase in the number of loans to these people and the aggregate dollar amounts loaned (larger loans to people with less income in areas where the collateral value would go down instead of up).
3. In 1999, Mr. Clinton signed to repeal the Glass-Steagall Act, which had protected taxpayers since the Great Depression.
4. In 2003, President Bush tried to propose a change in regulatory control over Freddie Mac and Fannie Mae and place both companies under the control of the Department of the Treasury, but was voted down by the liberal Democrats led by Barney Frank. There have been several other attempts since then to place oversight on these outfits and were voted down.

The current hysteria for a solution to our current credit crisis by our government would have the taxpayers buy failed assets as a result of poor policies stated above to create liquidity. A government solution for a government that does not work? One trillion dollar investment with a very high risk? Oh please! Let the free market work it out with minimal guarantees and protections for the depositors. It will be more efficient although immediately more painful. There will be credit for those that deserve it! I do not wish for my children and grandchildren to continue to pay the price for a country that went on a 30-year spending spree based on loose credit.

I know that is not the NAR position, but it is mine.

Al Keller, RE/MAX Realty Resources, Lake Mary, Fla.

Government Bailout and Then Us

Wow... So, I have read the 110 page document the House put together regarding the Emergency Economic Stabilization Act of 2008. What a mess! Then, the Senate passes their 451 page version with more junk. Both versions are putting the money back in the hands of people who should NOT have the money.

This mess was actually noted in 1999. Yep... way back then.. Check out this New York Times article. Hope that links works. If not, type, "Fannie Mae Eases Credit To Aid Mortgage Lending" into Google and read the article.

I've posted a new "Can I Afford A Home" article on my website. I sure hope first time home buyers will read this.

For those of you who are interested in the Senate version of the bailout bill, and for those of you who get up everyday, drive to work, pay your bills, you should be outraged that our government is giving our hard earned money to people who have squandered it away; there are actually groups of people who will receive your money that have done nothing to earn it.

There is a pervasive attitude in our society that, "those who have more" should give their money to, "Me, just because I want it!!" It's a scary time for us in the United States. If you work hard, at EVERY LEVEL of income, there are those that will have less. And many of "those" want YOU to give them some of what YOU earned, just because they believe they deserve it.

What ever happened to rugged individualism? What is happening to our country?

Hoover Alabama Real Estate Trends

Well, the folks in Hoover, AL have asked for some updates regarding the market conditions. I have put together a brief report below to show what has sold in Southpointe, Russet Woods, and Willow Lakes. Another neighborhood that I am adding to my list is Lake Crest for those of you who are curious about the new road that's coming through connecting most of Bluff Park and eventually the Patton Creek area.

SOUTHPOINTE STATS: 1/1/2008 TO 9/27/2008

• Total Sold: 6
• Sold in August: 2

RUSSET WOODS STATS: 1/1/2008 TO 9/27/2008

• Total Sold: 27
• Sold in August: 5

WILLOW LAKES STATS: 1/1/2008 TO 9/27/2008

• Total Sold: 8
• Sold in August: 0 (2 Sold in September so far)

LAKE CREST STATS: 1/1/2008 TO 9/27/2008

• Total Sold: 14
• Sold in August: 3 (3 Sold in September so far)

If you are interested in more real estate statistics, make sure to contact me at Contact Paul DeCarlo.

Also, you can search for all homes currently active by subdivision on my website at Birmingham Homes For Sale.

And here's the usual disclaimer for all my reports: --Information on this report is not guaranteed. There is no express or implied warranty by MLS of the accuracy of information which should be independently verified.--Copyright: 2008 by the Birmingham Area MLS, Inc.

Finally back from Las Vegas Convention

Well, I'm finally back from Las Vegas. I was at a RE/MAX Team Leader conference and heard from Brian Buffini and the founder of RE/MAX. The information was fantastic! What is so amazing is that there were only about 10% of the agents from the previous 3 years at this event.

I guess it is a good thing, in some ways, to weed out those people who were in real estate NOT as a career. The few agents who are left are in this as a career. We're here to help people. Find the needs, fit the needs, and provide hope in a rough time.

Interesting: We've been in a market such as this over and over many times. And we've always come through.

About Las Vegas: Not really my thing. I gambled a whopping $3 the whole time I was there. I had 3 bucks in ones in my pocket, so I put it in the penny slots. I was up $29, but just kept pressing that "Max Bet" button. It all dwindled away, as expected. Las Vegas is great for people with a lot of money, like to gamble, enjoy WALKING EVERYWHERE, and enjoy big shows.

Cirque Du Soleil "O" and "Mystere" were fantastic. There were other shows and sites that we really enjoyed including the roller coaster at New York New York.

Maybe I'll post some pics...

Helena Alabama still safest city in Alabama 2007

The FBI released their 2007 "Offenses known to law enforcement" for Alabama recently. For cities OVER 12,000 in population, HELENA was still the safest in the state as a percent of the population in the city.

• Population: 14,429
• Total reported crimes: 125

Worst city? Anniston, Alabama.

• Population: 23,736
• Total reported crimes: 3,453

Bessemer was the second worst. And Vestavia, Alabama was the SECOND BEST.

Check out my website for the full report sorted by city. It's at http://www.pauldecarlo.com/2007stats

Incredible market dive

Wow. Just watching the stock market this week is enough to make most of not sleep. Especially while our life savings are taking such a dive and bills are rolling in for the average family. The DOW lost over 500 points Monday and is currently down 375 today.

The good news, for the few buyers in the market, is that interest rates are very low, once again. I honestly believe that this market is in chaos and restructuring, but will come back.

On another note, my family in the Houston area seems to be alright, so that's a great sign. They don't have power to their homes, but they are able to spend time with others who have generators.

**Tiger on the loose in Galveston** Wow... just heard that on FOX News.

Houston Texas Hurricane Ike info

I have family in Houston, so last night was pretty rough for them. What a mess! Some of them lost power around 7 pm, and the others lost power around 10 pm. Hoping for the best for them!

Old Cahaba Home Owner's Real Estate Meeting

MEETING: October 12, 2008 at 2 PM in the Old Cahaba Clubhouse. Reserve a seat!

I am really looking forward to a meeting in Old Cahaba Subdivision in Helena, Alabama. A Mortgage Consultant (Debbie Daughtry) with MortgageAmerica and I are going to hold a meeting to help Old Cahaba home owners evaluate their home value.

Additionally, we plan to have resources to show residents how they can sell in today's new market. Real estate values have not fallen too much, but they definitely have not risen in the recent months like they did over the past few years.

We are sending out invitations to residents in Old Cahaba later this month. But, if you want to join us, please let me know so that I can plan for the right amount of materials, food, etc...

Thanks!

Short-sale processes continue to frustrate buyers.

From my friends in the Panama City Beach area, this has been similar to my experience in the Birmingham, Hoover, Helena areas as well:

Short Sale (Pre-Foreclosure) process frustrates Buyers:

Lender backlogs continue to produce unusually long "limbo" periods and frustrate buyers. To make matters worse, some sellers have learned they can list at any price to get buyer’s interest. In reality, the lender holding the seller’s mortgage is actually in control of the sale and sets the actual price of the sale.

Buyers must now beware that a short sale list price can be a meaningless market “come-on”. Some short sellers have begun to exploit this loophole to attract buyer’s interest in hopes that once they become interested, they will remain interested even if the lender demands a higher price.

A recent case in point is a short sale listing of a beach front home by a seller for $10,000. Contact with the lender revealed it had no intention of selling for less than 2 to 3 million. Once again – buyers should be very wary of the “short sale” market in terms of list price as it may be a false lead. The seller is not in charge of a short sale – the lender is.

Authors:
Jessica Stepleton, REALTOR®, ABR, GRI
Sarah Stone, REALTOR®, GRI

Secrets and Truths to Selling Your Home

There are 5 factors to consider when selling a home.

I tell all my Sellers that they will sell their home if the following happens:

1. A READY, WILLING, and ABLE Buyer presents himself/herself
2. Your home is in the right LOCATION. (Including school district, distance from work, etc...)
3. Your home is PRICED properly.
4. Your home is in BETTER CONDITION than the competition.
5. Your home is MARKETED properly.

Every home I list that meet these criteria sells. It's actually a very simple formula handed down for many years. If any of the above 5 criteria are missing, the chances of the home selling are 50/50 at best.

As a Realtor in the Birmingham area, I have some control over the 1st and 5th criteria above, however, the Seller has the control over the 2nd, 3rd and 4th criteria ultimately.

When you're ready to sell, I'll show you some of my stealthy marketing techniques that I won't share with other agents. It's just for my Sellers, and they love these techniques!

New financing available!

Mortgage America and Debbie Daughtry, Loan Consultant, are offering some new loan programs. They are local, and I met with Ms. Daughtry today to discuss some details.

• 100% financing STILL available. Probably until October 1, 2008.
• The $7,500 credit the government is offering must be paid back over a number of years. However, if you don't have the money, this may be a great idea. I believe it's only about $500 per year that you have to pay back.
• Credit Rating usually needs to be at least 580.
• Interest Rates today on 30 year fixed with good credit are around the 5.875% range.

So, potential buyers should really look at the market, look at these programs and decide what's best for them at this point in time.

The most important thing I do for my buyers is find them a home that meets their requirements and getting the price RIGHT! In this moment in time, you can't afford to pay too much for a home.

Fannie Mae and Freddie Mac Fallout?

Today was the first day that the fallout from Fannie and Freddie started to hit home. I received a call from 3 mortgage consultants saying that their interest rates had dropped already.

This will be great news for my clients in Helena, Alabama. I have a number of sellers trying to move their homes and this shot in the arm is appreciated!

Birmingham MLS Search Tool

Oh yeah...

I guess this would be helpful. The link to the search tool for the MLS:

http://www.pauldecarlo.com/searchforhomes/index.htm

All the homes in the MLS are listed here.

Helena Alabama home stats

I am going to publish statistics periodically here about the housing market in Helena. (And other communities.)

Check this out:

OLD CAHABA STATS: 1/1/2008 to 9/9/2008

• Total homes sold: 68
• Sold in August: 2

RIVERWOODS STATS: 1/1/2008 to 9/9/2008

• Total homes sold: 18
• Sold in August: 0

WYNDHAM STATS: 1/1/2008 to 9/9/2008

• Total homes sold: 28
• Sold in August: 4

Want more stats? I have lots of great real estate stats!!

Paul DeCarlo, Realtor -205-424-4416