In an article dated Oct 28, 2010, when Forbes magazine considered where your money would go further in the United States, they discovered what we already know... Oklahoma City is #1!!
Several factors were used to consider what makes Oklahoma City so exceptional and affordable. For instance, Oklahoma City's unemployment rate (currently 6.3%) consistently ranks lower than the national average (currently 9.5%). Our local housing market continues to be stable. The quality of living in combination with the actual costs of living have long been staples of what makes OKC so great. "Just because you can get by on the cheap doesn't mean these places are backwaters," says Forbes. We have a balance of nice homes, good jobs, inexpensive products and services, fantastic schools, as well as friendly people.
Aren't you glad you're in Oklahoma!
Like this article?
(Resource: Forbes Magazine Article)
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, November 2, 2010
Thursday, October 21, 2010
OKC in top 5 of Fastest Growing Cities
This according to Forbes magazine article dated Oct. 11, 2010
"Oklahoma City, Okla.
Oklahoma City-- with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership. "
To see the rest of the article go to: The Fastest Growing Cities in the US
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
"Oklahoma City, Okla.
Oklahoma City-- with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership. "
To see the rest of the article go to: The Fastest Growing Cities in the US
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Friday, October 8, 2010
Bank of America Halts ALL Foreclosures Nationwide
...An update to my previous blog Oct 5th "Foreclosures Screach to a Halt"
The foreclosure mess threatens to become full-blown chaos today as Bank of America, the nation's largest bank, halts all foreclosure procedures nationwide and raises the pressure on other lenders to do the same. For those in the real estate industry, this doesn't come as a surprise. Bank of America spokesperson Dan Frahm declined to disclose how many foreclosures would be affected by the move.
As animosity grows about how lenders have prepared documents to support thousands of evictions, Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures. The freeze on foreclosures will take effect on Saturday and will also include current sales of their foreclosed property.
The Senate Banking Committee will hold hearings after the Nov elections (on Nov 16th) to look into allegations that the nation's largest lenders have foreclosed on struggling borrowers without following lawful & correct procedures. You can expect this situation to be long lasting as Democrats are expected to face heavy losses at the polls in Nov, therefor not giving new members their official positions in office until January.
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
The foreclosure mess threatens to become full-blown chaos today as Bank of America, the nation's largest bank, halts all foreclosure procedures nationwide and raises the pressure on other lenders to do the same. For those in the real estate industry, this doesn't come as a surprise. Bank of America spokesperson Dan Frahm declined to disclose how many foreclosures would be affected by the move. 
As animosity grows about how lenders have prepared documents to support thousands of evictions, Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures. The freeze on foreclosures will take effect on Saturday and will also include current sales of their foreclosed property.The Senate Banking Committee will hold hearings after the Nov elections (on Nov 16th) to look into allegations that the nation's largest lenders have foreclosed on struggling borrowers without following lawful & correct procedures. You can expect this situation to be long lasting as Democrats are expected to face heavy losses at the polls in Nov, therefor not giving new members their official positions in office until January.
Like this update?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, October 5, 2010
Foreclosures Screach to a Halt
It's like watching a big, bad old-fashioned train wreck. If you haven't already heard, several big banks across the US have suspended all foreclosures in 23 states due to inpropper procedures. The contorversy is over "robo-signing", where employees did not follow required legal procedures to read and verify all documentation relating to each foreclosure case. One Bank of Amercia employee acknowledged in a legal deposition that she had signed 7,000 - 8,000 documents relating to foreclosures every month without reviewing the documents. A GMAC employee admitted in depositions that he authorized up to 10,000 foreclosures a month without seeing the files associated with them. At Chase, a "robo-signer" in Ohio, stated that she signed off on about 18,000 foreclosure affidavits and other documents a month without reviewing all the files.
The 23 states are: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.The Office of Comptroller of the Currency last week ordered the nation's largest loan servicers to review their foreclosure processes. They directed Bank of America, J.P. Morgan Chase, Citibank, HSBC, PNC Bank, U.S. Bank, Wells Fargo and GMAC Mortgage to verify that they are following proper procedures, and that their practices haven't harmed borrowers in the past.
To add to the dilema, all major Title Insurer's such as Old Republic, First American, and Stewart Title have all indicated they will no longer write policies for the banks involved until the issue has been resolved. This could bring Real Estate sales themselves to an even louder screaching halt.
Like this article?
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Wednesday, September 22, 2010
NAR Pushes Bill for Quicker Response on Short Sales
NAR pushes bill for quicker response on Short Sales
Inside a professional Realtor's mind on Short Sales...
Short sales have been on the rise in the real estate marketplace over the last couple of years. The biggest problem that we Realtors have faced is that the banks have not been prepared to handle these transactions efficiently. Now, when I say "we Realtors", understand that "we Realtors" are in the business of serving buyers and sellers. Without consistency and standards, it is nearly impossible to assist our clients in the expert manner that they deserve. Though most clients understand that certain things are beyond our professional control, we are continuously striving to better our industry and so our ability to serve our clients (whether they know it or not).
There have been many improvements to the Short Sale process as of late, but the biggest problem still remains... response time.
Why is that a problem?
Well, when a seller is in a position to NEED to sell, time is not exactly on their side. More often than not, sellers who seek a Short Sale are doing so in an effort to avoid a forclosure. What ends up happening is that the banks take too long to approve each aspect of the transaction. The main example being the offer to purchase. It is not unusual for lenders to recieve an offer to purchase and not respond to it for 6 months or longer. As you can imagine, this results in the frustration of both buyers and sellers. Many buyers walk away simply over the lack of any kind of timely response.
NAR (The National Association of Realtors) represents over 1.1 million members and is by far the loudest "voice of real estate". It's members, myself included, can tell you how important it becomes to sellers that they be able to sell their properties in these already stresfull situations. Homeowners may now find that relief could be on its' way thanks to the efforts of our National Association. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days... something Realtors have been advocating for their clients for quite some time.
I'll let you know how it turns out...
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Inside a professional Realtor's mind on Short Sales...
Short sales have been on the rise in the real estate marketplace over the last couple of years. The biggest problem that we Realtors have faced is that the banks have not been prepared to handle these transactions efficiently. Now, when I say "we Realtors", understand that "we Realtors" are in the business of serving buyers and sellers. Without consistency and standards, it is nearly impossible to assist our clients in the expert manner that they deserve. Though most clients understand that certain things are beyond our professional control, we are continuously striving to better our industry and so our ability to serve our clients (whether they know it or not).
There have been many improvements to the Short Sale process as of late, but the biggest problem still remains... response time.
Why is that a problem?
Well, when a seller is in a position to NEED to sell, time is not exactly on their side. More often than not, sellers who seek a Short Sale are doing so in an effort to avoid a forclosure. What ends up happening is that the banks take too long to approve each aspect of the transaction. The main example being the offer to purchase. It is not unusual for lenders to recieve an offer to purchase and not respond to it for 6 months or longer. As you can imagine, this results in the frustration of both buyers and sellers. Many buyers walk away simply over the lack of any kind of timely response.
NAR (The National Association of Realtors) represents over 1.1 million members and is by far the loudest "voice of real estate". It's members, myself included, can tell you how important it becomes to sellers that they be able to sell their properties in these already stresfull situations. Homeowners may now find that relief could be on its' way thanks to the efforts of our National Association. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days... something Realtors have been advocating for their clients for quite some time.
I'll let you know how it turns out...
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
Tuesday, September 14, 2010
Changes for Reverse Mortgages
Housing Regulator Prepares Changes for Reverse Mortgages
By Mary Ellen Podmolik Print Article
RISMEDIA, September 14, 2010—(MCT)—The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes.
In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage with almost no upfront mortgage insurance premium attached, according to the National Reverse Mortgage Lenders Association. The FHA may also tinker with the traditional product in a way that increases the overall borrowing costs.
“HUD is looking at options to provide a lower-priced home-equity conversion mortgage option,” said Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development. “We are still working out the details. Our basic plan is to make the product more attractive, while limiting FHA’s exposure to risk.”
A home-equity conversion mortgage is a federally guaranteed reverse mortgage designed to let homeowners 62 or older tap into the equity in their homes. The loans and accrued interest don’t have to be repaid until the owner sells the home, dies or fails to live there for one year, but the loans have traditionally carried significant upfront and annual expenses.
According to participants on the conference call, home-equity conversion mortgages would be split into two products this fall: a “standard” loan and a “saver” loan.
The saver loan would have an upfront mortgage insurance premium of 0.01% of a home’s value, but the amount of funds that could be borrowed, known as the principal limit, would be reduced by at least 10%, lowering the risk to the FHA, which guarantees the loans. Because a smaller amount could be borrowed, the saver loan could be marketed as an alternative to a home equity line of credit to seniors on fixed incomes who can’t make the monthly minimum interest payments required on such lines of credit.
Under the standard loan, the upfront mortgage insurance premium charged by the FHA would remain 2% of the property value (or a max of 2% of the FHA maximum loan limit of $625,500), and the principal limit would be cut by 1-5% of a home’s value, depending on the borrower’s age. The upfront mortgage insurance premium would remain 2%, said industry participants briefed on the plan.
For both loans, the monthly mortgage insurance premium, which is 0.5% of the mortgage balance for a traditional home equity conversion mortgage, would increase to 1.25%.
“For someone who needs a chunk of money, but not a huge chunk, we believe this will significantly broaden the appeal,” said Peter Bell, president of the National Reverse Mortgage Lenders Association. “They’re very smart changes.”
In the past few months, several reverse mortgage lenders decreased origination fees and closing costs, partly in a bid to increase demand for the product and partly to pass along some of the profit they’ve made as investors scooped up the loans on the secondary market. The saver product would further reduce the upfront borrowing costs.
The National Council on Aging, which has advocated the development of a more flexible reverse mortgage product for some time, views the coming changes as welcome news that the industry is moving past the one-size-fits-all mentality.
However, the advocacy group also sees potential pitfalls.
“The more flexibility there is, the more chance there is to be talked into something that doesn’t make sense,” said Barbara Stucki, vice president of home equity initiatives for the National Council on Aging.
In the past year, consumer advocates have voiced concerns about the marketing techniques used to tout reverse mortgages to seniors, a potentially vulnerable class of consumers.
Beginning Sept. 11, consumers interested in home equity conversion mortgage will have to undergo expanded counseling to better understand their options.
Stucki urges seniors to take full advantage of those expanded counseling efforts.
“Go talk to a counselor before you talk with a lender,” she said. “Don’t wait until you’ve talked with a lender and been talked into something. This counseling is something that can be an extraordinary teachable moment.”
(c) 2010, Chicago Tribune.
Distributed by McClatchy-Tribune Information Services.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
By Mary Ellen Podmolik Print Article
RISMEDIA, September 14, 2010—(MCT)—The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to lessen the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow from their homes.
In a recent conference call with industry participants, FHA officials said they were finalizing plans to offer a home-equity conversion mortgage with almost no upfront mortgage insurance premium attached, according to the National Reverse Mortgage Lenders Association. The FHA may also tinker with the traditional product in a way that increases the overall borrowing costs.
“HUD is looking at options to provide a lower-priced home-equity conversion mortgage option,” said Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development. “We are still working out the details. Our basic plan is to make the product more attractive, while limiting FHA’s exposure to risk.”A home-equity conversion mortgage is a federally guaranteed reverse mortgage designed to let homeowners 62 or older tap into the equity in their homes. The loans and accrued interest don’t have to be repaid until the owner sells the home, dies or fails to live there for one year, but the loans have traditionally carried significant upfront and annual expenses.
According to participants on the conference call, home-equity conversion mortgages would be split into two products this fall: a “standard” loan and a “saver” loan.
The saver loan would have an upfront mortgage insurance premium of 0.01% of a home’s value, but the amount of funds that could be borrowed, known as the principal limit, would be reduced by at least 10%, lowering the risk to the FHA, which guarantees the loans. Because a smaller amount could be borrowed, the saver loan could be marketed as an alternative to a home equity line of credit to seniors on fixed incomes who can’t make the monthly minimum interest payments required on such lines of credit.
Under the standard loan, the upfront mortgage insurance premium charged by the FHA would remain 2% of the property value (or a max of 2% of the FHA maximum loan limit of $625,500), and the principal limit would be cut by 1-5% of a home’s value, depending on the borrower’s age. The upfront mortgage insurance premium would remain 2%, said industry participants briefed on the plan.
For both loans, the monthly mortgage insurance premium, which is 0.5% of the mortgage balance for a traditional home equity conversion mortgage, would increase to 1.25%.
“For someone who needs a chunk of money, but not a huge chunk, we believe this will significantly broaden the appeal,” said Peter Bell, president of the National Reverse Mortgage Lenders Association. “They’re very smart changes.”
In the past few months, several reverse mortgage lenders decreased origination fees and closing costs, partly in a bid to increase demand for the product and partly to pass along some of the profit they’ve made as investors scooped up the loans on the secondary market. The saver product would further reduce the upfront borrowing costs.
The National Council on Aging, which has advocated the development of a more flexible reverse mortgage product for some time, views the coming changes as welcome news that the industry is moving past the one-size-fits-all mentality.
However, the advocacy group also sees potential pitfalls.
“The more flexibility there is, the more chance there is to be talked into something that doesn’t make sense,” said Barbara Stucki, vice president of home equity initiatives for the National Council on Aging.
In the past year, consumer advocates have voiced concerns about the marketing techniques used to tout reverse mortgages to seniors, a potentially vulnerable class of consumers.
Beginning Sept. 11, consumers interested in home equity conversion mortgage will have to undergo expanded counseling to better understand their options.
Stucki urges seniors to take full advantage of those expanded counseling efforts.
“Go talk to a counselor before you talk with a lender,” she said. “Don’t wait until you’ve talked with a lender and been talked into something. This counseling is something that can be an extraordinary teachable moment.”
(c) 2010, Chicago Tribune.
Distributed by McClatchy-Tribune Information Services.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
Friday, September 10, 2010
9 Things to do to Prepare for Fall
Whether you're preparing a home for sale, holidays, or just the cold winter months, here's your punch list!
9 Things to do to get your Home ready for Fall
Consider taking some time now to prepare and you won't be caught off guard when you have unexpected guests or find yourself working outdoors during the colder Oklahoma months.
1.) The Yard/Garden:
•· Prepare your lawns and gardens now for below-freezing temperatures. Pull weeds, seed and fertilize the lawn, and plant any spring-blooming bulbs. In areas where the ground is likely to freeze, you should consider mulching flower beds. The mulch will help to insulate the roots, protecting them when the weather gets cold. Potted plants and container gardens should be moved indoors or you can protect them outdoors by wrapping them in burlap. Cover or wrap outdoor faucets.
2.) The Patio:
•· Clean outdoor patio furniture and equipment with mild soap and water. If possible, bring them indoors for the winter. If you don't have the storage space, wrap them tightly with a tarp or other cover that will protect them from harsh weather and the damaging rays of the sun.
3.) Storage Areas:
•· Store outdoor fun and camping gear in the back (since they won't be needed again until next year) and move the fall sporting (footballs, etc) and yard equipment (rakes & leaf blowers) to the more accessible areas of the storage space. This way you won't have to fight with unnecessary items when you're getting ready to run off to football practice or to rake leaves.
4.) Entry Areas:
•· In the cooler temperatures you'll need warmer jackets and heavier shoes. Don't let these items clutter up the entryway. Organize a space near the doorway to store them. If you don't have a coat closet nearby, consider hanging coat hooks and setting out baskets for shoes, scarves, hats & gloves.
5.) Clothes Closets:
•· Go through your family's closets. Store summer dresses and tops to make room for fall wardrobes. Make sure school clothes are organized and ready for the children to grab on mornings when they're hurrying to school.
6.) In the Kitchen:
•· Things can get pretty hectic during the school weeks. Be sure to stock the cabinets and pantries with healthy afternoon snacks and ingredients for quick & easy meals so that you can quickly make dinners that are good for your family.
7.) In the Living Room:
•· Give the living room a quick mini-makeover for fall with just a few simple changes. Pillows, throws and slipcovers in rich fall fabrics or colors are easy ways to give it a new look. Consider an arrangement of autumn flowers to bring the mood of the seasonal changes indoors.
8.) In the Bedrooms:
•· Falling temperatures also mean cool autumn nights. It's time to pull out the heavier blankets that you stored away in the spring. Give your bed a new seasonal look with a throw at the end of the bed in an autumnal color or rich fabric.
9.) In the Bathrooms:
•· As everyone is rushing to get to school or work, the bathroom becomes one of the busiest rooms in the house. Streamline the process and avoid headaches by assigning everyone a shelf, drawer, or other storage spot where they can keep their morning essentials. No more hunting around for someone's hairbrush. Everything they need is in their assigned place and easy to reach.
Get more tips like these on The VIP Team website.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
405.412.5452
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
9 Things to do to get your Home ready for Fall
Consider taking some time now to prepare and you won't be caught off guard when you have unexpected guests or find yourself working outdoors during the colder Oklahoma months.
1.) The Yard/Garden:
•· Prepare your lawns and gardens now for below-freezing temperatures. Pull weeds, seed and fertilize the lawn, and plant any spring-blooming bulbs. In areas where the ground is likely to freeze, you should consider mulching flower beds. The mulch will help to insulate the roots, protecting them when the weather gets cold. Potted plants and container gardens should be moved indoors or you can protect them outdoors by wrapping them in burlap. Cover or wrap outdoor faucets.
2.) The Patio:
•· Clean outdoor patio furniture and equipment with mild soap and water. If possible, bring them indoors for the winter. If you don't have the storage space, wrap them tightly with a tarp or other cover that will protect them from harsh weather and the damaging rays of the sun.
3.) Storage Areas:
•· Store outdoor fun and camping gear in the back (since they won't be needed again until next year) and move the fall sporting (footballs, etc) and yard equipment (rakes & leaf blowers) to the more accessible areas of the storage space. This way you won't have to fight with unnecessary items when you're getting ready to run off to football practice or to rake leaves.
4.) Entry Areas:
•· In the cooler temperatures you'll need warmer jackets and heavier shoes. Don't let these items clutter up the entryway. Organize a space near the doorway to store them. If you don't have a coat closet nearby, consider hanging coat hooks and setting out baskets for shoes, scarves, hats & gloves.
5.) Clothes Closets:
•· Go through your family's closets. Store summer dresses and tops to make room for fall wardrobes. Make sure school clothes are organized and ready for the children to grab on mornings when they're hurrying to school.
6.) In the Kitchen:
•· Things can get pretty hectic during the school weeks. Be sure to stock the cabinets and pantries with healthy afternoon snacks and ingredients for quick & easy meals so that you can quickly make dinners that are good for your family.
7.) In the Living Room:
•· Give the living room a quick mini-makeover for fall with just a few simple changes. Pillows, throws and slipcovers in rich fall fabrics or colors are easy ways to give it a new look. Consider an arrangement of autumn flowers to bring the mood of the seasonal changes indoors.
8.) In the Bedrooms:
•· Falling temperatures also mean cool autumn nights. It's time to pull out the heavier blankets that you stored away in the spring. Give your bed a new seasonal look with a throw at the end of the bed in an autumnal color or rich fabric.
9.) In the Bathrooms:
•· As everyone is rushing to get to school or work, the bathroom becomes one of the busiest rooms in the house. Streamline the process and avoid headaches by assigning everyone a shelf, drawer, or other storage spot where they can keep their morning essentials. No more hunting around for someone's hairbrush. Everything they need is in their assigned place and easy to reach.
Get more tips like these on The VIP Team website.
Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
405.412.5452
Natalie@TheVIPofOKC.com
www.TheVIPofOKC.com
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