KenSellsHomes (918) 260-9932

FACTS ABOUT TODAY'S REAL ESTATE MARKET

2012-01-10T15:16:00.000-06:00

Homes are selling but at a slower pace than 4+ years ago.
Competition is fierce for a smaller pool of buyers.
Approximately 19% of sales in 2011 are "distressed" properties, i.e. foreclosures, short sales, bank-owned, etc.
Approximately 15.5% of sales are exceptional properties in excellent condition, great location, show extremely well and are priced at or below market value.
The properties not sitting into those two categories face significant competition. In fact, only about 1 out of 4 of this properties sell.

*In 2011 almost 1 out of 4 closings were Coldwell Banker Select Closings.
KenSellsHomes

Letter from NAR to Mitch Connell addressing HR 3630

2011-12-27T09:58:00.000-06:00

December 15, 2011
The Honorable Mitch McConnell United States Senate
361A Russell Senate Office Building Washington, D.C. 20510
Dear Senator McConnell:
The members of the Mortgage Bankers Association, the National Association of Home Builders and the National Association of REALTORS®, respectfully request that H.R. 3630, the “Middle Class Tax Relief Act of 2011”, be revised or defeated to ensure that Fannie Mae's and Freddie Mac's credit risk guarantee fees (g- fees) continue to be used solely for the purpose of minimizing the loss exposure of the government- sponsored enterprises (Enterprises), investors and taxpayers.
Because g-fees currently are calculated by the Enterprises as a function of the costs of guaranteeing the securities they issue, i.e., the risk of underlying loans, our organizations believe g-fee levels would be most appropriately addressed as part of comprehensive housing finance reform. Further, we strongly believe that fees charged by the Enterprises to manage risk and enhance capital should not be diverted for purposes unrelated to the safety and soundness of the housing finance system. Implementing this guarantee fee increase will also hinder necessary reforms to the GSEs in the years ahead, as any effort to reduce their role in the market would result in a loss of revenue.
We are also very concerned that a disturbing collateral consequence of this measure is that it raises revenue in a regressive fashion. Since the Enterprises are prohibited from purchasing loans in excess of $417,000 ($625,500 in high-cost areas). This de-facto housing tax is being imposed exclusively on the low to moderate income Americans that the underlying tax cut extension is supposed to benefit.
We also object to a proposed amendment to the act that would authorize Ginnie Mae to increase their guarantee fee. While this may seem like a simple measure to provide parity between Ginnie Mae and the Enterprises, we believe it will disproportionately impact the low and moderate income borrowers and first time homebuyers that FHA loans are targeted towards.
We appreciate the attempts by Congress to provide financial relief to the middle class, as well as foster job creation. However, we are united in our belief that H.R. 3630 is counterproductive because it diverts g-fees away from their intended purposes of minimizing the Enterprises' risk exposure and ensuring the liquidity of the secondary mortgage market to the detriment of the taxpayers.
Therefore, we respectfully request that you revise or defeat, H.R. 3630 the “Middle Class Tax Relief Act of 2011”.
Thank you for your consideration of this very important matter. Sincerely,
Mortgage Bankers Association National Association of Home Builders National Association of REALTORS®

Merry Christmas

2011-12-24T08:07:00.000-06:00

Christmas Real Estate
Posted: December 24, 2010 at 5:36 PM by Call Ken Rutherford

It’s Christmas Eve. You would think that real estate would be the last thing on my mind. Surrounded by my family in the comfort of my home I can’t help but think about the blessings I have received this year and throughout my life. By happenstance, I was born in America. What a privilege to be born in a Christian nation founded on Christian principles. By example I learned the value of hard work. What a gift to learn to provide for one’s self. By observation and life lessons I’ve learned that integrity is more important than money and kindness to others has one of the highest returns of any investment you will ever make. I’ve learned the most important dwelling you will ever occupy stares back at you in the mirror and smiles and laughs or torments and taunts depending on how you have furnished it. I’ve come to know that the peace of sharing this earthly home and body with the spirit of my creator is the only lasting peace I’ll ever find on this earth. Thank you Lord for your kindness, patience and mercy and Happy Birthday!

Ken Rutherford, CRS , Broker Associate
918-260-9932
www.kensellshomes.com
kensellshomes
Republished by popular demand

6505 S. Oswego

2011-12-18T23:16:00.001-06:00

Point South

An absolutely beautiful re model with new just about everything. 3 bedrooms, 3.5 baths, private decks, huge master suite, all walk-in closets, livable, location, luxury. Call now for your private showing. Hurry!

Property Details

Price:	$199,900
MLS Number:	1131506
Bedrooms:	3
Bathrooms:	4.0
Square Feet:	2862
Year Built:	1977

View additional photos and information at:

http://Obeo.com/694855

View All Photos

Contact Info

Coldwell Banker Select - Sheridan
	Ken Rutherford CRS, GRI, ABR, Broker Associate 918-481-8222 918-260-9932

Send E-Mail

Website: www.tulsaselecthomes.com

http://homesite.obeo.com/636159

2011-12-18T22:57:00.000-06:00

http://homesite.obeo.com/636159

8605 S. 92nd E. Pl. Tulsa, OK 74133

$144,900 3/2/2 Greenbelt Lot

Tulsa Realtor - Coldwell Banker Select - Ken Rutherford

2011-11-30T21:27:00.000-06:00

Tulsa Realtor - Coldwell Banker Select - Ken Rutherford

Home Sales Increase Across the Country

2011-11-30T11:55:00.001-06:00

Home Sales Increase Across the Country

Posted: 29 Nov 2011 10:37 AM PST

The National Association of Realtors recently released their 2011 3rd Quarter Housing Report.
In the report, they showed that combined sales of single family homes, condos and co-ops increased
in EVERY state as compared to the 3rd quarter of last year. Here are the state-by-state numbers.

The next time someone says houses aren’t selling, ask them which state they live in and show them this chart.

KenSellsHomes

Slow 2012 on the horizon per Fannie Mae

2011-11-18T12:38:00.000-06:00

Fannie Mae Sees "Woefully Slow" 2012

Median Sales Price in Broken Arrow

2011-11-01T22:12:00.000-05:00

Broken Arrow Recently Sold Homes

QR Codes

2011-10-26T22:42:00.004-05:00

Phone Number

8605 S 92nd E. Ave

8609 S. 92nd E. Ave

Our Current Listings

I've been having a lot of fun with quick response (QR) codes. They have multiple uses limited only by your imagination. They can direct you to web sites, contain text or phone numbers, direct you to facebook, linked-in and twitter pages. I'm experimenting with QR codes accessing video to market myself and my listings. It's easy to direct the reader to youtube. Eyejot is another excellent video source to market yourself or your listings. Scan the QR codes with your smart phone. Let me know what you think.KenSellsHomes

Trulia Market Trends

2011-09-21T13:03:00.000-05:00

Tulsa Market Trends

Today, September 21, 2011

No. Bedrooms	Jun - Aug '11	y-o-y	3 months prior	1 year prior	5 years prior
1 bedroom	-	-	-	-	-
2 bedrooms	-	-	-	-	-
3 bedrooms	-	-	$164,000	$120,000	-
4 bedrooms	-	-	-	-	-
All properties	$197,625	+76.5%	$125,500	$112,000	$110,500

The median sales price for homes in Tulsa OK for Jun 11 to Aug 11 was $197,625. This represents an increase of 57.5%, or $72,125, compared to the prior quarter and an increase of 76.5% compared to the prior year. Sales prices have appreciated 78.8% over the last 5 years in Tulsa. The average listing price for Tulsa homes for sale on Trulia was $220,038 for the week ending Sep 14, which represents an increase of 0%, or $85, compared to the prior week and an increase of 0.2%, or $485, compared to the week ending Aug 24. Average price per square foot for Tulsa OK was $56, a decrease of 18.8% compared to the same period last year. Popular neighborhoods in Tulsa include Maple Ridge, Lynn Lane, Minshall Park, Sungate, Turner Park, and Longview Lake.

No. Bedrooms	Week ending Sep 14	w-o-w	Week ending Sep 7	Week ending Aug 31	Week ending Aug 24
1 bedroom	$127,698	+0.5%	$127,051	$125,633	$121,056
2 bedrooms	$100,702	+0.5%	$100,200	$99,688	$99,642
3 bedrooms	$152,796	-0.6%	$153,772	$154,682	$152,887
4 bedrooms	$319,087	+0.3%	$318,225	$321,238	$318,986
All properties	$220,038	0.0%	$220,123	$221,390	$219,553

No. Bedrooms	Jun - Aug '11	y-o-y	3 months prior	1 year prior	5 years prior
1 bedroom	-	-	-	-	-
2 bedrooms	-	-	-	-	-
3 bedrooms	-	-	$78	$72	-
4 bedrooms	-	-	-	-	-
All properties	$56	-18.8%	$80	$69	$75

Neighborhoods	Week ending Sep 14	w-o-w	Week ending Sep 7	Week ending Aug 31
Maple Ridge	1	—	1	1
Lynn Lane	2	—	2	2
Minshall Park	3	+2	5	12
Sungate	4	+7	11	6
Turner Park	5	-2	3	3
Longview Lake	6	+1	7	11

National Delinquency Survey:

2011-08-23T15:00:00.000-05:00

Email Print PDF Link
Share
Facebook
Twitter
Decrease Font Size Text Increase Font Size

BY JANN SWANSON

National Delinquency Survey: Must Stop the Bleeding

Jay Brinkmann, the Mortgage Bankers Association's (MBA's) Chief Economist, told reporters on Monday that MBA's National Delinquency Survey (NDS) for the second quarter of 2011 combines good news with not so good news.
"While overall mortgage delinquencies increased only slightly between the first and second quarters of this year, it is clear that the downward trend we saw through most of 2010 has stopped. Mortgage delinquencies are no longer improving and are now showing some signs of worsening," he said. "The good news is the continued decline in long-term delinquencies, those mortgages that are three payments or more past due. The bad news is that drop is offset by an increase in newly delinquent loans one payment past due."
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted (SA) rate of 8.44 percent of all loans outstanding as of the end of the second quarter of 2011, an increase of 12 basis points from the first quarter of 2011, and a decrease of 141 basis points from one year ago, according to the NDS report. The non-seasonally adjusted (NSA) delinquency rate increased 32 basis points to 8.11 percent this quarter from 7.79 percent last quarter.
The 30+ day delinquency figures are not nearly as good. Loans in that bucket declined 5 basis points (bp) (SA) and 2 bp (NSA) to 3.46 and 2.22 percent respectively while on a quarterly basis the 30+ day rose 11 bp and 32 bp. The 60+ days delinquency bucket was down 15 bp from one year ago, both SA and NAS, but up from last quarter 2 bp and 9 bp.
Brinkmann compared the current housing industry to an accident victim saying that one would love to rush to patch up the wounds and start rehabilitating the patient, "but first we must stop the bleeding which, in this case is delinquent loans." Brinkmann said the current figures indicate that it may be a while before we see the patient healing and moving toward rehabilitation.
The increase in early delinquencies, Brinkmann said, is not surprising. "Mortgage loans that are one payment, or 30 days, past due are very much driven by changes in the labor market, and the increase in these delinquencies clearly reflects the deterioration we saw in the labor market during the second quarter. Weekly first-time claims for unemployment insurance started the quarter at 385,000 but finished the quarter at 432,000. The unemployment rate started the quarter at 8.8 percent but climbed to 9.2 percent by the end of the quarter."
The numbers for more advanced delinquencies are more encouraging. The percentage of loans on which foreclosure actions were started during the second quarter was 0.96 percent, down 12 basis points from last quarter and down 15 basis points from one year ago. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure; those equaled 4.43 percent of loans, down 9 basis points from the first quarter and 14 basis points lower than one year ago. The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 7.85 percent, a decrease of 25 basis points from last quarter, and a decrease of 126 basis points from the second quarter of last year.
The combined percentage of loans in foreclosure or at least one payment past due was 12.54 percent on a non-seasonally adjusted basis, a 23 basis point increase from last quarter, but 143 basis points lower than a year ago.
Foreclosure start rates fell to their lowest level since the fourth quarter of 2007 and foreclosure inventory rates were at their lowest level since the third quarter of 2010. The economist disputed what he said were claims of others that the drop in foreclosure starts is a temporary effect of paperwork issues and presages a big surge in foreclosures at some point. The MBA report, he said does not support this. Paperwork may be preventing some evictions and affecting REO, but the only place there appears to be an overhang of inventory is in judicial states. Nine states currently have a higher rate of foreclosure than the national average of 4.43 percent and all but one of these (long-time trouble spot Nevada) is a judicial foreclosure state. Florida at 14.39 percent has a rate more than three times the national average and nearly twice that of the second highest state, Nevada.

Foreclosures continue to be concentrated in just a few states with five accounting for 52 percent of the current foreclosure inventory. Again this appears to be driven by whether the state has a judicial or non-judicial foreclosure system. "One of the reasons the percentage of loans in foreclosure in California (3.6 percent) is considerably lower than states like Florida (14.4 percent), New Jersey (8.0 percent), Illinois (7.0 percent) and New York (5.5 percent) is that California does not have a judicial foreclosure system. Therefore, as we work toward resolving the foreclosure overhang in the housing market, we should be careful to distinguish between the economic impediments to resolution and the legal impediments to resolution," Brinkmann said. He pointed to Maryland where a new mandatory mediation law may be responsible for an increase in the number of loans 90+ days delinquent.
On a seasonally adjusted basis, the overall delinquency rate increased for all loan types. The seasonally adjusted delinquency rate increased 15 basis points to 4.74 percent for prime fixed loans and increased 51 basis points to 11.76 percent for prime ARM loans. For subprime loans, the delinquency rate increased 58 basis points to 22.62 percent for subprime fixed loans and increased 87 basis points to 27.18 percent for subprime ARM loans. FHA and VA loans also saw increases, with the delinquency rate increasing 59 basis points to 12.62 percent for FHA loans and increasing 12 basis points to 7.05 percent for VA loans. Statistics for loans in foreclosure and foreclosure starts also decreased for each loan type with the exception of subprime fixed-rate loans which saw an increase in the foreclosure inventory rate of 48 basis points or 11.01 percent.
In response to a question about steps the government might take to "stop the bleeding" Brinkmann said that housing is no longer driving the economy. "Housing is a reflection and whatever the government does for the overall economy will be the best thing they can do for housing."

Did you know?

You can see a list of all comments on MND by clicking the 'Read the Latest Comments' option under the 'Community' menu.

Tulsa is top 10 City to Buy vs Rent

2011-08-16T16:46:00.000-05:00

Buying real estate a better deal than renting in 74% of major US cities

Trulia: Most foreclosure hot spots see price-to-rent ratios drop

BY INMAN NEWS, TUESDAY, AUGUST 16, 2011.

Inman News™

Buying real estate continues to be cheaper than renting in the vast majority of major U.S. cities, according to a quarterly rent vs. buy index from real estate search and marketing site Trulia.

The index compared the median list price and the median annualized rent on a two-bedroom apartment, condominium or townhouse in the country's 50 most populous cities. According to the index, the cost of buying was less than renting in 37 of the 50 cities (74 percent) as of July 1, 2011. About the same share, 78 percent, favored buying over renting in Trulia's last index report, released in April.

Trulia defines total costs of homeownership to include "mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing (homeowners association) dues and private mortgage insurance, where applicable. It also includes an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions."

"Many aspiring homeowners are on the fence about renting and buying in today's market. Should they take advantage of falling home prices and low borrowing costs, or should they continue to rent until the economy stabilizes?" said Ken Shuman, spokesman for Trulia, in a statement.

Article continues below

Advertise with Inman

"Price alone should never be the sole factor in deciding to purchase a home. Instead, buyers should first ask themselves if they plan to live in the home for at least seven to 10 years, could make monthly payments on the house, and have enough cash in the bank for a down payment and an additional six to eight months worth of mortgage payments.

"If you can answer 'yes' to each of these questions, then the cost of buying a home definitely outweighs renting in most cities."

A price-to-rent ratio of 1 to 15 means that it's much cheaper to buy than to rent in a particular city. Las Vegas, Detroit, and Mesa, Ariz., most favored buying among major cities.

Top 10 cities to buy vs. rent:

Rank	City	State	Price-to-rent ratio
1	Las Vegas	Nev.	6
2	Detroit	Mich.	7
3	Mesa	Ariz.	7
4	Fresno	Calif.	7
5	Arlington	Texas	8
6	Sacramento	Calif.	8
7	Phoenix	Ariz.	8
8	Jacksonville	Fla.	8
9	San Antonio	Texas	10
10	Tulsa	Okla.	11

Source: Trulia

A ratio between 16 and 20 means that it's more expensive to rent than to buy, but buying may be better than renting "depending on personal circumstances, such as one's tax bracket," Trulia said. Any ratio above 20 indicates that owning is much more costly than renting in a city.

According to the index, renting was much cheaper than buying in six cities: New York; Fort Worth, Texas; Omaha, Neb.; Seattle; San Francisco; and Kansas City.

Top 10 cities to rent vs. buy:

Rank	City	State	Price-to-rent ratio
50	New York	N.Y.	36
49	Fort Worth	Texas	32
48	Omaha	Neb.	27
46	San Francisco	Calif.	24
47	Seattle	Wash.	24
45	Kansas City	Mo.	22
44	Portland	Ore.	20
43	Los Angeles	Calif.	19
42	Boston	Mass.	18
41	Memphis	Tenn.	17

Source: Trulia

Most foreclosure hot spots saw their price-to-rent ratios drop in the first half of this year, with Detroit seeing the biggest decline, at 39 percent. Miami, however, was an exception. "A mini buying boom created by foreign investors and foreclosure freezes have caused (Miami's) price-to-rent ratio to jump by 112 percent: from 6 in January to 13 in July," Trulia said.

#	City	State	Price:Rent Ratio July 2011	Price:Rent Ratio January 2011	% Change
1	Miami	Fla.	13	6	112%
2	Phoenix	Ariz.	8	8	1%
3	Las Vegas	Nev.	6	6	-7%
4	Tucson	Ariz.	13	14	-10%
5	Mesa	Ariz.	7	8	-11%
6	Sacramento	Calif.	8	13	-17%
7	Fresno	Calif.	7	11	-32%
8	Detroit	Mich.	7	12	-39%

Here's an interactive graph from Trulia that illustrates how cities compare on the rent vs. buy index over the last six months and includes foreclosure and job market data:

Contact Inman News:
Email	Letter to the Editor

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.

KenSellsHomes (918) 260-9932

FACTS ABOUT TODAY'S REAL ESTATE MARKET

Letter from NAR to Mitch Connell addressing HR 3630

Merry Christmas

6505 S. Oswego

6505 S Oswego Avenue, Tulsa OK 74136

Point South

Property Details

Contact Info

http://homesite.obeo.com/636159

Tulsa Realtor - Coldwell Banker Select - Ken Rutherford

Home Sales Increase Across the Country

Slow 2012 on the horizon per Fannie Mae

Median Sales Price in Broken Arrow

QR Codes

Trulia Market Trends

Tulsa Market Trends

Median Sales Price in Tulsa

Tulsa Summary

Average Listing Price in Tulsa

Average Price Per Sqft for Homes in Tulsa

Popular Neighborhoods in Tulsa

National Delinquency Survey:

Tulsa is top 10 City to Buy vs Rent

Buying real estate a better deal than renting in 74% of major US cities

Trulia: Most foreclosure hot spots see price-to-rent ratios drop