Open house on golf course: Saturday, 12-3 p.m.

I’ll be sitting an open house from 12-3 p.m. on Saturday at 22 Eagle Rd, Collegeville, PA 19460. The home is listed at $455,750. Please stop by to see the home or to set up an appointment with me to see similar properties.

Spectacular Villanova Model Carriage Home backing to beautiful views of the 10th Fairway and Green with distant view of the Clubhouse. Loaded with premium upgrades this 3 Bedroom, 3 ½ Bath Home is complemented by a Large Loft with Skylights and a Professionally Finished Walk-Out Basement with Wet Bar and Full Bathroom. Hardwood Floors throughout 1st Floor. Open Foyer leads to Diningroom and 2 Story Livingroom with Lots of Windows. Kitchen boasts 42” Cherry Cabinets, Deep 1 ½ Porcelain Bowl Sink, Tile Backsplash, Gas Cooktop, Wall Oven, and Huge Eat-In Area. Cozy Familyroom sits just off the Kitchen highlighted by Gas Fireplace with Marble Surround and leads to Large Rear Deck. Custom Millwork found throughout the 1st & 2nd Floors. Huge Owners Suite & Bath adorned by Walk-In Closets, Double Vanities, & a Soaking Tub. The other Bedrooms are well sized. Amazing Location inside RiverCrest CC minutes from great Dining & the Fireside Lounge. Conveniently situated to nearby Wegmanns & the Providence Town Center.

Tax Information
Taxes / Yr: $6124 / 2011 Blk  
Assessment: 226940 Lot 094
Association Info
Condo / HOA: N / Y
Recur Fee / Freq: $261.00/M
One-time Fee: $1,000.00
Lot Information
Acr / SF: 0.10 / 4,420
Lot Dim: 34
Land Use: 1101
Waterfront: N
Zoning: GCR
MLS #: 5943254  
MLS Area: 10661
U Providence Twp
County: Montgomery
Tax ID #: 61-00-01361-063
Subdiv / Nei: Rivercrest
School Dist: Springford
– High: Spring-Frd
– Middle: Spring-Frd
– Elem:  
Beds, Baths: 3     3/1
Ownership: FeeSimple
Type: Row/Townhous
Design: 2-Story
Style: CarriageHous
Basement: Y
Age: 8   
Int SF: 3,000/    S
Unit Floor #:  
Central Air: Y
Internet: Y / Y




CoreLogic: Shadow inventory continues to decline

Current residential shadow inventory as of July 2011 declined slightly to 1.6 million units – representing a supply of five months – from a six-month supply of 1.9 million units one year earlier, according to CoreLogic. It’s also down from April 2011 when shadow inventory stood at 1.7 million units.
The reason is simple: Banks are disposing of distressed assets faster than they’re adding new ones into the system.
CoreLogic estimates the shadow inventory, also known as pending supply, based on the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more) – properties most likely to become bank-owned listings (REOs). Properties not yet delinquent aren’t included in the estimate of shadow inventory.

Data highlights:
• The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or a five-month supply, down from 1.9 million units, or a six-month supply, as compared to July 2010.
• Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.2-months’ supply), 430,000 are in some stage of foreclosure (1.2-months’ supply) and 390,000 are already in REO (1.1-months’ supply).
• As of July 2011, the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, an 8.4-months’ supply.
• The total shadow and visible inventory was 5.4 million units in July 2011, down from 6.1 million units a year ago. The shadow inventory accounts for 29 percent of the combined shadow and visible inventories.
• The aggregate current mortgage debt outstanding of the shadow inventory was $336 billion in July 2011, down 18 percent from $411 billion a year ago.

Foreclosed homeowners fighting back with lawsuits

So many homeowners in foreclosure are fighting back that a mortgage-litigation index skyrocketed during the second quarter.
The index hit its highest quarterly level since it began in 2007, according to Mortgage Daily, a trade publication that provides data to the mortgage industry.
More mortgage lenders are winding up in court for various reasons, but foreclosure cases made up the bulk of cases tracked in the second quarter.
Cases involving investors shot up as well as cases involving criminal activity within a bank.
The second-quarter index came in at 190 total cases. Activity grew 26 percent from the prior quarter and was well more than double the level a year earlier.
The report, which reflects mortgage-related legal actions covered by between April 1 and June 30, was prepared in conjunction with Patton Boggs LLP, a Washington, D.C., law firm.

Spring buying boosts U.S. home prices for 4th month

Home prices rose for a fourth straight month in most major U.S. cities in July on the strength of the peak buying season. But the housing market remains depressed, and prices are expected to decline in the coming months.
The Standard & Poor’s/Case-Shiller index shows home prices increased in July from June in 17 of the 20 cities tracked.
Over the past 12 months, prices fell in all but two cities – Detroit and Washington. Prices rose sharply in Minneapolis and Chicago. Prices in Las Vegas and Phoenix declined.
Housing is a key reason the economy has struggled more than two years after the recession officially ended. Home sales are on pace this year to be the worst since 1997.

Now is the time to buy in Florida

Between low mortgage rates and growing home values in Florida, now is the time to buy, whether it’s for an investment or a retirement home.

South Florida saw some of the steepest drops when the market crashed. However, listing prices indicate that we may have just passed the bottom and are on our way back up.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Based on August data of 2.2 million listings in 146 markets, Florida cities make up 10 of the top 11 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 10 Florida cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area

Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.

Average list price: $267,066
Year-over-year increase: 16.37%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.

Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

If you’re interested in purchasing a home in Florida, call John at 239-672-2599 to meet with an agent licensed both in Pennsylvania and Florida.

Bid to lower mortgage rates may fall short

The Federal Reserve’s latest push to revive the economy this week had a key aim: Drive low mortgage rates even lower to strengthen the ailing housing market and help cash-strapped borrowers get out from under higher-interest loans.
But that attempt to throw a lifeline to struggling homeowners faces a stark reality: Despite historically low interest rates, the very people most in need of the kind of relief that could come from refinancing their homes have found it difficult to qualify.
Even as the Fed undertook new measures, a study released by the central bank this week found that tight lending standards and the continuing drop in home prices prevented 2.3 million homeowners from refinancing last year. A combination of high unemployment, strict lending requirements enacted after the financial crisis and the sheer number of borrowers who owe more than their homes are worth continues to thwart many Americans from taking advantage of lower rates.

New home sales fell in August for 4th month

Sales of new U.S. homes fell to a six-month low in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery.
According to the Commerce Department, new-home sales fell 2.3 percent to a seasonally adjusted annual rate of 295,000. That’s less than half the roughly 700,000 that economists say must be sold to sustain a healthy housing market.
New-homes sales are on pace for the worst year since the government started keeping records a half century ago.
High unemployment, larger required downpayments and tougher lending standards are preventing many people from buying homes. Plunging stocks and a growing fear that the U.S. could tip back into another recession are also keeping people from entering the housing market.