New Price: 2709 Nottingham Dr, E, Mobile, AL 36605 for $159,900

Check out this waterfront home for sale located at: 2709 Nottingham Dr, E, Mobile, AL 36605 for $159,900

Shared via AddThis

Mobile Real Estate News and Trends from First American Core Logic

August 13, 2009 A real estate report by First American CoreLogic on home sales, price trends, and foreclosure activity

More information about First American CoreLogic can be found at www.facorelogic.com/newsroom/newsroom.jsp. Contact: Lori Guyton · (901) 277.6066 · lguyton@cvic.com

NEGATIVE EQUITY NEW DATA SHOWS NEARLY ONE-THIRD OF ALL MORTGAGES UNDERWATER Mobile Shows 11.34 Percent of Mortgages in Negative Equity More than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, were in negative equity position as of June 30, 2009 according to newly released data from First American CoreLogic. June's negative equity share was slightly lower than the 32.5 percent as of the end of March 2009 and it reflects the recent flattening of monthly home price changes. As of June 2009, there were an additional 2.5 million mortgaged properties that were approaching negative equity. Negative equity and near negative equity mortgages combined account for nearly 38 percent of all residential properties with a mortgage nationwide. In Mobile, 5,875, or 11.34 percent of all properties with a mortgage, are in negative equity. A total of 9,404 mortgages, or 18.16 percent, are in near negative equity or negative equity. The aggregate property value for loans in a negative equity position was $3.4 trillion, which represents the total property value at risk of default. In California, the aggregate value of homes that are in negative equity was $969 billion, followed by Florida ($432 billion), New Jersey ($146 billion), Illinois ($146 billion) and Arizona ($140 billion). Los Angeles had over $310 billion aggregate property value that was in a negative equity position, followed by New York ($183 billion), Miami ($152 billion), Washington, D.C. ($149 billion) and Chicago ($134 billion). In Mobile, $992,999,780 total property value was at risk of default. Negative equity, often referred to as "underwater" or "upside down," means the borrower owes more on their mortgage than the home is worth. Near negative equity is when mortgages are within five percent of being in a negative equity position. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both. The distribution of negative equity is heavily skewed to a small number of states as three states account for roughly half of all mortgage borrowers in a negative equity position. Nevada (66 percent) had the highest percentage where nearly two-thirds of mortgage borrowers had negative equity. In Arizona (51 percent) and Florida (49 percent) half of all mortgage borrowers had negative equity. Michigan (48 percent) and California (42 percent) round out the top five states. The top five states' negative equity share was 47 percent, compared to 25 percent for the remaining states. In numerical terms, California (2.9 million) and Florida (2.3 million) had the largest number of negative equity mortgages, accounting for 5.2 million or 35 percent of all negative equity loans. Ohio (862,000), Texas (777,000) and Arizona (706,000) were also among the top five ranked states for the number of loans with negative equity. "Negative equity continues to be the dominant driver of the mortgage market because it leads to foreclosures in the event a borrower experiences some kind of economic shock: job loss, illness or other adverse situation. Given that negative equity did not increase this quarter and home price declines are moderating or flattening, it may indicate we are at the peak of the negative equity cycle. However, until negative equity recedes and unemployment declines, mortgage risk will continue to be very elevated," said Mark Fleming, chief economist for First American CoreLogic. Click here to download a full-resolution version of this table Methodology*: First American CoreLogic has created state- and CBSA-level negative equity estimates for all single-family residential properties in the U.S. The data includes 47 million properties with a mortgage, which accounts for over 90 percent of all mortgages in the U.S.*. The data was revised for 2009 and the revisions included a large addition of junior liens (including multiple junior liens), additional residential property types that were previously excluded and a broader range of home values. The net impact of the revisions was an increase in negative equity. First American CoreLogic used its public record data as the source of the mortgage debt outstanding (MDO) and it includes 1st mortgage liens and junior mortgage liens in order to capture the true level of mortgage debt outstanding for each property. The current value was estimated by using the First American CoreLogic Automated Valuation Models (AVM) for every residential property in the U.S. The data was filtered to include only properties valued between $30,000 and $30 million because AVM accuracy tends to quickly worsen outside of that value range. The amount of equity for each property was determined by subtracting the property's estimated current value from the mortgage debt outstanding. If the mortgage debt was greater than the estimated value, then the property is in a negative equity position. The data was created at the zip code level and aggregated to the state, CBSA and U.S. totals. *Note: Only data for mortgaged residential properties that have an AVM value is presented. There are several states where the public record, AVM or mortgage coverage is very thin. Although coverage is thin, these states account for fewer than 5% of the total population of the U.S. The mortgage debt outstanding was not adjusted for amortization, however the majority of mortgages were originated within the last six years where the difference between the original mortgage debt outstanding and current mortgage debt outstanding is not large. ABOUT FIRST AMERICAN CORELOGIC: First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest provider of real estate, property and ownership data and advanced analytics for information on foreclosures, delinquencies, median home prices, home price indices, home valuations, sales activity and mortgage loan originations. The market-specific data covers 7,607 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 3,050 counties located in all 50 states and the District of Columbia. This data represents 99 percent of the United States population, 140 million (97 percent) of all properties, more than 50 million active mortgages and $2 trillion in loan-level, non-agency mortgage securities. First American CoreLogic products and services enable customers to better manage mortgage risk, protect against fraud, acquire and retain customers, manage credit risk, mitigate loss, decrease mortgage transaction cycle time, more accurately value properties and determine real estate trends and market performance. More information about First American CoreLogic can be found at www.facorelogic.com. © 2009 First American CoreLogic, Inc. All rights reserved.

PRICE REDUCTION - Waterfront Home

This home is located on deep water canal in the Robinson Bayou area of south Mobile. Please let us know if we can schedule your personal showing.

Gulf Region Properties Team | Keller Williams Realty | (251) 215-9382 2709 E. Nottingham Drive, Mobile, AL 4 Bedroom Waterfront Cottage located in South Mobile, Alabama 4BR/2BA Single Family House offered at $165,000 Year Built 1997 Sq Footage 1,665 Bedrooms 4 Bathrooms 2 full, 0 partial Floors 1 Parking 3 Uncovered spaces Lot Size .65 acres HOA/Maint $0 per month DESCRIPTION Looking for a wonderful family waterfront home at an affordable price? Check out this home in Robinson Bayou area. The interior home features a large family room with fireplace. The family room overlooks the expansive backyard and water. The family room is wired for surround sound. There is a very comfortable master suite with his and her closets, his and her vanities, garden tub, and separate shower. On the outside you will enjoy the large covered porch, large wrap around deck, and the huge shady fenced yard. You can fish from your back yard. There is a dock along the water for parking your boat. Wide part of Dog River is 5 minute boat drive away. Seller is leaving large storage shed. Home has never flooded per seller. Seller is related to listing agent. Home warranty will be provided with acceptable offer. Click on virtual tour and website buttons below for additional information. see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Family room Breakfast nook Refrigerator Stove/Oven Microwave Attic Laundry area - inside Balcony, Deck, or Patio Yard OTHER SPECIAL FEATURES Boat Dock Storage Building ADDITIONAL PHOTOS Main Large Deck Covered Back Porch View of Water Back yard Back of Home Contact info: Gulf Region Properties Team Keller Williams Realty (251) 215-9382 For sale by agent/broker Equal Opportunity Housing Posted: Jun 29, 2009, 4:04am PDT

Should You Flip Properties or become a Land Lord

Television has made flipping homes incredibly popular. You can turn on the TV at any time of the day and usually find a show that is dedicated to flipping homes or the stories of the people who have done it. Unfortunately there aren't really too many shows called "Landlord." Although it could be an interesting idea.

Let's take a look at flipping homes first. Right off the bat, if you are the kind of person that likes fast results then this is likely the best option for you. Flipping homes can bring in a great profit in a small amount of time if done properly. Remember that there is going to be some expense in getting the house into your ideal selling condition so plan ahead and make sure you have the capital available. Also, plan the time that you going to sell the homes. It will be more difficult to do renovations in the winter months so spring and summer is the ideal time for this.

Being a landlord can be a bit of a challenge, but if you have the mind for it; it can be a great source of both income and equity. Make sure when you are planning this endeavor that you allow sufficient time for finding good and reliable tenants and after this is complete, the time to attend to anything that needs fixing or repairing in the home. Also make sure that you are able to deal with the possibility of bad tenants. Are you going to be able to make those decisions that are sometimes necessary? If not you may want to consider flipping the property. Eventually the odds are that a landlord will have to make a decision that's not too popular. But this can usually be avoided if you are stringent about screening your potential tenants. It all comes down to planning, which is essential in any vein of investment. So set a plan and stick to it.

Provided by the writing team of Trey Christian. Trey is the marketing director for VIP Realty. He also focus on marketing Downtown Dallas Condos & Dallas commercial real estate.

Keller Williams Realty - Open House Blitz - Sunday April 19th

The Keller Williams Realty office in Mobile is hosting its quarterly Open House Blitz this Sunday, April 19th from 2:00 p.m. - 5:00 p.m. Please check out our Active Rain blog for a list of homes that will be open.

You can also check out our new website - http://www.alabamabesthomes.com/ for additional information including pictures about the homes that are for sale. Click on Property Search, then click on Featured Properties.

Mobile Featured in NY Times Travel Section

There was a very nice article in the New York Times about our area. The writer wrote about his visit. It was a very nice read during this holiday weekend. Here is link to the article - http://www.nytimes.com/indexes/2008/11/16/style/t/index.html#pageName=16mobilew

Mobile is 9th most Promising Real Estate Market

Copied and Pasted from Realtor.com

Top 10 Most Promising Housing Markets Housing Predictor, which provides housing forecasts in 250 markets, has identified 10 markets where the regional economies are healthy and have strong potential for increasing prosperity.These housing markets have bucked the national trend in 2008 and avoided the subprime crisis, the consultancy says.Whatever the future holds for the housing market as a whole, Housing Predictor forecasts that these cities will continue to see steady, dependable growth.Top cities and the percentage sales prices have increased so far in 2008.

Biloxi, Miss.....................4.9 percent
Salem, Ore.....................4.7 percent
Bismarck, N.D.................4.6 percent
Spokane, Wash...............4.4 percent
Yakima, Wash.................4.1 percent
Austin, Texas..................4.0 percent
Grand Junction, Colo........4.0 percent
Fargo, N.D......................4.0 percent
Mobile, Ala.....................3.9 percent
Albuquerque, N.M............3.5 percent

Source: Housing Predictor (11/15/08). Here is link to the story - http://www.housingpredictor.com/top2008.html