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Mortgage Rates are Rising Again
By Stephanie Mojica
Mortgage rates are rising again, causing the average homeowner to pay $800 a month more than they would have just a year ago, according to REALTOR.com.
The interest rate for a 30-year fixed mortgage is 6.54%, while the rate for a 15-year fixed mortgage is 5.75%, per Mortgage News Daily. Even Veterans Administration (VA) loans aren’t getting much relief, with the 30-year fixed rate coming in at 5.95%.
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While these numbers aren’t as high as they were in November 2022, they still present significant financial hurdles to would-be homebuyers, REALTOR.com reported.
Because prices are high, people need to borrow more money than before. Hence, people who could ordinarily buy a home are choosing to rent instead; this is good news for real estate investors.
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The last time mortgage rates were this high was 2008. With housing prices 42% higher than they were before the COVID-19 pandemic, this is a serious situation for many aspiring homeowners.
Investors and traditional buyers alike are encouraged to shop around for concessions, special programs, and to explore multiple lenders. However, some investors believe that the state of the economy will once again cause mortgage rates to increase.
Stephanie Mojica
Stephanie Mojica, writer of How One Writer Shifted From Settling for $12 an Hour to Prospering at Over $90 an Hour and shorter books such as Quick Answers to Frequently Asked Credit Questions, is an award-winning journalist with publications such as USA Today, The Philadelphia Inquirer, San Francisco Chronicle, and The Virginian-Pilot, among many others. She helps executive coaches, business consultants, business owners, attorneys, and other decision makers generate more money online and become the go-to expert in their field by guiding them step by step through the process of writing and publishing a book.
Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.
Osage County, OK Sheriff’s Office to Conduct State’s First-Ever Online Foreclosure Auctions with Bid4Assets.com
In a Move to Increase Proceeds and Accessibility, Osage County Moves to Virtual Foreclosure Auctions
Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the Osage County, OK sheriff’s office to conduct the state’s first-ever online mortgage foreclosure sale. The sheriff’s office has cited maximizing excess proceeds for defendants and eliminating long travel times for auction bidders as the reasons they chose to transition from in-person to online auctions.
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“Osage is the largest county in the state, which creates a challenge when it comes to our foreclosure auctions. Some bidders have to travel an hour to the courthouse if they want to participate,” said Osage County Sheriff Eddie Virden.
“With our move to a virtual auction format, all citizens can now place their bids from anywhere, on any computer or mobile device. We want bidders to feel confident in this process, so we selected a veteran of the industry with over 20 years of experience. We recommend bidders use the links we provide on our sheriff’s website to ensure you’re on the correct platform.”
Bid4Assets collaborated with sheriffs and foreclosure attorneys to pass Senate Bill 976, which was signed into law by Governor Kevin Stitt on May 25, 2022. The bill gave Oklahoma sheriffs the option, but not the mandate, to conduct foreclosure auctions online. Several other sheriffs’ offices are preparing to move their foreclosure sales online following the bill’s passage.
“Online auctions increase participation and sale proceeds by opening the process to more bidders,” said Bid4Assets President Jesse Loomis.
“Virtual sales are more efficient, will scale with rising foreclosures and come at no cost to counties. We have several other pending contracts in Oklahoma and expect virtual sales to quickly become the new normal.”
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When sheriff’s sales have strong bidding, excess sales proceeds are used to pay off the entire debts associated with a property and the defendant can claim those excess proceeds. In other states like Pennsylvania, sheriffs who have transitioned online with Bid4Assets have expressed a significant increase in excess proceeds to the benefit of their communities.
Bid4Assets began the process with Osage County working alongside Captain William “Willy” Hargraves, who was involved in a fatal car accident before the project could be completed. Those wishing to donate to Captain Hargraves’ family can do so via a GoFundMe.
Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.
Raise Capital for Deals – Learn How
Last Call – Attend in Houston, TX or Virtually!
Hello Investors,
If you want to raise funding for your real estate or for your business, we have a treat for you. We are talking about the Capital Raising Bootcamp taking place in Houston, Texas this Friday, April 21 and 22nd, 2023.
If you want to meet millionaires, money partners, investors and learn how
raise millions, you should get your in-person ticket right now:
https://go.bradblazar.com/bootcamp-page?fpr=sunil58
Or, if you wish to come virtually…that’s fine too:
https://go.bradblazar.com/bootcamp-page?fpr=sunil58
We are looking forward to seeing you,
Realty411 Team
PS – I know it’s a short notice, but this is an important event for all real estate investors who want to learn the art of Capital raising — get your access now:
https://go.bradblazar.com/bootcamp-page?fpr=sunil58
LAST CALL — Join Us in Person to Connect
Learn Live with Us – Let’s Connect in Person
Network with Sophisticated National Investors, Join Us In Person in Philadelphia, PA!
We have exciting news regarding our In-Person Event in Philadelphia, PA. Our special one-day SATURDAY conference in “The City of Brother Love” will host incredible educators from around the country, who are ready to share their valuable insight.
Join renowned companies and educators from the local area and nationwide as we gather in Philadelphia:
Dave Seymour – Freedom Venture Investments
(Dave starred in A&E’s hit show “Flipping Boston”)
Joseph V. Scorese – Lending One
Eric Mauz – MB Capital Solutions
Nick DiFederico – MB Capital Solutions
Jeremiah Dew – The Money Multiplier
Dan Zitofsky – Zitofsky Capital Management
Andrea Lane – Coast 2 Coast Turnkey
Julie Harrison – Buy Direct Mississippi
Liz Faircloth – The Real Estate InvestHER
Paul Finck – The Maverick Millionaire®
Susan Batterton – Founding Member of REALM
Jack Malpass, SDIP – Next Generation Services, LLC
Adam Levine – Managing Partner, Levine Capital
Hugh Zaretsky – eFramily.com
Tom Dagney – South Jersey REIA
Jim Edenfield – Invest Success
Stephanie Guirand – Pepperdine Homes
Linda Pliagas – Realty411.com
To learn more, download our event schedule:
CLICK HERE
REGISTER FOR THIS EVENT, CLICK HERE
We have included additional educators for our LIVE event in Southern California this April. Learn IN PERSON and network with us directly. Join us as we travel from coast to coast to celebrate our latest publications, Realty411 and REI Wealth, with multiple events.
We are committed to helping our readers learn how to grow in real estate-investing knowledge, plus also increase their connections with networking opportunities. We hope you can join us soon.
Learn and Connect in Los Angeles with:
Jeremy Rubin – The Friendly Flipper
Adiel Gorel – ICG Real Estate
Paul Finck – The Maverick Millionaire®
Marcella Silva – Dirt is Gold
Barry Duron – Alt Lend Mortgage
Joe Arias – Real Success
Linda Pliagas – Realty411.com
Rusty Tweed – TFS Properties
Eric Tran – Universal Commercial Capital
Ivana Trisic – Universal Commercial Capital
Alex Haiek – American Financial Lending Inc.
AND MORE!
LEARN MORE AND RSVP: CLICK HERE