September 2016 Newsletter - Sentinel Field Services, Inc. · September 2016 Newsletter ... -Curt...
Transcript of September 2016 Newsletter - Sentinel Field Services, Inc. · September 2016 Newsletter ... -Curt...
Click on the CoreLogic logo to read the July 2016
National Foreclosure Report
Feds Choose to Not Raise Rates
in September
The Federal Open Market Committee has
decided to not raise rates again in September
to continue monitoring growth of the economy
after the U.K. chose to leave the EU. It is now
expected that rates will raise in December.
September 2016
Newsletter
National Foreclosure Rates Down – Homeownership
Down Too?
Foreclosure rates this summer in the U.S. were back down to pre-crisis levels, just under 1%. CoreLogic’s
National Foreclosure Report from July showed a decrease of .4% from June’s 1.3% in foreclosures. What
does this mean for the economy? Well, consumer confidence is relatively high, but more millennials are
opting to either live at home or rent, and many from Generation X are still recovering from the recession.
The homeownership rate for that generation is the lowest it’s been since the ‘80’s. Home values and prices
are still high, but the big question being asked… is the market sustainable?
“Mortgage application fraud risk
will likely rise over the next few
years if current trends of higher
LTV purchases and increased
credit availability continue”.
– Bridget Berg (CoreLogic)
New Home Sales the
New Buzz?
Existing-home sales fell by 3.2% in
July and again by .9% in August.
However, new home sales increased
by 12.4% with a total 31% increase
over the year. Will purchasing new
homes become more popular than
existing-home purchases?
There is a growing divide in housing
prices between blue and red states.
The value in blue states is 70% higher
than red and that number is expected to
increase.
The housing market has seen an
increase of $6 trillion in value in the last
four years, 80% of which went to blue
states.
Home values are expected to grow at
the same rate over the next three
years. The divide between red and
blue states will also increase.
“So, did the housing market
rebound red or blue? Blue, but the
rebound is driven by the
geographically differentiated depth
of the crisis.”
- Mark Fleming
(Firstam)
Consumer Confidence
Unchanged Between
August and September
The University of Michigan
consumer sentiment study showed
an unchanged consumer
confidence level between August
and September. However,
consumer sentiment is 3% higher
than September 2015.
“Real personal consumption
expenditures can be expected to
grow by 2.6% through mid-2017.”
-Richard Curtin (Survey of
Consumers)
It’s been a seller’s market for a while now, and though
that is still true, buyers are purchasing with less
urgency. In turn, this gives them more leverage when
negotiating purchase price and terms. The surplus of
buyers and low inventory of homes still gives sellers
the upper-hand, but no longer can sellers sell homes
as quickly as they have been without accommodating
buyers. Read the article here.
Home Appreciation Slowing?
Though the year-over-year appreciation of single-family home prices has
continued to rise, that trend is slowing. June was the fifth consecutive
month that showed that appreciation was the same or lower than the
previous month. Experts don’t believe that the market will make the
transition to a buyer’s market this year, but the slowing appreciation is
making it easier for buyer’s to make purchases at better prices.
Wells Fargo Fiasco
The Wells Fargo scandal is far from cooling off. CEO John Stumpf has appeared before the House Financial
Services Committee and the Senate, denying claims that the fraudulent activity of the massive bank was
encouraged from top management. He claimed that the company is terminating sales goals and apologized to
the public, specifically Wells Fargo customers. 5,300 Wells Fargo employees have been fired since the
discovery.
REO SALES ON THE DECLINE
REO sales hit 5% in June of this year, down from 30%
in 2009. The ‘normal’ 2% mark is expected to be hit in
2019 if the current descending trend of distressed
sales continues.
“While (August’s Employment Situation) was a solid
report overall, it nonetheless fell short of
expectations. Job growth and wage gains both
slowed, while the unemployment rate and labor force
participation remained at previous levels.”
-Curt Long (NAFCU)
10 Tips for Winterization
Smart Technology Taking Off
When renovating or building a new home,
homeowners are taking advantage of smart
technology now available, and are overall more
satisfied with these devices. Security/safety
and entertainment are the top smart features
homeowners are upgrading. Check out the
article to see why homeowners are using this
technology.
5 Common Code Plumbing
Code Violations
Check out these tips to make sure you aren’t
violating any codes when plumbing.
Not Enough Workers?
Great news for the construction industry!
According to a recent Associated General
Contractors survey, many firms are having a
hard time finding enough employees. The most
need is in the South, particularly Atlanta.
Sentinel Field Services recognizes the following Sentinel vendors for their
great work in the month of September:
1. Rob & Renea’s Home Preservation
2. Home Preservation
3. Vasquez Property Maintenance
4. Derrico Construction
There is a new discount
available exclusively to our
Sentinel vendors through
MFS Supply. If you have not
received a field bulletin
making you aware of this
discount, please reach out to
vendor management.
Who we are:
Sentinel Field Services provides property preservation, property inspections, property maintenance, repairs, and more. Sentinel’s success is the direct result of a “Field-First” approach – a realization that clients’ success is largely dictated by what their field services provider does out in the field, not in a centralized headquarters office. Utilizing this approach, Sentinel quickly mobilizes local knowledge and expertise to address any challenges at the clients’ properties.
What sets Sentinel apart:
Passion for Precision: As the company name suggests, Sentinel secures, preserves, protects, and maintains real estate property assets on behalf of its clients, with a similar commitment to precision and performance. Extensive application of Six-Sigma principles drives continual process improvement and increased performance in Sentinel’s quest for ZERO DEFECTS. Doing it right the first time reduces unnecessary expenses and delays associated with re-work. “Field-First” Approach: Local resources support contractors and vendors with deep local expertise to improve timeliness and quality of results. “Zero Defects” Performance: Doing it right the first time reduces unnecessary expenses and delays associated with re-work. 100% Quality Review: Whether by Field Managers in the regional field offices, or by independent QC inspectors contracted by Sentinel to review field results, 100% of all work orders receive a manual review prior to submission to the clients. Deep Industry Expertise: With over 15 years of successful experience in the industry, Sentinel is a valued partner, not just another vendor. Sentinel consults with clients to improve people, processes, and technologies in a way that supports.
Company history:
Founded in 2001, Sentinel has more than 15 years of experience providing all aspects of REO and pre-foreclosure property maintenance, repair and preservation services; and has a proven track-record of providing reliable, high-quality property preservation & maintenance field services. Having consistently received high performance ratings from its clients, Sentinel demonstrates best-in-class performance. As a result of that strong performance, and at the request of our clients, Sentinel has consistently grown its number of properties under management while maintaining high quality and service ratings – successfully expanding its coverage area to meet clients’ needs.
If you are interested in becoming a client, please email [email protected].
If you are interested in becoming a vendor for us, please click here.
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