Forecast: Fewer foreclosures on horizon…Florida Realtors says:::

U.S. credit bureau TransUnion predicted Thursday the number of delinquent mortgage accounts would drop by nearly 20 percent next year…..read nore here:  Forecast: Fewer foreclosures on horizon

Fannie Mae, Freddie Mac give the ‘go-ahead’ to resume sales of foreclosed homes

As Per  Florida REALTORS:

Fannie Mae and Freddie Mac gave the go-ahead this week to restart sales of their foreclosed properties, which had been on hold since September when it was revealed that flawed or fraudulent court documents may have been used to repossess homes ……  read entire story: Fannie Mae, Freddie Mac give the ‘go-ahead’ to resume sales of foreclosed homes

Short Sale Disclosure Ruling Raises Other Questions…

This article in Realty Times by Bob Hunt raises a very interesting question and the ruling from the California’s 4th Appellate Court, is certainly  a concern for Brokers across the nation that are engaging in short sales.   The disclosure process to a Buyer in a short sale may take on a different twist……please read this very interesting case law that might come to your State.

Suppose you had a listing and that, because of some fact about either the seller(s) or the property, you believed that any transaction would stand a greater than normal chance of failing to close. (Yes, I've had one of those too.) Would you have a duty to disclose those circumstances to a prospective buyer even before they entered into contract? Apparently, "yes”…..go here to read entire story:  Realty Times - Short Sale Disclosure Ruling Raises Other Questions

What Foreclosure Freezes Mean for Distressed Homeowners

CDPE Blog
Posted: 10 Oct 2010 12:52 PM PDT
It’s hard to miss the news in real estate today: major lenders are investigating issues in their foreclosure processes. To date, GMAC (now Ally Financial), JPMorgan Chase and Bank of America have announced foreclosure freezes to review how their companies are handling the process. While most lenders have stalled foreclosure procedures in roughly half the nation, Bank of America recently extended their freezes to all 50 states.

However, few are talking about what this means for distressed homeowners and the agents who can help them. While these major lenders evaluate their foreclosure processes, delinquent and seriously delinquent homeowners now have more time to evaluate alternatives to foreclosure. Real estate professionals, particularly CDPE-designated agents, have an opportunity to reach out to these homeowners and educate them about their options.

Not every distressed homeowner may qualify for a short sale. But in this economy, the real estate agent has the opportunity – some might say, the responsibility – to find solutions for homeowners in need, even if it does not result in a sale. This will help to stabilize community values and salvage financial futures for those facing true hardships.

It’s important to note that time may be short in these foreclosure freezes. GMAC was even quoted as stating their halt could extend through the end of the year, but may be as short as a few weeks. Take this opportunity to engage homeowners who may feel they have no other options. It’s an opportunity to make a huge difference.

Foreign buyers see big opportunity in housing bust

If you are working with foreign buyers, or thinking of it…..read this article and then decide that you MUST educate yourself on the nuances of how to structure their purchases and sales in the U.S.   

“I have never seen such a high concentration of foreign nationals acquiring real estate,” says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. “Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.”…read on……Foreign buyers see big opportunity in housing bust

New Short Sale Bill Submitted to Congress

If the Investors holding the notes came to their “common senses” then this new H.R. 6133 bill would work…….the hold up is at the investors level..PERIOD!!!!   Tackle that one please!   

U.S. Representative Robert Andrews (D-N.J.) and Tom Rooney (R-Fla) offered up new legislation to Congress last week. H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," is an effort from Congress to help keep potential buyers from walking away from short sales, simply because lenders take months to respond to their offers.  Read on this new Bill:  Realty Times - New Short Sale Bill Submitted to Congress

Lawmakers question Fannie on 'foreclosure mills'

The problems with the Florida foreclosure mills gets more interesting……….. as per Florida REALTORS…..WASHINGTON – Sept. 27, 2010 – A trio of congressional Democrats is demanding to know why government-backed mortgage giant Fannie Mae has entrusted many of its foreclosure cases to Florida law firms that stand accused of fabricating or backdating numerous court documents.   Read on : Lawmakers question Fannie on 'foreclosure mills'

The recession is over! So where’s the party?

It turns out the recession ended more than a year ago.
Feeling better now?  NOT!!!!!!!!   Read on:   The recession is over! So where’s the party?

Compliments of Florida REALTORS

Where is the shadow inventory?

Remember the afternoon soap opera “Dark Shadows”……it kept you in suspense….well, the “Shadow Inventory” is doing the same and POOOF!! … it seems like a No SHOW…….For the last year, the real estate industry has been talking about shadow inventory and the coming flood of distressed properties. Where are they?   Read on: Where is the shadow inventory?

From Florida Realtors….

Homebuyer tax credit causing headaches and trouble

The federal homebuyer tax credit did its job to boost the real estate market, but many involved – from buyers to the IRS – have run into problems with confusing wording and stipulations

Homebuyer tax credit causing headaches and trouble

Have existing-home sales hit bottom? | Inman News

Two leading indicators -- applications for purchase mortgages and the number of homebuyers entering into contracts to purchase homes -- suggest sales of resale homes hit bottom in July and will rebound this fall....

Have existing-home sales hit bottom? | Inman News

Short Refinance Program is HERE!!!

Short Refinance Program Initiated

In an effort to help homeowners who owe more on their homes than they’re currently worth, the government will initiate its “short refinance” program on Tuesday, September 7, 2010.

According to an August 6 Mortgagee Letter released by HUD (click here to download the entire letter), the program will allow “borrowers who are current on their mortgage to qualify for an FHA refinance loan provided that the lender or investor writes off the unpaid principal balance of the original first lien mortgage by at least 10 percent.”

While lender consent is required and program participation voluntary, the FHA has stated the program could modify between 500,000 and 1.5 million upside-down mortgages.

Following are a few of the eligibility requirements detailed in the Mortgagee Letter:
1. Homeowner must have negative equity, be current on the existing mortgage, and have a FICO score greater than or equal to 500
2. It must be for the homeowner’s primary residence
3. Existing loan can’t be FHA-insured
4. First lien holder must write off at least 10 percent of the unpaid principal balance
5. Refinanced mortgage must have a loan-to-value ratio (LTV) no greater than 97.75 percent
6. Second liens must be re-subordinated so the new loan does not exceed a combined LTV of 115 percent

Because of this last requirement, this program may have difficulty when confronted with situations involving second lien holders.

Compliments of: Distressed Property Institute/CDPE Blog

The Foreclosure TimeFrame per FNMA

From CPDE Blog:

Warning to Servicers: Fannie Mae is Watching for Delays
Posted: 03 Sep 2010 07:07 AM PDT
Fannie Mae has put loan servicers on notice: take too long to complete foreclosures and you could face fines.
Through a recent announcement, the government-sponsored enterprise has created timeframes for completing foreclosure proceedings (see their foreclosure timeframes for more information on a state-by-state basis). For servicers unable to provide a reasonable explanation for delaying proceedings, Fannie Mae may levy what it’s calling “compensatory fees for breach of servicing obligations.” However, delays beyond the control of the servicer will not be held against them.
Regarding these delinquent loans, Fannie Mae stated it would monitor “all whole mortgages, participation pool mortgages, and MBS pool mortgages with a special servicing option referred to an attorney or trustee to initiate foreclosure proceedings on or after July 1, 2010”. In its National Delinquency Survey, the Mortgage Bankers Association reported 13.97 percent of all mortgages were either delinquent or in the foreclosure process in the second quarter of 2010.
Here are some additional highlights from the announcement:
With this Announcement, Fannie Mae:
 has updated the allowable foreclosure time frames for four states;
 is monitoring all delinquent loans in Fannie Mae’s portfolio or MBS pools, and will begin notifying servicers of delays in processing delinquent loans;
 may begin conducting reviews of servicer loan files, processes, or procedures;
 requires accurate and timely reporting on the delinquency status of mortgage loans; and,
 will exercise its remedy to assess compensatory fees as deemed necessary.
The announcement also includes a chart of compensatory fees for specific circumstances. We’ll continue to post updates and results from this initiative as they happen.

Buy Owner service is in liquidation

The demise of a dis-service to sellers and buyers is finally coming to an end……I can’t say that I’m surprised to hear of this business failure.   Buying and Selling a home in ANY enviroment requires the professional services of a REALTOR.  In this current real estate market, it is risky , to say the least, for a seller to consider selling his property as  For Sale by Owner.   The buyers need even more guidance from their REALTORS.   50 % of properties are short sales in South Florida.   The nuances and the many moving parts of a short sale transaction are not for the faint at heart and not for a buyer or seller to try on their own.  Consult your local REALTOR to guide you in your real estate needs.  Read on…BOCA RATON, Fla. – Aug. 20, 2010 – The Buy Owner broker-free real estate firm, known for its familiar “Thanks, Buy Owner” advertisements, has filed for liquidation as the housing market continues to struggle.Buy Owner service is in liquidation

CoreLogic releases 2010 Short Sale Research Study

Are short sales here to stay?????  They are for a much longer time than we realize…..”The number of short sales in the market has more than tripled since 2008, with the estimated annual volume at 400,000. Multiple variables indicate short sales will continue to be a frequent and important part of the mortgage industry”  read on….CoreLogic releases 2010 Short Sale Research Study

South Florida home values see nation’s biggest drop in a year

According to Florida REALTORS…South Florida home values suffered the worst decline of 25 large metropolitan areas in the second quarter of this year, falling 15 percent compared with 2009, according to a national real estate report….READ ON..South Florida home values see nation’s biggest drop in a year

Fact or fiction? The health-care law and real estate tax

Rumors are flying that the health-care legislation Congress passed this year will impose a sales tax on all real estate sales. But the rumors are based only partly on fact. Although there is a new tax, it will not apply to everyone, and existing tax breaks for home sales will remain in place.   Read on here: Benny L. Kass - Fact or fiction? The health-care law and real estate tax

Fannie Mae Addresses Appraisal Concerns

New FNMA appraisal guidelines became effective as of June 30,2010.   Let’s hope that these new guidelines will be beneficial to stimulating more “real” appraised values and more loans being approved…. Read entire story here:  Realty Times - Fannie Mae Addresses Appraisal Concerns

Doubling Down on Housing - WSJ.com

As I read this article, I thought to myself, WOW its like playing with long term stocks, only its real estate…..amazing concept.   The strategy is really not risky at all when you analyze the concept.  Bring money to the table to either sell your home or refinance it and either get into that BIGGER home or  lower your mortgage payments considerably……BRILLIANT!!!  But its not for everyone.   Here in Florida it may not be possible unless you’ve got LOTS  of money in the bank and take the “paper loss” over a period of at least (in my opinion) 10 years.  But, I don’t have a crystal ball and the economic picture of real estate could quickly turn due to some unexpected event.   Read this vey interesting article and I’d love to hear back from you.

Read on:  Doubling Down on Housing - WSJ.com

Using personal bankruptcy to prevent foreclosure

Is Bankruptcy the right solution for a homeowner facing foreclosure or in financial distress with their mortgage?  Is Bankruptcy better than a Short Sale?  What if I’m in foreclosure, should I file for bankruptcy?   I get this question asked during my seminars all the time.  First, I’m not an attorney, so I never offer legal advice.  But I always refer them to my strategic alliances with Bankruptcy Attorneys.   But I do address this question because it does affect the closing process if the homeowner is considering a Short Sale. 

If the homeowner files for bankruptcy and the property is in the process of a real estate closing transaction including a short sale, this will halt or delay the closing process.  It is one of those other “moving parts” that I describe in my seminars that make the business of short sale so difficult.  It takes endless hours and frustration to get a short sale approved by the lenders only to find out that the seller/homeowner files for bankruptcy in the midst of the transaction.  In order to come to a final closing, the bankruptcy has to be discharged or the property needs to be released from the bankruptcy proceedings.  This will take additional weeks to obtain.  This will cause more extensions to be requested from the short sale lender and most likely the buyer will walk-away from the transaction.  Meaning, we have to start all over again with a “hopefully” new buyer and begin the short sale process again.  Wheeewwwww!!!  But, its still possible to come to a successful closing, but many weeks and months will have to be dedicated to the transaction.

I came upon this article which address the bankruptcy issue.  It offers valuable information and some guidelines.  Although Bankruptcy is a Federal proceeding, State laws  also need to be considered and how it affects the real estate process.   Read this very interesting article on Bankruptcy here:  Using personal bankruptcy to prevent foreclosure - Jul. 21, 2010

New law shifts association fees from homeowner to renter

“Under a new Florida law, homeowner association boards can go after renters for association fees when the homeowners fail to pay up.” …Florida Realtors. 

It’s about time that this happened.  Its taken too long for this law to be passed.   Many Community Association issues could have been curtailed.  But no sense, crying over spilled milk, and let’s be proactive about this new law.  I believe that this is a very good law and it should help the community associations and its homeowners.   Read entire article here: New law shifts association fees from homeowner to renter

Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Banks Repossess 4,000 South Florida Properties Per Month

These are staggering numbers that represent the financial crises we find ourselves living.  Thank you to Condo Vultures for this report:  read on:

Banks repossessed an average of 4,000 South Florida properties per month in the first half of 2010, representing an 83 percent year-over-year increase for the tricounty region of Miami-Dade, Broward, and Palm Beach, according to a new report from CondoVultures.com.  Click here for entire story:  Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Banks Repossess 4,000 South Florida Properties Per Month

Some banks lower appraisals, killing sales

Banks selling their loans to Fannie Mae can no longer simply drop the appraisal value……Its time for a change….what took them so long…read on:Some banks lower appraisals, killing sales

Well-heeled walking away from $1M+ mortgages

Imagine this…wealthy homeowners are in big time foreclosure crisis also.  But some of them handle it like…Oh Well..let’s just walk away and deal with it later.  Makes you ponder……. read entire article here:  Well-heeled walking away from $1M+ mortgages

Modified mortgages faltering

According to Florida Realtors:  More troubled mortgage borrowers are failing out of the Obama administration’s foreclosure-prevention program than are winning permanently lower home payments, the government reported Monday. Go here for the story:  Modified mortgages faltering

Squatters take over homes, causes housing crisis

For property owners, consequences of adverse possession can be costly. A claim can cloud the title and affect future sales.   Scammers are taking over homes that are vacant and claiming adverse possession….read more here:   Squatters take over homes, causes housing crisis

Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

News wires are buzzing with reports that the Senate just approved an extension of the homebuyer tax credit's June 30 closing deadline.

THESE HEADLINES ARE MISLEADING!!!

The June 30 closing deadline has not been extended...but it was accepted as an amendment to the Tax Extenders Bill.  Go here to read entire story:

Homebuyer Tax Credit Deadline NOT Extended. But Senate Vote Adds Reid Amendment

Lenders Warn Foreclosure May End in Lawsuit

Take Notice:  Homeowners just walking away better think again… ….  there is a HUGE possibility your lender will pursue recovery from you…..Know your options …there are many ways to resolve your current mortgage crisis ….. re-think NOW!!!

Experts predict that mortgage companies will begin to sue home owners in the next two years, including borrowers who ransack a house that has been lost to foreclosure and those who walk away from "underwater mortgages,"   read on…REALTOR® Magazine-Daily News-Lenders Warn Foreclosure May End in Lawsuit

A Real Estate Recovery in 2013

It is my belief that this an accurate prediction.  Realistic …..

We think the market will be flat in nominal terms for three to five years," remarked Humphries. "We are not going to hit bottom and see a V-shaped recovery."  read on…

REALTOR® Magazine-Daily News-A Real Estate Recovery in 2013

Proposal to Extend Tax-Credit Closings

Well, its about time this was addressed.  We have several short sales that are under contract in our office for first time homebuyers seeking the Tax Credit.   Although we are working diligently to have the short sales approved in time, there are many other variables that go into play such as the buyer’s financing that may not allow us to close by the June 30, 2010 deadline date.   We are happy to see that there may be a possible extension to allow these first time homebuyers to purchase their homes under the US tax credit stimulus.

NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” read on….REALTOR® Magazine-Daily News-NAR Lauds Proposal to Extend Tax-Credit Closings

There is No Recession When the World is Your Market…….. Do you want to do business with International Buyers?

If you answered Yes, then you will want to meet with my friend Valeria Grunbaum.   She is an amazing woman in real estate with a Marketing background that is floating to the top quickly amongst the highest real estate organizations.  The knowledge, tools and expertise that she has to share in her forums is Critical information for you to succeed as an International Real Estate Guru…..take a look for yourself……GO HERE:  Untitled Page

Distressed-Condo Market Gets Help?

A New law that goes into effect July 1, 2010 in Florida may not only help their distressed condo real estate market but also may lead to similar laws in other states  Go here to read:  Realty Times - Distressed-Condo Market Gets Help?

Home Affordable Foreclosure Alternatives (HAFA)

There’s another “H” in town…..H as is in HAFA…..so many programs are available, only the future will tell if all these “H” programs will really help the Homeowners in Distress…..if the Lender’s don’t cooperate, it’s just another “H” word….. Take a look at Fannie’s and Freddie’s new program…

Introduction of Home Affordable Foreclosure Alternatives Program

On June 1, 2010, Fannie Mae released Servicing Guide Announcement SVC-2010-07: Introduction of Fannie Mae's Home Affordable Foreclosure Alternatives Program to provide servicer guidance and direction for using the short sale or deed-in-lieu (DIL) process for borrowers who qualified for, but did not complete, a loan modification under the Home Affordable Modification Program (HAMP).

Announcement SVC-2010-07   Go Here for entire guidelines   :Home Affordable Foreclosure Alternatives (HAFA)

Temporary Property Tax Relief for Homes with Chinese Drywall

Today, Governor Charlie Crist signed HB 965 into law, which provides temporary property tax relief for some who own properties that have been significantly affected by Chinese drywall.

When the property appraiser determines that a single-family residential property is affected by drywall with elevated levels of elemental sulfur that results in corrosion of certain metals and needs remediation to bring that property up to current building standards, the property appraiser shall adjust the assessed value of that property by taking the presence and impact into consideration. If a building cannot be used for its intended purpose without remediation or repair, then the value of the building shall be assessed at $0, but not the land. Home owners who need to vacate the property in order for the drywall to be repaired would not lose their homestead exemption under the law, provided they did not establish a new homestead elsewhere.

In cases of newly purchased properties, the relief only applies to properties in which the buyer was unaware of the issue at the time of purchase. It does not apply if the presence was disclosed. This relief is repealed on July 1, 2017, unless reenacted by the Legislature.

According to Florida's Division of Emergency Management, "As of March 1, 2010, the preassessment has determined that there are 530 homes in Florida that meet the [Florida Department of Health] threshold for being impacted (the homes have been subject to metal corrosion due to Chinese drywall). Further, county property appraisers in Florida have identified 2505 homes that have had their value adjusted downward based on damages from the presence of Chinese drywall. An additional 846 claims for adjustment due to the presence of Chinese drywall are pending."

Foreign buyers are flocking to Florida condos again

If you haven’t heard the news….if you have not come across a foreign buyer….where have you been????  Probably not in Florida……It is very true and real, we are in foreign buyer heaven….they know that Florida is at “Feline’s Basement Bargain prices….and they are HERE!!!!   “Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.”  Read on: Foreign buyers are flocking to Florida condos again

Lenders Take Control Of 1,900 New Miami Condos In 45 Days

“This is a new trend starting to take hold of the Condo market in South Florida…."We are entering the phase of the real estate cycle where the lenders, not the developers, are dictating the course of the condo market going forward in Greater Miami," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "This is a position that lenders are not comfortable being in as owning and managing real estate carries with it various responsibilities and liabilities that are out of their circle of expertise”… Read on: Shortsale Foreclosure REO Miami South Florida Las Vegas San Diego - Lenders Take Control Of 1,900 New Miami Condos In 45 Days

PreventLoanScams.com Coalition Goes After Mortgage Modification Fraud

Do you know someone who has been scammed by mortgage modification programs…???? “The administration's existing program has already spawned fraudulent schemes, the report said, such as one in which borrowers are tricked by "thieves" into paying upfront for modifications that never materialize”   Go here to read entire story:  Realty Times - PreventLoanScams.com Coalition Goes After Mortgage Modification Fraud

Real Estate Outlook: Sales Promising

So what are the numbers really saying about our housing industry…..are we really out of the woods?   See for yourself…. “If you look at the latest housing numbers released last week by the Commerce Department and the National Association of Realtors, you'd have to say, "Wow! We are on track for an amazing year in sales -- and maybe even prices."  Go here to read entire story: Realty Times - Real Estate Outlook: Sales Promising

Shadow Inventory Remains The Big Question

Many have asked me what is this Shadow Inventory………Well, its not a good thing to start with, and the numbers are increasing.  The positive side is that there are many opportunities for investing in real estate.

“…there is currently a shadow, or "dark cloud", inventory of something more than 5 million homes in the U.S. -- roughly equal to the total number of existing homes sold in 2009. Naturally, this inventory will vary from local market to local market.   Go here for entire story:  Realty Times - Shadow Inventory Remains The Big Question

Junior Lien Holders May Be Key To HAFA Success

The success of HAFA will not depend solely on the implementation of the new guidelines and procedures. A great deal will also depend on the cooperation and participation of parties that, so far, have provided some of the greatest impediments to successful short sales…the junior lien holders.  Click here to read entire story:Realty Times - Junior Lien Holders May Be Key To HAFA Success

Survey: 4 in 10 homeowners would consider walking away from ‘underwater’ mortgage

If the banks would realize that many of the homeowners are NOT interested in a loan modification, but in actually getting out of the house via “short sale” there would be alot less foreclosures and REO “Bank Owned Properties” going into the marketplace.  It will take years for the homes with “underwater” mortgages to realize any equity and the loan modifications ARE NOT viable options for these homeowners.

More than 40 percent of homeowners with a mortgage say they would consider abandoning an "underwater" property, according to a national online survey released Thursday.  Read this story and decide for yourself:  Survey: 4 in 10 homeowners would consider walking away from ‘underwater’ mortgage

Establish What You Own with a Land Survey

As a title agent in business for over 30+ years, i’ve seen alot of issues with respect to property boundary lines.  I’ve seen a developer build a house on a lot with the easement running two feet in one of the bedrooms….Ouch!!!! Not a good one to try to resolve….however, with the proper releases from the city and utility companies, it was cleared.  I always suggest that a buyer of a property purchase a survey.  Usually in a financed transaction, the lender will require a survey.  But on cash deals, its up to the buyer to order one.

The only way to accurately and legally establish property boundaries and use restrictions is through a land survey by an accredited land surveyor.  Click here to read the entire story on what can happen without a survey:  Realty Times - Establish What You Own with a Land Survey

S. Fla. HAMP modifications slow - South Florida Business Journal

A SLOOOOOOW start to HAMP Mods???? Why is this so surprising?  The lenders have known about this coming for months and they are still off to a slow start?  Read this article…I truly hope that this program will be successful, but its not for everyone.  If you’d like more information on HAMP and HAFA, contact me and I’ll be happy to give a one-on-one or group presentation on its procedures and options….

“The Obama administration’s program to help keep people in their homes has helped a little more than 36,000 Floridians complete mortgage modifications – 13,059 of which are in South Florida”  Click here to read entire story: S. Fla. HAMP modifications slow - South Florida Business Journal

Real Estate Outlook: Experts Weigh In

Do you have crystal ball?  Can you predict the future?   Economic experts believe that the worst is over…….oh yea and remember those Jumbo Loans…….they're BACK.... READ ON….Mega-investor Warren Buffett and a group of top corporate leaders are weighing in on a key issue that's crucial to a sustained real estate recovery: How long will the good economic news we've been getting lately continue?

Click here to read entire story:  Realty Times - Real Estate Outlook: Experts Weigh In

Florida's Distressed Condo Relief Act Should Supercharge Fractional Condo Sales

This is a very interesting article for investors.   Condo’s they are depleting fast.  Take a look:

Bottom fishing for Florida condominiums is over. Waiting on prices to drop was a 'yesterday' strategy. Buying fractional condo before the owner or lender starts getting multiple offers is 'today.'

Click here to read entire story:  Realty Times - Florida's Distressed Condo Relief Act Should Supercharge Fractional Condo Sales

Foreign buyers kick-start sales

I recently spoke at The International Real Estate Experts Panel event held at the Trump Towers in Sunny Isles.  The message was very clear that the foreign investor is a very viable purchaser with lots of cash and lots of specializing needed to direct them to good properties to purchase. 

Take a look at this…..Condominiums are now selling faster in Central Florida than they did at the peak of the real estate market four years ago, when renters, retirees and eager urbanites, seized by condo fever, were snapping them up in Metro Orlando at the rate of 20 a day.

Click here to read entire story:  Foreign buyers kick-start Orlando-area condo sales

End of tax credit unlikely to deter most buyers

Even though the deadline for the tax credit has come and gone, there are still many potential new Homebuyers still actively looking for their new dream home. 

More than 90 percent of consumers believe the homebuyer tax credits helped both first-time homebuyers and the U.S. housing market overall. Among consumers actually shopping for homes, 65 percent believe that the end of the tax credits will have little or no effect on their interest in purchasing a home.

Click here to read entire story: End of tax credit unlikely to deter most buyers

Florida real estate market has hit bottom

These are great signs that we are seeing light at the end of the tunnel……although a long road ahead for recovery, but we are starting to move forward ….

Florida real estate markets show the first tentative signs of recovering from the most painful recession in the state's history, according to the latest University of Florida (UF) report.

Click here to read entire story: UF: Florida real estate market has hit bottom

Undisclosed Short Sale Payments May Lead to Trouble

"Undisclosed payments in short sale transactions, especially those paid outside of escrow, may violate the law, including RESPA, laws against loan fraud, and licensing laws."

Click here to read more: Realty Times - Undisclosed Short Sale Payments May Lead to Trouble

Palm Beach County home sales leap 23 percent

Florida's existing home sales soared in March, growing 25 percent compared to the same time last year and topping February sales by 37 percent.

Go here to read entire story:  Palm Beach County home sales leap 23 percent

Banking execs skeptical on mortgage reductions

Top banking industry executives are skeptical about helping troubled borrowers by forgiving a portion of their debt.  

Click to read entire article:Banking execs skeptical on mortgage reductions

Default can spur revenge desire

SHAME….SHAME……ON YOU!!!

The mortgage crisis is causing more than just heartburn for homeowners. It’s changing their moral compass.
Homeowners are walking away – even when they can afford their payments. Some loot on the way out the door, carting off light fixtures, appliances, anything of value.

Click here to read entire story: Default can spur revenge desire

New federal program for short home sales starts today

Effective today, the short sale process is simplified. The only problem: Many lenders don’t know it, and Realtors may have to convince them.

Click here to read entire story:  New federal program for short home sales starts today

Credit Consequences of Home Loss

"Credit After Foreclosure, Bankruptcy, or Short Sale." It is an extremely useful document for those who have questions about how credit is affected by the various ways in which one might lose his or her home.

Click here to read entire story:  Realty Times - Credit Consequences of Home Loss

Years after Loan Default, Homeowners May Still Owe | RISMedia

Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it….REALTORS PLEASE TAKE NOTICE…

Click here to read entire story:  Years after Loan Default, Homeowners May Still Owe | RISMedia

HUD clarifies realty add-on fees or transaction fees

A 2009 U.S. District Court decision indicated that add-on fees – commonly known as transaction fees – not accompanied by specific services violate federal law. As a result, many large real estate brokers altered their commission rate and fee procedures

Realtors click here to read entire story:  HUD clarifies realty add-on fees or transaction fees

Freddie Mac easing lending rules on Fla. condos

Freddie Mac is moving to buoy the battered Florida condo market, waiving lending rules that made it harder to buy and sell units in many condo buildings.   Developers may now have an easier time selling units….

Click to read entire story: Freddie Mac easing lending rules on Fla. condos

Investors learn to accept bad housing numbers

These are sobering numbers……There are about 6 million homes in foreclosure or whose owners are several months behind in payments. ….. government programs to forestall foreclosures have helped keep these homes from hitting the market. That’s allowing prices to stabilize…... about 2 million homes per year will go on the market in the coming years

Click here to read entire story:  Investors learn to accept bad housing numbers

Expanded mortgage aid program should cut foreclosures

The program requires lenders to reduce mortgage payments for three to six months for unemployed homeowners. It also encourages mortgage servicers to consider reducing principal for borrowers who stay current on their loans.

Click here to read entire story:  Expanded mortgage aid program should cut foreclosures

Appraisers say cheaper valuations open door for short-sale abuses

A run-up in housing prices contributed to the downfall of real estate, but now some appraisers fear low-ball valuations could lead to the next market muddle

Click her to read entire story:  Appraisers say cheaper valuations open door for short-sale abuses

Bank Lending Indicates America Is On The Mend - Forbes.com

Something unusual happened over the past few weeks. Bank lending in the U.S. didn't fall significantly.

Click here to read entire story: Bank Lending Indicates America Is On The Mend - Forbes.com

Economists' Outlook: Commentary, March 29, 2010

What happens after the tax credit goes away? Is the housing market toast in the second half of the year?

“In the immediate months after the tax credit deadline, home sales will fall notably”   as stated by Lawrence Yun Ph.D. , Chief Economist National Association of Realtors.  But wait, there’s more interesting news.  Read on….

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Click here to read entire story:  Economists' Outlook: Commentary, March 29, 2010

'Stealth' marketing pays off | Real Estate and Technology News for Agents, Brokers and Investors | Inman News

One of the proven ways to generate leads from the Web is with a "stealth" Web site. The question is: Are you putting your license at risk by using this strategy?

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Click here to read entire story:  'Stealth' marketing pays off | Real Estate and Technology News for Agents, Brokers and Investors | Inman News

Online foreclosure auctions: Broward County will move foreclosure auctions online Tuesday to help reduce backlog of cases - South Florida Sun-Sentinel.com

 Broward County begins online foreclosure auctions Tuesday, a move expected to clear the backlog of cases and attract people worldwide who can now bid on properties from home.

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Go here to read entire story:  Online foreclosure auctions: Broward County will move foreclosure auctions online Tuesday to help reduce backlog of cases - South Florida Sun-Sentinel.com

The First Thing to Do With Your Short Sale Clients

Short sales require patience , persistence and perseverance….but as a Realtor or Professional handling short sale negotiations for clients, it also requires CYA (Cover your ASSETS)!!!!!

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IN  a lot of short sales there can be a “taxable gain” on the sale. That’s right your client lost money, and owes the IRS money, it goes on their tax return as income!.

Click here to read entire article:   Broker Agent Social Network

Big Expansion in Effort to Aid Homeowners Is Proposed - NYTimes.com

The Obama administration on Friday will announce broad new initiatives to help troubled homeowners, potentially refinancing several million of them into fresh government-backed mortgages with lower payments.

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Go here to read entire story:  Big Expansion in Effort to Aid Homeowners Is Proposed - NYTimes.com

Bank of America has new 'forgiveness' program to help struggling homeowners starting May 1

Bank of America Corp. will permanently cut up to 30 percent from home loan balances for tens of thousands of struggling borrowers under a new program that some predict will become industry norm.

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S. Fla. existing home, condo sales rise - South Florida Business Journal:

Existing home and condo sales rose across the tri-county area and statewide in February, but prices continued to be depressed by foreclosures and short sales, according to the latest figures from Florida Realtors.

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Credit scores can drop after getting loan help

WASHINGTON – March 22, 2010 – Some homeowners who sign up for the government’s mortgage assistance program are getting a nasty surprise: Lower credit scores.

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Go here to read entire story:Credit scores can drop after getting loan help

Failed loan mod? Try again

From Inman News:

While the Making Home Affordable Plan was promising at the outset, unfortunately it has not yet manifested the projected results. Many borrowers are having their permanent modifications rejected after successfully completing their trial modifications

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Click here to read entire story:  Failed loan mod? Try again | Real Estate and Technology News for Agents, Brokers and Investors | Inman News

New life in the big city as condos filling up--Miami

Out of the ashes of the downtown Miami condo collapse, a bright spot is emerging: a community of full-time residents slowly starting to turn the area into a 24/7 city.

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Giant bank, giant struggle: Foreclosure-assistance pipeline clogged for Bank of America

Two years after swallowing the troubled mortgage giant Countrywide Financial, Bank of America trails other major U.S. lenders in resolving troubled home loans through short sales or modified loan terms.  The lender, one of the nation’s biggest banks, holds more than a million mortgages that are months behind on their payments –

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Click here to read entire story: Giant bank, giant struggle: Foreclosure-assistance pipeline clogged for Bank of America

Condo Vultures Reports........

Condo Vultures reports:

Under $250,000 Condos Flood South Florida Market
More than two-thirds of the 41,000 condominium units and townhouses available for resale in the tricounty South Florida region have an asking price below $250,000, according to a new report from CondoVultures.com.

By comparison, only 40 percent of the nearly 27,000 single-family houses for resale in Miami-Dade, Broward, and Palm Beach counties have an asking price below $250,000, according to the report based on Florida Association of Realtors data.
Overall, 56 percent of the residential properties for resale in South Florida are priced below $250,000, which is a dramatic difference from the peak of the market. In 2005, the median sales price for a residence was $351,000 in Miami, $361,000 in Fort Lauderdale, and $390,000 in Boca Raton-West Palm Beach, according to CondoVultures.com.
"Residential real estate prices have tumbled significantly since the peak of the market in the fourth quarter of 2005," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The challenge for many buyers is the under-$250,000 properties are increasingly located west of Interstate 95 in the suburban areas of South Florida. Prices east of Interstate 95 in the coastal areas have continuously crept up as buyers have associated the proximity of water with quality."
Read More
Africa Israel Group Unloads Miami Condo Sites At 56% Discount
The Florida subsidiary of Africa Israel Investments, or AFI Group, has unloaded two prime condominium development sites in Greater Downtown Miami and Miami Beach at a combined discount of 56 percent off of the original purchase price of nearly $30 million, according to a new report from CondoVultures.com.

Africa Israel's Florida subsidiary, AI Florida Holdings Inc., sold the site for the proposed Vitri condominium at 500 Alton Road in the South Beach neighborhood of Miami Beach for $5 million, or $73 per square foot. Some five years earlier in July 2004, AI Florida Holdings purchased the land for $11.7 million, or $170 per square foot, according to the report based on Miami-Dade County records.
AI Florida Holdings also unloaded the site for the proposed Soleil condominium at 3050 Biscayne Blvd. in Greater Downtown Miami for $8 million, or $53 per square foot, for land and an existing 90,500-square-foot office tower built in 1972. AI Florida Holdings originally acquired the land in October 2004 for $17.9 million, or $119 per square foot, according to the report based on Miami-Dade County records.

Former WCI Restructuring Officer To Discuss Distressed Real Estate
More than 40 bulk condo deals for 3,000 units at a combined price in excess of $900 million have closed in South Florida since July 2008, but many more prospective buyers have failed in their attempts to close a big deal.
The upcoming Condo Vultures® seminar entitled "An Insider's Look At Closing A Bulk Deal" will examine what it takes to actually complete a large distressed transaction.
Jonathan M. Pertchik, the former chief restructuring officer for luxury home builder and condo developer WCI Communities, will share his insight into what it takes to get a bulk deal closed on both sides of the transaction.
Before resigning in January, Pertchik was instrumental in facilitating WCI's emergence from Chapter 11 bankruptcy protection in September 2009. In his last nine months with WCI, Pertchik successfully sold off $112 million of assets.
Anyone involved in the cottage industry of bulk transactions cannot afford to miss this event from 5.30 pm to 8 pm on Tuesday, March 23, at the Miami Marriott Biscayne Bay Hotel just north of Greater Downtown Miami.

New Threshold: Resale Contracts Top 20,000 In South Florida
Purchase contracts on residential resale product in the tricounty South Florida region surpassed the 20,000 threshold on Monday, Feb. 22, marking the first time in at least 15 months that pending sales reached that level, according to a new report by CondoVultures.com.
Buyers have gone under contract on nearly 9,100 single-family houses and 11,100 condominium units and townhouses in Miami-Dade, Broward, and Palm Beach counties, according to the report prepared based on the Florida Association of Realtors.

Foreclosure Filings Drop 19% In February In South Florida
Lenders filed 19 percent fewer foreclosure actions in South Florida in February than compared to a year earlier, yet the current pace of defaults for the month still averages out to 239 filings per day in the tricounty area, according to a new report from CondoVultures.com.
Lenders filed 6,680 foreclosure actions in February 2010 compared to 8,200 actions in 2009 and 5,500 actions in 2008, according to the report based on the Condo Vultures® Foreclosure Database™.


Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Feds Help Speed Up Your Mortgage Modification

The latest spin on government-sponsored mortgage modifications, demands that home owners provide an initial package of documents before the first phase of a modification can begin.

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Click here to read story:  Realty Times - Feds Help Speed Up Your Mortgage Modification

Florida population expected to rebound - South Florida Business Journal:

After losing residents for the first time in more than a half century in the last year, Florida is on target to add about 23,000 residents between April 1, 2009, and this April, according to population projections released today by the University of Florida’s Bureau of Economic and Business Research.

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Real Estate Outlook: Reading the Numbers

When it comes to the current housing recovery, never assume the path leads straight up. That's just not the way it's playing out.

As the economic and real estate numbers this week suggest, it's more like two steps forward, one step back, one step sideways.

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Click here for entire story:  Realty Times - Real Estate Outlook: Reading the Numbers

HAFA home sale rules impact some commissions

WASHINGTON – Feb. 26, 2010 – A federal program designed to help owners losing their homes – those owners who cannot hold onto their property even with existing federal aid – also impacts allowable commissions for Realtors and a licensee’s ability to offer commission rebates to buyers and sellers.

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Click here to read story:HAFA home sale rules impact some commissions

Commercial Real Estate Losses Could Reach $1 Trillion

There is no way to spin it. Commercial real estate is in serious trouble, and without financing it will get worse.

The Foreign Investment in Real Property Tax Act (FIRPTA) should be substantially amended or repealed in order to attract much-needed capital to the domestic real estate markets.

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Click here to read entire story:  Realty Times - Commercial Real Estate Losses Could Reach $1 Trillion

Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper

Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.

The new home buyer tax credit filing rules are to ward off a repeat of 90,000 taxpayers who fraudulently claimed the credit, according to the U.S. Treasury.

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Blog friends : Click here to read entire story:  Realty Times - Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper:

8 Reasons Why E-mail Marketing Works | RISMedia

February 24, 2010—Mention e-mail marketing to real estate agents and you may find that many are still hesitant to move away from their tried-and-true snail mail methods. Others, however, are rapidly discovering that e-mail marketing is just about one of the most effective means of generating sales.

Click here to read story: 8 Reasons Why E-mail Marketing Works | RISMedia

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Read the fine print in a short sale

With so many distressed homeowners owing more than their homes are worth, short sales have become lifelines.
These types of sales make up more than half of the homes on the market in the Tampa Bay area. Generally, this means the mortgage lender has agreed to allow the home to sell for market value. The lender writes off the rest of the debt, and the homeowner walks away.
But is it really this simple?

Click here to read the entire story: Read the fine print in a short sale

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Short Sale Transaction a Tall Order

A short sale could be a better deal than bankruptcy or foreclosure, but it can also sap your time, wither your credit score and well, cost you money.

Click here for entire story:Realty Times - Short Sale Transaction a Tall Order

You need a TEAM to successfully close on your shortsale…….WE are here to help…We are successfully closing shortsales daily!!!!! Contact me and i’ll let you know how we can assist you.

Florida Court Decision Could Impact Builders and Bank Foreclosure Processes

A ground-breaking South Florida court decision has paved the way to a legal solution for condominium and homeowners associations to address the under-reported but highly commonplace practice of banks stalling their foreclosures. Banks may engage in this tactic in an effort to delay taking title to financially upside down units and avoiding payment of past due assessments and legal fees due to associations. The new legal approach puts an end to this practice

Click here for more of the story: Realty Times - Florida Court Decision Could Impact Builders and Bank Foreclosure Processes

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Half of South Florida homes sell for a loss

 

– Nearly half of South Florida homes sold in December did so at a loss, a 4 percent increase from the previous year and a “disturbing” sign for anyone with a home on the market.

Click here for entire story:Half of South Florida homes sell for a loss

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Lots of bargains? Not so, Fla. homebuyers say

Think there are all kinds of crazy deals to be had in today’s real estate market?   Think AGAIN~~~

Click here to read entire story :Lots of bargains? Not so, Fla. homebuyers say

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OHH This makes my blood boil....See how the Banks are NOT loosing $$$$ on Shortsales and spread the word

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

CitiMortgage launches program for distressed homeowners - South Florida Business Journal:

Distressed Florida homeowners whose loans were financed by CitiMortgage may be able to stay put for a while and avoid the pain of foreclosure proceedings under a new program, the company said Thursday.The deed-in-lieu program – which, beginning Friday, will be tested in Florida and five other states – allows those facing foreclosure to remain in their homes for six months, in exchange for signing over their property deeds to CitiMortgage at the end of the period.

Click here to read story: CitiMortgage launches program for distressed homeowners - South Florida Business Journal:

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NDAR New HUD-1 Seminar w/Maria Elena Arias in English & Español

The New GFE's & HUD-1 Seminar

Don't miss this seminar with:
MARIA ELENA ARIAS!

Join Our Mailing List!

"The New Rules of the Game"

The playing field has changed...do you know the new rules and how they affect your customers and your closings?

The GFE's on 1^st...

The Hud's on 2^nd...and

Who's on 3^rd...?

You, the REALTOR in the know!!!

Where:

415 West 51st Place, Suite 200
Hialeah, Florida 33012
*Our building is located next to the Farm Store

When:

February 25, 2010 - 10:00 AM - 12:00 PM (ENGLISH)

AND
February 25, 2010 - 1:00 PM - 3:00 PM (ESPAÑOL)

Guest Speaker: Maria Elena Arias,

President & Owner of Colonial Guaranty & Title Inc., a statewide and national title insurance company. Educating, motivating and empowering real estate professionals in the industry, through multiple industry related seminars has become her passion. Through the dedicated efforts of her team, they are successfully facilitating the short sale negotiations and successfully closing short sales daily. Maria Elena holds a Real Estate Broker's License.

Ms. Arias is the 2010 President Elect for the Women's Council of Realtors Miami Dade Chapter. She was also the 2009 VP of Membership for the Women's Council of Realtors Palm Beach Chapter and the Miami Dade Chapter. She is a member of Realtors Association of the Palm Beaches, and won the coveted 2009 Affiliate of the Year Award for her dedication to the Board.She is also a member of the Real Estate Association of Miami and the Beaches and the Real Estate Association of Miami Dade. Maria Elena holds the SFR Certificate (Short Sales and Foreclosures Specialist) from the National Association of Realtors.

Magaly Toranzo @

305.557.1400  305.557.1400

Northwestern Dade Association of Realtors®, Inc.
415 West 51st Place, Suite 200
Hialeah, Florida 33012
p  305.557.1400  305.557.1400 - f 305.822.1730

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Northwestern Dade Association of Realtors, Inc. | 415 West 51st Place | Hialeah | FL | 33012

NDAR New HUD-1 Seminar w/Maria Elena Arias in English & Español

Real Estate Outlook: Positive Movement

It's a fairly rare event, but now and then most of the important economic directional signs go positive, and this is one of those weeks.

Click here for story:  Realty Times - Real Estate Outlook: Positive Movement

Blog:  http://colonialnewsletter.blogspot.com/

Investor Report: Financing Opportunities

You've probably heard that the Obama administration's budget sent to Congress last week emphasizes helping small businesses around the country, but you may not know that it also includes lots more potential financing opportunities for purchasers, owners and rehabbers of commercial real estate.

Click here to read entire report:   Realty Times - Investor Report: Financing Opportunities

Housing Affected by Demographic Trends

.” A new era is blossoming, “The suburban century is over. This is the urban century."

Very interesting data on the future of housing.

Click here to read entire story:  Realty Times - Housing Affected by Demographic Trends

Home Affordable Foreclosure Alternatives Program (HAFA)/as stated by the National Association of Realtors (NAR)

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at MakingHomeAffordable.gov.

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

Click here to read entire story:  Home Affordable Foreclosure Alternatives Program (HAFA)

Feds Giving Mortgage Modifications Additional Boost

It's not easy turning a potential foreclosure into a successful affordable mortgage modification -- from either side of the table.

Homeowners, facing confusing documentation requirements and conflicting advice from both honest and dishonest corners, become intimidated and drag their heels or bury their heads.

Go here for the entire story:   Realty Times - Feds Giving Mortgage Modifications Additional Boost

Are your SHORTSALES closing????? If not, have you considered us!!!! Free service to our Realtors!!!!!!

 

Investor Report: 20 Percent Limit

Foreclosure and REO investors have begun taking a closer look at the Obama administration's recent loosening of rules on property "flips"… . And they're seeing some potential complications.

Click here for the entire story:  Realty Times - Investor Report: 20 Percent Limit

Fannie Mae offers help to buyers of foreclosed homes - South Florida Business Journal:

With a large inventory of foreclosed homes acquired during the housing slump, Washington, D.C.-based Fannie Mae is offering up to 3.5 percent in closing-cost assistance to potential buyers.

Click here to read entire story:

Fannie Mae offers help to buyers of foreclosed homes - South Florida Business Journal:

REALTOR® Magazine-Daily News-Banks Seek Payback from Walkaways

Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales.

Click here to read entire story:  REALTOR® Magazine-Daily News-Banks Seek Payback from Walkaways

Washington Report: GFE Rules

HUD officials say they plan to conduct a review of the growing use of “worksheets” and “fee estimate” forms by mortgage lenders providing quotes to home buyers and refinancers since the first of January.

The worksheets are a reaction by the mortgage industry to HUD's tough new “good faith estimates” (or GFE) rules that went into effect on New Year's.

Click here to read entire story:Realty Times - Washington Report: GFE Rules

Washington Report: FHA Tightening Standards

FHA is tightening up its standards for home buyers - but the changes are not as tough as some analysts had feared - especially on downpayments.

Click here to read entire story:  Realty Times - Washington Report: FHA Tightening Standards

Standardized Short Sale Process Will Benefit All Parties

Two years ago the National Association of Realtors® formed a task force to address the vexing issue of short sales. A multitude of members had complained of lengthy and often incomprehensible processes that – although they varied in detail from lender to lender – all seemed to share the characteristics of being inefficient and irrational. Upon completing its studies the task force issued recommendations that the short sale process be standardized among lenders, that common forms be used, and that fixed time frames be adopted for various phases of the short sale process.

Click here to read the entire story:  Realty Times - Standardized Short Sale Process Will Benefit All Parties

Real Estate Outlook: Sobering News?

You might have seen the headlines last week about an unexpected drop in housing starts, and you might have thought: Uh-oh. That's not the direction we ought to be headed in a rebounding economy.

So what does that mean for real estate in 2010?

Click here to read entire story:   Realty Times - Real Estate Outlook: Sobering News?

Miami judge grants reverse foreclosure - South Florida Business Journal:

"ALG's reverse foreclosure procedure will finally help associations force banks to take title to financially upside down units much faster than ever before,”

Go here to read the entire story:  Miami judge grants reverse foreclosure - South Florida Business Journal:

Investor Report: Florida Condos

Investors in foreclosures and REOs: Get ready to rev up your business volume.

That's because starting February first, HUD is waiving its controversial 90-day anti-flipping rule for FHA financing.

Click here to read entire story:  Realty Times - Investor Report: Florida Condos

New rules designed to speed up short sales - Real Estate - MiamiHerald.com

FORT LAUDERDALE, Fla. -- Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers. 

The rules from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida's housing market, where about one in every five existing-home purchases involves a short sale.

Click here to read the entire story:  New rules designed to speed up short sales - Real Estate - MiamiHerald.com

Washington Report: REO Discontent

Mortgage giant Fannie Mae is unhappy about the mounting thousands of REO houses it's stuck with, but now it's moving to sell off that inventory faster than it has in the past, potentially opening up some interesting opportunities for home buyers and their agents.

Click here to read the entire story:  Realty Times - Washington Report: REO Discontent

Little Known Player Helps FHA Provide Much Needed Trust-Building Guidelines for Condominiums

The latest FHA condominium guidelines eliminated the two main reasons the public quit buying condominiums,

1. They couldn’t afford the down payment

2. They lost confidence in the association’s financial status

Condominiums that received FHA approval soon learned that approval alone was not enough to draw buyers. Lack of confidence in the financial stability of association fees and reserve accounts kept buyers and Realtors away as well.

Click here to read entire story:  Realty Times - Little Known Player Helps FHA Provide Much Needed Trust-Building Guidelines for Condominiums

Real Estate Investors Returning to Market

Savvy investors are always the first to jump in a potentially profitable housing market and a new survey indicates things are heating up.Cl

Click here to read entire story:  Realty Times - Real Estate Investors Returning to Market

South Florida has $12B in troubled commercial real estate - South Florida Business Journal:

A report released Wednesday by Real Capital Analytics found that South Florida has about $12.4 billion in troubled commercial real estate, with most of it headed over to lenders.

Click here to read entire story:   Study: South Florida has $12B in troubled commercial real estate - South Florida Business Journal:

Commercial Foreclosures Next Wave of Foreclosure Litigation

Although the public has most certainly been made aware of the massive amounts of residential properties being foreclosed upon, most are not aware of the amount of commercial properties that are either delinquent or soon to be so. Towards the end of the residential real estate boom, the commercial real estate market also saw a boom itself. Fueled by easy credit and new investors entering the market the commercial real estate market exploded.

Click here to read entire story:   Realty Times - Commercial Foreclosures Next Wave of Foreclosure Litigation

On Housing - Forbes.com The Big TREND

 The Big Trend

Real estate will be an attractive bet for both sophisticated and novice investors in 2010. Wealthy individuals already are defiantly giving over more of their portfolios to real estate, according to a Barclays Wealth survey.

Vulture investors, meanwhile, see opportunity in the housing market's wreckage. Distressed mortgage real estate investment trusts raised over $2 billion in public offerings in 2009. Rising unemployment and an unstable market make mortgage securities dicey buys. Investors tempted to bottom fish for speculative reasons risk being unable to flip their properties and getting stuck with them.

Click here to read the entire story:  Francesca Levy On Housing - Forbes.com

Grubb & Ellis: Commercial real estate to decline slowly

 

NEW YORK – Jan. 6, 2010 – Grubb & Ellis Co. released its annual forecast Monday, predicting that commercial real estate will decline more slowly in 2009, reaching bottom by the end of the year and starting to recover in 2011.

Click here to read entire story:   Grubb & Ellis: Commercial real estate to decline slowly

Realty Times - Investor Report: Miami and Manhattan

Real estate analysts disagree on whether the troubled condo sector has hit bottom yet in places like south Florida, Vegas and Manhattan.

But a group of nationally-known investment pros have concluded that 2010's the time, finally, to plunge in, buy up blocks of unsold units from banks, and convert them into rental apartments for at least the next four years.

Click here to read the entire story:  Realty Times - Investor Report: Miami and Manhattan

Modified loan on home can hurt

DETROIT – Jan. 5, 2010 – The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan.
But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card.
Hundreds of thousands of homeowners find themselves in a financial squeeze, thanks to the recession and the meltdown in the housing market. Lenders have offered trial loan modifications to more than 700,000 eligible borrowers. As of late November, about 31,000 trial loans have been made permanent, which requires at least three on-time payments under the trial program and proof of income.

Click here to read the entire story:  Modified loan on home can hurt

High court: Mediate on foreclosure

TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.
The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.

Click here to read the entire story:  High court: Mediate on foreclosure

Realty Times - Real Estate Outlook: 2010 Stark Contrast to 2009

Even the grumpiest, grinchiest economist would have to admit that New Year's 2010 looks a whole lot more positive for real estate and housing than things did last year at the same time.

…………. Overall, according to the Florida Association of Realtors, sales of houses were 61 percent higher than November of 2008. Condo sales were up by an amazing 111 percent!!

Click here to read the entire story:   Realty Times - Real Estate Outlook: 2010 Stark Contrast to 2009

Realty Times - Home Value Loss Now but Increased Pricing Expected in 2010

There’s bad news and good news coming out of the housing market. Forbes Magazine released study results by Local Market Monitor that showed the cities that lost the most value are concentrated in some areas of California, Florida, Nevada, and the Northeast.

These cities were impacted by local and national factors such as increased unemployment and the rising cost of housing which resulted in homebuyers gambling on the odds of whether they could afford long-term housing.

Click here to read more:  Realty Times - Home Value Loss Now but Increased Pricing Expected in 2010

Realty Times - Washington Report: Treasury Policy Change

The Obama administration announced a blockbuster policy change over the holidays that didn't get a lot of press attention, but will affect the housing market for years.

The Treasury department said it is now committed to support Fannie Mae and Freddie Mac with as many billions of dollars as is necessary to get them through the next three years. There'll be no limit whatsoever anymore.

Click here to read more:  Realty Times - Washington Report: Treasury Policy Change