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DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 15, 2012 -- More people are flocking to the South, according to a list from Penske Truck Rental on the top moving destinations from last year.
Atlanta once again tops the list, which was compiled through online consumer truck rental reservations by Penske from 2011.
“As this list indicates, U.S. residents continue migrating primarily toward warm weather areas,” says Don Mikes, Penske’s vice president of rental.
Here are the top places the company says people are moving to:
1. Atlanta 2. Phoenix 3. Orlando, Fla. 4. Dallas/Fort Worth 5. Chicago 6. Houston 7. Denver 8. Seattle 9. Sarasota, Fla. 10. Charlotte, N.C. Source: Penske Truck Rentals
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posted by Andrew Bers
on Thu., Feb 16th, 2012
in
real estate
By Jeff Harrington and Mark Puente, Times Staff Writers -- The Tampa Bay Times is reporting that struggling Florida homeowners will receive $8.4 billion through loan modifications, lowered principal and other relief as part of a landmark $25 billion federal-state agreement with five of the country's biggest banks.
The settlement announced Thursday includes payments of up to $2,000 to some who have lost their homes through questionable foreclosure practices.
The Obama administration has estimated that up to 1 million homeowners could benefit, roughly a third of them in Florida. Based on the number of delinquent borrowers in Tampa Bay, as many as 100,000 property owners here may get help.
Read more of the article at: http://www.tampabay.com/news/business/banking/florida-homeowners-to-receive-84-billion-in-relief-in-landmark-settlement/1214687
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posted by Andrew Bers
on Tue., Feb 14th, 2012
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real estate
Saturday, February 18th, Andrew will be the cohost on Gail Shane & Friends, “Community & Real Estate Talk”. The show airs Saturdays 10-11 am, WSRQ Radio 106.9 FM & 1220 AM, Or Listen Live in the Studio www.sarasotatalkradio.com.
His topic to be discussed will be “My Home is Upside Down – What Do I Do?”. His business guest will be Joe Shea, Attorney, Alliance Group Title and Donna Evans from Goodwill of Manasota.
We hope you will tune in and listen!
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posted by Andrew Bers
on Tue., Feb 14th, 2012
in
real estate
CNNMoney reports Florida's cities were some of the hardest hit by the housing bust, but now they are leading the charge back. OfRealtor.com's top 10 turnaround towns, eight are in the Sunshine State.
Number 5 on the list is Sarasota Florida. Read about it here:http://money.cnn.com/galleries/2012/real_estate/1201/gallery.turnaround-housing-markets/5.html
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posted by Andrew Bers
on Tue., Feb 14th, 2012
in
real estate
By Prashant Gopal - Feb 7, 2012 -- Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.
Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. Now banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases providing large cash incentives, said Bill Fricke, senior credit officer for Moody’s Investors Service in New York.
Losses for lenders are about 15 percent lower on the sales than on foreclosures, which can take years to complete while taxes and legal, maintenance and other costs accumulate, according to Moody’s. The deals accounted for 33 percent of financially distressed transactions in November, up from 24 percent a year earlier, said CoreLogic Inc., a Santa Ana, California-based real estate information company.
Karen Farley hadn’t made a mortgage payment in a year when she... ...read full post
posted by Andrew Bers
on Fri., Feb 10th, 2012
in
real estate
FloridaRealtor -- WASHINGTON – Feb. 3, 2012 – If a bank writes off debt in a short sale, it’s a “taxable event,” and the lender tells the Internal Revenue Service about the deal by submitting a “Form 1099-C, Cancellation of Debt” at the end of the year. Home sellers must acknowledge the amount when they fill out their federal taxes. Through Dec. 31, 2012, however, the federal government forgives any tax liability associated with forgiveness of a mortgage loan.
“In general, homeowners believe the government will extend this tax provision,” says San Diego Realtor Joy Bender. “However, as evidenced by the First Time Homebuyer Credit expiration in 2010, you can’t always count on the government to bail you out.”
The government generally considers forgiven debt to be income. If a seller has signed legal loan papers to take out a $200,000 mortgage and the lender accepts $100,000 in a short sale, for example, the seller received the equivalent of $100,000 in free money by government estimates. As a result, the IRS taxes it. For tax year 2012, however, the government still forgives the debt; in 2013, it might not.
The tax amount can be significant. On a debt of $100,000, a short-sale seller... ...read full post
posted by Andrew Bers
on Sun., Feb 5th, 2012
in
real estate
Herald Tribune -- Staff Report Online searches for properties at a prominent real estate site showed North Port-Bradenton-Sarasota as the third biggest target in the nation.
The local market was behind only Palm Bay-Melbourne-Titusville and Lakeland-Winter Haven on a list produced by Trulia.com for the fourth quarter and released on Thursday.
The calculation by the Internet real estate site, which logs 100 million property views each month, found more than six times as many "inbound" home searches by outsiders for this region as "outbound" by local residents.
The region had been tops on a previous list for the third quarter.
Trulia also gave some insight as to where the interest was coming from. In the case of Gulf Coast homes, more came from Chicago than anywhere else. For the Atlantic coast and Central Florida, demand was coming from New York more than anywhere else.
See the complete list at: http://www.heraldtribune.com/article/20120203/article/302039998
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posted by Andrew Bers
on Sun., Feb 5th, 2012
in
real estate
Herald Tribune -- By Barbara Peters Smith
From top-quality health care, to a warm beachfront climate, low taxes, arts and culture, recreation, services for older people and other features, Southwest Florida has what many baby boomers say they're looking for in retirement, a new survey shows.
Of the 11 qualities boomers most want in a retirement mecca, the Sarasota area ranks solidly in seven. Others — such as whether it ever gets cool enough here — may be open to some personal interpretation.
Overall, the list looks a lot like one the baby boomers' parents might have come up with. And it plays to the same strengths that have pulled retirees to Southwest Florida since the 1920s: the beaches, the warmth, the services and activities for older residents. But the question — what do boomers want? — is even more pressing because of this generation's size and potential economic impact.
Read the entire article at: http://www.heraldtribune.com/article/20120202/ARTICLE/120209878
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posted by Andrew Bers
on Sun., Feb 5th, 2012
in
real estate
Herald-Tribune -- By Doug Sword
The Sarasota-Manatee economy fell harder and faster than the rest of the state during the Great Recession. It also grew more slowly during the first stages of the recovery — until recently.
In the latest two months of economic data available from the Florida Department of Revenue, businesses in the two counties reported monthly sales increases of 9 percent, outpacing the statewide growth rate of 3.6 percent in October and 6.3 percent in November.
In the first 11 months of 2011, businesses in the two counties posted $18.3 billion in sales, a 7.5 percent increase from the same period in 2010. After five years of mainly lagging the rest of the state, sometimes by big margins, the two-county economy has finally outpaced the state's 6.6 percent growth rate.
Read the entire article at: http://www.heraldtribune.com/article/20120202/ARTICLE/120209874/2107/BUSINESS
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posted by Andrew Bers
on Sun., Feb 5th, 2012
in
real estate
Realtor.com’s Top 10 Turnaround Report is home to 8 Florida markets. Over the last few days, we announced the Central Florida towns and Southeast Florida towns that made the list. Today, Realtor.com is announcing Florida’s Southwest markets that made the list including: #4 Fort Myers-Cape Coral, FL; #5 Sarasota-Bradenton, FL; #7 Naples, FL; and #10 Punta Gorda, FL.
Read more: REALTOR.com’s Top Ten Turnaround Towns: Southwest Florida Digs Itself Out (DATA) | REALTOR.com® Blogs... ...read full post
posted by Andrew Bers
on Thu., Feb 2nd, 2012
in
Andrew Bers
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